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<br /> REAL fiSTATG MO1tTGAGE
<br /> KNOiJ ALL PSEN BY THESE PR�StiNTS:
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<br /> That, Grand Island School of ]luainess, Tnc., a corporation, duly orsanized and
<br /> existing under the LIIWS of the Stal'e oL Nebraska, us morCgagor, in considerntiou
<br /> of ONE IIUNDRBD lIPTY-SEVEN TfiOUSAND SIXT]-EIGHT AND 72/100 DOLLARS ($157,OG8.72),
<br /> in hand paid, do hereby grant, bargain, sell and convey unto The First National
<br /> Bank of Grand Island, Grand Island, NeUraslca, a banking corpor�tion of Crand
<br /> Island, Nall County, NEUraska, as mortgagee, tlie following descriUed real estute
<br /> situated in liall Countp and St.tte of NeUraska, to-�ei.t:
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<br /> l.ot Seven (7) in lllock Sixty=lhree (G3), in the Original Town,
<br /> now Gity of Grand Island, Ne6raska, in Hall County, NeUraska.
<br /> Tlie Southerly lialf (S�) of Lot Five (S) und the Soutlierly 11a1f
<br /> (S�) of Lot Six (6), nll in Block Seventy-Nine (79), in the
<br /> Original Town, now City of Grnnd Island, in llall County, �ebraska,
<br /> +,, ( together with all improvements thereon, in�luding all heating, gas and plumbing
<br /> apparatus and fixtures and appurtenances thereunto belonging; and all covenattts
<br /> and all title deeds running with such lands; and a11 rents, issues, �tnd profits
<br /> e : arising therefrom after default in performance of any covenant and condition
<br /> herein contained; the intentian heing to convey hereby an absolute title in fee
<br /> h' simple and to convey all und every riglit, title and interest of such Grand Island
<br /> f : School of IIusiness, Inc., a corporation, in and to such properCy.
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<br /> The mortgagor does liereby covenant caith the mortgagee, its successors and asaigns,
<br /> that it is lawfully seized of said premises; that such premises are free from
<br /> encumbrances, except as herein stated, and Chnt they will warrant and defend
<br /> said premises against lauful claims of any and all persons whomsoever.
<br /> ` To have and to hold tlie premises above described with all improvemenCs thercon,
<br /> _" includiu all heatin as and lumbin a aratus and fixtures and all a urtenances
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<br /> thereunto belonging unto the said The Pirst National IIank of Grand Island, Grand
<br /> � ;, Islnnd, Nebraska, and to its successurs and :��si�ns furever, provid�d always, und
<br /> these presents are upon the express condition that it the said mortgagor, its
<br /> successors or assigns, shall pay or cause to be paid ta The Pirst National Bank of
<br /> Grand Island, Grand Island, Nebraska, its successors or assigus the sum of
<br /> ONE HUNDRED FIFTY-SEVEN TROUSAND SIa"fl-EIGRT NND 72/100 DOLLARS ($157,06&.72),
<br /> plus interest at Ten Per Cent (10"/<) per amium, paya6le in three annual insl-allments
<br /> � of FIFfY-TWO THOUSAND TRRGE HUNDRED FII'TT-SIR AND 24/100 UOLLARS ($52,35G.24), plus
<br /> interest to date of payment on the First day of October, 1977; the Fitst day of
<br /> r': October, 1978, and the First day of October, 1979, all according to the tenure and
<br /> ' ' eFfect of Che one prom3ssory note of the mortgagor bearing even date iaith these
<br /> ; presents; shall pay all taxes and assessments levied upon such reul estate, and
<br /> all other taxes, levies and assessments levied on this mortgage or upon note �ahich
<br /> this mortgage is given to secure before the same Uecomes delinquent; shall keep [he
<br /> huildings on said premises insured for tt�e sum of at least $300,000.00 loss, if any,
<br /> payaUle to such mortgagee, its successors or assigns, the policies for said insurance,
<br /> and shall not permit or commit any tauste upon such re:�l property, then these presents
<br /> i', ' to be void, otherwise to be 1nd remain in full force and effect.
<br /> IT IS FlJRT1iER AGRF.ED:
<br /> (1) That if the said mortgagor shall fail to pay such ta�es or procure such
<br /> insurance, the mortgagee, its successors or assigns, may pay such taxes
<br /> , an1 pro�ure such insurance and the sum so advanced with interest al Ten i
<br /> � Per Cent (107) per annum, shall Ue paid by the said mortgagor and this
<br /> mortgage shall stand for security of thc same.
<br /> (2) That failure to pay any of said money, either principal or interest, '
<br /> when the same becomes due, or a failure to comply with any of the Eoregoing
<br /> agreements, shall cause the whole sum or sums of money herein secured to
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<br /> become due and collecCible at once nt the option of the mortgagee, its =
<br /> successors or assigns. � N n
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