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86-- 100846
<br />To HAeE AND To HOLD the same. unto the Mortgagee, as herein providtA. 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 Mortgagor in and to the above - described premises.
<br />PleoviDeD 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 ( 102 5� ) 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 />Three Hundred Ninety Seven and '` oepollars ($ 397.39 ), commencing on the First
<br />day of April 1986 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 March ,
<br />2001 ; an wording 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 herei_nbefore 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 ($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 />tbe 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 whelr such ground rents,
<br />premiums, taxes and assessments will become delinquent, such sums to be held b- 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 />(i) ground rents, taxes, assessments, fire and other hazard insurance preniiurns ;
<br />(n) interest on tile, note secured hereby; and
<br />(m) 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 excec<1-
<br />ing four per centum (1;-f ) of any installment when paid more. than fifteen (1 5) days after the
<br />due date thereof to cover the extra expense involved in handling delinquent payments, but such
<br />"late claarge" shall not be payable out of the proceeds of arty sale made to satisfy the indebted-
<br />ness secured hereby, unless such proceeds are sufficient to discharge the entire indebtedness and
<br />all proper cosiz 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 tx! made by the MOrigagar for such items or. at 'Mortgagee's opnosi. shall be
<br />L refunded tt, Mortgagor. If, however, such monthly payments sh =ell not be st fficieni t • nay such items
<br />wheys the same shall be come due and payable. then the Mortgagor shall pay to the Mortgagee as iru ty
<br />st
<br />any wnou'it ne(essary it) matte up the defic. iency within thirty ! 30t days after written noti" from the
<br />M;irtgagew. ;rating the amount of "he deficiency, which notict, may to given n;y nail If at inti tine the
<br />Mor,gsagot ,hall ietA4e to !hV 4ixtrt£ager. in accordance with the pro%isions of the i €it secured i I,e cta�.
<br />full pa',T,f�r t of !ht- emit +° 'epresc rated ther'•be, h. M ortg r(;ec' as +rust€+ ;hall, .r r mh ;turg,
<br />+ to 11n +c'i ?tin, t it in; 9r1 t € a7e'i4
<br />the .rruu.r, f sw h a tide l,ti -{i 7c °.s-
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<br />t t! ^: €rat sager• resuitsni'rn a puli'.r< ,e,4,; ?" =he pre;n:ses k"'Ver €- 'tttefl,tr, .: i' ti'•' it, ;.€ :tirti
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