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AGE AND CONSTRUCTION SECURITY AGREEMENT
<br />MORTGAGE LOAN NO. % 24910
<br />KNM ALL MEN BY THESE PRESENTS: That Marvin B. Nelson and Joyce E. Nelson, each in his and her
<br />own right, and as spouse of each other,
<br />Mortgagor, whether oa or more, in ration of the wan of
<br />DDUARS
<br />lammol set Thousand and no /100 — ____ ___._ _ __ ___
<br />lossid mortgagor by The Equitable BuNiud and Loan Assavulion of Grand Island. Nebradu. Mort , upon 600 of abode or
<br />acid ASSOCIATION, Certificate No. L 24910 , do hereby grant, convey and mortgage unto the mid ASSOCIATION the fallowing
<br />described said estate, situated in Hall County, Nebraska:
<br />Lot Three (3), Block One (1), Westroads Estates Second Subdivision, Hall County, Nebraska,
<br />together with all the tenements, hereditaments and appurtenances thereunto belonging, including attached floor coverings, all window scrams,
<br />wieulow shades, blinds, storm windows, awnings, heating, air conditioning, and plumbing and water equipment and accessoies thereto, pumps, stoves,
<br />refrigerators, and other fixtures and equipment now or hereafter attached to or used in connection with said real estate.
<br />And whereas the said mortgagor has agreed and does hereby agree that the mortgagor shall and will pay all taxes and asewnents leviied or
<br />aaaeaed upon said premises and upon this mortgage and the bond secured 6 t6 yby0before the same shall become delinquent; to furnish approved
<br />i sance upon the buildings on said premises situated in the sum of 1 , ODU 00 payable to said ASSOCIATION and to deliver to said
<br />ASSOCIATION the policies for said insurance; and not to commit or permit any waste on or about said premises;
<br />In case of default in the performance of any of the terms and conditions of this mortgage or the bond secured hereby, the mortgage slag,
<br />on demand, be entitled to immediate possession of the mortgaged premises and the mortgagor hereby assigns, transfers and sets over to the
<br />mortgagee all the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage indebtedness shag remit
<br />unpaid; and the mortgagee shall have the power to appoint any agent or agents it may desire for the purpose of repairing said premises and renting
<br />the same and collecting the rents, revenues and income, and it may pay out of said income all expenses of repairing said promises anal necessary
<br />corounissimis and expenses incurred in renting and managing the erne and of collecting rentals therefrom; the balance remaining, if any, to be
<br />applied toward the discharge of said mortgage indebtedness; these rights of the mortgagee may be exercised at any tine during the existence of each
<br />"Wt. irrespective of any temporary waiver of the same.
<br />These Presents, however, are upon the Condition, That if the said Mortgagor shall repay said loan on or before the maturity of aid sham by
<br />payment; pay monthly to said ASSOCIATION of the sum specified in the Bond secured heresy as interest and principal on said Wan, on or Wore
<br />the Twentieth day of each and every month, until said loan is fully paid; pay all taxes and assessments levied against said premises and on this Mortgage
<br />and the Bond secured thereby, before delinquency; furnish approved insurance upon the buildings thereon in the sum of $ 60, 000.00 . payaw
<br />to said ASSOCIATION; repay to said ASSOCIATION upon demand all motley by it paid for such taxes, assessments and insurance with interest at
<br />the maximum legal rate thereon from date of payment all of which Mortgagor hereby agrees to pay;permit no waste on said premises-,keep and comply
<br />with all the agreements and conditions of the Bond for $ 60 , 000.00 this day given by the said Mortgagor to said ASSOCIATION, and comply
<br />with all the requirements of the Constitution and By -Laws of said ASSOCIATION; then these presents shall become null and void, otherwise they
<br />remain in full force and may be foreclosed at the option of the said ASSOCIATION after failure for three months to make any of said
<br />payments or be three months in arrears in making said monthly payments, or to keep and comply with the agraments and conditions of said Bond;
<br />and Mortgagor gees to have a receiver appointed forthwith in such foreclosure proceedings.
<br />If there is any change in ownership of the real estate mortgaged herein, by ask or otherwise, then the entire remaining indebtedness hereby
<br />secured ill, at the option of The Equitable Building and Loan Association of Grand Island, Nebnska,benome immediately due and payable without
<br />further mice, and the amount retraining due under said bond, and any other bond for any additional advances tide thereunder, shag, from the
<br />daft of exercise of said option, bear interest at the maximum legal rate, and this mortgage may then be foreclosed to satisfy the amount due on aid
<br />bond,ard any other bond for additional advances, together with all sums paid by said The Equitable Building and Loan Association of Grand Island,
<br />Nebmaka for insurance. taxes and assessments, and abstracting extension charges, with interest thereon, from date of payment at the maximum
<br />legal raw.
<br />Asprevided i the Boma secured hereby, while this mortgage remains it effect the mortgagee may hereafter advance additional scams to the
<br />of said Bored, their assigns or successions in interest, which sums shall be within the security of this mortgage the same as the funds originally
<br />secured thereby, the total amount of principal debt not to exceed at any time the original amount of this mortgage.
<br />Dated thin 1 t day of October A. D., 19 87 .
<br />ry in B Nelson,
<br />40yyie E. Nelson+
<br />STATE OF NEBRASKA, On this eta of
<br />C HALL. 1st hheey October 1987 before me,
<br />CWNTY Marvin B. Nelson and Joyce E. Nelson, each inthiss AW"her ownPuhllclnandforsaidCounty ,perwnallyarmo
<br />right and as spouse of each other who are personally known to
<br />am to be the Montreal permm a whoa name s are affixed to the above mstr mottgagor tt and they severally
<br />siolunnialmisivoll the aid assliumorit to be their voluntary wit and dead. /
<br />WIINPSS my hand and Notarial Seal the date aforesaid.
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