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<br />moan Aumter----42135-----`_-- -158
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<br />Mt3RT'GAGE
<br />HIS '4$0RTGAGE, made and executed this - - _ . _%'L_.___.... day of .--.. ~ .. .-- .. ._ .-.- A.D.,
<br />I9--~~-... between the Morteaeor_ Saves E McGahan and 1"lartha I McGahan~u~nd and wife.
<br />3oint_y and each in their- own right.
<br />- ... __ _.
<br />- -
<br />af ..._ .Grand Island _ ---, Cauntt• cf . __.. HaII _., State ofNebraska - .- ,hereinafter referred
<br />to as the Borrower, and the 1Llortgagee, FIRST FEDERAL SAVINGS AND LC?A* ASSOCIATION OF
<br />LIieTCOLN, 12:35 `'N" Street, Lincoln, Nebraska 68501, its successors and assigns, hereinafter referred to
<br />as Lender.
<br />Wt•rxinssETx: That the said Borrower for and in consideration of the sum of?'li1d~~Y...THOU$:4'~7D .-._
<br />ANII._NOL.IQQ--.--------------r-----c°----------.---------Dollars (US y^.0,000,.0.0. --....._ )
<br />paid by said Lender, does hereby mortgage, grant and convey to Lender, its successors and assigns; the
<br />fallowing described property located in the County of .....-.._._ Ha11...-..-.--_---._.,., State of Nebraska:
<br />Lot ten {IO), Block One (i), West Parlc Addition to the City of Grand Island, Hall County, Nebraskai:
<br />and a tract of land Thrity-three (33) feet in width by One Hundred Thirty-two (132) feet in length r
<br />formerly being a part of West Twelfth street of the city of Grand Island, Nebraska, and more
<br />particularly described as follows: Beginning at the Southwest corner of said Lot Ten (10);
<br />running thence East on the South line of said Lot Ten (10), for a distance of One Hundred Thirty- '
<br />rL,o ft321 foot to the Southeast corner ^f said Lat Tan {10); run.-ring thence South or. a prolongs --
<br />anon of the East line of said Lot Ten (10) for a distance of Thirty-three {33} feet; running --
<br />thence West parallel to the South line of said lot Ten (10) fcr a distance of One Hundred thirty-
<br />two (132) ATTACHED EXHIBIT "A"
<br />ToceTxsx with all the impmvernents now or hereafter erected cn the property, and all easements,
<br />rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water, water rights, and
<br />water stack, and all fixtures now or hereafter attached to the property, all of which, including replace-
<br />ments and additions thereto, shall be deemed to be and remain a part of the property covered by this
<br />Mortgage; and all of the foregoing, together w2th said properly (or the Ieasehold estate in t:he event this
<br />Mortgage is on a leasehold) are herein referred to as the "Property".
<br />Bormwer covenants that Borrower is lawfully seised of the estate hereby conveyed and has the right
<br />to mortgage, grant and Canvey the Property, that the Property is unencumbered, and that Borrower wilt
<br />warrant and defend generally the title to the Property against all clsims attd demands, subject to any
<br />easements and restrictions listed in a schedule of exceptions to coverage in any title insurance policy in-
<br />~uring Lender's interest in the Property, or (?) attorney's opinion of title fmm abstract of title certified
<br />by bonded abstracter.
<br />PROVIB£D Ar.et'nvs, and these presents are executed and delivered upon the followin+? conditions, agree-
<br />ments and ob':igatian„ ;sf the Ba. awer, to-'wit:
<br />The Borrower agrees to pay to the iu,ncler, or order, the pri ncipal sung af .....Tl;ia`=`Y...T"='sOJ~,Q,'~A-.-
<br />AI3i}._1~13~.1.00------------_--------------------------.---.Dollars (t?S S ..3.Q,Q40 QQ - __.._... )
<br />payable as pmvidad in a note executed and delivered, conc•urrentty herewith, the final payment of principal,
<br />if not sooner paid, on the -First.,. ,_ .---___ day of August„ - lg 9~ . ,
<br />t?~tFaant CovExnx•rs. Borrower and Lender covenant anti agree as follows:
<br />I. Paymen4 of Principal and Interest. Borrower shall promptly pay when due the principal of and in-
<br />terest on the indebtedness evidenced by the Note, prepayment and late charges as provided in the 1Tote,
<br />and the principal of and interest on anv Future Advances secured 6}~ this ortgage.
<br />i. funds for Taxes and Insurance. Subject. to Lender's option under paragraphs i and 5 hereof, Bor-
<br />rower shall pay to Lender on the day monthly installments of principal and interest are payable under the
<br />Note, until the Note is paid in full, a sum {herein "Funds") equal fa one-twelfth at the yearly taxes and
<br />assessments which may attain priority aver this iL'iortgage, and ground rents on the Property, if any plus
<br />one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium in-
<br />stallments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by
<br />Lender on the basis of assessments and bills and reasonable estimates thereof, Lender shall apply the Funds
<br />t~"~pv °a;'? t~°a£ assi.~=ment~, ir.stiranc2 p:~miums and graund rents. i.onder shall maRa no charge ;or so
<br />holding and applying the Funds or verifying and compiling said assessments and bills, The Lender shall
<br />give to the Barmwer, wrthout charge, an annual accounting of the Funds showing credits and debits to the
<br />Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional
<br />security far the sums secured by this Mortgage. The Borrower agrees that the Funds may be held by the
<br />Lender and commingled with other funds and the Lender's own funds and the Lender may pay such items
<br />fmm its own funds and the Lender shall not be liable for interest or dividends an such Funds.
<br />If the amount of the Funds held by Lender, together with the Future monthly installments of Funds
<br />payable prior to the due dates of taxes, assessments, insurance premiums and gmund rents, shall exceed
<br />the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fail due,
<br />such. excess shall be, at Borrower's option, either pmmptiy repaid to Borrower or credited to Borrower on
<br />mantlrly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay
<br />taxes, assessments, insurance premiums and ground rents as they faIl due, Borrower shall pay to Lender
<br />anY amount necessary to make un the deficiency within tli=*_•ty days after notice from I~nder to Borrower
<br />requesting payment thereof, or Borrower shall, by an increase in monthly installments of Funds required,
<br />repay the der",ciency w-itlvn the Fund accounting period.
<br />Upon payment in full of all sums secured by this Mortgage, Lender shall apply Funds held as a credit
<br />against aii sums due.
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