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<br /> 0-000071
<br /> REAL ESTATE MORTGAGE
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<br /> KNOW ALL MEN BY THESE PRESENTS:
<br />�` That, DRD Partnership, a partnership duly organized and existing
<br /> under the laws of the State of Nebraska, as mortgagor, in consideration of
<br /> NINETY-SIX THOUSAND AND NO/100 DOLLARS ($96,000.00), in hand paid, do hereby
<br /> grant, bargain, sell and convey unto The First National Bank of Grand Island,
<br /> Grand Island, Nebraska, a banking corporation of Grand Island, Hall County,
<br /> Nebraska, as mortgagee, the following described real estate situated in Hall
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<br /> County and State of Nebraska, to-wit:
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<br /> Lot One (1) in Webb Road Subdivision in the City of Grand
<br /> Island, Hall County, Nebraska, together with the benefit
<br /> of and subject to all easements of record,
<br />�V together with all improvements thereon, including all heating, gas and plumbing
<br /> tapparatus and fixtures and appurtenances thereunto belonging; and all covenants
<br /> i¢: and all title deeds running with such lands; and all rents, issues and profits
<br /> arising therefrom after default in performance of any covenant and condition
<br /> therein contained; the intention being to convey hereby an absolute title in fee
<br /> simple and to convey all and every right, title and interest of such DRD Partnership
<br /> in and to such real property.
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<br /> The mortgagor does hereby covenant with the mortgagee, it successors and
<br /> assigns, that it is lawfully seized of said premises; that such premises. are free
<br /> from encumbrances and that they will warrant and defend such premises against
<br /> ° lawful claims of any and all persons whomsoever.
<br /> TO HAVE AND TO HOLD the premises above described with all improvements
<br /> thereon, including all heating, gas and plumbing apparatus and fixtures and all
<br /> appurtenances thereunto belonging unto the said The First National Bank of Grand
<br /> Island, Grand Island, Nebraska, and to its successors and assigns forever, provided
<br /> always, and these presents are upon the express condition that if the said mortgagor,
<br /> its successors or assigns, shall pay or cause to be paid to The First National Bank
<br /> of Grand Island, Grand Island, Nebraska, its successors or assigns, the sum of
<br /> NINETY-SIX THOUSAND AND NO/100 DOLLARS ($96,000.00), plus interest at Nine Percent
<br /> (9%) per annum, payable on December 10, 1985, all according to the tenure and effect
<br /> of the one promissory note of the mortgagor bearing even date with these presents;
<br /> shall pay all taxes and assessments levied upon such real estate, and all other -
<br /> taxes, levies and assessments levied on this mortgage or upon note which this
<br /> mortgage is given to secure before the same becomes delinquent; shall keep any __:
<br /> buildings on said premises insured for the sum of at least $96,000.00 loss, if any,
<br /> payable to such mortgagee, its successors or assigns, and deliver to said mortgagee,
<br /> its successors or assigns, the policies for said insurance, and shall not permit or
<br /> commit any waste upon such real property, then these presents to be void, otherwise
<br /> to be and remain in full force and effect.
<br /> IT IS FURTHER AGREED:
<br /> 1) That if the said mortgagorshall fail to pay such taxes or procure
<br /> such insurance, the mortgagee, its successors or assigns, may pay such taxes and
<br /> procure such insurance and the sum so advanced with interest at nine percent (9%)
<br /> per annum, shall be paid by the said mortgagor and this mortgage shall stand for
<br /> security of the 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 foregoing
<br /> agreements, shall cause the whole sum or sums of money herein secured to become
<br /> due and collectible at once at the option of the mortgagee, its successors or assigns.
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<br /> 3) In case of a foreclosure of this mortgage under any of these provisions,
<br /> a receivor may be appointed to collect the rents, and profits from the mortgaged
<br /> premises and proceeds of any such rents and profits so collected shall be applied
<br /> on the debt secured hereby.
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