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<br />REAL ESTATE MORTGAGE `
<br />THIS MORTGAGE is entered into between JIMMIE D. LAYCOCK
<br />and PEARL R. LAYCOCK, husband and wife, each in his and her own
<br />interest and as spouse of the other, as "Mortgagor ", and R. DARYL
<br />KING and ARLENE J. KING, husband and wife, or the survivor of
<br />them, hereinafter referred to as "Mortgagee ".
<br />Mortgagor is indebted to the Mortgagee in the principal sum
<br />of Twenty -Two Thousand Dollars ($22,000.00), evidenced by
<br />Mortgagor's Note of even date herewith, providing for principal
<br />and interest with the balance of the indebtedness, if not sooner
<br />paid, due and payable on October 1, 2001. Mortgagee has the
<br />option of requiring Mortgagor to make a balloon payment due and
<br />payable on October 1, 1993.
<br />To secure the payment of the Note, with interest as
<br />provided therein, the payment of all other sums, with interest,
<br />advanced by Mortgagee to protect the security of this Mortgage,
<br />and the performance of the covenants and agreements of the
<br />Mortgagor contained herein, Mortgagor does hereby mortgage and
<br />convey to Mortgagee the following- described property located in
<br />Hail County, Nebraska:
<br />Fractional Lot Ten (10) in Fractional Block Two
<br />(2) in Rollin's Addition, and its complement,
<br />Fractional Lot Ten (10) in Fractional Block Seven
<br />(7) in Wallich's Addition to the City of Grand
<br />Island, Hall County, Nebraska,
<br />together with all buildings, improvements, fixtures, easements,
<br />rights, privileges and appurtenances located thereon or in any
<br />way pertaining thereto, and the rents, issues and profits,
<br />reversions and remainders thereof; including, but not limited to,
<br />heating and cooling equipment and such personal property as
<br />attached to the improvements so as to constitute a fixture; all
<br />of which, including replacements and additions thereto, is hereby
<br />declared to be a part of the real estate secured by the lien of
<br />this Mortgage and all of the foregoing being referred to herein
<br />as the "property ".
<br />Mortgagor further covenants and agrees as follows:
<br />1. Payment. To pay the indebtedness and the interest
<br />thereon as provi_d-id in this Mortgage and the Note.
<br />2. Title. Mortgagor is the owner of the property and has
<br />the right -a-0—authority to mortgage the property and warrant that
<br />the lien created hereby is a valid first mortgage on the
<br />property.
<br />3. Taxes, Assessments. To pay when due all taxes, special
<br />assessments and all other charges against the property and, upon
<br />written demand by Mortgagee, to add to the payments required
<br />under the Note secured hereby, such amount as may be sufficient
<br />to enable the Mortgagee to pay such taxes, assessments or other
<br />charges as they become due.
<br />4. Insurance. To keep the improvements now or hereafter
<br />located on tie real estate described herein insured against
<br />damage by fire and such other hazards as Mortgagee may require,
<br />in the amount of Thirty -Two Thousand Dollars ($32,000.00) and
<br />with companies acceptable to the Mortgagee and with loss payable
<br />to the Mortgagee. In case of loss under such policies, the
<br />Mortgagee is authorized to adjust, collect and compromise, in the
<br />discretion of the Mortgagee, all claims thereunder at Mortgagee's
<br />sole option and to apply the proceeds upon the indebtedness
<br />secured hereby with payments hereunder continuing until the sums
<br />secured hereby are paid in full.
<br />5. Repair, Maintenance and Use. To promptly repair,
<br />restore or re> u� acTi�ny buildings or improvements now or hereafter
<br />on the property; to keep the property in goad condit-ion and
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