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#NDIVIDUAL DUE ON SALE OPTIONAL FUTURE ADVANCES SAVINGS FUND FORM No. 720 `.~ Loan Number_ 39339____-_ 149___-_ 1___ - Type e.encn ~~--~7t31~~7 M C? R T G ~- G E THIS MORTGAGE, made and executed this -_........fY........_._.... day of -__.~Ir~.cF:.lt....__..-....... A.D., 19-~..-., between the Mortgagor, -.--Dallas- E...Timmons., and_Betty-t~nn-. Timmens,_hu~band..~nd...._. ..:??.-~~-....loigt2y-and--each.-~..their_.awn- right->........ ._ - --......---- __ . .......... . ........ . . ......°- of _.. Grand.-island.--......, County of ---...---.-- Hall-------...._., State of .....Nebraska....., hereinafter referred to as the Borrower, and the Mortgagee, FIRST FEDERAL SAVINGS A_N7] LOAN ASSOCIATION OF LINCOLN, 1235 "N" Street, Lincoln, Nebraska 68501, its successors and assigns, hereinafter referred to as Lender. VJtTxtsssETx: That the said Borrower for and in consideration of the sum of -.. FDATF.-fiIGll~.........._ .-THOUSANI7.SLVEN-HUNDRED.-AND..NO/I00---_-----------.--Dollars (US8-_48,704,-Q9..._....._.._.-..) paid by said Lender, does hereby mortgage, grant and convey to Lender, its successors and assigns; the following described property located in the County of ....__ Hall,__,_,-_..__--__.-, State of Nebraska: Ltit Tf~ee (3) ist idestroads Estates Third Subdivi.sian in 1ia13 Crnmty, Nebraska TocE~xea with all the improvements now or hereafter erected on the property, and all easements, rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, and a31 fixtures now or hereafter attached to the property, all of which, including replace- ments and additions thereto, shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with said property (or the leasehold estate in the event this Mortgage is on a leasehold) are herein referred to as the "Property". Borrower covenants that Borrower is IawfuIIy seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property, that the Property is unencumbered, and that Harrower will warrant and defend generally the title to the Property against all claims and demands, subject to any easements and restrictions listed in a schedu':e of exceptions to coverage in any title insurance policy in- suring Lender`s interest. in the Property, or (2} attorney's opinion of title from abstract of title certified by banded abstracter. P$OVIDED ALwnxs, and these presents are executed and delivered upon the following conditions, agree- ments and obIigatians of the Borrower, to-wit: The Borrower agrees to pay to the Lender, or order, the principal sum of .. FO~~'Y-~ZGII~_TIIOIISANII- S.E3tF.ai.IllltiAltEI2-.AND-.I'3A11.QOc---r.-----r..-r--------.---r----Dollars (US 8-..4$.,.Z49..-QQ.-.--------------) payable as provided in a note executed and delivered, concurrently herewith, the final pavment of principal, if not sooner paid, on the _FiTSt___---.-... day of _---~._-----.----.......-____. 19.49_-. Uxri;oa:~t Coti~xex•rs. Borrower and Lender covenant and agree as follows: I. Payment of I?rincfipai sad anterest. Borrower shall promptly pay when due the principal of and in- terest on the indebtedness evidenced by the Note, prepayment and late charges as provided m the Note, and the principal of and interest on any Future Advances secured by this &lortgage. 2. Funds #or Taxes and Insurance. Subject to Lender's option under paragraphs 4 and 5 hereof, Bor- rower shall-pay io Lender on the day monthly installments of principal and interest are payable under the Nate,-until the Note is paid in full, a sure (herein "Funds"} equal to one-twelfth of the yearly taxes and assessments which may attain griarity over this 1lortgage, and ground rent on the Property, if any ptus one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium in- stallments for mortgage insurance, if anv, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof, Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender sha13 make no charge for so holdmg-and applying the Funds or verifying and compiling said assessments and bills. The Lender shall t^ve *.u the Borrower, without charge, an armuai accounting of the Funds showing credits and debits to the Funds and the purpose for-which each debit to the Funds was made. The Funds are pledged as additional security for the .sums secured by this l~iortgage. The Harrower agrees that the Funds may be held by the Lender and cammingied with other funds and the Lender's own funds and the Lender may pay such hams frtsrn its awn funds and the Under shall not be liable for interest or dividends on such Funds. { If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior ttr-the due dates of lanes, assessments, insurance premiums and ground rents, shall exceed the amount r~uu~ed to pay -said lazes, assessments, insurance premiums and grciund rents as they fall Sue, such esceag shall be, at Horrow*.r's optfvn, either promptly repaid to Borrower or credited to Harrower an monthly instslirrtents of F`uncls. If .tlte amount of _the Funds held by Lender shall not be sufficient to-pay taxes, assessments, insurance -premiums-and ground rents as they fall due,- Borrower shall pay to Lender any amount necessary ~ make up the deficiency within thirty days after notice from Lender to Borrower requesting payment thereof, or Borrower shall, by an increase in monthly installments of Funds required, repay the defiriency within trio JM'und accounting- period. Upon payment in fuH of all auras secured by this Mortgage, Lender shall apply Funds held as a credit against-all sums due.