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MORTGAGE AND CONSTRUCTION SECURITY AGREEMENT 86- 10019Q
<br />MORTGAGE LOAN NO. L 24,447
<br />KNOW ALL MEN BY THESE PRESENTS: That Ronald L. Teichmeier and Judith Ann Teichmeier, each
<br />in his and her awn right and as spouse of each otherlslortgagor, whether one or more, in consideration of the sum of
<br />Twenty Two Thousand and no/ 100------------------------- _ --- --- --- -_—___ DOLLARS
<br />iaarsed to said mortgagor by The Equitable and Loan Association of Grand island, Nebraska, M 220
<br />Budding Mortgagee, upon shoes of stock of
<br />srid ASSOCIATION, Certificate No. L 24,447 , do hereby grant, convey and mortgage unto the said ASSOCIATION the following
<br />described real estate, situated in Hall County, Nebraska:
<br />lot Fifty Eight (58), in West Heights Addition, an Addition
<br />to the City of Grand Island, Hall County, Nebraska.
<br />lgrther with all the tenements, hereditamenis and appurtenances thereunto belonging, including attached floor coverings, all window screens,
<br />window shades, blinds, storm windows, awnings, beating, air conditioning,and plumbing and water equipment and accessories 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 assessments levied or
<br />assessed upon said premises and upon this mortgage and the bond secure dd the eby before the same shall become delinquent; to furnish approved
<br />insurance upon the buildings on said premises situated in the sum of S 22 , 00.00 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 mortgagee shall,
<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 shall remain
<br />unpaid; and the mortgagee shall have the power to appoint any agent Br 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 sod income all expenses of repairing said premises and necessary
<br />commissions said expenses incurred in renting and managing the same and of collecting rentals therefrom: the balance remaining, if any, to be
<br />airplied toward the discharge of said mortgage indebtedness; these rights of the mortgagee may be exercised at any time during the existence of such
<br />default, 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 oil or before the maturity of said shares by
<br />payment. pay monthly to said ASSOCIATION of the sum specified in the Bond secured hereby as interest and principal on said loan, on or before
<br />the Twentieth day of each and every month, until said loan is frilly paid; pay all taxes and assessments levied against said premises and on this Mortgage
<br />and the Bind secured thereby, before delinquency; furnish approved insurance upon the buildings thereon in the sum of S 22 , 000.00 payable-
<br />to said ASSOCIATION; repay to said ASSOCIATION upon demand all money 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 S 22 , 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 />shall remain in full face and may be foreclosed at the option of the said ASSOCIATION after failure for three months to make any of said
<br />psymerits or be three mouths in arrears in making said monthly payments, or to keep and comply with the agreements and conditions of said Bond;
<br />and Mortgagor agrees to have a receiver appointed forthwith in such foreclosure proceedings.
<br />If there is any charge in ownership of the real estate mortgaged herein, by sale or otherwise, then the entire remaining indebtedrheas hereby
<br />secured shall, at the option of The Equitable Building and l.tan Association of Grand island, Nebraska, become immediately due and payable without
<br />farther notice, and the amount remaining dux: under said bond, and any other bond for any additional advances nude thereunder, slab, from the
<br />date of exercise of said optirn, bear interest at the maximum legal rate, and this mortgage may then be foreclosed to satisfy the amount due on said
<br />bond,and any other bond for additional advances, together with all sums paid by said The Equitable Building and Loan Association of Grand island,
<br />Nebraska for insurance, taxes and assessments. and abstracting extension charges, with interest thereon, from date of payment at the maximum
<br />legal rate.
<br />As provided in the (fond secured hereby, while this mortgage remains in effect the mortgagee may hereafter advance additional sums to the
<br />makers of said Band, their assigns or successors in interest, which sums shall be within the security of this mortgage the same as the funds originally
<br />secured thereby, tits total amount of principal debt not to exceed at any time the original amount of this mortgage.
<br />Dazed this 9th day of January A. D., 19 86
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<br />STATE? OE NEBRASKA, On this ,
<br />COIiNTY Of HALL � 9th day of January Nv gg before tae,
<br />the undersigned, a Notary Public in and for said (',)only, personally pmt
<br />Ronald L. Teichrrteier :arid Judith Ann Te.i.chmeier, each in nis and her own ri.pht: and as spouse
<br />(if each other, who personally known to
<br />refs to be the Kkntn;ai perssxr S wit+lse name S :ar•C affixed to the Amve instrurttrnl as rtnartMot and I but- V sevetauy
<br />ad— le4ged The said inseturneni to be i,l'te i r vuhuntary acl and decd.
<br />VA IMPS% my harK1 artti'io�iartal Teal the rule atwmaid
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