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RPAL ESTATE MORTGAGE 86-- 001s.99 BARBARA G. STEPHENS, herein called the "Mortgagor ", in consideration for the forbearance of FRANK E. GALLUP in connection with the Two Hundred Forty -Seven Thousand Five Hundred and No /100 Dollar ($247,500.00) Promissory Note of RICHARD E. STEPHENS, JR., referred to hereinbelow, and other valuable consideration, the adequacy and receipt of which is hereby acknowledged, does hereby mortgage to FRANK E. GALLUP, herein called the "Mortgagee ", the following- described real estate in Hall County and State of Nebraska, to -wit: West Half (W#) of Section Three (3), Township Ten (10) North, Range Eleven (11) West, in Hall County, Nebraska; and South Half of the Southwest Quarter (S�swk) of Section Thirty -Four (34), Township Eleven (11) North, Range Eleven (11) West, in Hall County, Nebraska. The Mortgagor does hereby covenant with the Mortgagee and With the Mortgagee's heirs and assigns that t2.e Mortgagor is lawfully seized of said premises, that they are free from encum- brance, that Mortgagor has good right and lawful authority to convey the same, and that Mortgagor warrants and will defend the title to said premises against the lawful claims of all persons whomsoever. This Mortgage is given to secure the payment of the princi- pal sum of Two Hundred Forty -Seven Thousand Five Hundred and N01100 Dollars ($247,500.00) and interest thereon according to the terms of a certain Promissory Note dated November 22, 1983, executed by Richard E. Stephens, ,7r. to the Mortgagee, the terms and conditions of which Note are incorporated herein and made a part hereof by this reference. The Mortgagor agrees to pay all taxes and assessments upon said premises and all other taxes, levies and assessments levied upon this Mortgage and the Note which this Mortgage is given to secure before the same become delinquent. In the event the Mortgagor shall fail to pay such taxes before delinquent, the Mortgagee may pay such taxes or other liens and shall have a lien secured hereby for the amount so advanced with interest thereon at the maximum legal rate. In the event Richard F. Stephens, Jr. defaults in the Payment of the aforereferenced Promissory Note or any installment thereof, or the Mortgagor fails to make payment of taxes before the same become delinquent or fails to perform any of the other agreements herein, the Mortgagee, at his election, may declare the entire debt secured by this Mortgage to be due and collectible at once and may foreclose this Mortgage for the satisfaction thereof. Signed this day of i-�, t. 1985. STATF, OF NEBRASKA ) Aar ara (;. Stephens COUNTY OF ;;: f, ) (Ss: Before me, a Notary Public qual.ii'ierl for 5a.ici Couflty, per- sonally r..ame Flart7ara G. Stepheans, to me ?mown to tat. the identical per- person whc, Reigned the foregoing Real Featate Moatgage, r2nacknowlr�rjned the crxrcution thereof tO hey her voluntar}' rift and deed. IN Wit nersr� any h anr.i And I3C,t et r. i.c91 Sr•�r 1. <,r� . 111tH NNE M MNq W 0.11 MS UPOOM U_:N1_ -._.. ...... -..... j i