|
r
<br />L
<br />86. 102407
<br />MORTGAGE
<br />This Mortgage is entered into between John T. Davis and
<br />Karen E. Davis, husband and wife, (herein mortgagor) and The
<br />State Bank of Cairo„ A Nebraska Banking Corporation (herein
<br />mortgagee).
<br />Mortgagor is indebted to Mortgagee in the principal sum
<br />of #59,650 , evidenced by Mortgagors° note dated May 12 - ,
<br />1986 (herein Note) providing for payments o+ principal and
<br />interest, with the balance f the index ednrss), if not sooner
<br />paid, due and payabl? or, 'Ldev.
<br />To secure the payment* -,+ the Nate, with interest as
<br />provided therein, the pa.ymen'-. of all other sums, with
<br />interest advanced by Mortgan,, =e to protect the security of
<br />this Mortgage, and the performance of the covenants and
<br />agreements of the Mortagagor contained herein, Mortgagor
<br />does hereby mortgage and convey to Mortgagee the following
<br />property located in Hall County, Nebraska.
<br />The westerly 314 feet of the northerly 661 feet of the
<br />Northwest Quarter of the Northwest Quarter (NW1 /4NW1/4) of
<br />Section 22, Township 11, North, Range 11, West of the 6th
<br />P.M., containing 4.765 acres, more or less.
<br />'Together with all buildings, improvements, fixtures,
<br />streets, alleys, passageways, easements. rights, privileges
<br />and appurtenances located thereon or in anywise pertaining
<br />thereto, and the rents, issues and profits, reversions and
<br />remainders thereof, all of which, including replacements and
<br />additions thereto, is hereby declared to be a part of the
<br />real estate secured by the lien of this Mortgage and all of
<br />the foregoinq being referred to herein as the "Proper-ty ".
<br />Mortgagor further conven.ants and agrees with Mortgagee,
<br />as +ollows:
<br />1. Payment. To pay the :indebtedness and the interest
<br />thereon as provided in this Mortgage- and the Note.
<br />2. Mortgagor is the owner of the Property, has the
<br />right and authority to mortgage the Property, and warrants
<br />that the lien created hereby is a first and prior lien on the
<br />Property.
<br />To pay when due all taxes, special BS•3essments :And
<br />all other- charges against the Property arid, upon written
<br />demand by Mortgagee, to add to the payment require=d under the
<br />Note secured hereby, such amount as may be sufficient to
<br />enable the Mortgagee to pay such taxes, assessments or other
<br />charges as they become due.
<br />4. In the event the Property, or any part thereof,
<br />shall be taken by eminent domain, the Mortgagee is empowered
<br />to collect --hd receive all compensation which may be paid for
<br />any property taken or for damages to orope 'M k7C" t "2(k'L•T�T-n'(tii
<br />Mortgagee shall apply such compensation, a 3t5 optton,
<br />either to a reduction �Jf the indebtedness r -ed' >; °r -c;l'' ?-4
<br />to repair and restore the property so damaged.
<br />`;. Mortgagee may, but shrill have no obligation, to do
<br />any act which the Mortgagor has agreed but fails to do, and
<br />Mortgagee may also do any act it deems necessary to protect
<br />the lien hereo +. Mortgagor agrees to repay, upon idenuarrd, any
<br />sums so expended by the Mortgagee for the above purposes, and
<br />any Sums so expended by the, Mortgagee shad be added to the
<br />indebtedness sec.ur ed her eiw -and beC(.:Ime' subject t o t:.hc l t en
<br />hereof. Mortgagee shal L not tnc,..rr any per r,yi. L i +i 1 1 t i
<br />becaui;e of anythirig it_ +ia.y do r)r �jmi t c)r ner uin r•r
<br />h
<br />�i
<br />Wi
<br />
|