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<br />PURCHASE MONEY REAL ESTATE MORTGAGE
<br />LEONARD J'. RAINFORTH-and DIANA L. RAINF012TH, husband and wife, each in f
<br />hsand her own name and right and as spouse of each other, Mortgagorsy in
<br />consideration of Tf1IF2TY TEiODSAND DOLLARS ($30,001.00), mortgage to RICHARD H.
<br />RAINFORTH', Mortgagee, the fallowing described real estate situated in Hall
<br />County. Nebraska:.
<br />Lot One (1), Diamond "It" Subdivision, in Hall County, Nebraska,
<br />as surveyed, platted anc3 recorded,
<br />together with all tenements, hexedtaments and appurtenances thereto
<br />belonging, eXCegt for grain bins owned by Mortgagee and located. on .the
<br />above-described real estate'.
<br />This'Purchase isloney Real Estate Mortgage: is given to secure ,payment of
<br />the principal sum of 530,000:00 and interest. from: June l , 1982, at
<br />ten (10) percent per.. annum, payable-accarding to the-terms of a Purchase
<br />Money Promissory Note dated ,;inP ~ , 1982, in ten (10) annual-
<br />consecutive installments of ;$3,000.00 each, commencing January 1y 1983,`
<br />plus interest on the unpaid balance of principal, and on Januaryyl of ''-each
<br />year thereaf*_er'fnr.'nine (9')-..consecutive years until the final annual-
<br />installment is pa id on January 1, 1992.
<br />The Purchase Money Promissory :3ot~ provides that time is of the essence
<br />of the ~urchase`MOney_Promis ory Note and, if default is made in-the payment
<br />of any installment of principal or interest for more than sixty (60) daysy
<br />the holder of the Purchase Money Promissory Note may, without notice or
<br />demand, declare the entire pr.inci~raZ sum'then unpaid, together with accrued
<br />interest, immediately due .wind payable. iJpan default of payment of any
<br />installment, the unpaid balance of principal bears interest at the highest
<br />legal rate.
<br />Mortgagors agree to pay all taxes and assessments upon the real estate
<br />and all other taxes, levies. and assessments levied upon ttss Purchase Money
<br />Real Bstate Mortgage and the Purchase Money Promissory Note which this-
<br />Purchase Money i2ea1 Estate'Mortgage is given to secure before payment is
<br />delinquent. ''f Mortgagors fasl to pay the taxes or assessments before
<br />delinquent, Mortgagee may pray tho taxes or -ssessments or other liens and
<br />is given a lien secured by this Purchase Money Real Estate Mortgage. for the
<br />amounts advanced, with interest` at the highest Regal rate'.
<br />Mortgagors have the right to°prepay the unpaid-principal of the.
<br />Promissory Note by paying additional-installments of principal on airy
<br />annual installment payment.. date, without penalty, stopping interest on- the
<br />amount prepaid, but without affecting the obligation to-make the required
<br />annual payments-of principal and ,'interest on the unpaid balance.
<br />If Mortgagors default in payment of the indebtedness or any install-
<br />merit. of principal and-interest for :more than sixty`(60) days, or'-fail to
<br />perform any of the other agreements in. this Purchase Money Real Estate
<br />Mortgage, Mortgagee, at Mortgagee`s election, may declare the entire debt
<br />secured by this Purchase r9or.ey Real Estate Mortgage due and payable-at
<br />once, and foreclose this Purchase Money`Rea1 Estate Mortgage for.. the satis-
<br />faction cf the total amourt due.
<br />Gated: ~w~e i , i982L
<br />~__ ~ :-; 1i~..s,^is i-~ .fir »~°,~.~>i a
<br />(Leona ~ R nfor h) (Diana L. ~ai: orth)~-' -
<br />S1RTE OE' N~;BRASH;v, Ct)LNTY GF HALL:
<br />The zo.regoing instru^~ert was acknowledged: before.. me this +t•-»-~- `~ ;
<br />iy3~, by Leonard J. Rainfc~rth and Diana L. Rainforth, husband e~~,d-'w'ife, each
<br />in his. and her own name and right and as spc?~use of each other, Mortgagors.
<br />i+iota Pt1P3 is ~ - !1~l11-[.JIN~'
<br />t' ~ ~c ~ 1rL7, tMi
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