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<br />��: FIRST PURCHASE MON�Y �lORTGAG�
<br /> L� KNOW ALL MEN BY THESE PRESENTS:
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<br /> " That Chief Industries, Inc., a Nebraska corporation with offices
<br /> "' I in Grand Island, Hall County, Nebraska, in consideration of the sum
<br /> of One Hundred Thirty Nine Thausand Dollars ($139,000.00) in hand paid
<br /> does hereby sell and convey unto the Commercial National Bank and
<br /> Trust Company of Grand Island, Nebraska, as Trustee, the following
<br /> described premises situated in Hall County, Nebraska:
<br /> Part of the East Half (E'�) of Section Twenty Four (24) , in
<br /> Township Eleven (11) North, Range Ten (10) , West of the
<br /> 6th P.M., more particularly described as shown on Exhibit
<br /> "A" attached hereto and incorporated herein by reference.
<br /> � The intention being to convey hereby an absolute title in fee
<br /> simple, including all the x•ights of homestead and dower.
<br /> ,� TO HAVE AND.TO HOLD the premises above described, with all of
<br /> the appurtenances thereunto belonging unto the said mortgagee, its
<br /> successors and assigns forever, provided always, and these presents
<br /> are upon the express condition that if the said mortgagor, its
<br /> successors or assigns, shall pay or cause to be paid to the said
<br /> mortgagee, its successors or assigns, the principal sum of
<br /> t $139,000.00 payable as follows:
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<br /> A. $13,000.00 principal payable on April 1, 1976, and a
<br /> ' minimum of $14,000.00 on the same date each year
<br /> thereafter until the principal is fu11y paid.
<br /> B. Commencing April 1, 1976, the unpaid principal balance
<br /> will bear interest at the rate of 8% per annum and such
<br /> interest shall be payable annually on the same date
<br /> principal payments are to be paid.
<br /> t C. In addition to the minimum amount of $14,000.00 payable
<br /> in advance each April first, annually, if Chief Industries,
<br /> Inc. sells more than four (4) acres from the real estate
<br /> described in first purchase money mortgage securing this
<br /> f promissory note Chief Industries, Ir.c. shall pay within
<br /> 30 days following each such sale, an amount equal to
<br /> $3,500.00 per acre for each acre or portion thereof,
<br /> including one-half of abutting str.eets, alleys, and
<br /> easements which Chief Industries, Inc. sells in excess
<br /> of four acres. The payment by Chief Industries, Inc.
<br /> pursuant to this paragraph shall reduce the principal
<br /> and interest balance accordingly from the date of payment.
<br /> According to the tenor and effects of the mortgaqor's written
<br /> � promissory note bearing even date with this mortgage and shall
<br /> ` pay all taxes and assessments levied upon said real estate and
<br /> all other taxes, levies, and assessments levied upon this mortgage
<br /> or the note which this.mortgage is given to secure, before the
<br /> � same become delinquent, then these presents shall be void, otherwise
<br /> to be and remain in full force and effect. If Chief Industries, Inc.
<br /> conveys portions of the above described real estate, upon payment
<br /> therefor as provided in sub-paragraph C above, mortgagee, the
<br /> Commercial National Bank and Trust Company of Grand Island, Nebraska,
<br /> shall issue partial releases of this real estat-e mortgage pursuant
<br /> � to the terms of this mortgage and the promissory note.
<br /> IT IS FURTHER AGREED (1) that if said mortgagor shall fail to pay
<br /> such taxes, the mortgagee may pay such taxes and the sum so advanced,
<br /> with interest at the maximum legal rate, shall be repaid forthwith by
<br /> said mortgagor and this mortgage shall sta.nd as security for the same.
<br /> (2) that a failure to pay any of said money, either principal or _.I
<br /> interest, when the same becomes due or a failure to comply with the �
<br /> prqvisions of the promissory note for which this mortgage iS given as N
<br /> �`._- .
<br /> , I Secuxity,. shall cause the whole sum of money herein secured to become
<br />� � du�,arid'�collectable at once at the option of the mortgagee. :t
<br /> � _ SZG�IED this first day of April, 1976. �
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