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<br />REAL ESTRTE MIORTGAGE
<br />KNOW ALL MEN BY THESE PRESENTS: That THE FiRS't NATIONAL DANK OF GRAND ISLAND,
<br />7RUSTEE, GRAND ISLAND, NEBRASKA, a corporation organized and existing under and
<br />by virtue of the laws of the State of Nebraska in consideration of the sum of
<br />THIRTY EIGHT THOUSAND AND NOf1Q0 -------------------------------------DOLLARS
<br />{ 538,000.00 ) in hand paid, does hereby SELL and CONVEY unto THE FIRST NATIONAL
<br />BANK OF GRAND ISLAND, GRAND ISLAND, NEBRASKA of Hall County, State of Nebraska
<br />the following described premises situated in Hall County, and State of Nebraska,
<br />to-wit:
<br />LOTS ONE (1) AND TWO (2) IN 8LOCK SIXTY-ONE (61),
<br />ORIGINAL TOWN OF GRAND ISLAND, HALL COUNTY, NEBRASKA.
<br />The intention being to convey hereby an absolute title in fee simple.
<br />TO HAYS AND TO HOLD the premises above described, with all the appurtenances
<br />thereunto belonging unto the said FIRST NATIONAL BANK OF GRAND ISLAND, TRUSTEE
<br />and to its heirs and assigns forever, provided always, and these presents are
<br />upon the express condition that if the said FIRSt NATIONAL BANK OF GRAND ISLAND,
<br />TRUSTEE or assigns shall pay or cause to be paid to the said FIRST NATIONAL BANK
<br />OF GRAND ISLAND, GRAND ISLAND, NEBRASKA heirs, executors, administrators or assigns,
<br />the sum of THIRTY EIGHT THOUSAND AND NO/100-----DOLLARS, payable as follow, to-wit:
<br />Nate payable five (5) years from date of Note, with interest at the rate
<br />of nineteen and one-half (19~%) per annum, and installments, including
<br />principal and interest, each in the amount of $996.22 payable monthly,
<br />beginning one (1) month from date of Note, and the balance of principal
<br />and interest payable five (5} years from date of Note. Undersigned further
<br />agrees that, upon the expiration of a full six month period subsequent to the
<br />date hereof, the rate of interest herein shall increase or decrease according
<br />to changes in the prime rate of the First National Bank of Grand Island,
<br />Grand Island, Nebraska. The change in the rate of interest shall be
<br />determined and become effective as of the first day of each six month period.
<br />Undersigned further agrees that the monthly payments will be ad3usted upward
<br />or downward to correspond with the interest rate adjustments so that payments
<br />will always be sufficient to fa_i3,~ amortize the then unpaid balance of the loan
<br />within the term specified above.
<br />Undersigned shall pay all taxes and assessments levied upon said real estate and all
<br />other taxes, levies and assessments levied upon this mortgage or the note which this
<br />mortgage is given to secure, before the same becomes delinquent, and keep the buildings
<br />on said premises insured for the sum of b38,000.00, loss, if any, payable to the
<br />said mortgagee, then these presents to be void, otherwise to be and remain in Full
<br />force.
<br />IT IS FURTHER AGREED, That if the said mortgagor shall fail to pay such taxes or
<br />procure such insurance, the said mortgagee may pay such taxes and procure'such
<br />insurance; and the sum so advanced, with interest at 19 per cent shall be repaid
<br />by said mortgagor, and this mortgage shall stand as security for same. That a failure
<br />to pay any of said money, either principal or interest when the same become due, ar a
<br />failure to comply with any of the foregoing agreements, shall cause the whole sum
<br />of mpney herein ttr become due and collectable at once at the option of the mortgagee.
<br />IN WITtiESS WHEREOF, the said FIRST NATIONAL BANK OF GRAND ISl,~,•~71r6..has hereunto
<br />caused its Corporate to be affixed and these presents to be +~drtby Senior Trust Officer
<br />thi s d~}'~ day of {~ j _ 1981. ~,
<br />THE Fi ST tTIi1 NiE I5LAN0,
<br />TRUE ~ ~' _
<br />,Iary~ r ~~''t feS. ~ --~-
<br />'J $~n~nr 1'r•ust Clfficer
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