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MORTGAGE _ — 000693
<br />MORTGAGE LOAN NO.. L 940,111
<br />KNOW ALL MEN BY THESE PRESENTS: That Fred L. Scarborough, a single person,
<br />Mortgagor, whether one or more, in consideration of the arm of
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<br />--- ------ -BOLLARS
<br />lowled to said mortgagor by The Equitable Building and Loan Association of Grand Island, Nebraska, Mortgagee, upon 420 shoes of stock of
<br />said ASSOCIATION, Certificate No. L 24,311 do hereby grant, convey and mortgage unto the said ASSOCIATION the following
<br />described real estate, situated in Hall County, Nebraska:
<br />Lot Six (6), in Block Ninety One (91), in Wheeler and Bennett's
<br />Fourth Addition to the City of Grand Island, Hall County, Nebraska.
<br />Lot Seven (7), Block Seventy (70), in Wheeler and Bennett's
<br />Second Addition 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 hereafter attached to or 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 assessments 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 S 42,000. 00 payable to said ASSOCIATION and to deliver to said
<br />ASSOCIATION the policies for said insurance, and not to commit or permit any waste on or about said premises;
<br />In case 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 mortgaged premises and the mortgagor hereby assigns, transfers and sets over to the
<br />mortgagee all the rents, revenues and income to be 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 or agents it may desire for the purpose of repairing said premises and renting
<br />the same and collecting the rents, revenues and income, and it may pay out of said income all expenses of repairing said premises and necessary
<br />commissions and expenses incurred in renting 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 mortgagee may be exercised at any time during the existence of such
<br />default, irrespective of any temporary waiver of the same.
<br />These Presents, however, are upon the Condition, That if the said Mortgagor shall repay said loan an or before the maturity of said shares by
<br />payment; pay monthly to said ASSOCIATION of the sum specified in the Bond secured hereby as interest and principal on said loan, on or before
<br />the Twentieth day of each and every month, until said loan is fully paid; pay all taxes and assessments levied against said premises and on this Mortgage
<br />and the Bond secured thereby, before delinquency; furnish approved insurance upon the buildings thereon in the sum of $ 42, 000.00 payable
<br />to said ASSOCIATION; repay to said ASSOCIATION upon demand all money by it paid for such taxes, assessments and insurance with interest at
<br />the maximum Legal rate thereon from date of payment all of which Mortgagor hereby agrees to pay; permit no waste on said premises; keep and comply
<br />with all the agteerrents and conditions of the Bond for S 42 000.00 this day given by the said Mortgagor to said ASSOCIATION, and comply
<br />with all the requirements of the Constitution and By -Laws of said ASSOCIATION; then these presents shall become null and void, otherwise they
<br />shall remain in full force and rosy he foreclosed at the option of the said ASSOCIATION after failure for three months to make any of said
<br />payments or be three months in arrears in making said monthly payments, or to keep and comply with the agreements and conditions of said Bond;
<br />and Mortgagor agrees to have a receiver appointed forthwith in such foreclosure proceedings.
<br />if there is any change in ownership of the real estate mortgaged herein, by sale or otherwise, then the entire remaining indebtedness hereby
<br />secured Mall, at the option of The Equitable Building and Loan Association of Grand Island, Nebraska,becutre immediately dire and payable without
<br />further notice, and the amount remaining due under said bond, and any other bond for any additional advances made thereunder, shall, from the
<br />date of exercise of said option, bear interest at the maximum legal rate, and this mort gage tray then be. foreclosed to satisfy the amount due on said
<br />bond, and any other hoed for additional advances, together with all sums paid by said The Equitable Building and Loan Association of Grand Island,
<br />Nebraska for insurance, taxes and assessments, and abstracting extension charges, with interest thereon, from date of payment at the maximum
<br />legal rate.
<br />As provided in the Bond secured hereby, while this mortgage remains in effect the mortgagee may hereafter advance additional sums to the
<br />makers of said Bond, their assigns or successors in interest, which sums shall be within the security of this rrnmttgage the saute as the funds originally
<br />secured thereby, the total amount of principal debt not to exceed at any time the original amount of this mortgage.
<br />Dated this 8th jJlgy of February A. n., 19 85
<br />ESTATE 01: NEBRASKA. t
<br />COUNTY Oh' HALL 1t ss On thus 3t}2
<br />Fl,e f L. Scarborough, a single Ex:rsorF,
<br />day tic Fobmary tit 85 , before me,
<br />the undersigned, a Notary Public in and for said Counly, personally cattle
<br />who i s personally known to
<br />Five to he the tdentical peflion whow, flairl! t.s Ifflxed to file above 111%1luriwill AS 111011gaKal and I'm severally
<br />acknowLedged thr ."Ki inbtllrlttellt 10 he hiE voluntary art and deed
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