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87-- 102847
<br />To HAVE AND To HOLD the same unto the Mortgagee, as herein provided. Mortgagor represents to,
<br />and covenants with, the Mortgagee, that the Mortgagor has good right to sell and convey said premises;
<br />that they are free from encumbrance, except as hereinotherwise recited; that the Mortgagor will warrant
<br />and Mend the same against the lawful claims of all persons whomsoever. Mortgagor hereby relinquishes
<br />all rights of homestead, all marital rights, either in law or in equity, and all other contingent interests of
<br />the Nortgagor in and to the above - described premises.
<br />ALwAYS, and these presents are executed and delivered upon the following conditions, to
<br />wit:
<br />Mortgagor agrees to pay to the Mortgagee, or order, the aforesaid principal sum with interest from date
<br />at the rate of Eight and One —Half o
<br />per centum (8 jo) per annum on the unpaid balance until paid.
<br />The said principal and interest shall be payable at the office of The Equitable Building and Loan Association
<br />in Grand Island, Nebraska , or at such other place as the holder of the note may designate in
<br />writing delivered or mailed to the Mortgagor, in monthly installments of Two Hundre' Eighty —'1Wo and 91/100
<br />Dollars ($282.91 ), commencing on the first day of June ,19 87, and continuing on
<br />the first day of each month thereafter until said note is fully paid, except that, if not sooner paid, the final
<br />psyrnent of principal and interest shall be due and payable on the first day of May, 2007 ; all
<br />according to the terms of a certain promissory mote of even (late herewith executed by the said Mortgagor.
<br />The Mortgagor further agrees:
<br />I. He /she will pay the indebtedness, as hereinbefore provided. Privilege is reserved to prepay at any
<br />time, without premium or fee, the entire indebtedness or any part thereof not less than the amount of one
<br />irratallrnent, or one hundred dollars ( =100.00), whichever is less. Prepayment in full shall be credited on the
<br />date received- Partial PrePaYment. other than on an installment due date, need not be credited until the
<br />nett fallowing installment due date or thirty days after such prepayment, whichever is earlier.
<br />2. Together with, and in addition to, the monthly payments of principal and interest payable under
<br />the terms of the note secured hereby, Mortgagor will pay to Mortgagor., as trustee, (under the terms of this
<br />trust as hereinafter stated) on the first day of each month until said note is fully paid:
<br />(a) A sum equal to the ground rents, if any, next due, plus the premiums that will next become due
<br />and payable on polities of fire and other hazard insurance covering the mortgaged property,
<br />Plus taxes and assessments next due oil the mortgaged property (all as estimated by the Mort-
<br />gagee, and of which the Mortgagors notified) less all sums already paid therefor divided by
<br />the number of months to elapse before one month prior to the date when such ground rents,
<br />premiums, taxes and assessments will become delinquent, such sums to be held by Mortgagee
<br />in trust to pay said ground rents, premiums, taxes and special assessments.
<br />(b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the
<br />note secured hereby, shall be paid in a single payment each month, to be applied to the follow-
<br />ing items in the order stated:
<br />(1) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(11) interest on the note secured hereby; and
<br />(111) amortization of the principal of said note.
<br />Any deficiency in the amount of any such aggregate monthly payment shall, unless made good
<br />by the Mortgagor prior to the due date of the next such payment, constitute an event of default
<br />under this mortgage. At Mortgagee's option, Mortgagor will pay a "late charge" not exceed-
<br />ing four per centum (4q ) of any installment when paid more than fifteen (15) days after the
<br />due date thereof to cover the extra expense involved in handling delinquent payments, but such
<br />"late charge" shall not be payable out of the proceeds of any sale made to satisfy the indebted-
<br />ness secured hereby, unless such proceeds are sufficient to discharge the entire indebtedness and
<br />All proper costa and expenses secured thereby.
<br />3 If the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shall
<br />exceed the amount of payments actually made by the Mortgagee, as trustee, for ground rents, taxes and
<br />is or insurance premiums, as the case may be, such excess shall be credited by the Mortgagee
<br />on subsequent payments to be matte by the Mortgagor for such items or, at Mortgagee's option, as trustee,
<br />gall be refunded to Mortgagor. If, however, such monthly payments shall not be sufficient to pay such
<br />Items when the same dWi became due and payable, then the Mortgagor shall pay to the Mortgagee, as
<br />the hvslee, any amount necessary to make up the deficiency within thirty (30) days after written notice from
<br />the Mortgagee stating the amount of the deficiency, which notice may be given by mail. If at any time
<br />Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured
<br />hereby, full payment of the entire indebtedness represented thereby, the Mortgagee, as trustee, shall,
<br />is
<br />AccusaullMed computing the amount of such indebtedness, credit to the account of the Mortgagor any credit balance
<br />under the provisiau of (a) of paragraph 2 hereof. If there shall be a default under any
<br />of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the
<br />Mortgagee ires the property otherwise after default, the Mortgagee, as trustee, shall apply, at the
<br />time tat the commencement of such proceedings, or at the time the property is otherwise acquired, the
<br />110NOW11111001 remaining to credit the Mortgagor under (a) of paragraph 2 preceding, as a credit on the
<br />11111terelit accrued and unpaid and the balance to the principal then remaining unpaid on said note.
<br />4. The lien of this instrument shall remain in full force and effect during any postponement or exten-
<br />siah of the UM of Payment of the indebtedness or anv Dart thereof secured hereby.
<br />5. Hafsive win Pay all ground rethta, taxes, aaaesments, water rates, and other governmental or
<br />upon fines' or imhpoNtiOns, le++iad upon said PSlailft and that he/she vtiil 11q aU taxes levied
<br />" , or the debt secured thereby, together with any other taxes or aasesments which may
<br />1111: Wind under dw lava of Nebraska against the MortpWe, or the legal holder of said principal note, on
<br />Of *b lindebtednons. except when payment for all mach items has theretofore been made under (u)
<br />of Plintaraph 2 he t, and he /wine will Promptly deliver the official rrcetpts therefor to the Mor
<br />de cult dncsreof the Mortgagee may pay the same. tgagee. In
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