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<br />84.--- 005528
<br />
<br />r
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<br />MORTGAGE
<br />
<br />INVESTORS
<br />KNOW ALL MEN BY THESE PRESENTS: That GRAND ISLAND SOUTHt a
<br />Nebraska General partnership, of Hall County, State of Nebraska,
<br />herein referred to as the Borrmvers, in consideration of the sum of
<br />Two Hundred Thirty-three Thousand Dollars ($233,000,00) in hand paid,
<br />do hereby sell and convey unto JEROME NIEDFELT, of Hall County,
<br />Nebraska, the following described premises situated in Hall County,
<br />and the State of Nebraska, to-wit:
<br />
<br />(The legal description is attached hereto, marked
<br />Exhibit "A" and incorporated herein by this
<br />reference,)
<br />
<br />The intention being to convey hereby absolute title ~n fee simple,
<br />including all the rights of homestead and dower.
<br />
<br />Together with all the improvements now or hereafter erected on the
<br />property, and all easements, rights, appurtenances, rents, royalties,
<br />mineral oil and gas rights, water rights, and all fixtures now or
<br />hereafter attached to the property, all of which, including replace:-
<br />ments and additions thereto, shall be deemed to be and remains'part
<br />of the property covered by this Mortgage; and all of the foregoing"
<br />together wi th said property, are herE" , referred to as the "Proper,t:~r.,tt
<br />
<br />
<br />This is a purchase ,,:oney mOl _i,age, the consideration therefor,
<br />having been the conveyance by Jerome Niedfelt to the Borrowerq, oft
<br />said Property.
<br />
<br />The Borrowers covenant that the property is unencumbered and
<br />that the Borrowers will warrant and defend generally the title to the
<br />Property against all claims and demands, subject to any easements and <
<br />restrictions of record. ' ,
<br />
<br />PROVIDED ALWAYS and these presents are executed and deIiv,erect
<br />upon the following conditions, agreements, and obligations of the'
<br />Borre.\vers, to-wit: The Borrowers, jointly and severally, agree., to pal
<br />to Jerome Niedfel t, or order, the principal sum of Two Hundred Thirty...,
<br />three Thousand Do lIars ($233, 000,00), plus interes t accruing from, thiS'.
<br />date at the rate of eleven (11) percent per annum and computed upon.
<br />the unpaid principal balance, payable as provided in a No.te executed'
<br />and delivered concurrently herewith. The final payment of principal
<br />and accrued interest, if not sooner paid, is payable on the 17th day
<br />of October, 1989, and in a balloon payment,
<br />
<br />COVENANTS BETWEEN THE BORROW&lliAND LENDER, Borrowers and Jerome
<br />Niedfelt covenant and agree as follows:
<br />
<br />1. Payment of princi'Ial and Iuterest. Borrowers shall prompt.!;y
<br />pay, when due, the-prlnc~pa oWlng and ~nterest on the indebtedness
<br />as evidenced and provided by the Note. Prepayment thereof without
<br />penalty as to interest is provided in said Note.
<br />
<br />2. Taxes and Insurance. Borrowers shall pay the 1984 and all
<br />subsequent real estate taxes and any special assessments bofore the
<br />same become delinquent, Jerome Niedfelt has credited the Borrowers
<br />with 29l1366ths of the 1984 real estate taxes. The Borr(J\(ElrS' will
<br />maintain adequate fire, windstorm, liability, and extended coverage
<br />insurance upon the mortgaged premises and any improvements thereon
<br />and at their expense, Jerome Niedfelt will be included as a named
<br />insured on such policies as his interests may appear. Such insur-
<br />ance coverage against loss by fire and extended cov€:age hazards
<br />shall be in an amount at least equal to the larger at the balances
<br />owing hereunder and the balance owing any first mortgagee, ?r not
<br />less that 100 percent of the full replacement ~alue of the ~mprove-
<br />ments,
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