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85-ow 001814 <br />MORTGAGE <br />Donald E. Schmidt and Rita L. Schmidt <br />hereby give COMMERCIAL FEDERAL <br />r— SAVINGS AND LOAN ASSOCIATION (Commercial) a mortgage on the following property: <br />fir Lot Twenty -Three (23), Block Two (2) in Normandy Estates, an Addition to the City <br />of Grand Island, Hall County, Nebraska, <br />R <br />If more than one person signs this mortgage, the word "I" means "we". <br />This mortgage secures a loan made by Commercial. A note dated the same date as <br />this mortgage contains the terms for repayment of that loan. If that note is ever changed <br />or replaced by a new note, it will still be secured by this mortgage. <br />I promise the following things: <br />I. All payments on any note or other debt secured by this mortgage will be paid <br />when due. <br />2. An insurance policy for fire and extended coverage will be kept in force on the <br />property in an amount at least equal to the debts secured by this mortgage plus <br />any other mortgages listed in paragraph 6. The insurance company must be <br />satisfactory to Commercial, and Commercial will be a named insured on the <br />policy. <br />3. All taxes and assessments on the property will be paid before they become <br />delinquent. <br />4. No waste will be committed on the property, and it will be kept in good repair. <br />5. The property will not be sold (including by land contract), leased, and no <br />interest in it will be assigned in any way. <br />6. 1 own the property free and clear of any other mortgages or encumbrances <br />except: Commercial Federal Savinoc g Inn <br />7. No other mortgage or lien on the property will ever be allowed to be in def <br />or be foreclosed. ault <br />If any of these promises are not kept, then Commercial can declare all of the debt <br />immediately due and payable without advance notice. The interest rate will increase to <br />19.00% or any greater rate allowable by law at that time, and this mortgage can be <br />foreclosed. If the debt is accelerated, then I also assign any rent or other income from <br />the property to Commercial. <br />Certain amounts can be paid by Commercial and added to the debt secured by this <br />mortgage. They are any taxes or insurance I have agreed to pay but fail to, any <br />attorney fees or court expenses Commercial pays if it is made a party to any legal action <br />brought by someone else concerning the property, and any attorney fees or court <br />expenses which the law might allow if Commercial has to go to court against me to collect <br />the debt or foreclose this mortgage. If any of these things happen, then the additional <br />debt will accrue interest at the same rate as the rest of the debt and must be paid <br />immediately. <br />If this property is ever condemned under the power of eminent domain or any similar <br />method of taking property for public use, any proceeds of the taking will be paid to <br />Commercial up to the full amount of the debt secured. <br />✓� 4s- /i'�.i <br />DateR <br />STATE OF NEBRASKA ) <br />COUNTY OF HALL ) es. <br />On this / day of Apri 1 19 85 before me a notary <br />and for said county, personally ame k public in <br />the identical y Q° ^alb F Srhmirit I �'hk4ld�e know to be <br />person or persons whose name is or names are affixed to the above mortgage, <br />and they, he or she severally acknowledged the said instrument and the execution thereof <br />t to be their voluntary act and deed. <br />r WITNESS my hand and notarial seal the day and year last above written. <br />tom• RICHARD VAN ZYI <br />GIWRALN0TAAf.Smte0 Neyr <br />MY Comm. Imp, ion. 21,i9so <br />MY commission expires , ,4�, Notapy Public ! <br />7-2 <br />