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� �.;;; . �� •,:.•� ` � � � � . . � _ �►sr�. �3(�>�,'4 3 � REAL 'ESTATE MORTGAGE �� Lyle E. Richards and Susan C. Richards, husband and. wi+�e, David E_ E23.ington and L�uise .F,.. E1lington, husband ancl wif�, Gorc3on I. T•'telkus ; anc3 Rona Rae I. Melkus, husband and wife, and Richard L. Car�ent�r anc�i Carole F. C.arpenter, husbanc3 anc3 wif.e, and each o� thexa senarately, he�'ein:called ��e L4ortgagors� i� co:zsi3erat;or �f mt.T�„+�r—f,ve mhtausand Fi�e Hundred' and No/100 rJoTlars ($25, 500.00? c�o herebv mortgaGe .to Grand Island In�lustrial .Foundata_on, a r?ebraska corporatian, rerei.n -ca�leci tne "riortc3agee, the foTlowing described real estat� in Hall County, and State of Ne}�raska; Lots �'wo (2) . Three (3) . Four 1�) .�`-,� F'-y� E 5! ; Grand Island Industria.Z Founclation _Subc,'ivision Hali �ounty, N�braska_ This Purchase L•Soney Mortgage is given to secure the payment of the principal s�am of Twenty-£iva Thausand Five Hundred and No%i00' Dol.lars ($25,500.00) and interest tYxereon, accor8ing to the terms of a certain 'Promissory 3�dote of evan date, execu�ed by the P'iortqagors to the Mortgagee, due the 28th day of Anril, 1981. The Dlortgac�ors agr.ee to pay� a11 taxes ancl assessments upon said premises and a11 other taxes, levies and assessments levied upan-this Mortgage and the Note whici�" this Mortgage is given ta secure before thc same become delinqusnt. In the event the Mortgagors shall fail to pay such taxes be£ore delinquent, the Mortgagee may pay such taxes or' other liens and shall have a lien secured hereby for the amount so ad�anced with i�nterest thereon at the rate of elPven per cent {11�} per annum. In the eve�t o£ defau2t in the perfcrmen^c ^f r,y �� _he tierms an� conditions of this P�ortgage or the Note s�cured�by it, the b4ortqagee sha11 be entitled to immediate �ossession of �he nroperty above described and a11 the rents, revenue and incorne deriveci t?zere�rom dur�ing such time as the Mortqage indebtedness re.rnains unt�aid shall be , applied by the �iortgagee to the payment of the Note and a11 other sun-�s secure�' herehy after deduction of 'any necessary. costs af collec:tion. In the everit tne Mortgagors default in t�e payment o£ said inc�ebtedness or any instaliment thereof, or fail to perform any of the other agree�ents herein, thc A?ortgagee at its eZection may cleclare � the entixe debt secured by this rlortgage to b�e due and collectable at .. � � � viiGEi nitu: ivay. ivicCivSc ��i'iiS i"Oi.�'.7vy� '.F.^.� +i-�A cat_gfa�r_t=nn .t1'lP'r"ah'�_ . � � � ��. "1'he Mortgagors shaZ1 be entitled to receave nartial releases fram this Real �state 1�?ortgage on the following conditions. (I} the purpose of the �elease must be to allaw �qort_qagors to convey th� re?easefl portion of the real estate ta a third party who is then a _ bor_a fide present purchaser of the real estatz and (2) the release must be for one of the entire lots described in the h?ortgage or a subdivision of said lot which has been plotted according to law and ugcsn approval o� all qovernmental agencies having zoning and �latting jurisdiction thereover and with the prior written approval of Mortcrage� anci (3� the terr�s of this h?ortgage and the No-�e which it secures car�not be in de€ault at the time of the nartial release and (43 the �; unpaid balance of princinal then remaininq unpaid shall be not more than seventy-tive per cent ("75�) of the n�mber of. dollars deterr*�ined by multip2yinq ia) the ratio nf the number of square feet of the real �� `��r � �- �.,;; _i- �, `� � ,� �