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<br />MORTGAGE 85-'001039
<br />This Mortgage is entered into between Richard E. Stephens, Jr. and Barbara G. Stephens,
<br />Husband and Wife
<br />(herein "Mortgagor") and
<br />THE OVERLAND NATIONAL BANK OF GRAND ISLAND, Grand Island, NE and
<br />289 082.71 / fie prort>Ripal balance
<br />Mortgagor is indebted to Mortgagee in the principal sum of $ � Mortgagor's note
<br />in the original principal amount of $300',00 0,00
<br />dated June 28, 1982 / (herein "Note ") providing for payments of principal and nterest, with the balance of the
<br />indebtedness, if not sooner paid, due and payable on July 1, 1987
<br />Tosecure the payment of the Note, with interest as provided therein, the payment of all other sums, with interest,
<br />advanced by Mortgagee to protect the security of this Mortgage, and the performance of the covenants and agreements of
<br />the Mortgagor contained herein, Mortgagor does hereby mortgage and convey to Mortgagee the following described
<br />property located in Hall County, Nebraska:
<br />An undivided (J) one — fourth interest in and to Lots One (1), TWO (2), Three (3),
<br />Four (4), Five (5) and Six (6) in Piccadilly Square Subdivision, an Addition to
<br />the City of Grand Island, Hall County, Nebraska., EXCEPT Part of Lots One (1) and
<br />Six (6) deeded in Warranty Deed recorded as Document No. 77- 004876 and Part of
<br />Lot Four (4) deeded in Warranty Deed recorded as Doctrnent No. 83- 002101.
<br />Together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and
<br />appurtenances located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and remainders
<br />thereof; including,. but not limited to, heating and coaling equipment and such personal property that is attached to the
<br />improvements so as to constitute a fixture; all of which, including replacements and additions thereto, is hereby declared
<br />to be a part of the real estate secured by the lien of this Mortgage and all of the foregoing being mferred to herein as the
<br />«11toperty»
<br />Mortgagor further convenants and agrees, with Mortgagee, as follows:
<br />I. Payment. To pay the indebtedness and the interest thereon as provided in this Mortgage and the Note.
<br />2. Title. Mortgagor is the owner of the Property, has the right and authority to mortgage the Property, and
<br />warrants that the lien created 9 thereby is first and prior lien on the Property, except as may otherwise be set forth herein.
<br />1N The Propertid a u�jecreo a Mortgifge wherein Rome Federal Savings & Loan Association of G. I .
<br />is the Mortgagee, recorded at Book —L6-9, par 418 of the Mortgage Records of Hall county,
<br />Nebraska, which Mortgage is a lien prior to the lien created hereby.
<br />Z Other prior liens or encumbrances: lkvle Federal SaVi niZS &Loan Association of Grand
<br />Island for $1_,100,000 filed July 29, 1.976, as Document No 76- 004162 as to
<br />Lots 1, 5 & 6 of the Property
<br />8. Taxes, AaMeaments. To pay when due all taxes, special assessments and all other charges against the Property
<br />and, upon written demand by Mortgagee, to add to the payments required under the Note secured hereby, such amount as
<br />may be sufficient to enable the Mortgagee to pay such taxes, assessments or other charges as they become due.
<br />4. L scrim e. To keep the improvements now or hereafter located on the real estate described herein insured
<br />against damage by fire and such other hazards as Mortgagee may require, in amounts and with companies acceptable to the
<br />+ and with loss payable to the Mortgagee. in care of loss under such policies the Mortgagee is authorised to
<br />adjtiat, collect said compromise, in its dbcreHon, all claims thereunder at its We option, authorized to either apply the
<br />proceeds to the restoration of the Property or upon the indebtedness secured hereby, but payments hereunder shall con-
<br />fine until the sun* secured hereby are paid In full.
<br />L 11 Escrow For Taxes and Insurance. Notwithstanding anything contained in paragraphs 3 and 4 hereof to the
<br />contrary, shall pay to the Mortgagee at the time of paying the monthly installments of principal and Interest,
<br />orte4wolftft of the yearly taxes, NwUnWnts, hazard Insurance Premiums, and ground rents of any) which may attain a
<br />priority over this Mon", all as reasonably estimated from time to time by the Mortgages. The amounts ro paid shall be
<br />hold by pre Mortgagee without Interest and applied to the payment of the items in respect to which such amounts were
<br />deposited. The surfs paid to Mortgaffer hereunder are pifdged as additional security for the indebtedness secured by this
<br />Ohs" pay to Mortgages the amount of any deficiency between the actual taxes, afaciamictils. insurance
<br />premiums and ground rents and the deposits hereunder within IU days after demand is made upon Mortgagor requesting
<br />payment thereof.
<br />d. Repalr, and Use. To promptly repair, restore nr rebuild any buildings or improvements now or
<br />hereafter on the Property; to keep the Property In good condition and repair, without waste, and Are from mechanic's or
<br />kb hens not expressly subordinated to the lien hereof; not to make, puffer or permit any nuisance to exist, nor t.o dimin•
<br />or Impair the value of the Property by anY Set or +mtission to art; and Io comply with nil requirements of law with
<br />respect to the Property.
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