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<br />WDtViDUAL
<br />DUE ON SALE
<br />OPTIONAL FUTURE ADVANCES
<br />SAYINGS FUND
<br />FaeM No. 720'4?9
<br />Loan Number-.421Ib3-----_7..8.8-----L---
<br />TrPG 9,int~
<br />79- ~~~~~ N1 0 R~ G A G E
<br />THIS MORTGAGE, made and executed this ..............~.-....._...... day of ......~'"J`'°'r....._.-.._... A.D.,
<br />19.7q._., between the Mortgagor, Terrence.. Schmidt,.and-,Barbara-_A,__Schtnidt,.. hus)Z_and..aitd..Waf.~,
<br />jointly, and, each.. in their..own_.right,__
<br />of .Grand. Island.._.._.,_., Caunty of ..... Ha11._._.-..._.....-....., State of ._. Nebraska....., hereinafter referred
<br />t~ as the Borrower, and the ivIortgagee, FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF
<br />` LINCOLN, 1235 "N" Street, Lincoln, Nebraska 68501, its successors and assigns, hereinafter referred to
<br />as Lender.
<br />VVt•rxasssTx: That the said Borrower for and in consideration of the sum of F.,SGIITY_~HOUSAHII..AND
<br />..AIO+'100----=--------_------___°-------------------==-Dollars (US $--. 811,-000-.DO-.. .. - )
<br />paid by said Lender, does hereby mortgage, grant and convey to Lender, its successors and assigns; the
<br />following described property located in the County of __._.llall__.___.__-.._____., State of Nebraska:
<br />Lot eigY:t (8), Blcnk two (2), in rartaington Second Subdivision, in the city
<br />of Granci Isl.ar_~, Hall County, Nebraska.
<br />Toce•raex with all the improvements now or hereafter erected on the property, and all easements,
<br />rights, appurtenanc€~, 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 pro,:. rty covered by this
<br />Mortgage; and all of the foregoing, together with said property (or the leasehold estate in the event this
<br />Mortgage is on a leasehold) are herein referred to as the "Property".
<br />Borrower covenants that. Borrower is lawfully seised of the estate hereby conveyed and has the right
<br />to mortgage, grant and convey the Property, that the Property is unencumbered, and that Borrower well
<br />warrant and defend generally the title to the Property against. all claims and demands, subject to any
<br />easements and restrictions tietetl ir, a Schedule of exceptions to coverage in any title insurance policy in-
<br />suring Lender's interest in the Property, or t2) attt~rney's opinion of title Pram abstract of title certified
<br />by banded abstracter.
<br />I'aovto&r, AL:'s~Y:i, and thane pretxnts ere executed and delivered u~tn the fallowing c°onditians, agree-
<br />mints an;z ali1F„atltis at t'te ;;or=ewer. tti-•~•t
<br />The $oF~iiwer _rees to pat to ilFr I,~-~dt'r, ar ender, the pri tiipai sum of ~ZGHT~ T~~S -
<br />. _.
<br />if01.t.QQ--,- ---_---_------_.--_.--°_--.---- -------------llollars {t'S ~ so,i3Q0 Qa _ >
<br />payaisle as provided in a note executed and cxelivercd, concurrently herewith, khe final payment of principal,
<br />if not saatFer paid. an the ._ ..l:ir'st. tlay of OC.t;aber ,7~rEls ~CI04
<br />IfNiroent Cttvr:*t~nzs. BcFrrawer and Lender covenant and agree as follows:
<br />1. Pigment of Principal mtd Internat. I3orrawe_r shalt pramptty pay when due the priFa~:i}-131 of and in-
<br />tere.~t an the indebtedness evidenced by the Note, prepayment and late charges as provute~i in the: Nate,
<br />and the principal of and interest an any Future Advance; secured by this; \9ortgage•
<br />2. Farads for Taxes and Insurance. Sabject to Lender's option under paragraphs 4 and i~ hereof, Bor-
<br />rx>wer shall pay to Lender an the clay manihly installments of principal and interest are payable under the
<br />Note, until tho ivate is paid in foil, a sum (herein "Funds"} equal to one-ts4°elfth of the yearly taxes and
<br />Yssossments which may attain priority aver this lviortgage, and gratmd rents an the Property, if any plus
<br />one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium in-
<br />stallments far mortgage insurance, if env, all as reasonably c~stintated initially and from time to time by
<br />Lander sin the basis of assessments and bills and reasanabte estimates thereof, Lander shall apply the Funds
<br />to pay saki texas, asmettts, insurance ptemiutns and ground rents. bender shall make nn charge far sa
<br />holding and aunli~irtg the Funds ar vsifying and catnpiIing said asa~~mants and bills. 'I'he Lender shall
<br />give to the Harrower, without charge, an annual accounting of the Funds showing credits and debits to the
<br />Funds and the purpose fine which each debit: to the Funds was made. The 'Funds are pledged as additional
<br />security far the sums secured by this Mortgage. The Harrower agrees that the Funds may he hold by the
<br />Lender and commingled with other funds and the Lender's awn funds anal the Lender may pay such items
<br />fmm its own funds and the Lender shall net be liable far interest or dividends on such Funds.
<br />Ii the amount of the Ftm~. held by Le-rider, together with the future monthly instai7attents of Funds
<br />payable prior to the due dates a# flexes, assessments, insurance premiums and ground rents, shall exceed
<br />the amount required to pay said taxes, ass~nents, insurance premiums and ground rents as they fall due,
<br />such excess shall be, at orrawer's option, either promptly repaid to Borrower or credited to Bormwer on
<br />monthly installments of Funds. If the amotmt of the Funds held by Lender shalt not be sufficient to pay
<br />taxes, assessments, insurance premiums and ground rents as they fall due, Hormwer shall pay to Lender
<br />any amount necessary to make up the deficier-cy within thirty days after notice fmm Lender to Bormwer
<br />requesting payment thereof, or Harrower shall, by an irterease in monthly installments of Funds required,
<br />repay the denciency within the Fund accounting peeled.
<br />Upon payment in full of ail sums secured by this Mortgage, Lender shaFF apply Funds held as a credit
<br />against all sums due.
<br />
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