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80-- ~;~~~.~
<br />PURCHASE MONEY REAL ESTATE DiORTGAGE
<br />JERRY HAWLEY and BONITA HAWLEY, husband and wife, each in his
<br />and her own name and right and as spouse of each other, IdORTGAGORS,
<br />in consideration of TWENTY-SEVEN THOUSAND DOLLARS ($27,000.00),
<br />mortgage to WILDA DOBBERSTEIN, MORTGAGEE, the following described
<br />real estate (as defined in Section 76-201 of the Revised Statutes of
<br />Nebraska) in Hall County, Nebraska:
<br />The West Ten (10) Feet of Lot Five (5) and all of Lot Six
<br />(6) in Block Seventeen (17) in Original Town of Wood
<br />River, Hall County, Nebraska, as surveyed, platted and
<br />recorded.
<br />This Mortgage is to secure the payment of the principal sum of
<br />$27,000.00 and interest from June 1, 1980, at nine and one-half
<br />percent (9~,8) per annum, payable in 240 consecutive monthly install-
<br />ments of $251.68 each, according to the terms of a Promissory Note
<br />daces: June 1, 1980, executed ana delivered by Mortgagors to Mortgagee,
<br />the monthly payments (including pri~~ipal and interest) being payable
<br />as follows: $251.68 on July 1, 1980, and $251.68 on the first day
<br />of each month thereafter for 239 consecutive months until the entire
<br />unpaid balance of purchase price, with interest, is paid in full.
<br />The Promissory Note provides that time is of the essence of the
<br />Promissory Note, and if default is made in any monthly payment for a
<br />period of more than sixty {60) days, the holder of the Promissory
<br />Note may, without notice or demand, declare the entire principal sum
<br />then unpaid, together with accrued interest thereon, immediately due
<br />and payable. The Promissory Note cannot be prepaid by the maker
<br />without the prior written cansent of the Mortgagee.
<br />Mortgagors agree to pay all taxes and assessments upon the real
<br />estate and all other taxes, levies and assessments levied upon this
<br />Mortgage and the Note which this iortgage is given to secure before
<br />payment is delinquent. If Mortgagors fails to pay the taxes and
<br />assessments before delinquent, Mortgagee may pay the taxes and
<br />assessments or other liens and is given a lien secured by this
<br />Mortgage for the amounts advanced with interest at the highest legal
<br />rate.
<br />Mortgagors agree to insure and keep insured all buildings and
<br />improvements located on the real estate for protection against fire
<br />and other casualties in the sum of at least $25,000.00 to carry the
<br />insurance with a responsible insurance company duly licensed to do
<br />business in Nebraska, and to have the insurance policy endorsed faith
<br />a mortgage clause with loss payable to the "7ortgagee. Insurance
<br />proceeds received may be used to pay for reconstruction of the
<br />destroyed improvements or, if not applied for this purpose, may, at
<br />the option of the Mortgagee, be applied in payment of all or part of
<br />the unpaid indebtedness secured by this Mortgage. If Mortgagors
<br />fail to carry the insurance required by this paragraph, Mortgagee
<br />may purchase the insurance and is given a lien secured by this
<br />Mortgage for the amounts advanced with interest at the highest legal
<br />rate for the payment of insurance premiums.
<br />if Mortgagors default in making payment of any monthly install-
<br />ment far a period of more than sixty (60) days or fail to perform
<br />any of the other duties and obligations of iortgagors under th3:
<br />Mortgage, Mortgagee, at Mortgagee's election, may declare the entire
<br />indebtedness secured by this Mortgage due and gayable at once, and
<br />foreclose this Mortgage for the satisfaction of the total amount
<br />due.
<br />If the Mortgagee brings an action to foreclose this mortgage,
<br />the Mortgages shall be entitled to immediate possession of the real
<br />estate mortgaged under this Mortgage, and the court may appoint a
<br />receiver to take possession of the real estate, as provided by law.
<br />Any failure or delay of Mortgagee to exercise any of Mortgagee's
<br />rights or privileges under this Mortgage shall not be construed as a
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