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�5-- 005821 REAL ESTATE MORTGAGE This Mortgage made this 7 day of Qeeeeee =bw , 1985, between Robert C. Happold, Jr., and Debra A. Happold, husband and wife, hereinafter "Mortgagor," whether one or more, and L. V. Stewart and Audrey A. Stewart, husband and wife, as joint tenants and not as tenants in common, hereinafter "Mortgage, e," whether one or more. IN CONSIDERATION of Fifty Eight Thousand Five Hundred Dollars ($58.500.00) advanced by Mortgagee to Mortgagor, who acknowledges receipt of such sum, which is evidenced by a Promissory Note of even date, hereinafter "the Note," which this Mortgage secures the Mortgagor, jointly and severally, hereby mortgages to the Mortgagee the following described real property situated in the County of Hall, State of Nebraska, and described as follows: Lot Five (5), Block One (1), Lake Davis Acres Subdivision, Hall County, Nebraska, together with all rents, easements, appurtenances, hereditaments, interests in adjoining roads, streets and alleys, improvements and buildings of any kind situated thereon and all personal property that may integrally belong to or hereafter become an integral part of such buildings and improvements, collectively "the Property . " Mortgagor covenants with Mortgagee and its successors in interest that (i) Mortgagor holds title to the Property in fee simple and has lawful authority to mortgage the same, (ii) the Property is free of liens and encumbrances except as stated above, and (iii) Mortgagor will defend the Property against the lawful claims of any person or entity. 1. PAYMENTS. Mortgagor shall promptly make all payments required under the Note and any other instrument securing the Note. 2. TAXES. Mortgagor shall pay each installment of all taxes and special assessments of every kind, now or hereafter levied and assessed against the Property or any part thereof, before same become delinquent, without notice or demand. 3. INSURANCE AND REPAIRS. Mortgagor shall maintain fire and extended coverage insurance insuring the improvements and buildings constituting part of the Property for an amount equal to the actual cash value of such improvements, exclusive of foundations, but in no event for an amount less than the amount of the unpaid principal balance of the Note. Such +.assurance policies shall contain a standard mortgage clause in favor of Mortgagee and shall not be cancelable, terminable or modifiable -1- u W