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MORTGAGE 86- 101215
<br />into between lamac W Ketphn and Virginia L_ Knehn
<br />(herein "Mortgagor") and
<br />FIVE POINTS BANK (herein "Mortgagee").
<br />Mortgagor is indebted to Mortgagee in the principal sum of $ 17, 8110 -110 , evidenced by Mortgagor's note
<br />da3ed Marr6 12. 1986 (herein "Note,) providing for payments of principal and interest; with the balance of the
<br />isdebtedness if not sooner paid, due and payable on March 15, 1996
<br />Toucan the payment of the Note, with interest as provided therein, the payment of all other sums, with interest,
<br />advimced. by Mortgagee to protect the security of this Mortgage, and the performance of the covenants and agreements of
<br />t11e`J prtgpgor contained herein, Mortgagor does hereby mortgage and convey to Mortgagee the following described
<br />property located in VII County, Nebraska:
<br />Lot Nine (9), Block Four (4), Schimmer's Addition to the City of Grand Island,
<br />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 />.propperty„
<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 />IB The Property is subject to a Mortgage wherein __Five. Pgint�Bank__ __
<br />is the Mortgagee, recorded)A 14ti6Y_ ,Yagu.—_ _ of the Mortgage Records of Hall— County,
<br />Nebraska, which Mortgage is a lien prior to the lien created hereby.
<br />O Other prior liens or encumbrances:----_
<br />8. Taxes, Apemments. To pay when due all taxes, special assessments and all 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. Invarance. 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. In 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 />Own until the sums secured hereby we paid in full.
<br />S. fJ Eurew For Taxes and Ina¢ance. Notwithstanding anything contained in paragraphs 3 and 4 hereof to the
<br />eontceey, Mortgagor shall pay to the Mortgagee at the time of paying the monthly installments of principal and interest,
<br />q**4welt"di of Uw yearly taxes, assessments, hazard insurance premiums, and ground rents (if any) which may attain a
<br />priority am Ibis Mortgage, all as reasonably estimated from time to time by the Mortgagee. The amounts so paid shall be
<br />held by me Mortgagee without interest and applied to the payment of the items in respect to which such amounts were
<br />depaAW. T1te sums paid to Mortgagee hereunder are pledged as additional security for the indebtedness secured by this
<br />L Nortgage. Mortgagor "i pay to Mortgagee the amount or any deficiency between the actual taxes, assessments, insurance
<br />premiums and ground rents and the deposits hereunder within 10 days after demand is made upon Mortgagor requesting
<br />payment thereof.
<br />g. Repair, Maintenance and rise. 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 />otb"Hemc not expteply 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 requirernants of law with
<br />rvWtl to the Property,
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