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INDiV1DUAL ~b, dUE ON SALE ~"'~"" ~~ OPTIONAL FUTURE ADVANCES ~~^ SAVINGS FUND ~"~• n a Foam Mo. ~a~-4~5 ro Loan Number_4iq($____~:_igq_--__1__ Troe era~cn 7~--UC~4~32 Mo~~-oAO~ ?'HIS 3fORTGAGE, made and executed this ._._._._.a~ ...._..... day of _..-......_..-._._..... A.D., 19.71._., between the Mortgagor, ....Robe~t_.E=...hess.ig..azad.. Sherrill.. L,--Less-.g,.. husband-and-,-_..- .......~ifa. 3ointly...and._each...iu..thaf.x..v?m..r.gl?.~ ................._..-.-...-..... - - -- -- - - - - -- - - ----- - ------- o# ..Gsand..Lsland._........, County of .----HSll_,.--.----------...., State of -..Nebraska--..., hereinafter referred to as the Borrower, and the Mortgagee, FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF LIA'COLN, 1235 "N" Street, Lincoln, Nebraska 65501, its successors and assigns, hereinafter referred to as Lender. Wi•rxtssErtt: That the said Borrower for and in consideration of the sum of ._TSdENTY..FIYE.S]i0U3AND ---..ANR-.~14L.tQQ..---.--rr,.-------------------.-.--r.------.:Dollars {US S.._.25-,000.00._..--- --- ) 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: Lot' Seven (7), Block One (1), Imperial Village Subdivision, City of Grand Island, Hall County, Nebraska TocsTxsa 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 all 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 lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property, that the Property is unencumbered, and that Borrower will warrant and defend generally the title to the Property against all claims and demands, subject to any easements and restrictions listed in a schedule 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. PaoviDSD ALWAYS, and these presents are executed and delivered upon the following conditions, agree- ments and obligations of the Borrower, to-wit: The Borrower agrees to pay to the Lender, or order, the principal sum of ....TWENfiY- FZS?E- THOLTgANU .....AP@..N9llf?A-_--.~_--~-~--_----------------°_----'_-"Dollars {US g- 25,000.00- - ) payable as provided in a note executed and delivered, concurrently herewith, the final payment of principal, if not sooner paid, on the _.-.------First---_ day of -....----Zuiy.........--...------.-.., 19.89.... Ux~oaat Covr:xerns. Borrower and Lender covenant and agree as follows: i, Payment o€ Prindpal mid Interest. Borrower shall promptly pay when due the principal of and in- terest on the indebtedness evidenced by the Note, prepayment and late charges as pro~rided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. 2. Funds-for Taxes mad Insurmzce. Subject to Lender's option under paragraphs 4 and 5 hereof, Bor- rower shall pay to Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum therein "Funds") equal to one-twelfth of the yearly taxes and asaee~ments which may attain priority over this Mortgage, and ground rent_5 on the Property, if any plus one-twelfth o€ 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 o€ assessments and bills and reasonable estimates thereof, Lender shall apply the Funds to pay said taxes- assessments, insurance premiums and ground rents. Lender shall make no charge for so holding and apglying the Funds or verify~g and compiling said assessments and bills. The Lender shall give to-the Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funs and Lhe purpose-for which each debit to the Funds was made. The Funds are pledged as additional seennty for the sums secured by this Mortgage, The Borrower agrees that the Funds may be held by the Lertded' aa;d cotnmingied with other funds and the Lender's own funds and the Lender may pay such-items from -its own funds and the Lender shall - not be liable for interest or dividends on such Funds. If the amount of the Fuade Feld by Lender, together with the future monthly installments of Funds payable.prior to the slue dates-of taxes; assessments, insurance premiums and ground rents, shall exceed tl~ amount r~uirerl to y said. tax~+s; aaianeats, insurance premiums and ground rents as they fall due, such ezceas shall be, at Borrower's option, eif~ promptly repaid to Bonower or credited to Borrower on monthly installments of Funds, If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessmenm, insurattez premfums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary #o make up the deficiency within thirty days after notice from Lender to Borrower requesting payment tlser~€, or Borrower mall; by an increase in monthly installments of Funds required, repay the deficiency within the Fund accounting period. Upon payment in full of all sums secured by this Mortgage, Lender shall apply Funds held as a credit against all sums due.