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<br />86- '105931
<br />REAL ESTATE MORTGAGE
<br />This Mortgage made this /rday of October, 1985, between
<br />Larry W. Fowle and Barbara A. Fowle, husband and wife,
<br />hereinafter "Mortgagor," whether one or more, and Delaine A.
<br />Dungan and Roselan G. Dungan, husband and wife, as joint
<br />tenants and not as tenants in common, hereinafter "Mortgagee,"
<br />whether one or more.
<br />IN CONSIDERATION of Thirteen Thousand Dollars ($13,000.00)
<br />advanced by Mortgagee to Mortgagor, who acknowledges receipt of
<br />such sum, which is evidenced by a Mortgage 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), Block Seven (7), Unit One (1),
<br />Continental Gardens, an Addition to the City
<br />of Grand Island, Hall 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 lawful 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 />I. PAYMENTS. Mortgagor shall promptly make all payments
<br />required under the Note and any other instrument securing the
<br />of the unpaid principal balance of the Note. Such insurance
<br />policies shall contain a standard mortgage clause in favor of
<br />Mortgage' and shall not be cancelable, terminable or modifiable
<br />without ten (10) days written notice to Mortgagee. Mortgagor
<br />shall promptly repair, maintain and replace the Property, or any
<br />part thereof, so that, except for ordinary wear and tear, the
<br />Property shall not deteriorate. In no event shall the Mortgagor
<br />commit waste on or to the Property.
<br />4. OPTIONAL ADVANCES. If the insurance required above is
<br />not promptly effected, or if the taxes or special assessments
<br />levied and assessed against the Property shall become delinquent,
<br />Mortgagee (whether electing to declare the whole mortgage due and
<br />collectible or not), may, but need not, effect such insurance,
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