86101981 - Laserfiche WebLink

Browse

86- -101981 1 SECOND REAL ESTATE MORTGAGE Daniel A. Wenzel and Joy L. Wenzel, husband and wife, herein called the Mortgagors, in consideration of Four Thousand Nine Hundred and NoI 100 Dollars ($4,900.00) do hereby mortgage to Mid - Continent Enterprises, Inc., herein called the Mortgagee, the following described real estate in Hall County, and State of Nebraska: Suite V Windsor Square Property Regime, Unit Four (4), Lot Two (2), Block Eight (8), Replat Con- tinental Gardens, an addition to the city of Grand Island, Hall County, Nebraska. And the Mcrtgagors do hereby covenant with the Mortgagee and with Mortgagee's heirs and assigns that Mortgagors are lawfully seized of said premises, that they are free from encumbrance, that Mortgagors have good right and lawful authority to convey the same, and that Mortgagors warrant and will defend the title to said premises against the lawful claims of all persons whomsoever. This Mortgage is given to secure the payment of the principal sum of S4,900.00 and interest thereon, according to the terms of a certain Promissory Note of even date, executed by the Mortgagors to the Mortgagee, due the 29th day of June, 1987. The Mortgagors further agree to maintain insurance upon the above described premises in an amount not less than the indebtedness due the Mortgagee with a loss - payable clause in favor of Mortgag -rs and Mortgagee as their interests may appear. The Mortgagors agree to pay all taxes and assessments upon said premises and all other taxes, levies and assess - ments levied upon this Mortgage and the Note which this Mortgage is riven to secure before the same become delinquent. In the evert the Mortgagors shall fail to obtain such insurance or pay such taxes before delinquent, the Mortgagee may purchase such insurance and pay such taxes or other liens and shall have a lien secured hereby for the amount so advanced with .interest thereon at the rate of eighteen per- cent (18%) f;er annum. In the event the Mortgagors default in the payment of said indebtedness or any installment thereof, or fail to perform any of the other aareements herein, the Mortgagee at Mortgagee's election may declare the entire debt secured by this Mortga<e to be due and collectible at once; and may foreclose this Mortgage for the satisfaction thereof.. This Mortgage is subject to a prior mortgage in favor. of Norwest Rank Grand Island, N.A., Grand Island, Nebraska. Lt is speciFically understood and agreed that any breach of that price i�ortrage is also breach of this Mortgage. 1.� f