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<br />wonc,AGE IRAN NO. L 24,714
<br />KNOW ALL MEN BY 7MESE PRESENTS. That Bernard L. McGahan and Carol A. McGahan, each in his
<br />and her own right and as spouse of each other, Mortgagor, whether one or more, in consideration of Use suss of
<br />Twenty Five Thousand and no/ 100 - - - - -_ -_------------------------------ - - - - -- DOLLARS
<br />Wined to said mortgagor by The Equitable Building at =d Loan Association of Grand Island, Nebraska, Mortgagee, upon 250 shares of stock of
<br />said ASSOCIATION. Certificate No. L 24,714 do hereby grant, convey and mortgage unto the said ASSOCIATION the fonowing
<br />described real estate, situated in Hall County, Nebraska:
<br />Parcel 1: Lot Three, Block Eighteen (18), Schimmer's Addition to the
<br />City of Grand Island, Hall County, Nebraska.
<br />Parcel 2: Lot Six (0), in Block 'Eighteen (18i, in Schimmer's Addition
<br />to the City of grand island, Hall County, Nebraska.
<br />together with all the tenements, hereditaments and appurtenances thereunto belonging, including attached floor coverings, all window screens,
<br />window shades, blinds. storm windows, awnings, heating, air conditioning,and plumbing and water equipment and accessories thereto, pumps, stoves,
<br />refrigerators, and other fixtures and equipment now or hereatter attached to of used in connection with said real estate.
<br />And whereas the said mortgagor has agreed and does hereby agree that the mortgagor shall and will pay all taxes and asssessinents levied or
<br />assessed upon said premises and upon this mortgage and the bond secured thereby before the same shall become delinquent to furnish approved
<br />insurance upon the buildings on said premises situated in the sum of 5 25, 000.00 payable to said ASSOCIATION and to deliver to said
<br />ASSOCIATION the policies for said insurance, and not to comma w permit any waste on or about said premises;
<br />In core of default in the performance of any of the terms and conditions of this mortgage or the bond secured hereby, the mortgagee shall,
<br />on demand, be entitled to immediate possession of the niortgaged premises and the nwrtgagor Hereby assigns, transfers and sets over to the
<br />mottpgee all Hire rents, revenues and income to he derived from the mortgaged premises during such time as the mortgage indebtedness shall remain
<br />unpaid:. and the mortgagee shall have the power to appoint any agent car agents it nay desire for the purpose of repairing said premises and renting
<br />the some and collecting the rents, revenues and income, and it may pay out of sari income all expenses of repairing said premises and necessary
<br />commissions and expenses incurred in tenting and managing the same and of collecting rentals therefrom: the balance remaining, if any, to be
<br />applied toward the discharge of said mortgage indebtedness. these rights of the mxsitgagee may he exercised at any time during the existence of such
<br />default, inespective of any temporary waiver of the same
<br />These Presents, however, are upon the Conditin,Thr.t if the said Mortgagor shall repay said loan on or before the maturity of said shares by
<br />payment; pay monthly to sand ASSMATION .if the sum specified in the Bond secured hereby as interest and principal on said loan, on or before
<br />the Twentieth day cat each and ever., month. until said loan is fullv paid: Day ail taxes and assessments leveed against said premises and on this Mortgage
<br />and the Bond secureu thereby, before delinquency: furnish approved insurance upon (tie buildings thercon in the sum of Q5, 000.00 payable
<br />to vat. ASSOCIATION_ repay to said ASSOCIATION upon denriand Al money by it paid for such taxes• assessments and insurance with interest at
<br />the maximum legal rate thereon trout date of payment all of which Mortgagor hereby agrees to pay, permit no waste on said prermses;keep and comply
<br />with all the agreements and conditions of the Bond for S ' ` 00C , v this day given by the said Mortgagor to said ASSOCIATION, and comply
<br />with all the requirements of the C'orsmutton and By -haw of said ASS(X 1AT10N; then these presents shall become null and void, otherwise they
<br />shall rcmain in full force and may be foreclosed it the option of the said ASSMATiON after failure for three months to make any of said
<br />payments of he three months m arrears in making said ninthly payments, or to keep and comply with the agreements and conditions of said Bond;
<br />and Mortgagor agrees to have a ieceivea appointed forthwith in such foreclosure proceedings.
<br />If there is any change in ownership of the real estate mortgaged herein, by sak or otherwise, then the entire remaining indebtedness hereby
<br />secured shall, at the option of The Equitable Building and Loan Association of C-anti Island. Nebraska, become immediately due and payable without
<br />further notice, and the anxount remaining due under said bond, and any other bond for any additional advances made thereunder, shall. from the
<br />date of exercise of said optum_ hear amerest at the maximum legal rate• and this mortgage may then be foreclosed to satisfy the amount due on said
<br />bind, and any other bond fin additnnal ads ce,, together with all soars paid by said The Equitable Building and loan Association of (:rand Island,
<br />Nebraska for insurance, taxes and assessr lent, and abstracting extenstan charges, with interest thercon, from date of payment at the maximum
<br />legal rate.
<br />As provided in the &end secured hereby, while this mortgage remains in effect the n npigt e may hereafter advance additional sums to the
<br />makers of said Bond, then a -signs =.ir succesxms in interest. which sums mall be within the security of this mortgage the same as the funds originally
<br />secured t,hFreby, [tic total xrn cunt .A ,rin2pal debt not to er�d at any time the onguiai amount of thus mortgage.
<br />.fart this ffi /tR ' dts/f i ii?CE:^DeI A It.. i`i OU
<br />S- FAF Ii. OF NE. WAS KA, r
<br />! set On thai: -�t'n day i±t Dct'.`'Tw>~ t i4 before Inc,
<br />COUNTY Of: IiAH,
<br />L „ the widervgncct a N ran Pnblic zji and fo n t4iti f nurtm peru. malty tune
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<br />for, to be the J'ntiul per me= affixed t., the a)-- ,soaorneaz - touttKagor and .. sevaiaih
<br />xai:o ow'iodf rd the said Carat nistient u, toe °' i v.,iontar, ao and aced
<br />W7 d Vl ti:ti t ° =• nand -'i `:nisrtal N-1 !h, :Iatr ri ""said
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<br />iN $R.(dtll ai t s ,.
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