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<br />REAL ESTATE MORTGAGE 83=t}t~o~b
<br />CONSTRUCTION SECURITY AGREEMENT
<br />WESTERN HEIGHTS DEVELOPMENT CO.
<br />of the County of ~~ and State of NEBRASKA hereinafter called the party of the first Bart, in
<br />consideration of FORTY FOUR THOUSAND EIGHT HUNDRED AND NO/100--------°-------------COLLARS,
<br />in hand paid, do hereby grant, bargain, sell and convey unto the Home Federal Savings & Loan Association of Grand Island,
<br />Grand Island, Nebraska, and its successors and assigns, the following real estate, situated in HALL
<br />County, State of NEBRASKA ,._, town:
<br />LOT TWENTY SEVEN (27) IN WESTERN HEIGHTS FOURTH SUBDIVISION, HALL COUNTY, NEBRASKA
<br />Together with all the appurtenances thereunto belonging, and all covenants in all the title deeds n++,n;ng with said real estate,
<br />and all the rents, issues and profits arising therefrom after default in performance of anp crovenant or condition herein con-
<br />tained; and warrants the title thereto perfect and clear except for this mortgage.
<br />During the time this mortgage is in force the mortgagors agree:
<br />First To pay all taxes and special assessments levied against said premises, including all lases and assessments leered
<br />upon this mortgage, or the debt secured by this mortgage.
<br />Second. To keep all buildings thereon insured against loss by fire, lightning and tornado in some company, to be ap•
<br />proved by the said Home Federal Savings & Loan Association of Grand Island in the sum of c insur8bie value ,for
<br />the benefit of the said Association, and its successors or assigns; and to deposit said policies ~viW said Association, and shall not
<br />commit or suffer any waste on said premises, and shall put and keep said real estate buildings and improvements in good
<br />order.
<br />Third. To pay or cause to be paid to The Home Federal Savings k Loan Association of Grand Island, its successors or
<br />assigns, the sum of ~ FORTY FOUR THOUSAND EIGHT HUNDRED AND NOj100----------------COLLARS,
<br />payable as follows:
<br />$44,800.00 DUE MARCH 1, 1984
<br />
<br />with interest thereon payable, according to the tenor and effect of the one certain first mortgage note of said mortgagors,
<br />bearing even date with these presents. After maturity said bond draws interest at the rate of nine per cent per annum.
<br />If said taxes and assessments are not paid when due, or if the buildings on said premises are not insured as above pro-
<br />vided, or if any of said interest is not paid when due, then said whole debt shall become due immediately, at the option of the
<br />said Association, and shall thereafter draw interest at the rate of nine per cent per aaaum.
<br />The mortgagor ~ hereby assign- to said mortgagee all rents and income arising at any and all times from said
<br />property and hereby authorial said mortgagee or its agent, at its option, upon default, to take charge of said property and
<br />collect all rents and income therefrom and app],y the same to the payment of interest, principal, insurance premiums, taxes,
<br />assessments, repairs or improvements necessary to keep said property in tenantable condition, or to other charges or pay-
<br />ments provided for herein or in the note hereby secured. This rent assignment shall rnntinue in force until the unpaid bal-
<br />a~e of said note is fully paid. The taking of possession hereunder shall in no manner prevent or retard said mortgagee in
<br />the collection of said sums by foreclosure or otherwise.
<br />Whether said debt becomes due by lapse of time, or by reason of the failure of the party of the first part to comply
<br />with nay condition herein, Ore said Home Federaf Savings & Loan Association of Grand Island, the successors and assigns,
<br />shall have the right to begin the foreclosure of this mortgage at once on the whole debt hereby secured. and to include
<br />therein all taxes, assessments, insurance premiums and casts, paid by it or them; or said Association,rts successors or
<br />assigns, may fomlose only as to the sum past due, without injury to this mortgage, or the displacement or impairment
<br />of the lien Otereof.
<br />And the said first party and the makers of said note, especially agree and declare that the separate estate of each and
<br />every-one of them, including both Orat now owned and that hereafter acquired, is pledged and bound for the payment of
<br />the debt hereby secured
<br />After the commencement of any suit in foredosuro the plaintiff therein shall be entitled to the immediate possession of
<br />said premises and the appointment of a receiver therefor, notwithstanding they may be the homestead of toe"aci3psiit and
<br />notwithstanding Ore parties liable for the debt may be solvent, and the first party hereby consents to the,,appointment of~'a-
<br />R.eceiver upon the production of this indenture, without other evidence.
<br />Tlte foregoing conditions and agreements, all and singular, being fully performed, this conveYance~shall be vold+ ath@r
<br />wine to he and remain la full force sad effect
<br />Signed thin 28th day of Februar _p, D
<br />- •'El H~ ~f¢'; IEI~~ ' CO.
<br />BYt er ~.1y~ear~yer, ~_ed-A~-.
<br />ATTEST L i'~ s As T easmeyer,~ S,K rscary
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