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<br />PURCHASE HONEY REAL ESTATE MORTGAGE 83- 004767
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<br />Russell J. Martinez and Lydia J. Martinez, husband and wife, each in
<br />his and her own name and right and as spouse of each other, Mortgagors, in
<br />consideration of THIRTYTWO THOUSAND FIVE HUNDRED DOLLARS ($32,500.00)
<br />received from Mortgagees, mortgage to Chris H. Gjerloff and Helen E. Gjerloff,
<br />husband and wife, as joint tenants and not as tenants in common, Hortgagees,
<br />the following described real estate situated in Hall County, Nebraska:
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<br />The easterly Sixty (60) Feet of Lot One (1), Block Three (3),
<br />Spauld~ng and Gregg's Addition to the City of Grand Island, Hall
<br />County, Nebraska, as surveyed, platted and recorded.
<br />
<br />This Purchase Money Real Estate Mortgage is given to secure the pay-
<br />ment of the principal sum of Thirty-Two Thousand FiveHundred Dollars
<br />($32,500.00) and interest from September I, 1983, at twelve (12) percent
<br />per annum, the principal and interest payable in monthly installments of
<br />$357.85 per month on the 1st day of each month commencing October 1, 1983,
<br />and on the 1st day of each month thereafter for 119 consecutive months,
<br />repayment of the principal and interest being amortized over a 20-year or
<br />240-month period, with a balloon payment of $24,943.20 being due and payable
<br />with the I20th monthly installment of principal and interest, as provided
<br />in a Pro~ssory Note dated September I, 1983, for which this Mortgage is
<br />given as secur~ty.
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<br />The Prom~ssory Note provides that time is of the essence of the
<br />ProllUssory Note, and if Hakers fa il for il period of morE! than thirty (30)
<br />days to pay any monthly installment payment when due, the holder of the
<br />Promissory Note is given the option to declare the Note immediately due and
<br />payable without notice or demand. The Promissory Note provides if Mortgagors
<br />default ~n payment of any monthly ~nstallment payment when due, the unpaid
<br />monthly installment of prlncipal bears interest at the highest legal rate
<br />untll pa~d. If Makers remove the house located on the premises before the
<br />J.ndebtedness, including principal and accrued interest, has been paid by
<br />Mortgagors to Mortgagees, the principal and accrued interest shall become
<br />due and payable at the opt~on of Mortgagees.
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<br />MULLqayOrS agree t.0 l.n5Ui-e the -1iUpr-ovements on tUQ r-aal est.ate for a
<br />dollar amount at least ~]ual to the unpaid balance due and payable on tbe
<br />Pronu.ssory Note WhlCh this Mortgaqc secures, protecting the improvements
<br />from tire and ot,her J.nsurab1e physical damage hazards, loss (if any) payablEt
<br />to i40rtgagees ~nd Mortgagors, as their J.nterests appear. Mortgagors are to
<br />tUrlHsh Mortgagees wlth a certificate of insurance evidencing the insurance
<br />on the irnvrovements~
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<br />Mortgagors agree to pay all taxes and assessments upon the real estate
<br />and all olh'H tdxes, levles und assessments levied upon this Mortgage ,and
<br />the Prc4Iussory Note WlllCh this Mortgage is given to secure before paYllil;lnt
<br />J.s dehn<;uunt. It HOl:tgdgors fail to pay the taxes and assessments bElfqre
<br />dellnquent OI' rall to in1:iure the improvements on the real estate as rel,iuiX1;td"
<br />t>y tins Mo.ngdge, Mor tgagees may pay the taxes and assessments or otherlj;~Jl$'
<br />obta~n and pay premiums for the lnsurance on the improvements on the rMl< '
<br />estate, and are 9J.ven a lien secured by this Mortgage for the amounts ~
<br />advanced with interest at the highest legal rate.
<br />
<br />If l>".ortYdgors default for a period of more than thirty (30) days in
<br />)!ayment of any monthly installment of principal and interest, or fail to
<br />yerfom any of the other dgreements in this Mortgage, Mortgageel;'l, at
<br />Mort-gagees' election, may declare t.he entire indebtedness secured by this
<br />Mortgage due and payable at once, and foreclose this Mortgage for the
<br />satLsfdct~on of the total amount due.
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<br />Dat<:'~l SeptemlJer 1, 1983.
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<br />CommencJ.n~ October 1, 1986, Mortgagors have the riqht to prepay the
<br />un~4d balance ot principal and lnterest due on the Promissory Note secured
<br />bytllij; 'Mort9ag.e on any lOOnthly inst-allment payment date, without penalty.
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<br />""1' L/Yj)) .."i c;lJ;,,,'; "r:r;" "'.
<br />" ('Lydia J. .tinelll -:.;,J
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<br />STA'H; ()t'O IilreRAl:>KA, COtiN'1'Y Qf' HALl,;
<br />The IO.l:tKJ'Hflg lnlitrul~nt was ackno...led~d before me
<br />l'jilJ, by !\U$IHill J. l1",rtHl<)z [tnd l,ydi<1 .1. Martlnez, husband a
<br />;. t"i hla -C:lrH~ ntH own n~~
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