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86- 102701 <br />REAL ESTATE MORTGAGE <br />This Mortgage made this 23rd day of Mav 1986, <br />between John W. Knapp and Nancy S. Knapp, husband and wife, <br />hereinafter "Mortgagor," whether one or more, and Donald W. <br />Christensen and Mary A. Christensen, husband and wife, as joint <br />tenants and not as tenants in common, hereinafter "Mortgage?," <br />whether one or more. <br />IN CONSIDERATION of Forty Five Thousand Dollars ($45,000.00) <br />advanced by Mortgagee to Mortgagor, who acknowledges receipt of <br />such sum, which is evidenced by a Promissory Note of even date, <br />hereinafter "the Note," which this Mortgage secures the <br />Mortgagor, jointly and severally, hereby mortgages to the <br />Mortgagee the following described real property situated in the <br />County of Hall, State of Nebraska, and described as follows: <br />Lot Two (2), Claussen Subdivision, Hall <br />County, Nebraska, <br />together with all rents, easements, appurtenances, hereditaments, <br />interests in adjoining roads, streets and alleys, improvements <br />and buildings of any kind situated thereon and all personal <br />property that may integrally belong to or hereafter become an <br />integral, part of such buildings and improvements, collectively <br />"the Property." <br />Mortgagor covenants with Mortgagee and its successors in <br />interest that (i) Mortgagor holds title to the Property in fee <br />simple and has lawft;l authority to mortgage the same, (ii) the <br />Property is free of liens and encumbrances except as stated <br />above, and (iii) Mortgagor will defend the Property against the <br />lawful claims of any person or entity. <br />1. PAYMENTS. Mortgagor shall promptly make all payments <br />required under the Note and any other instrument securing the <br />Note. <br />2. TAXES. Mortgagor shall pay each installment of all taxes <br />and special assessments of every kind, now or hereafter levied <br />and assessed against the Property or any part thereof, before <br />same become delinquent, without notice or demand. <br />3. INSURANCE AND REPAIRS. Mortgagor shall maintain fire and <br />extended coverage insurance insuring the improvements and <br />buildings constituting part of the Property for an amount equal <br />to the actual cash value of such improvements, exclusive of <br />foundations, but in no event for an amount less than the amount <br />of the unpaid principal balance of the Note. Such insurance <br />policies shall contain a standard mortgage clai.ise in favor of <br />Mortgagee and shall not be cancelable, terminable or modifiable <br />-1- <br />u <br />