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102434
<br />To HAVE AND To Host) the same unto the Mt;rtgagee, as iA.;'O:T; provided. Mortgagor represelits to,
<br />and covenants with, the Mortgagee, that the Mortgagor has goori right to sell and convey said premises;
<br />that they are free from encumbrance, except as hereinotherwise recited; that the Mortgagor will warrant
<br />r and defend the same against the lawful claims of all persons whomsoever. Mortgagor hereby relinquishes
<br />i 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 />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 :aforesaid principal sum with interest from date
<br />at the rate of Nine and one he f per centum ( 9.5010 per annum on the unpaid balance until paid.
<br />The said principal and interest shall be payable at the otTice of Superior Mortgage, Inc.
<br />in Grand Island, Nebraska , or at such other glace as the holder of the note may designate in
<br />writing delivered or mailed to the Mortgagor, in monthly ir. tallments of i- Hundred Three and 491100ths
<br />Dollars ($ 203.49 ), commencing on the first day- of July , 13 86 , 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 clay of June, 2016 ; al l
<br />according to the terms of a certain promissory note of even date 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 noi, 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 date 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 fulls- 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 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 pa�-ment 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 premiums;
<br />(II) interest on the note secured hereby ; and
<br />(III) 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 exceed-
<br />ing four per centum (I ' ) of any install n:ent when paid more than fifteen (15) days after the
<br />due date thereof to coyer 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 />ali 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 oar, 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 %lortgagee, as trustee, shall apply, at, the
<br />time of the commencement of such proceedings, or at the time thu property is otherwise acquired, the
<br />amount 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 full force and 01'ect during any postponement or exten-
<br />sion of the time of payrnent of the indebtedness or anv Hart thereof secured herehy
<br />5. He /she will pay all ground rents, taxes, assessments, water rates and other governmeotaal or
<br />municipal charges, fines, or impositions, levied upon said premises vuf that ht 'she will pay ill t txes levwd
<br />upon this mortgage, or the debt secured thereby, together with any other twos or ys.z s rnent, which nznc
<br />tx levied under the laws of Nebraska against the Alortgagve, or the legal holder r-f s.ud pnm ;lzrti
<br />account of this indebtedness, except when payment for all such atvin, h:es t.here!of,rre i e,,r made under ;a !
<br />of paraq,=raph 2 hert–of, rued he,ghe will proalptly deliver the offic;al r', ,,tits Uirn !,it 'o tho 11 rt.gaytee In
<br />default thereof the Alortgagee may pay the same,
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