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<br /> <br />MORTGr\GE <br /> <br />83-003465 <br /> <br />I, RpnaldL. Schierling and furis A Schierli1]g hereby give COMMERCIAL FEDERAL <br />NGS AND LOAN ASSOCIATION (Commercial) a mortgage on the following property: <br /> <br /> <br />C'i) in Fractional Block Five (5) in the Ponnie Brae Addition, and its <br />Fract.ional i..ot. Four (4) in Fra.ctional Block 1\venty 'I\vo (22) in Wal1ichr s <br />additionS to theC'ity of Grand. Island, Rall County, Nebraska <br /> <br />If mOre than one person signs this mortgage, the word 11111 means l1we". <br /> <br />This mortgage secures a loan made by Commercial. A note dated the same date as <br />this mortgagec:ontains the terms for repayment of that loan. If that note is ever changed <br />or replaced by a new note, it will still be secured by this mortgage. <br /> <br />I promise the following things: <br /> <br />1. <br /> <br />All payments on any note or other debt secw^ed by this mortgage will be paid <br />when due. <br />An insurance policy for Fire and extended coverage will be kept in force on the <br />property in an amount at least equal to the debts secured by this mortgage plus <br />any other mortgages listed in paragraph 6. The insurance company must be <br />satisfactory to Commercial, and Commercial will be a named insured on the <br />policy. <br />All taxes and assessments on the property will be paid before they become <br />delinquent. <br />No waste "'viii be committed on the property, and it will be kept in good repair, <br />The p!roperty will not be sold (including by land contract), leased, and no <br />interE!st in it will be assigned in any way. <br />I own the J;>roPcrertz, free;~~d.,c!ear o('1n>;:, Qthe~ mortgages or encumbrances <br />ex cept: 1st !\lOrtbag~." (xYrmerclcll I ederal :5ann,.,s &; IDan <br />No other mortgage or lien on the property will ever be allowed to be in default <br />or be foreclosed. <br /> <br />2. <br /> <br />3. <br /> <br />4. <br />5. <br /> <br />6. <br /> <br />7. <br /> <br />If ,any of these promises are not kept, then Commercial can declare all of the debt <br />immediat1ely due! and payable without advance notice. The interest rate will increase to <br />19.00% or any greater rate allowable by law at that time, and this mortgage can be <br />foreclosed. If tlhe debt is accelerated, then I also assign any rent or other' income from <br />the property to Commercial. <br /> <br />Certain anlOiunts can be paid by Commercial and added to the debt secured by this <br />mortgage. They are any taxes or insurance I have agreed to pay but fail to, any <br />attorney fees or court expenses Commercial pays if it is made a party to any legal action <br />brought by sClmeone else concerning the property, and any attorney fees or court <br />expenses which the law might allow if Commercial has to go to court against me to coliect <br />the debt or fOlreclose this mortgage. If any of these things happen, then the additional <br />debt will accrue interest at the same ('ate as the rest of the debt and must be paid <br />immediately. <br /> <br />If this pr()perty is ever condemned under the power of eminent domain or any similar <br />method of taking property for public use, any proceeds of the taking will be paid to <br />Commercial up to the full amount of the <br /> <br /> <br />