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PURCHASE MONEY REAL ESTATE MORTGAGE 85-W 003*
<br />LEONARD J. RAINFORTH and DIANA L. RAINFORTH, husband and wife, each in
<br />his and her own name and right and as spouse of each other, Mortgagors, in
<br />consideration of TWENTY ONE THOUSAND DOLLARS ($21,00o.00), mortga to
<br />RICHAXD H.
<br />RAINFORTH,, ge
<br />Mortgagee,, the following described real estate situated
<br />in Hall County, Nebraska:
<br />Lot One (1), Diamond *R" Subdivision, in Hall County, Nebraska,
<br />as surveyed, Platted and recorded,
<br />together with all tenements, hereditaments and appurtenances thereto
<br />belonging, except for grain bins owned by Mortgagee and located on the
<br />above-described real estate.
<br />This Purchase Money Real Estate Mortgage is given to secure payment of
<br />the principal Sum of $21,000-00 and interest from January 1, 1985, at
<br />ten (10) percent per annum, payable according to the terms of a Purchase
<br />Money Promissory Note dated June -Zf
<br />consecutive installi 1985, in fiften (15)
<br />ments Of $1r40T__6_r_ea`ch, commencing March e 1, 1986annual ,
<br />Plus interest on the unpaid balance of principal, and on March I of each
<br />year thereafter for fourteen (14) consecutive years until the final annual
<br />installment is paid on March 1, 2000F interest bein
<br />with each installment of principal, g payable annually
<br />The Purchase Money Promissory Note provides that time is Of the essence
<br />Of the Purchase Money Promissory Note and, if default is made in the payment
<br />of any installment Of principal or interest for more than sixty (60) days,
<br />the holder of the Purchase Money Promissory Note may, withou or
<br />demand, declare the entire principal sum then unpaid, togethet notice r with accr
<br />interest, immediately due and payable. Upon default of payment of notice
<br />installment, the unpaid balance of principal bears interest at the highest
<br />legal rate.
<br />Mortgagors agree to pay all taxes and assessments upon the real estate
<br />and all other taxes, levies and assessments levied upon this Purchase Money
<br />Real Estate Mortgage and the Purchase Money Promissory Note which this
<br />Purchase Money Real Estate Mortgage is given to secure before payment is
<br />delinquent. If Mortgagors fail to pay the taxes or assessments before
<br />delinquent, Mortgagee may pay the taxes or assessments or other liens and
<br />is given a lien secured by this Purchase Money RMal Estate Mortgage for the
<br />amounts advanced, with interest at the highest legal rate.
<br />Viortgagors have the right to prepay the unpaid principal of the
<br />Promissory Note by paying additional installments of principal on any
<br />annual installment payment date,, without penalty, stopping interest on
<br />amount prepaid" but without affecting the obligation to make the required the
<br />payments of principal and interest on the unpaid balance.
<br />MOrtgagors default in payment of the indebtedness or any install-
<br />like
<br />principal and interest for more than sixty (60) days, or fail to
<br />axW of the other agreements in this Purchase Money Real Estate
<br />mortAla
<br />gee, at Mortgagee's election, may declare the entire debt
<br />by 0
<br />this Purchase Money Real Estate Mortgage due and payable at
<br />foreclose this Purchase Money Real Estate Mortgage for the satis-
<br />"CtiOn'Of the total amount due.
<br />Dated: June ---,,.Lf—_, 1985.
<br />LeoharHF-i
<br />I L .11,irth)
<br />(Diiiia
<br />L. Rainforth)
<br />STATE OF NEBRASKA,
<br />COUNTY OF
<br />HALL:
<br />1 The foregoing
<br />1985 by Leonard J.
<br />instrument
<br />Rainforth
<br />was acknowledged before
<br />me this June 7`j
<br />in -his and her own
<br />flame and right
<br />and Diana L. Rainforth,
<br />and
<br />husband and 4Tf_e, each
<br />as sPOuse of each
<br />rather Mortgagors.
<br />Notary -f-uCitt
<br />
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