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SUBSTITUTED PURCHASE MO
<br />Douglas M. Mercer, a single man,
<br />FIFTEEN THOUSAND DOLLARS ($15,000.00)
<br />Evelyn E. Wilson, a widow, Mortgagee,
<br />situated in Hall County, Nebraska:
<br />85-
<br />NEY REAP. ESTATE MORTGAGE 00064
<br />Mortgagor, in consideration of
<br />received from Mortgagee, mortgages to
<br />the following described real estate
<br />Lots One (1), Two (2), Three (3), Four (4), Five (5), Six (6), Seven
<br />(7), Eight (8), Nine (9) and Ten (10), in Block Two (2), in East Park
<br />Addition, City of Grand Island, Hall County, Nebraska, as surveyed,
<br />platted and recorded, including that part of vacated Gilmore Street
<br />abutting on the east side of Lots One (1) and Ten (10) of Block Two
<br />(2) in East Park Addition in proportion to the respective ownerships
<br />of the lots, as provided in Ordinance No. 4884 filed of record in the
<br />Office of the Register of Deeds of Hall County, Nebraska, on August 27,
<br />1970, recorded in Book 21 of Miscellaneous Records, at page 17, but
<br />subject to a perpetual easement for public utilities described in said
<br />Ordinance No. 4884 reserved to the City of Grand Island for the public.
<br />This Substituted Purchase Money Real Estate Mortgage is given to secure
<br />the payment of the principal sum of Fifteen Thousand Dollars ($15,000.00) and
<br />interest from May 1, 1985, at ten (10) percent per annum, the principal and
<br />interest payable in monthly installments of $198.23 per month on the first
<br />day of each month commencing June 1, 1985, and on the first day of each month
<br />thereafter for 11 consecutive months, repayment of the principal and interest
<br />being amortized over a 10 -year or 120 -month period, with a balloon payment of
<br />$14,079.80 being due and payable with the 12th monthly installment of principal
<br />and interest, as provided in a Promissory Note dated May 1, 1985, for which
<br />this Mortgage is given as security.
<br />The Promissory Note provides that time is of the essence of the
<br />Promissory Note, and if Maker fails for a period of more than thirty (30)
<br />days to pay any monthly installment payment when due, the holder of the
<br />Promissory Note is given the option to declare the Note immediately due and
<br />payable without notice or demand. The Promissory *rote provides if Mortgagor
<br />defaults in payment of any monthly installment payment when due, the unpaid
<br />monthly installment of principal bears interest at the highest legal rate
<br />until paid.
<br />Mortgagor agrees to insure the improvements on the real estate for a
<br />dollar amount at least equal to the unpaid balance due and payable on the
<br />Promissory Note which this Mortgage secures, protecting the improvements
<br />from fire and other insurable physical danage hazards, loss (if any) payable
<br />to Mortgagee and Mortgagor, as their interests appear. Mortgagor is to
<br />furnish Mortgagee with a certificate of insurance evidencing the insurance
<br />on the improvements.
<br />Mortgagor agrees to pay all taxis and assessnents upon the real estate
<br />and all other taxes, levies and assessments levied upon this Mortgage and
<br />the Promissory Note which this Mortgage is given to secure before payment
<br />is delinquent. If Mortgagor fails to pay the taxes and assessments before
<br />delinquent or insure the improvements on the real estate as required by
<br />this Mortgage, Mortgagee may pay the taxes and assessments or other liens,
<br />obtain and pay premiums for the insurance on the improvements on the real
<br />estate, and is given a lien secured by this Mortgage for the amounts
<br />advanced with interest at the highest legal rate.
<br />If- Mortgagor defaults for a period of more than thirty (30) days in
<br />p4ment of any monthly installment of principal and interest, or fails to
<br />perfogw any of the other agreements in this Mortgage, Mortgagee, at
<br />,,, Mortgagte's election, may declare the entire debt secured by this Mortgage
<br />dife arid' payable at once, and foreclose this Mortgage for the satisfaction
<br />ot• the total amount due.
<br />Mortgagor reserves the right to prepay the unpaid balance of principal
<br />and interest due on the Promissory Note secured by this Mortgage on any
<br />monthly installment payment date, without penalty.
<br />L Dated: May 1, 1985.
<br />r
<br />ouq l 78 M Merl er) ^
<br />STATE OF NEBRASKA, COUNTY 1W HAL %: �
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<br />iii g us t 1985 by
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