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<br />MORTGAGE 86- 10240MORTGAGE
<br />This Mortgage is entered into between Donald James & Bonnie Arles James husband ancL__
<br />(herein *'Mortgagor") and
<br />Five Points Bank _ _(herein "Mortgagee ").
<br />Mortgagor is indebted to Mortgagee in the principal sum of $ _ 35, 000.00 , evidenced by Mortgagor's note
<br />dated May 5, 1986 (herein ":Vote ") providing f� ents of principal and interest, with the balance of the
<br />indebtedness, if not sooner paid, due and payable on M __
<br />To secure the payment of the Note, with interest as provided therein, the payment of all other sums, with interest,
<br />advanced by Mortgagee to protect the security of this Mortgage, and the performance of the covenants and agreements of
<br />the Mortgagor contained herein, Mortgagor does hereby mortgage and convey to Mortgagee the following described
<br />property located in Hall County, Nebraska:
<br />Lot. One (1), Block Two (2), Westroads Estates, 2nd Subdivision, Grand Island,
<br />Hall County, Nebraska.
<br />Together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and
<br />appurtenances located thereon or in anywiFe pertaining thereto, and the rents issues and profits. reversions and remainders
<br />thereof; including, but not limited to, heating and cooling equipment and such personal property that is attached to the
<br />improvements so as to constitute a fixture: all of which, including replacements and additions thereto, is hereby declared
<br />to be a part of the real estate secured by the lien of this Mortgage and all of the foregoing being referred to herein as the
<br />"Property„
<br />Mortgagor further convenants and agrees, with Mortgagee, as follows:
<br />1. Payment. To pay the indebtedness and the interest thereon as provided in this Mortgage and the Note.
<br />2_ Title. Mortgagor is the owner of the Property, has the right and authority to mortgage the Property, and
<br />warrants that the lien created hereby is a first and prior lien on the Property. except as may otherwise he set forth herein.
<br />❑ The Property is subject to a Mortgage wherein ___.____
<br />is the Mortgagee, recorded at Book , Page ___ __ __ of the Mortgage Records of ___— County,
<br />Nebraska, which Mortgage is a lien prior to the lien created hereby.
<br />❑ Other prior liens or encumbrances:
<br />3. Taxes, Assessments. To pay when due all taxes, special assessments and all other charges against the Property
<br />and, upon written demand by Mortgagee, to add to the payment% required under the Note secured hereby, such amount as
<br />may be sufficient to enable the Mortgagee to pay such taxes, assessments or other charges as they become due.
<br />4. Insurance. To keep the improvements now or hereafter located on the real estate described herein insured
<br />against damage by fire and such other hazards as Mortgagee may require, in amounts and with companies acceptable to the
<br />Mortgagee, and with loss payable to the Mortgagee. In case of loss under such policies the Mortgagee is authorized to
<br />adjust, collect and compromise, in its discretion, all claims thereunder at its sole option, authorized to eitherapply the
<br />proceeds to the restoration of the Property or upon the indebtedness secured hereby, but payments hereunder shall con-
<br />tinue until the sums secured hereby are paid in full.
<br />5. ❑ Escrow For Taxes and Insurance. Notwithstanding anything contained in paragraphs 3 and 4 hereof to the
<br />contrary, Mortgagor shall pay to the Mortgagee at the time of paying the monthly installments of principal and interest,
<br />one•tweifth of the yearly taxes, assessments, hazard insurance premiums, and ground rents (if any) which may attain a
<br />priority over this Mortgage, all as reasonably estimated from time to time by the !Mortgagee. The amounts so paid shall be
<br />held by the Mortgagee without interest and applied to the payment of the items in respect to which such amounts were
<br />deposited. The sums paid to Mortgagee hereunder are pledged as additional security for the indebtedness secured by this i
<br />Mortgage. Mortgagorshall pay to Mortgagee the amount of any deficiency between the actual taxes, assessments, insurance
<br />premiums and ground rents and the deposits hereunder within 10 days after demand is made upon Mortgagor requesting
<br />payment thereof. r`•'
<br />6. Repair, (Maintenance and Use. To promptly repair, restore or rebuild any buildings or improvements now or
<br />hereafter on the Property; to keep the Property in good condition and repair, without waste, and frae from nit rhanic's or
<br />other lien,, not expressly subordinated to the lien hereof: not to make, suffer or permit anc nuisance to exist, not to dimin
<br />M or impair the value of the Property by any act or omission to ack and to oomph arch all n4quirements of law wrth
<br />reipect to the Property.
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