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MORTGAGE 85— 006171
<br />r This Mortgage is entered into between Leo Jacobsen, Leona Jacobsen, Charlotte Howard
<br />1 (herein "Mortgagor ") and
<br />National Bank of Commerce
<br />— _(herein "Mortgagee ").
<br />Mortgagor is indebted to Mortgagee in the principal sum of $ 4500.00 ' evidenced by Mortgagor's note
<br />did Sept. 4. 1985 (herein "Note ") providing for payments of principal and interest, with the balance of the
<br />indebtedness, if not sooner paid, due and payable on June 4, 1987
<br />9bsecure the payment of the Note, with interest as provided therein, the payment of all other sums, with interest,
<br />advanced by Mortgagee to protect the security of this Mortgage, and the performance of the covenants and agreements of
<br />the Mortgagor contained herein, Mortgagor does hereby mortgage and convey to Mortgagee the following described
<br />Property located in Hall County, Nebraska:
<br />A tract of land situated in the Northeast Ouarter (NE10 of Section Twenty0ne (21),
<br />in Township Eleven (11) North, of Range Nine (9) West of the 6th P.M., more
<br />particularly described as follows:
<br />Commencing of a point 85 feet west of a point 60 feet due north of the Northeast
<br />corner of Lot One (1) of William Frank Addition to the City of Grand Island,
<br />Nebraska, thence running due north on a line IIS feet west of the center line
<br />of South Locust Street of said City for a distance of 100 feet, thence running
<br />due west at right angles with said South Locust Street for a distance of 63 feet,
<br />thence running due south parallel with said South Locust Street for a distance of
<br />100 feet, thence running due east for a distance of 63 feet to the place of
<br />heginning, in Hall County, Nebraska
<br />Together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and
<br />appurtenances located thereon or in anywise pertaining thereto, and the rents. issues and profits, reversions and remainders
<br />thereof; including, but not limited to, heating and cooling equipment and such personal property that is attached to the
<br />improvements so as to constitute a fixture; all of which, including replacements and additions thereto, is hereby declared
<br />to be a part of the real estate secured by the lien of this Mortgage and all of the foregoing being referred to herein as the
<br />,fay,Wty'..
<br />Mortgagor further convenants and agrees, with Mort gage%, a: follows:
<br />1. Paymemt To pay the indebtedness and the interest thereon as provided in this Mortgage and the Note.
<br />2. Title. Mortgagor is the owner of the Property, has the right and authority to mortgage the Property, and
<br />warrants that the lien created hereby is a first and prior lien on the Property, except as may otherwise be set forth herein.
<br />0 The Property is subject to a Mortgage wherein ?Slpe�3�> _'14Stgape Co. , Grand Island. Nehr.
<br />is the Mortgagee, recorded at Book ._ , Page --- ____. -- of the Mortgage Records of __ County,
<br />Nebraska, which Mortgage is a lien prior to the lien created hereby.
<br />D tither prior liens or encumbrances: _._ __
<br />3. Taxes, Arram merits. To pay when due all taxes, special assessments and all other charges against the Property
<br />aid, upon written demand by Mortgagee, to add to the payments required under the Note secured hereby, such amount as
<br />may be sufficient to enable the Mortgagee to pay such taxes, assessments. or other charges as they become due.
<br />4. Insurance. To keep the improvements now or hereafter located on the real estate described herein insured
<br />against damage by fire and such other hazards a Mortgagee may require, in amounts and with companies acceptable to the
<br />Mortgagee, and with loss payable to the Mortgagee. In case of loss under such policies the Mortgagee Is authorized to
<br />adjust, collect and compromise, in its discretion, all claims thereunder at its sole option, authorized to either apply the
<br />proceeds to the restoration of the :Property or upon the indebtedness secured hereby, but payments hereunder shall con-
<br />tinue until the sums secured hereby are paid in full.
<br />S. 13 Escrow For Taxes and Insurance. Notwithstanding anything contained in paragraphs 3 and 4 hereof to the
<br />contrary, Mortgagor shall pay to the Mortgagee at the time of paying the monthly instahiments of principal and interest,
<br />cane- twelfth of the yearly taxes, assessments. hazard Insurance premiums, and ground rents (if any) which may attain a
<br />priority over this Mortgage, all m reasonably estimated from time to time by the Mortgagee. The amounts so paid shall be
<br />held by the Mortgagee without interest and applied to the payment of the items in respect to which such amounts were
<br />deposited. The suer., paid to Mortgagee hereunder are pledged as additional security for the indebtedness secured by this
<br />?Mortgage. Mortgagor shall pay to Mortgagee the amount of any deficiency between the actual taxes, assessments, insurance
<br />premiums and ground rents and the deposits hereunder within 10 days after demand is made upon Mortgagor requesting
<br />paymemt thereof.
<br />6, Repair, Maintenance and Use, To promptly repair, restore or rebuild any buildings or improvements now at
<br />hereafter on tho Property„ to keep the Property tit goexl condition and repair, without waste, and free from mechanic's or
<br />,Hhvr lien% not expressly subordinated Lo the lien hereof; hot to make, suffer or permit any nuisance to exist. nor to dimin-
<br />ish eer impair the value of the Property by any act or omission to art.: and to r„mply with all myuiwmews �,f law with
<br />ruaprvt to the Prgerrty.
<br />oria
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