|
S®'~' ~~~ PURCHASE MONEY REAL ESTATE MORTGAGE
<br />SAMUEL N. WOLBACH, Mortgagor, in consideration of ONE HUNDRED
<br />FIFTY-ONE THOUSAND TWO HUNDRED DOLLARS ($151,200.00), mortgages to S.
<br />N. WOLBACH and THE FIRST NATIONAL BANK OF GRAND ISLAND, Trustees of the
<br />Betty V. Wolbach Trust created by the Declaration of Trust dated
<br />February 21, 1.976, made by Betty V. Wolbach, Grantor, and S. N. Wolbach
<br />and The First National Bank of Grand Island, Trustees, Mortgagees, the
<br />following described real estate in Aall County, Nebraska:
<br />The North Thirty-Five 435) Feet of Lot Four (4) and all
<br />of Lot Five (5) in Block Pour (4) in Replat of Riverside
<br />Acres Addition, an Addition to the City of Grand Island,
<br />Hall County, Nebraska, as surveyed, platted and recorded.
<br />This Mortgage is given to secure the payment of the principal sum
<br />of $151,200.00 and interest from January 11, 1980, at twelve (12)
<br />,percent per annum, gayable in installments according to the te-ms of a
<br />Purchase Money Promissory Note dated January 11, 1980, executed and
<br />delivered by Mortgagor to Mortgagees, the principal and interest being
<br />payable in installments as follows:
<br />$15,120.00, with interest, on 3anuary 11, 1981;
<br />$15,120.00, ;with interest, an January 11, 198?;
<br />$15,120.00, with interest, on January 11, 1983;
<br />$15,120.00, with interest, on January 11, 1984;
<br />$1~,i2°v.flv, with inceicst vn ~, ~~um 11 19°5•
<br />$15,1201.00, with interest, on January 11, 1986;
<br />$15,120.00, with interest, on January 11, 1487;
<br />$15,120.00, with interest, on January 11, 1988;
<br />$35,120.fl0, with interesi:, on January 11, 1989; and
<br />$15,120.00, with interest, on January 11, 1990.
<br />The Purchase Money Promissory Note provides that time is of the
<br />essence of the Purchase honey Promissory Note, and if default ~s made
<br />in the payment of any installment of principal or interest, the holder
<br />of the Purchase Loney Promissory Note may, without notice or demand,
<br />declare }fie entire principai sum then unpaid, together with accrued
<br />interest, ismediateiy dae and payable. Upon default of payment of any
<br />instaileent, the unpaid balance of principai beats interest at the
<br />highest iegai rate.
<br />Mortgagor agrees to pay ull taxes and assessments upon the real
<br />estate and all other taxes, levies and assessments levied upon this
<br />Purchase Money Aeal Estate Mortgage and the Purchase Money Promissory
<br />Mote whic3a this Purchase Money Real $state Akirtgage is given to secure
<br />before payment is delinquent. Zf Mortgagor fails to pay the taxes or
<br />assessments before delinquent, Mortgagees may pay the tales or assessments
<br />or Bather liens and are given a lien secured by this Mortgage for the
<br />amounts advanced with interest at the highest legal rate.
<br />Mortgagor has the right to prepay ail or part of the principai
<br />witlx~ut penalty an any annual installment payment date but without
<br />affecting the obligatian to make the required annual payments of principal
<br />anr3 interest.
<br />If Mortgagar defaults in payment of the indebtedness or any install-
<br />ment of principal os interest, or fails to perfozm any of the ether
<br />agreements in this 34cartgage, atortgagees, at Martgagees' election, may
<br />declare the Entire debt secured by this Mortgage due and payable at
<br />Dace, and fozec}ose this Mortgage for the satisfaction of the total
<br />aa>t slue.
<br />hated Jaeluary 11, 19813.
<br />~--
<br />i r i%'
<br />amue o achT-
<br />S3'A~ t>g 88$4S1US, L"QIIATY flI~ AALL:
<br />-fibs fQregcing inatrsl~nt was acknowledged before me this
<br />JtiaetSa;y 11, 1'980: by Samuel ~. Wolbach, Mortgagor.
<br />.° ~ ~ ~- - -
<br />~a~>~~TM
<br />- Notary Pu is
<br />
|