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<br />RE~L .";51: 1E"'~M~R1~~~;-~ -=-O~~;~
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<br />CONSTRUCTION SECURITY AGREEMENT
<br />PAMELA J. STEPHENS, husband and wife
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<br />CRAIG). STEPHENS AND
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<br />Grand Island, Nebraska, and its au"""""",,, and assigns, the following rell estate, situated in
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<br />HALL
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<br />of the County of
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<br />HAil
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<br />and Slate ~f IIIF RR A SK A
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<br />"ereinafter caIled the party of the fitst part, in
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<br />consideration oL SEVENTY FIVE THOUSAND flND ~jO/lOO---_n__n________n__u___--------iiOLr;,Uu;.
<br />in hand paid, do hereby grant, bargain, ..11 and convey unto the HOlDe Federal Savinge & Loan AI8oclation ofG..-d) &\aDd,
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<br />County, State ~f
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<br />I'JEBRASKA
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<br />!owit:
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<br />LOT TWENTY ONE (21), BRENTWOOD TH[RD SUBDIVISION, IN THE CITY OF GRAND ISLAND,
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<br />HALL COUNTY, NEBRASKA
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<br />Toge!ber wi!b all !be appurtenances therelmto helonging, and all covenants in III !be title dee.u,rwmiIlg with said realeltale.
<br />and all the rents, issues and profits arising !berefrom after default in perfonnance of any covenant ',or condition herein: eo...
<br />tained; and warrants !be titie thereto perfect and dear except for Ibis mortgage,
<br />During !be time this mortgage is in force the mortgagors agree:
<br />First, To pay all taxes and special assessments levied against said premises, including all taxes and assessments ,le~
<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 beap'
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<br />proved by the said Home Federal Savings & Loan Association of Grand Island in the sum of $ insurable value for
<br />the benefit of the said Association. and its successors or assigns; and to deposit said policies with said Association, and.'ahaU.-Dot
<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 !be Home Federal Savings & Loan Association of Grand Island, its s~'or
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<br />assigns, the sum of $
<br />payable as follows:
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<br />~;E\J[N1Y f ~Vt ~HLJUSAN() AND i\iO/lnn_______________________________-:-B8IiLARS,
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<br />S7~" JUG. DD CJUL :'fjA Y
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<br />3B'::>
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<br />wi!b Interest !bereon payable, according to ~he tenor and effect of the one certain first mort~~IfuRf said mortgagors,
<br />bearing even date wi!b ~hese presents, After maturity said bond draws interest at the rate' 01' mper eent p~, ann\lll1o
<br />If said taxes and assessments are not paid when due, or II the buildings on said premiseS are not insuredasabev,e pr0-
<br />vided, or if any of said interest is not paid when due, then said \Vi!'!.l~ _debt shall become dU, e immediately, at the option of the
<br />said Association, and shall thereafter draw interest at !be rate I(l! ~p.y. cent per annum.,
<br />The mortgagor 5 hereby~, to said mortgagee all rents and income arising at any and all times from said
<br />property and hereby authorize said mortgagee or its agent, at its option, upon default, to take charge of said property and
<br />oollect all rents and income !berefrom and apply 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 !be note hereby secured, This rent assignment shal1 continue in foree until the unpaid bal-
<br />anCe of said note is fully paid, The taking of possession hereunder shal1 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 !be failure of the party of the Iirs! part ~o comply
<br />with any condition herein, the said Home Federal Savings & Loan AssocIation of Grand Island, the successors and assigns,
<br />shall have !be rtgh~ to begin the foreclosure of this mortgage at on<.. on !be whoie debt hereby secured, and to loclude
<br />therein all taxes, assessments, insurance premiums and costs. paid by it or them; or said Association. its successors or
<br />auigns. may foreclose only as to the sum past due. without injul1' to this mortgage, or the displacement or impairment
<br />of !be lien thereof,
<br />And the said first party and the makers or said note. especially agree and declare that the separate estate of each and
<br />every one of !bem, inciuding bo!b that now owned and !bat hereafter acquired, is pledged and bound for !be payment of
<br />the deb~ hereby secured.
<br />After the conunencement of any suit in foreclosure the plaintiff therein shall be entitled to !be immediate possession of
<br />~d premises and the appointment of a receiver th~refor. notwjthstanding they may be the homestead of the occupant and
<br />notwitbatanding the parties liable for !be debt may be solvent, and !be first party hereby consents to the appointment of a
<br />Roeel,..r upon the production of this indenture, wi!bout o!ber evidence,
<br />The forecolne conditions and agreements, all and singular, being Iully performed, trus conveyance shall be void, other-
<br />wille to be and NmlIin In full force and effect,
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<br />day oL__, _,~_, ' .._~.._,_,..__,A. D, 19_"iz
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