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<br />86- 101508
<br />MORTGAGE
<br />This Mortgage is entered into between Dick D. Cisburn and
<br />Louise I. Osburn, husband and wife, as joint tenants and not
<br />as tenants in common (herein mortgagor) and The State Bank of
<br />Cairo, A Nebraska Banking Corporation (herein mortgagee).
<br />Mortgagor i.s indebted to Mortgagee in the principal summa
<br />of $5,557.74, evidenced by Mortgagors' note dated March,v'F7 ,
<br />1986 (herein Note) providing for payments of principal and
<br />interest, with the balance of the indebtedress, if not sooner
<br />paid, due and payable on March: 3 , 1989.
<br />To secure the payment of the Note, with interest as
<br />provided therein. the payment of all other sums, with
<br />interest advanced by Mortgagee to protect the security of
<br />this Mortgage, and the performance of the covenants and
<br />agreements of the Mortagagor contained herein, Mortgagor
<br />does hereby ,mortgage and convey to Mortgagee the following
<br />property located in gall County, Nebraska.
<br />Lot Nine (9) and the South Half (Si/2) of Lot Eight (8),
<br />in Block Five (5) in the Original Town of Cairo, Hall County,
<br />Nebraska.
<br />Together- with all buildings, improvements, fixtures,
<br />streets, alleys, passageways, easements, rights, privileges
<br />and appurtenances located thereon or in anywise pertaining
<br />thereto, and the rents, issues and profits, reversions and
<br />remainders thereo +, all of which, including replacements and
<br />additions thereto, is hereby declared to be a part of the
<br />real estate secured by the lien of this Mortgage and all of
<br />the foregoing being referred to herein as the "Propert-,.- ".
<br />Mortoaqor further convenants and agrees with Mortgagee,
<br />as follows:
<br />1. Payment. To ray the indebtedness and the interest
<br />thereon as provided lri this Mortgage and the Mote.
<br />�. Mortgagor is the owner o+ the Property. has the
<br />right and authority to mcirtgage the Property, and warrants
<br />that the lien created hereby is a first and prior lien or, the
<br />Property.
<br />_. To pay when due all taxes, special assessments and
<br />all other charges against the Property and, upon +,Jr'i.tten
<br />demand by Mortgagee, to add to the payment required under the
<br />Note secured hereby, such amount as may be sufficient to
<br />Enable the Mortgagee to pay such taxes, assessments Or- other
<br />charges as they become due.
<br />4. In the event the Property, or ap =y part thereoT,
<br />shall be taken by eminent domain, the Mortgagee is empowered
<br />to collect and receive all compensation which may be paid for
<br />any property taken or for damages to property not taken, and
<br />Mortgagee shall apply such compensation, at its option,
<br />either to a reduction of the indebtedness secs_ +red hereb;- or-
<br />to repair and restore the property so damaged.
<br />5. Mortgagee may, but sr,a11 have no obligation, to do
<br />any act which the Mortgagor i-,as agreed but -Fails to do. and
<br />Mortgagee may also do any act it deems necessary tc nrotE -ct
<br />the lien hereo -F. Mortgagor agrees to repay, upon demand, any
<br />SUMS so expended by thcl "tor- tgagee for the .a.bcvc r pC52s. and
<br />any rums 5o e >,penue-d by the Mortgagee shall be cteci to the
<br />indebtedrrees secured hereb,• and be=come sub_j rct r;_. Llrt• ? 1, f=rr
<br />he f. ^1v.'tgegee sh_ +11 , "Cl t Irlt :r nv per'sono1
<br />berct;'sE' >f sr:vth;:i;,4 it ,- pie •,r vn:i tv o !', "r r +,n:?i -r .
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