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<br />SQ - t'tt? ~f i5
<br />MORTGAGE
<br />This Mortgage made this 30th day of September, 1980, between JAMES
<br />E. KEESFFAN and MARY ANN KEESHAN, husband and wife, hereinafter called
<br />"Mortgagor", and THE ALBION NP_TIONAL BANK OF ALBION, NEBRASKA,
<br />hereinafter called "Martgagee".
<br />IN CONSIDERATION of the Mortgagee releasing the mortgage it had
<br />against Lot One (1), Block Two (2), Fairview Addition to Albion, Nebraska,
<br />and as additional security for the Thirty Thousand Dollars advanced by
<br />Mortgagee to Mortgagor on January 25, 1979, which is evidenced by a pro-
<br />missory note of said date ("the Note") which this mortgage secures the
<br />Mortgagor, jointly and severally if more than one, hereby mortgages to
<br />the Mortgagee the following 'described real property situated in the
<br />County of Ha11, State of Nebraska, and described as follows:
<br />Lot Thirty-four (34}, Western Heights' Third Subdivision, Hail
<br />County, Nebraska, subject to the first mortgage of Security Fed-
<br />eral Savings and Loan Association of Schuyler, Nebraska, which
<br />is in the original principal amount of $23,000.00, dated August 8,
<br />1980, and filed in the office of the Register of Deeds of Hall
<br />County, Nebraska, August 11, 1980, as Instrument No. 80-004174.
<br />Together with all rents, easements, appurtenances, her-editaments, in-
<br />terests in adjoining. roads, streets and alleys, improvements and
<br />buildings of any kind situated thereon and all personal property that
<br />may integrally belong to or hereafter become an integral part of such
<br />buildings and improvements, all crops raised thereon and all water
<br />rights benefiting or appurtenant to such real property (collectively
<br />"the Property").
<br />Mortgagor covenants with Mortgagee and its successors in interest
<br />that (i) Mortgagor holds title to the Prcl;erty ir, fee simple and has
<br />lawful authority to mortgage the same, (ii) the Pror~ertz: is free of
<br />liens and encumbrances e::cept as stat.c.d above, and (iii) Mortgagor will
<br />defend the Property aclainst the lawful claims of any person ar entity.
<br />1 PAYMENTS Mortga .ar shall prant:^t1; r.^.ake al.l p~ymer.t,~ ..~-
<br />guired under the'-Note. and any other instrument securing the Note
<br />2. TARES. Mortgagor shall pay each installment of all taxes' and
<br />special assessments of every kind, now or hereafter levied and assessed
<br />against the Property or any part thereof before the same become delin-
<br />quent, without notice or demand and shall provide Mortgagee with evid-
<br />ence of the payment of same. Mortgagor shall pay all taxes and assess-
<br />ments which may be levied upon Mor*_gagee's interest herein or upon the
<br />Mortgage or the debt secured hereby without regard to any law that may
<br />be enacted imposing payment of the whole. or any part. thereof t.~pon the
<br />Mortgagee,
<br />3. INSURANCE AND REPAIRS. Mortgagor shall maintain fire and ex-
<br />tended coverage iisuranc'e insuring the improvements and buildings con-
<br />stituting part of the Property for an amount equal to the actual cash
<br />value of such improvements, exclusive of foundations, but in no event
<br />for an amount less than the amount of the unpaid principal balance of
<br />the Note. Such insurance policies shall. contain a standard mortgage
<br />clause in favor of Mortgagee and shall not. be cance.ll~tble~, te~rm.in~tbl~~
<br />or madifiable without ten (l0) days written notice to Mortgayee.
<br />Mortgagor shall promptly repair, maintain and replace the 1'roc~erty m-
<br />any part thereof so that, except for ordinary wear and tear, the
<br />Property shall not deteriorate. In no event shall. the Mortgagor
<br />commit waste on or to the Property.
<br />4. OPTIONAL ADVANCES. If the insurance rtyuircd above is nc~t
<br />promptly effected, or if the taxes or special assessments levied and
<br />assessed against the Property shall. become delinyua3nt, Mortyayue
<br />(whether electing to declare the whole mort.gaye ciue :utd callect.ible or
<br />PAGE: 7 GE 2
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