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GORPORATiON ~!~~ ~ DUE ON SALE !'~ OPTIONAL FUTURE ADVANCES ^ ~^~ Fortre No. 721 - (,~ Loan Number___k578___ _18_______1__ type a..+un 8d~.Of1~5?~ MORTGAGE THI5 MORTGAGE, made and executed this __\111,.....__._. day of ....., kxaiv.~„~it...--._ A.D., 19.4.Q.., between the Mortgagor, .-.WESTERN HEIGHTS DEVELOPMENT C0.-___.___--_-_---------------..-.. _- -- _.. - - - _ .-..... _. - ... - - - .._ .. .. , a ration ~~ , organized and existing under and by virtue of the laws of the State of . ,Nebraska ,...:_ . herein. after referred to as +he Borrower, and the Mortgagee, FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF LINCOLN, 1235 '~" Street, Linrnln, Nebraska 68501, its successors and assigns, hereinafter referred to as the Lender. WtxxnssE2s: That the said Borrower for and in consideration of the sum of T1??RTY_ S3X-THOUSAND AND-.NO(100---.------.---.--------.----.---. .........-.Douars fU5$_3i,QO0.C9...._ ..............) paid by said Lender, does hereby mortgage, grant and convey to Lender, its successors and assigns; the following described property located in the County of .....Wall-- ------------ -_--_-_--_. State of Nebraska: Lot Eight (8), in Block Thirty Two (32!, in Lambert's Addition to the City oP .;rand Island, Hat County, Nebraska. TOCETFiF.a with all the improvements now or hereafter erected nn the property, and all easements; rights, appurtenances, rents, royalties, mineral, oil and gas rights and profits, water, water rights, and water stock, and all fixtures now or hereafter attached to the property, all of which, including replace- ments and additions thereto, shall be deemed to be and remain a part of the property covered by this Mortgage; and all of the foregoing, together with said property for the leasehold estate in the event this Mortgage is on a teasehofd) are herein referred to as the "Property". Borrower covenants that Bormwer is lawfully seised of the estate hereby conveyed and has the right to mortgage, grant and convey the Property, that the Property is unencumbered, and that Borrower will warrant and defend generally the title to the Property against all claims and demands, subject to any easements and restrictions listed in a schedule of exceptions to coverage in any title insurance policy in- suring Lender's interest in the Property, or {2) attorney's opinion of titre from abstract of title certified by lx~nded abstracter. Paovtoeo At,wnvs, and these presents are executed and delivered upon the following conditions, agree- ments and obligations of the Borrower, to-wit; The Borrower agrees to pay to the Lender, or order, the principal sum of .THIRTY SIX THOUSAND.„- _AND NO%100----°--------------------------------- _...- - ._......_.._ ............._......-._ - - -- _ _- .Dollars {US S. 36-,000,OQ._- ._.. _..-...) payable as provided in a note executed and delivered, concurrently herewith, the final tiayment of principal, if not sooner paid, on the . -._-first.--.._._ day of _.-...fiovemter- .._ _ .--.-- , 1~..2Q01 LlxtFOent Cov~vnxTS. Borrower and Lender covenant and agree as follows 1. Payment of Principal and Interest Borrower shall promptly pay when due the principal of and in- terest on the indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. 2. Funds for Taxes and hvyur~ce. Subject do Lender's option under paragraphs ~1 and 5 hereof, Bor- rower shall pay to Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein `'Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority over this ;Mortgage, and ground rents on the Pmperty, i[ any plus nne-)twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium in- stallments far mortgage insurance, if any, all as reasonably estimated initialh• and fmm time tit time by bender on the basis of assessments and hilts a1d reasonable estima`,es thereof, Lender shah apply the Funcls to pay said taxes, assessments, insurance premiums and ground rents. Lender shall make no charge for so holding and applying the Funds or verifying and compiling said asxssments and hilts. The Lender ahal! give to the Borrower, without cl•,arge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Functs are pledged as additional security-for the sums secured by this Mortgage. The Borrower agrees that the Funds may he held by the Lender and commingled with other fu_ndu ar,~3 the t~°ndee's r. ^ rands and •!:~ I °;::ler may f:a}• sxh i ~..~ frani-its own funds and the Lender shall not be liable far interest or dividends on such Funds. If the amount of f-he Funds held by Lender, together with the future monthly instaihnents of Funds payable prior to the dos dates of taxes, assessments, insurance preriums and ground rents, ,hail exceeed the an:ounf required to pay said taxes, aeaessrnenty, insurance premiums and ground rents as they fall clue, such ex:eas shall he, at Borrower's option, either pmmptly repaid to Borrower or e•redited to Borrower on montYdy installments aP Funds. If the amount of the Funds held by Lender shall not tre sulficienY to pay taxes, assessments, it>,vurance premiums and ground rents as they fall due, Borrower shall pay to lx,nde:r any amtiurit n~es,~ary fo make up the deficrienc-y within thin}- days after notice from f.enefer io Borrotiver rr.~iu€~tine navment f~r.•~f. s•s Borrower sh.;ll, by an in:;rease in .E~onthly lns€rlimt~::v-> ,.3f l:unci required, repay tlse tlufie;Pnry within the Fr:nd arcounting ]~ricuf. L!ixrn payment in full of all sums ~•ural by this Mortgage, I,r-nder..hall aplrh~ Fund-. held as :, .:relit against sl! sorts du~•.