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<br />82--~lt~~.~46'
<br />PURC~IASE hiUNEY REAL ESTATE MORTUAGE
<br />3?ouglas di. Mercer, Mortgagor, in consideration of TWENTY-EIGHT THODSAND
<br />FIDE HFAIDRE~ 70LI.ARS ($28,SQO.Op) received from tortgagee, mortgages to
<br />Evelyn E. Wilson, Mortgagee, the following described real estate situated
<br />in Hal3 County, Nebraska:
<br />Lots One (l}, Two (2}, Three (3), Four (4}, Five {5}, Six.{6), Seven
<br />{7), Eight (8}, Nine (9) and Ten (1Q), in ,31ock Two (2}, in East Par;
<br />A3diti:->n, City of errand Zsiand, Hall County,. Nebraska, as surveyed,
<br />platted and recarded, including that part of vacated Gilmore Street
<br />abuttixsg on the: east side of pats fine { 1 } and Ten { iQ) of Block Two
<br />{2} in East Park Addition in proportion to the respective o3anershps
<br />of the lots, as provided in Qrdinance t3o. X884 filed of reeord in the-
<br />Office of the Register of iseeds of Hall County, Nebraska, on August 27,
<br />1474, recorded in Book 21 of Miscellaneous Records, at page 17, but
<br />subject to a perpetual easement far public utilities described in said
<br />Ordinance ~:o. 4884 reserved to the City of Grand Island for the public..
<br />This Purchase Money Real Estate Mortgage. is given to secure the payment
<br />of the :principal sum of Twenty-Eight Thousand Five Hundred Dollars
<br />{$2S,SQ0'.OQ) and interest from May ? 14:82, at twelve (12) percent per
<br />annum, the principa3 an3 interest payable in monthly installments of $293.15
<br />per sa~nth on the first day of each month commencing June 1, 19.82, and on
<br />the first day of each month_theresafter for 35 consecutive months, repayment
<br />of the principal and interest being amortized over a 30-year or 360-month
<br />peiri.od, with a balloon payment of $28,148_90 being due. and payable with'the
<br />36th monthly installment of principal and interest, as provided in a
<br />Proma.ssory, Note dated May ? , 1982, for which this ortgage is given ae
<br />securitg.
<br />The:Proinissory Vote. provides that rises is of the essence of the
<br />Promissory Nate, and i.f Ma3cer fai3s for a period of more than thirty {30)
<br />days to gay auy monthly installment payment when due, the holder; of the-.
<br />Promissory Note is given the option to declare the Note immediately due and
<br />payable: without notice or demand, The Prs~nssgory 'Note provides if Mortgagor
<br />defaults in payment of any monthly instalirssent payment when due, the unpaid
<br />.monthly installment of principal bears interaest Est the highest. legal rate
<br />until paid.
<br />Hortgagar agrees to insure Cher impresve:me:nts on the. real estate for' a
<br />dollar amount: at .least .equal to the unpaid balance due:-and payable on the
<br />Promissory Note ~nc~h this tsortgage~ secures, protecting the improvements
<br />~roea fire and other insurable physical damage hazards,.loss:.{if any} payable
<br />to Mortgagee and Mortgagor:, as .their. interests appear..:':+iortgagar is to
<br />Burnish t~rtgageae with a.certificate of inszxrance: evidencing the insurance-
<br />ore ah+s improvements.
<br />Mortgagor agrees to pay ail takes and assessments upon the real estate
<br />and all other taxes, levies and assessments levied upon thisrMortgage and
<br />t4xe Pr~sa~ory Note ahict- this -Mortgage is given to secure before paymesnt
<br />is delinquent: If Mortgagor fails to pay the taxes and'assessments before...
<br />delxigaseant ar insure the .improvements on the seal estate as required by
<br />this Mortggge, Mortgagee may pay the taxes and assessments or ether liens,
<br />obtain and pay premiusss for the insurance on the improvements on the: real
<br />estate, and is given a lien: secured. by this. Mortgage for the amounts
<br />advanced with i.~xterest at the>_ highest legal rate..
<br />If ?4ortgagor 3efaults forea period of rare than thirty (30} days in
<br />paysaent rf any moat2sly installment of principal. and. interest, or fails to
<br />pexfcrm ary of the other agreesaents in this Mortgage, Mortgagee, at
<br />Mortgagee's election, may declare the entire debt secured by thisriortgage
<br />due and payable at oncea, and forec~:ose this Mortgage for. the satisfaction
<br />of fire t~ta1 aa~unt ciuer.
<br />'~ortg~agor reserves the--right to prepay..trte unpaid balance of principal.
<br />and irzterLSt due on the Promissory dote: secured by tl~r.is Mortgage nn any:
<br />saoxsthly i;bstall[s~nt payment date, without penalty.
<br />iTate:s: Mny ,. ; 198. r
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<br />~ ~7cu`3aas A~ercer.
<br />5"~':$°s'v '::F "J .Ek3rr'~;a3~A, _:fJ.i"i`f"f ?%F' s31.1~,Ls
<br />'!: a _JS',~..;c~ _,1 '-~. .a;'st ,a ~~»~ ~C~z-r;.aktledge , _. ~. ._ ~i"FS ,~~ c;~ti
<br />~£aj? , ,`,~~{t, '~~, _. i,1S :1., ..F::.Lf~e:' r ~`Urt<ssa~i~3Y'.
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