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<br /> � �,� - Q0553 6
<br /> (? REAL ESTATE MORTGAGE
<br /> 1:
<br /> :KI�IOW ALL MEN BY`THESE PRESENTS:
<br /> + That James S. Reed and Precious A_ Reed, husban.d and wife,
<br /> _ ° as joint tenants with right of, survivorship, each in his and i
<br /> her own right and as spouse,of the other, (hereinafter knawn
<br /> a� Mortgagor) of Hall County, -State of Nebraska, in considera=
<br /> ,`tiun c�f a" Term Loan Agreement, dated April � G , Z977, �Y —
<br /> and between the Mortgagee and True Value Home Center, Inc. , a
<br /> � Nebraska Corporation, under which the Mortgagee will loan to
<br /> True Value Home Center, Inc, siuns of`money up to $250,000.00,
<br /> ; do hereby sell and convey unto Co�nercial National 33ank and
<br /> Trust Company of Grand Island, Nebraska, of Ha11 County Nebraska,
<br /> f the following described premises in Hall County, Nebraska, to-
<br /> wit:
<br /> � Hidden Lake Sub. , Nor 2, Lot 13 (229 S . Lakeside Drive), Grand
<br /> �, Island, Hall Co. , Nebraska
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<br /> s T0 HAVE AND,TO HOLD the same, together with all and singu- �'
<br /> � ;; lar the tenements, hereditaments and appurtenances thereunto
<br /> ° belonging, forever, and warrant the title to the same.
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<br /> Provided always, that this instrument is executed and de-
<br /> livered to secure the payment of all sums now or hereinafter
<br /> advanced` to True Value Home Center, Inc. under the Term Loan
<br /> Agreement set forth above, with interest therean, together with
<br /> � such charges and advances as msy be due and payable to ssid
<br /> � Mortgagee under such terms and cond3tions, however evidenced,
<br /> whether by note, account or otherwise. This mortgage shall re-
<br /> main in full force and affect between the parties hereto and the
<br /> heirs, personal representatives, auccessors, and assigns, eintil
<br /> all amounts secured hereu�der, inclisding future advanees, are
<br /> paid in full with interest.
<br /> ,, The Mortgagors hereby assign to Mortgagee all rents and in-
<br /> come arising at any and all times from said property, and here-
<br /> b3r authorize said Mortgagee or its agent at its option upori de-
<br /> fault, to take charge of said property and coLlect aii rents
<br /> � ar�c� incc�aie therefrom and apply the same to the payment of Snteres�,
<br /> j principal, insurance premiums, taxes, as�essments, repairs or im-
<br /> a proveme�ts necessary to keep said property in tenantable condition
<br /> or to other charges �r pa�ments provided for herein or in the note
<br /> ' or ziotes, whenever made, hereby secured. This rent assignment shaZl
<br /> ' � contfinue in' force until the unpaid balance of said note or notes
<br /> ' is fu11q paid, and all conditions and covenants of said Term Agree-
<br /> � ment are compiled withs The takirsg of possession hereunder shall
<br /> � in no•maan,er prevent or retard said Mortgagee in the colle+ction „ : � '=`,�"k�., '
<br /> ', - of said sums by foreclosure or otherwise. ��''",i,� ��
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<br /> � The- faiiure of said Mortgagee to assert anq of its � rights � ` "`��
<br /> hereunder at any time shall not be construed as a raaiver of its � °� ��t•�
<br /> xig�it tc� ass�rt the same at any Iater time, and to insist upon
<br /> and e�nforce strict ccnaglisnce with all the" terms and provisions � ,M "
<br /> of said note, or noteB,'term agree�nent, and of Chis m�artgage.
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