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86- 102395
<br />To HAVE AND To HOLD the same unto the Mortgagee, as herein provided. Mortgagor represents to,
<br />and covenants with, the Mortgagee, that the Mortgagor has gooti right to sell and convey said premises;
<br />that they are free from encumbrance, except as hereinotherwise 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 ail other contingent interests of
<br />I the Mortgagor in and to the above - described premises.
<br />PROVIDED ALWAYS, and these presents are executed and delivered upon the following conditions, to
<br />wit:
<br />Mortgagor agrees to pay to the Mortgagee, or order, the of oresaid principal sum with interest from date
<br />at the rate of Nine and one half per centum ( 9.501,.) per annum on the unpaid balance until paid.
<br />The said principal and interest shall be payable at the office of Superior Mortgage, Inc.
<br />in Grand Island, Nebraska , or at such other place as the holder of the note may designate in
<br />writing delivered or mailed to the Mortgagor, in monthly installment; of Five Hundred Nine and 56 /100ths
<br />Dollars ($ 509.56 ), commencing on the first day of July , 1986 , and continuing on
<br />the first day of each month thereafter until said note is fully paid, except that, if not sooner paid, the final
<br />payment of principal and interest shall be due and payable on the first day of June, 2016 ;all
<br />according to the terms of a certain promissory note of even (late herewith executed by the said Mortgagor.
<br />The Mortgagor further agrees:
<br />1. He /she 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 ($100.00), whichever is less. Prepayment in full shall be credited on the
<br />date received. Partial prepayment, -other than on an installment due date, need not be credited until the
<br />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 this
<br />trust as hereinafter stated) on the first day of each month until said note is fully paid:
<br />(a) A sum equal to the ground cents, if any, next flue, 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 mouth prior to the (late when such ground rents,
<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 />(1) ground rents, taxes, assessments, fire and other hazard insurance premiums;
<br />(II) interest on the note secured hereby; and
<br />(m) amortization of the principal of said note.
<br />,,y deficiency in the amount of any Such aggregate monthly payment shall, unless made good
<br />by tw_ 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 (•1''i ) of any install ment 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 thereby.
<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, as trustee,
<br />shall be refunded to Mortgagor. If, however, such monthly payments shall not be sufficient to pay such
<br />items when the same shall become due and payable, then the Mortgagor shall pay to the Mortgagee, as
<br />trustee, any amount necessary to make up the deficiency within thirty (30) days after written notice from
<br />the Mortgagee stating the amount of the deficiency, which notice may be given by mail. If at any time
<br />the Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured
<br />hereby, full payment of the entire indebtedness represented thereby, the Mortgagee, as trustee, shall,
<br />in computing the amount of such indebtedness, credit to the account of the Mortgagor any credit balance
<br />accumulated under the provisions of (a) of paragraph 2 hereof. If there shall be a default under any
<br />of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the
<br />Mortgagee acquires the property otherwise after default, the Mortgagee, as trustee, shall apply, at the
<br />time of the commencement of such proceedings, or at the time the property is otherwise acquired, the
<br />w,iount then remaining to credit the Mortgagor under (a.) of paragraph 2 preceding, as a credit on the
<br />interest accrued and unpaid and the balance to the principal then remaining unpaid on said note.
<br />4. The lien of this instrument shall remain in frill force and effect during any postponement or exten-
<br />Lsion of the time of payment of the inulebtedness or• anv nart thereof secured hereby.
<br />5. He /she will pay all ground rents, taxes, assessments, water rates, and other governmental or
<br />municipal charges, fines, or impositions, levied upon said premises and that he /she will bray ail taxes levied (A
<br />upon this mortgage, or the debt secured thereby, together with any other taxes or rsssessmentti which m:n tt��
<br />be levied under the laws of Nebraska against the Mortgagee, or the legal holder of said principal note, nn
<br />account of this indebtedness, except when payment fur al! such items hate theretofore been made under (u
<br />of parfgfraph 2 hereof• and hv;nhe will promptly defiver the official nweipts I.livrefor *t, tfw yortgagee ;n
<br />default thereof the may pay the site.
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