|
<br />84,-= 005528
<br />
<br />.-
<br />I
<br />
<br />MORTGAGE
<br />
<br />INVESTORS
<br />", KNO~ ALL ~N BY THE?~ PRE~ENTS: Tha t ~RAND IS~ND SOl!T~L a .
<br />l'ie1or-aska General parr.nerSD.lp, ot Hall t;ounty, Z;'tat:e' or ~-o-ras,kn"
<br />herein referred to as the Borrowers, 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 Countyy
<br />and the State of Nebraska, ,-wit:
<br />
<br />(The legal description is attached hereto, marked
<br />Exhibit "A" and incorporated herein by this
<br />reference.)
<br />
<br />
<br />The intention being to convey hereby absolute title ~n
<br />including all the rights of homestead and dower.
<br />
<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 remain a part
<br />of the property covered by this Mortt;> ,::e; and all of the foregoing,
<br />together \>lith said prlJperty, are ('C Hi referr:cd to as the "Property."
<br />
<br />
<br />This is a purchase money mortgage, the consideration therefor
<br />having been the conveyance by Jerome Niedfelt to the Borrower~, o~
<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 delivered
<br />upon the following conditions, agreements, and obligations of the
<br />Borrcwers, to-wit: The Borrowers, jointly and severally, agree to pay
<br />to Jerome Niedfelt, or order, the principal sum of Two Hundred Thirty-
<br />three Thousand Dollars ($233,000.00), plus interest accruing from this
<br />date at lile raLe oi elevell (11) percent per annum and computed upon
<br />the unpaid principal balance, payable as provided in a Note 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 />at Oc tober, 1989, and in a balloon payment.
<br />
<br />COVENANTS BETWEEN THE BORROWERS AND LENDER, Borrowers and Jerome
<br />Niedfelt covenant and agree as follows:
<br />
<br />1. Payment of princi1al and Interest. Borrowers shall promptly
<br />pay, when due, the-Prlnc~pa owIng 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 291/366ths of the 1984 real estate taxes, The Borrowers will
<br />maintain adequate fire, windstorm, liability, and extended coverage
<br />insurance upon the mortgaged premises and any iluprovements 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 coverage hazards
<br />shall be in an amount at least equal to the larger of the balances
<br />owing hereunder and the balance owing any first mortgagee, or not
<br />less that 100 percent of the full replacement value of the improve-
<br />ments,
<br />
<br />L
<br />
|