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86-_ 100738
<br />To HAVe AND To Har.D the same unto the Mortgage,,, as herein p:::idc43_ 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 herein otherwise recited; that the :Mortgagor will warrant
<br />and defend 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 Kortgagor in and to the above - described premises.
<br />PROVIDED ALWAYS, and these presents are executed and delivered upon the following conditions,
<br />to Wit.
<br />Mortgagor agrees to pay to the Mortgagee, or order, the aforesaid principal sum with interest from
<br />date at the rate of Ten and One Half per centum ( 1011 S'�) per annum on the unpaid balance
<br />until paid. The said principal and interest shall be payable at the office of the Loan Guaranty Officer,
<br />Veterans Administration Regional Office, Lincoln, Nebraska, or at such other place as the holder of the
<br />note may designate in writing delivered or mailed to the Mortgagor, in monthly installments of
<br />One Ilundred Ninety Two and 19/100 Dollars ($192.19 ),commencing on the First
<br />day of March , 19 86 , and continuing on the First
<br />day of each month thereafter until said note is fully paid, except that, if not sooner paid, the final pay-
<br />ment of principal and interest shall be due and payable on the First day of February
<br />2006 ; all according to the terms of a certain promissory note of even date herewith executed by the
<br />said Mortgagor.
<br />The Mortgagor further agrees:
<br />1. He 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 />installment, or one hundred dollars 1$100.00), whichever is less. Prepayment in full shall be credited on
<br />the date received. Partial prepayment, other than on an installment due date, need not be credited until
<br />the next following 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 Mortgagee, as trustee (under the terms of
<br />this trust as hereinafter stated) on the installment due date 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 policies of fire and other hazard insurance covering the mortgaged property,
<br />plus taxes and assessments next due on the mortgaged property ( all as estimated by the Mort-
<br />gagee, and of which the Mortgagor is notified) less all sums already paid therefor divided by
<br />the number of months to elapse before one month prior to the date whep such ground rents,
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<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 />(t) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(It) interest on the note secured hereby; and
<br />(iii) 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 (4% ) 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 costs and expenses secured hereby.
<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 />assessments or insurance premiums. as the case may be, such excess shall be credited by the Mortgagee
<br />on subsequent payments to be made by the Mortgagor for such items or, at Mortgagee's option, shall be
<br />refunded to ':Mortgagor. If, however, such monthly payments shall got W sufficient to pay such items
<br />when the same shall become due and payable, then the Mortgagor shall pay to the Mortgagee as trustee
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<br />any amount necessary to make up The deficiency within thirty (110) days after written notice from the
<br />,Mortgage.- stating the amount of the deficiency, which notice may tie given my mail. if at anv timethc,
<br />Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured hereby,
<br />full payment ofthe entire indebtedness, represented therehy. the !Mortgagee as tntstee shali, m computing
<br />the Amount of such indebtedness, cre'lli to the accrrrnt c,; 'iee Mortp gor ant arado balance at i�umulaicd
<br />wider then pfovrsiow; +;( ;a} of paragraph 'hereof if thRrt° s'iAi;hijj 'k_f,init uudc_r env 1,' the ;>rocisums
<br />A th,s tcwtgaRe resulting, m a txiblt< sal- of the pwWises , Aen-t I, +rebv :tr if fit, ,1M 0i,aic.r, ;ICtlnir,s
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