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<br />84 --~ 00210
<br />PURCHASE MONEY REAL ESTATE MORTGAGE
<br />VOGEL ENTERPRISES LTD., an Iowa corporation, Mortgagor, in considera-
<br />tion of GNE HIINBRED FIVE THOUSAND DOLLARS ($205,000.00) received from
<br />Mortgagee, mortgages to EVA F. WEBB, a widow, Mortgagee, the following
<br />described real estate situated in Hall County, Nebraska:
<br />The easterly Sixteen (lb) Feet of Lot Five (5), all of Lot Six (6)
<br />and the West Half (W~y) of Lot Seven (7), all in Block Sixty-Two
<br />(62), in the Original Town, now City, of Grand Island, Hall County,
<br />Nebraska.
<br />This Purchase Money Real Estate Mortgage is given to secure the pay-
<br />ment of the principal sum of One k3undred Five Thousand Dollars ($105,006.00)
<br />and interest from March 1, 1984, at ten 110) percent per annum, the princi-
<br />pal and interest payable in monthly installments of $1,387.58 per month on
<br />the 1st day of each month commencing Agril 1, 1984, and on the 1st day of
<br />each month thereafter for 114 consecutive months, repayment of the principal
<br />and interest being amortized over a 10-year or 120-month period, with a
<br />balloon payment of $30,070.60 being due and payable with the 96th monthly
<br />installment of principal and interest, but if Mortgagee dies or becomes
<br />disabled oz seriously ill on or after the time for payment of the 72nd
<br />monthly installment payment of principal and interest, a balloon payment
<br />of the balance due ea principal, plus accrued interest, becomes i~emediately
<br />due and payable upon notice in writing delivered to Mortgagor of the
<br />death, disability or serious illness of Mortgagee, to be paid within sixty
<br />(60) days after receipt of the notice by Mortgagor, as provided is a
<br />Promissory Note dated March 1, 1984, for which this Mortgage is given as
<br />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 gaven the option to declare the Note immediately due
<br />and payable without notice or demand. The Promissory Note provides if
<br />Mortgagor defaults sn payment of any monthly installment gaymsat when dqe.~
<br />the unpaid monthly installment of principal bears interest at the hi,ghcst
<br />legal rate until paid.
<br />Mortgagor agrees to insure the improvements on the real estate far a
<br />dollar amount at least equal to the unpaid balance due and payable ©n the
<br />Prnmissory Note which this Mortgage secures, protecting the improvemancts.
<br />from fire and ocher insurable physical damage hazards, loos o f any)
<br />payable to Mortgagee and Mortgagor, as their interests appear. Mortgagor
<br />is to €urnish Mortgagee with a certificate of insurance evidencing the
<br />insurance on the improvements.
<br />Mortgagor agrees to pay all takes and assessments upon the real
<br />estate and all other taxes, levies and assessments levied upon this
<br />Mortgage and the Promissory Note which this Mortgage is gives tv sscvse
<br />before payment is delinquent. if Mortgagor fails to pay the taxes and
<br />assessments before delinquent or fails to insure the improvements on the
<br />real estate as required by this Mortgage, Mortgages mey pay the taxes and
<br />assessments or other liens, obtain and gay premiums for the insurance on
<br />the improvements on the real estate, and are given a lien secured by this
<br />iic7rtgage for t..':u s.K,,,:nis advanc€~7 with interest at the highest legal rate.
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