|
86-- 102706
<br />TO HAVE ANl) To HOLD the same unto the Nlortgagee, as hvrsein provided. Mortgagor represents to,
<br />and covenants with, the Mortgagee, that the Mortgagor has g(x)d 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 law fui claims of all persons whomsoever. Mortgagor hereby relinquishes
<br />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 />Pfcov Dw 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 Ten per centum #0.00 !%c ) 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 installments of Three Hundred SixtyEight and 58 /100ths
<br />Dollars ($ 368.58 ), commencing on the first day of July 1986 , and continuing on
<br />the first day of each month thereafter tuttil said note is fully paiii, except that, if not sooner paid, Ow final
<br />payment of principal and interest shall b.- due art] payable on the first day of June. 2016 ;all
<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 />L 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 di 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 rents, if any, next due, plus the premiums that will next become due
<br />and payable on lrcrlicies of fire and other haz,•ird insurance covering the mortgaged property,
<br />plus taxes and assessments next due oil 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 bate when such ground rents,
<br />premiums, taxes and assessments will become de:inrjiwnt, such sums to be held by Mortgagee
<br />in trust to pay said ground rents, premiums, taxes and special assessments.
<br />(6) The aggregate of the atr.ounts payable pursuant to subparagraph (a) and those payable on the
<br />note secured hereby, sha" be pain ;In a sitrgle payment each month, to IDe applied to the follow-
<br />ing items in the order stated:
<br />(1) ground rents, taxes, ascessmettts, fire and other hazard insurance premiums;
<br />(11) on the notesecured hereby; and
<br />(111) tttrortization of the principal of said note_
<br />Any defkh -ncy in th,• arnwiant of any surli aggregate monthly payment shall, unless made good
<br />by the Mortgagor prior to t.h,� rduc date, Of the next such payment, constitute an event of default
<br />under this mortgage_ At Mortgagee's t�ption, Mortgagor will pay a "late charge" not exceed-
<br />ing four per centum (jl',, ) of any install rnent when paid more than fifteen (15) days after the
<br />due Aste 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, utnless such proceeds are sufficient to discharge the entire indebtedness and
<br />all proper cysts 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, is 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 />ahall 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 tip 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 />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 effect during any lx,stponement orexten-
<br />%ion of the time of payment of th,= indebt0ness or ant- hart thereof secured hereby.
<br />5. Hefshe 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 pay till taxi's levied
<br />upon this mortgage. or She debt secured thereby. together with any other taxes or assessment& which tnay
<br />be levied under the laws of Nebraska against the Mortgagee, or the legal holder of said principal note, on
<br />account of this tridebtedrieaur, except when psyment for all such tt,tms 11- theretolore been made under ra i
<br />of paraVitph 2 hereof, and he rho, will promPtly deliver the official rwelpts therwfor to the %iortgagee. Iii
<br />defrxtlt thereof the %Iortgag re may pay thy.• same
<br />M
<br />
|