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<br />'" 31-02-0134 This form is used in connec-
<br />tion with mortgagee insured
<br />lylGitrfGAGE under the one- to four-family
<br />provisions of the National
<br />Housing Act.
<br />79- ~ l- 4 ~ 55
<br />THIS MflItTGAGE, made and executed this 28th day of June ,A.D.
<br />19 79.byandbetween James N. Phipps and Louann Phipps, husband and wife
<br />of the County of Hall ,and State of Nebraska, party of the first part. hereinafter called
<br />the Mortgagor, and Mortgage Plus Incorporated ,
<br />a¢orporationorganiudandexistingunderthelawsof the United States of America ,
<br />party of the second part, hereinafter called the Aiortgagee,
<br />WITNESSETH: That the said Mortgagor, for and inconsideration of the sum of Forty Four ThOUSand Seven
<br />Hundred and 00/100ths ------------- Dollars (S 44 , 7 00.00 ), paid by the Mort-
<br />gagee, the receipt of whichh is hrreby acknowledged, has Granted and Sold and by these presents does Grant, Bar-
<br />gain, Sell, Convey and Confirm unto the Mortgagee, its successors and assigns, forever, the following-described
<br />real estate, situated in the County of Hall ,and State
<br />of Nebraska, to wit:
<br />Lot-One (1), in Fractional Block Eight {8}, in Woodbine Addition to the
<br />City of Grand Island, Hall County, Nebraska.
<br />Also known and numbered as: 2203 {4. Division, Grand Island, Nebraska.
<br />of the Sixth Principe! Meridian, containing in al! city property acres according to Govero-
<br />mentsurvey:
<br />Tfl-HAVE AND TO HOLD the premises above described, with all the appurtenances thereunto belonging sod includeng
<br />ail heating, plumbiag and fighting fixtures and equipment now or hereafter attached to or used in connection with said real estate
<br />motto the Mortgagee, and to ifs successor and assigns, forever. The Mortgagor represents to, and covenants with, theMortga-
<br />gee, tl+at the Moitgagor has good right to sett and convey said premises; that they are free from encumbrance; and that the
<br />MorEgagcsr wi6 warrant and defead the same against the lawful claims of all persons whomsoever; and the said Mortgagor here-
<br />by relinquishes all rights of homestead, and alt martial rights, either in law or in equity, and all other contingent interests of the
<br />Mortgagor in and to theabove-described premises, the intention being to convey hereby an absolute title, in fee simple, inchtd•
<br />ittg alt righisof homestead, and other rights and interests as aforesaid.
<br />PROVIDED ALWAYS, and these presents are executed and delivered open the following conditions, to wit:
<br />The Mortgagor agrees to pay to the Mortgagee, ce order, thepprincipal sum of Forty Four Thousand Seven
<br />Hundred and 00/100ths ----- Dollarsf594,700.00 ), with interest from
<br />date at the rate of Ten per centum ( 10.00 `~) per annum on
<br />thevapaid belance until paid. The said principal and interest shall be payable at the ot5ce of Mortgage P Ius Incorporated
<br />is Englet~od, Colorado or also h : r 1 the holder of
<br />theeotemaydesignateinwriting,inmonthtyinsta2lmeatsnf Four Hundred Six an~ ~3~/~~~~~is -----
<br />Dollars (S 4 0 6.32 1, commending on the firs[ day of
<br />August , 19 7 9, and on the first day of each month thereafter until the principal and in-
<br />tert:st are fatly paid, exc~pt that the firta~ aygtant of principal and interest, if not sooner paid, shall be due and
<br />payable on the fast day of July ~ ok :alt according to the terms of a ctrtain promis-
<br />sory late of even date herewith executed by 4'te said Mortgagor.
<br />The Mortgagor in corder more fully to protect the security of this Mortgage, agrees:
<br />1. That he will pay the indebtedness, as bereiabefore provided. Privilege is reserved to pay the debt in whole, or in an
<br />amount tqual to one err mart: monthy payments on the principal that are next due on the note, on the first day of any month
<br />prior to maturity: Provided, hawevtr, That written notice of an intention to exercise such privilege is given at least thirty (30)
<br />days prior to prepayment.
<br />2. T6az, togethtt with, and ra addilnon to, the monthly payments'of principal and interest payable under the terms of the
<br />rate secttt+e<d hereby; lheMortg will pay to the Mortgagee, on the first day of each month anti! the saiii note is fully paid, the
<br />fallowing soars:
<br />(a) Amount suf'Btzent io provide-the holder hereof with funds to pay t_ke next mortgage insurance premium if this
<br />instrument anl+ the cote secured hereby are fttsirred, or a monthly charge (in lieu of a mortgage insurance pre-
<br />mharrJ ifthey are held by Ute Str:retary of Housing and Urban Development, as follows:
<br />{ij !f and ao long as said Hots of even date and this instrument are insured or are reinsured under the pro-
<br />viaiotta of the National Housing Act, rn amount sufficient to accumulate in the hands of the holder one
<br />S T ATE flF N'u~'nnA$KA
<br />Prevtaa Eaniaaa are oprokte FMA-2t43M (10-77)
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