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9
<br />MORTGAGE 85-00-1040
<br />This Mortgage is entered into between Richard E. Stephens, Jr. and Barbara G. Stephens,
<br />(� Husband and Wife
<br />t (herein "Mortgagor") and
<br />THE OVERLAND NATIONAL BANK OF GRAND ISLAND, Grand Islanc), NE
<br />(hereto „ Mortgagee'•).
<br />Mortgagor is indebted to Mortgagee in the principal sum of $ 183, 740.52
<br />evidenced by Mortgagor's note
<br />dated mMarcil 1 1985 (herein "Note ") providing for payments of principal and interest, with the balance of the
<br />Indebtedness, if not sooner paid, due and payable on February 26, 1986
<br />To secure the payment of th^ 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 Half County, Nebraska:
<br />An undivided Q) one – fourth interesL 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 Document 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 cooling equipment and such personal property that is attached to the
<br />improvements $o 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 referred to herein as the
<br />rtyl .
<br />Mortgagor further convnnants 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 hereby is 8a first and prior lien on the Property, except as may otherwise be set forth herein.
<br />@ The PropertyflaU&ci toa o4dgagewherein H011le Federal Savings & Loan Association of G. I.
<br />is the Mortgagee, recorded at Book —16-9, page `118 of the Mortgage Records of Hall County,
<br />Nebraska, which U004MV Is a lien prior to the lien created hereby.
<br />K Other prior liens or encumbrances: Inane Federal Savings & I can Associat ion of G I for
<br />$1.100,000 filed July 29, 1976, as Document No 76- 004162 as to I..ots 1., 5 & G of
<br />the Property and Mortgage 'to Afortgagee detect Afarch 1, 1985, in the amount of
<br />5• Taxes, Ammaments. 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 />against damage 4. launce. To keep the improvements now or hereafter located on the real estate described herein insured
<br />by fire and such other hazards as Mortgagee may require, in amounts and with companies acceptable to the
<br />and with loss payable to tie Mortgagee. In case of Iona under such policiss the MoK ereunder at its sole option, authorized to either apply the
<br />is authorized to
<br />admit, collect and compromise, in its discretion, all claims thereunder
<br />procefth
<br />to the restoration of the Property or upon the Indebtedness secured hereby, but payments hereunder shall con•
<br />Umme until the fun= secured hereby are paid In full.
<br />5. 0 Escrow For Taxes ant! Insurance. Notwithstanding anything contained In paragraphs 3 and 4 hereof to the
<br />contrary, Moftp#of shall pay to the Mortgagee at the time of paying the monthly Installments of principal and Interest,
<br />sane- twelfth of the yearly taxes, assessments, hazard Insurance premiums, and ground rents (if any) which may attain a
<br />P&ARY over the Mortgage, all ss reasonably estimated from time to time by the Mortgages. The amounts so paid shall be
<br />held by tine Mortgagee without Interest and applied to the payment of the items in respect to which such amounts were
<br />deposited. The sums paid to Mortileve hereunder are pledged as additional security for the Indebtedness secured by this
<br />u
<br />8dh&" Poy to Mortgagee the amount of any deficiency between the actual taxes, assessments. insurance
<br />and gatwn rents and the deposits hereunder within 10 days after demand Is made paiynt thereon. upon Mortgagor requesting
<br />Maintenance and Use. To promptly repair, restore or rebuild any buildings or improvement; now or
<br />horeaifter on the Ky; to keep the Property in good condition and repair, without waste, and free from mechanic's or
<br />ties not expressly subordinated to the lien hereof; not to make, suffer or permit any nulaance to exist, nor to dimin•
<br />Of impair the value of the Property by any act or omission to act; and to comply with all r- quiremments of law with
<br />respect to the Property.
<br />d�
<br />to;
<br />
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