84005633 - Laserfiche WebLink

Browse

84 -005633 CORRECTED REAL ESTATE MORTGAGE The Nebraska District of The Wesleyan Church, Inc., a Nebraska non-profit corporation, Mortgagor, in consideration of THIRTY-THREE THOUS~~D DOLLARS ($33,000.00) received from The Wesleyan lnvestment 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 payment of the principal sum of Thirty-Three Thousand Dollars ($33,OOO.00) and interest from May 1, 1984, at thirteen (13) percent per annum, the initial principal and interest payable in monthly installments of $417.53 per month commencing on June 1, 1984, and on the 1st of each month thereafter for one hundred seventy-nine (179) consecu- tive months, repayment of the principal and interest being amortized over a 15-year or 180-month period; 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 this instrument until maturity at a ""1:"iable rate of interest equal to the prevailing rate char~PG '~ The We<leyan Investment Foundat~on, Inc., an Indiana corp 'acion, on tne interest adjustment dates; further provided, however, the effective interest rate in effect on the first day of each 3-year period shall be deemed to be the effect~ve interest rate for the entire 3-year period. The Promissory Note provides that time is of the essence of the Promissory Note, and if Mortgagor fails for a period of more than sixty (60) days to pay any monthly installment payment when due, the holder of the Promissory Note is given the option to declare the Note immediately due and payable without notice or demand. The Promissory Note provides if Mortgagor defaults in payment of any monthly ~nstallment payment when due, the unpaid monthly installment of principal bears interest at the highest legal rate until paid. Mortgagor agrees to insure 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, protecting the improvements from fire and other insurable physical damage hazards, loss (if any) payable to Mortgagee and Mortgagor, as their interests appear. Mortgagor is to furnish Mortgagee with a certificate of insurance evidencing the insurance on the improve- ments. Mortgagor agrees to pay all taxes and assessments upon the real estate and all other taxes, levies and assessments levied upon this Mortgage and the Promissory Note which this Mortgage is given to secure before payment is delinquent. If Mortgagor fails L L L