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11
<br />L
<br />MORTGAGE
<br />8$--. 100975
<br />This Mortgage is entered into between Gerald L-- Franzen and Sharon K. Franzen,
<br />nd and Wife
<br />Five Points Bank
<br />(herein "Mortgagor") and
<br />"Mortgagee ").
<br />Mortgagor is indebted to Mortgagee in the principal sum of $ . 18 , 000.00 , evidenced by Mortgagor's note
<br />dated 2 -25 -86 (herein "Note ") providing for payments of principal and interest, with the balance of the
<br />indebtedness, if not sooner paid, due and payable on February 2L' 1991
<br />To secure the payment or the Note, with interest as provided therein, the payment of all other sums, with interest,
<br />advanced by Mortgallee to protect the security of this Mortgage, and the performance of the covenants and agreements of
<br />the Mor(pgor contained herein, Mortgagor does hereby mortgage and convey to Mortgagee the following described
<br />property located in — Ha11_^ County, Nebraska:
<br />Lot Five (5) Bishop Heights Subdivision Part of
<br />the Southwest Quarter of the Northwest Quarter
<br />(SWkNW:) of Section Eleven (11), Township
<br />Eleven (11) North, Range Ten (10) West of the
<br />6th P.M. Hall County, Nebraska
<br />Together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and
<br />appurtenances located thereon or in anywise pertaining thereto, and the rents. issues and profits, reversions and remainders
<br />thereof; including, but not limited to, heating and cooling equipment and such personal property that is attached to the
<br />improvements so as to constitute a fixture; all of which, including replacements and additions thereto, is hereby declared
<br />to be a part of the real estate secured by the lien of this Mortgage and all of the foregoing being referred to herein as the
<br />Mortgagor further coneenants and agrees, with Mortgagee, as follows:
<br />1. Payment. To pay the indebtedness and the interest thereon as provided in this Mortgage and the Note.
<br />2. Title. Mortgagor is the owner of the Property, has the right and authority to mortgage the Property, and
<br />warrants that the lien created hereby is a first and prior lien on the Property, except as may otherwise be set forth herein.
<br />0 The Property is subject to a Mortgage wherein _._- _ _-
<br />is the Mortgagee, recorded at Book . Page _ - __ _.._ of the Mortgage Records of — County,
<br />Nebraska, which Mortgage is a lien prior to the lien created hereby.
<br />❑ Other prior liens or encumbrances:.-- _-- -- -. -. ___. _-------_ .._---- ---- _--- _-- -- _--- --_._ -- - --
<br />3. Taxes, Assessments. To pay when due all taxes, special assessments and ail other charges against the Property
<br />and, upon written demand by Mortgagee, to add to the payments required under the Note secured hereby, such amount as
<br />may be sufficient to enable the Mortgagee to pay such taxes, assessments or other charges as they become due.
<br />4. Insurance. To keep the improvements now or hereafter located on the real estate described herein insured
<br />against damage by fire and such other hazards as Mortgagee may require, in amounts and with companies acceptable to the
<br />Mortgagee, and with loss payable to the Mortgagee. to case of loss under such policies the Mortgagee is authorized to
<br />adjust, collect and compromise, in its discretion, all claims thereunder at its sole option, authorized to either apply the
<br />proceeds to the restoration of the Property or upon the indebtedness secured hereby, but payments hereunder shall con-
<br />tinue until the sums secured hereby are paid in full.
<br />5. 0 Fscrow For Taxes and Insurance. Notwithstanding anything contained in paragraphs 3 and 4 hereof to the
<br />contrary, Mortgagor shall pay to the Mortgagee at the time of paying the monthly installments of principal and interest,
<br />one - twelfth of the yearly taxes, assessments, hazard insurance premiums, and ground rents (if any) which may attain a
<br />priority over this Mortgage, all as reasonably estimated from time to time by the Mortgagee. The amounts so paid shall be
<br />betd by the Mortgagee without interest and applied to the payment of the items in respect to which such amounts were
<br />deposited. The sums paid to Mortgagee hereunder are pledged as additional security for the indebtedness secured by this
<br />Mortgage. Mortgagor shall pay to Mortgagee the amount of any deficiency between the actual taxes, assessments, insurance
<br />peradvrrn and ground rents and the deposits hereunder within 10 days after demand is made upon Mortgagor requesting
<br />payment thereof.
<br />t3. Repair, Maintenance and Ilse. To promptly repair, restore or rebuild any buildings or improvements now or
<br />hereafter on the Property; to keep the Property in good condition and repair, without waste, and free from mechanic's or
<br />otherfiena not expressly ,subordinated to the lien hereof; not to make, suffer or permit any nuisance to exist, nor to dimin-
<br />ish or impair the value of the Property by any act or omission to act, and to comply with all requirements of law with
<br />rrnprct to tha l*-414 -tty.
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