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I 84 - 001_ REAL ESTATE MORTGAGE The Nebraska District of The Wesleyan Church, Inc., a Nebraska non-profit corporation, Mortgagor, in consideration of THIRTY-THREE THOUSAND DOLLARS ($33,000.00) received from The Wesleyan Investment Foundation, Inc., an Indiana corporation, Mortgagee, mortgages to Mortgagee the following described real estate situated in Hall County, Nebraska: The easterly Sixty-Eight (68) Feet of Lot Ten (10) and the westerly Four (4) Feet of Lot Eleven (11), all in Block One (1), in Knickrehm's Sixth Addition to the City of Grand Island, Hall County, Nebraska. This Real Estate Mortgage is given to secure the pay..~t of the principal sum of Thirty-Three Thousand Dollars ($33,000.001 and interest from May 1, 1984, at thirteen (13) percent per annu., the initial principal and interest payable in monthly install..nts of $417.53 per month commencing on June 1, 1984, and on the 1.tot each month thereafter for one hundred seventy-nine (179) consecu~ tive months, repayment of the principal and interest being .-ortized over a IS-year or lBO-month period1 provided, interest shall be adjusted on May 1, 1987, May 1, 1990, May 1, 1993, and May 1, 1996, on the unpaid declining principal balance from the date of th~s instrument unt~l maturity at a variable rate of interest equal to the prevailing rate charged by The Wesleyan Investment Foundation, Inc., an Indiana corporation, on the interest adjuatment dates 1 further provided, however, the effective interest rate in effect on the first day of each 3-year period sh311 be deemed to be the effect~ve lnterest ~ate for the entire 3-year period. The Prom~5sory Note provldes that time is of the essence of the Pronussory Note, and lf Mortgagor fails for a perlod of more th4n 5lXty (60j days to pay any monthly installment payment when due, the holder of the Promissory Note is given the option to declare the Note ~mediately due and payable without notioe or demand. The Prrnn~ssory Note provides if Mortgagor defaults in payment of any monthly installment payment when due, the unpaid monthly installment of princlpal bears interest at the highest legal rate until pa~d. Mortgagor agrees to lnsure the improvements on the real estate for a dollar amount at least equal to the unpaid balance due and payable on the Promissory Note which this Mortgage secures, protectlng the lmprovements from fire and other insurable physical damage hazards, loss (if any) payable to Mortgagee and Mortgagor, as the~r interests appear. Mortgagor is to furnish Mortgagee with a cert~f~cate of lflsurance evidencing the insurance on the improve- ~nts. Mortgagor agrees to pay all taxeS and assessments upon the real estate and all other taxes, levies and assessments levied upon th~s Mortgage and the Promissory Note which this Mortgage is given to secure before payment is delinquent. If Mortgagor fails u L ..J L