|
85- 004030
<br />To HAVE AND To HOLD the same unto the Mortgagee, as herein provided. Mortgagor represents to,
<br />and covenants with, the Mortgagee, that the Mortgagor has good right to scdl and convey said premises;
<br />that they are free from encumbrance, except as hereinotherwise recited; that the Mortgagor will warrant
<br />and defend the same against the lawful claims of all persons whomsoever. Mortgagor hereby relinquishes
<br />all rights of homestead, all marital rights, either in late or in equity, and all other contingent interests of
<br />I the Mortgagor in and to the above - described premises.
<br />Iltovim ALWAYS, and these presents are executed and delivered upon the following conditions, to
<br />wit:
<br />Mortgagor agrees to pay to the Mortgagee, or order, the aforesaid principal sum with interest from (late
<br />at the rate of Eleven and one —half per centum (1I . + -.) per annum on the unpaid balance until paid.
<br />The said principal and interest shall be payable at the office Of Superior Mortgage, Inc.
<br />in Grand Island, NE 58802 , or at such other place as the holder of the note may designate in
<br />writing delivered or mailed to the Mortgagor, in monthly installments uf, Three Hundred Eiqhty— seven and 20;
<br />Dollars ($ 387.20 ), commencing on the first day of October 1. '1985 , and continuing on i00t hs
<br />the first day of each month thereafter until said note is fully paid, except that, if not sooner paid, the final
<br />payment of principal and interest shall be due and payable on the first day of Septembe-r, 2015 , ail
<br />according to the terms of a certain promissory mote of even date herewith executed by the said Mortgagor.
<br />The Mortgagor further agrees:
<br />1. He/she will pay the indebtedness, as hereinb fore provided. Privilege is reserved to prepay at any
<br />time, without premium or fee, the entire indebtedness or any part thereof not less than the amount of one
<br />installment, or one hundred dollars ($100.00), whichever is less. Prepayment in full shall be credited on the
<br />date received. Partial prepayment, other than on an installment due date, need not be credited until the
<br />next following installment due date or thirty days after such prepayment, whichever is earlier.
<br />2. Together with, and in addition to, the monthly payments of principal and interest payable under
<br />the terms of the note secured hereby, Mortgagor will pay to Mortgagee, as trustee, (under the terms of this
<br />trust as hereinafter stated) on the first day of each month until said note is fully paid:
<br />(a) A sum equal to the ground rents, if any, next clue, plus the premiums that will next become due
<br />and payable un policies of fire aril other hazard insurance covering the mortgaged property,
<br />plus taxes and assessments next due oil the mortgaged property (all as estimated by the Mort-
<br />gagee, and of which the Mortgagor is notified) less all sums already paid therefor divided by
<br />the numix•r of months to elapse before one month prior to the date when such ground rents,
<br />premiums, tares and assessments .[ ill lwcomc 14- lin,lucnt, such sums to be held by Mortgagee
<br />in trust to pay said ground rents, prominms, [axes and six. ^ial assessments.
<br />(b) The aggregate of the amounts payable pursuant to subparagraph (a) and those payable on the
<br />note secured hereby, shall be• paid in a singh• paYment each month, to be applied to the follow-
<br />ing items in the orcder stated:
<br />(1) ground n•rtts, taxes, assessments• fire and other hazar,I insurance premiums;
<br />(lt) interest on thtr note secured here[,)' ;and
<br />(111) amortization Of the principal of sari note.
<br />Any deficiency Ili the amount of an} such aggregate monthly payment shall, unless made good
<br />by tilt- Mortgagor poor to the (due ,date of the next such payment• constitute an event of default
<br />under this mortgage. At Mortgagee's Option, 1lnrtgagr,r will pray a "late charge" not exceed-
<br />ing four 1wr e, nwm ( V; ) of any install mint when paid more than fifteen (15) days after the
<br />due date thereof to rover the extra , xl,ene incolvcd in handlie,g delinquent payments, but such
<br />"late charge" shall riot lx• payable out of tit,. prnc•ty ds of any lade made to satisfy the Indebted-
<br />ness sceur(•d hereby, unless such proceeds are surlico•nt to discharge tilt- entire indebtedness and
<br />all proper costs and expenses secured thereby.
<br />3. If the total of the payments made by the Mortgagor under (a) of paragraph 2 preceding shall
<br />exceed the amount of payments actually made by the Mortgagee, as trustee, for ground rents, taxes and
<br />assessments or insurance premiums, as the case may be, such excess shall be credited by the Mortgagee
<br />on subsequent payments to be made by the Mortgagor for such items or, at Mortgagee's option, as trustee,
<br />shall be refunded to Mortgagor. If, however, such monthly payments shall riot be sufficient to pay such
<br />items when the same shall become due and payable, then the Mortgagor shall pay to the Mortgagee, as
<br />trustee, any amount necessary to make up the deficiency within thirty (:10) days after written notice from
<br />the Mortgagee stating the amount of the deficiency, which notice may he given by mail. if at :any time
<br />the Mortgagor shall tender to the Mortgagee, in accordance with the provisions of the note secured
<br />hereby, full payment of the entire indebtedness represented thereby, the Mortgagee, all trustee, shall,
<br />in computing the amount, of such indebtedness, credit to the account of the Mortgagor any credit balance
<br />accumulated under the provisions of (a) of paragraph 2 hergof. If there shall tar a default under tiny
<br />of the provisions of this mortgage resulting in a public sale of the premises covered hereby, or if the
<br />Mortgagee acquires the property otherwise after default, the Mortgagee, as trustee, shall apply, at the
<br />time of the commencement of such proceedings, or at the time the prolxrrty is otherwise acquired, the
<br />amount then remaining to credit the Mortgagor under (a) of paragraph 2 preceding, as it credit on the
<br />interest accrued and unpaid and the balance to the principal then remaining unpaid on said note.
<br />4. Thr• lien of this instrtnnerii ihFsll rernain in frill force arirl oTert ,luring :uty postponement Or exten-
<br />Sion of the time of payment „t the indehte,lness or anv hart thereof et- iced hereby.
<br />5. fle /she will pay all ground rents, taxes, assessments, water rates, and other governmental or e
<br />municipal (harks, fines, or irnpunitions, levied upon said premises and that he /she will pay all taxes levio d
<br />upon this mortgsge, or the debt secured thereby, t+)getber with any ,ither tau4u or ea who
<br />be levied und" the laws of Nebraska ainst the Mor
<br />aK tgiagee, t,1. the [egad holder of �rcd ncilal mole, „n
<br />account of this indebtedrie ts, except when payrnent for all such item fix` then•t„f „re Iwrn m:xle under nt
<br />,,t tmra apt, 2 hrwof, and he ;slw will pn,mptly deliver the ,111,-jal I,- ,•;p[a then•t,,r i,� 1121. Mortgagvv in
<br />4e4sult there,,! the Wriglwv rota)' pay the ttune
<br />
|