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MORTGAGE
<br />89--- 100239
<br />1103 Mortptge is entered Into between Schuppan 1-Iaterprisest, Inc., A Nebraskta Corprfra.tion
<br />— — _--- -- - ----- _ _ (herein "Mortgagor ") and
<br />- THE OVER AM NATIONAL HANK OF QWM ISLAND _(herein "Mort "e").
<br />Mortftor Is Indebted to hiertgagee in the principal sum of $ 96p597-24_. evidenced by Mortgagor's note
<br />dated .December 16, 1988 (herein "Note ") providing for payments of principal and interest, with the balance of the
<br />Indebtedness.. if not sooner paid, due and payable on. Wtayary 10, 1990
<br />Tome m the pays nt of the Note, with interest as provided therein, the payment of alt other sums, with interest,
<br />advanced by MortlWe to pilotoct the security of this Moorage, and the performance of the coy*. jils: slid agreements of
<br />the Modppr contained herein, Mortgagor does hereby mortgage and convey to MortruW, b+: •CvIlowing described
<br />property located in Hall County, Nebraska:
<br />Part of the Southwest Quarter of the Southwest Quarter (SWJSWJ) of Section
<br />T*entp Two (22), Township Eleven (11) North, Range Nine (9), West.'of the
<br />6th P.M., Hall County, Nebrasim, more pArticularly described as follows:
<br />Beginning at a pint 4401 feet North of the southwest corner of said.Section
<br />Twenty -two (22), thenco'East a distan.w of 433 feet initially abutting the
<br />North line of a tract of land leased to .tea -A -& W Drive -in,, thence north
<br />a distance of 400 feet,, thence West a disstance of 433 feet• to the center of
<br />locust Street r- thence South• a distance of , 400 feet . to the ,point of beginifine,
<br />NUW HN(JW. as -Lot Six (6) in Former Second Subdivision, an Addition to the Cary
<br />of Grand Island. Hall County, Nebraska,. METING tracts deeded to the City; a _t.
<br />Grand Island, . Wtbraska.
<br />{ - — - T - ` -urn w+iih ail buildings, -
<br />- - -- ores gs, irnprovemenis.- natures, streets, alleys. passageways. easements. rights. - Prtvittges sod
<br />appurtenances located thereon or in anywise pertaining thereto, and the rent:, issues and profits, reversions and remainders
<br />thereof; including, but not limited to, beating and cooling equipment and such personal property that is attached to the
<br />improvements so as to constitute a fixture; all of which, including replacements and additions thereto, is hereby declared
<br />to be a part of the real estate secured. by the lien of this Mortgage and all of the foregoing being referred to herein as the
<br />..Prwoy „-
<br />Mortgagor further convenants and agrees, with Mortgagee, as follows:
<br />1. Payment; To pay the indebtedness and the interest thereon as provided in this Mortgage and the Note.
<br />2.- Ti” Mortgagor is the owner of the Property. has the right and authority to mortgage the Property, and
<br />warrants that the lien created hereby is a first and prior lien on the Property, except as may otherwise beset forth herein. ..
<br />Ito ProperW.'Js JMbject to a Mortgage wherein _ Bm _Fbttner Qorey
<br />is the Mortppe, recorded at &yak , Page . _ .. .. of "the Mortgage Records of Hall qty,
<br />Nebraslm, wP i i•MOrt ,[sia•liei prior to the hen created hereby.
<br />❑ 0�ier prior liens or encumbrances:
<br />8.11iiotes, AwAssWmi'a. To pay, when due all taxes, special assessments and all other charges tges against the Property
<br />and, waii`w RrU�m deriWd; by.. Mortgage�-p to add to the payments: mquired under the - Note secared hereby, such amount as
<br />may be suf!'fc(,alrt.to onabi -* Mortgage-- to pay such taxes, assesarttrents or other charges as they become due.
<br />4.. inwt mee: t6 F,eep the improvements now or hereafter located, on the real estate described herein insured
<br />against damage by fire irnidtsbicrt other hazards as Mortgagee may require, in amounts and with companies acceptable to the
<br />Mortgagee, and with loss piiyable to the Mortgagee. In case off fors under such policies the Mortgagee is authorized to
<br />adjust, collect and compromise. in its discretion, all ctaems the.6t yder at its sole option, authorizedto either apply the
<br />proceeds to the restoration of the Property or upon tbelmdebfedmins secured hereby. but payments hereunder shall con-
<br />tinue until the sums secured hereby are paid in full.
<br />6. 0 Escrow For Target and insurance. Notwithstanding anything contained in paragraphs 3 and 4 hereof to the
<br />contrary, Mortgagor shall pay to the Mortgagee at the time of paying the monthly installments of principal and interest,
<br />one- twelfth Of the yearly taxes, assenments, hazard insurance premiums, and ground rents (if any) which may attain a
<br />Priority over this Mortgage, all as reasonably estimated froin time to time by the Mortgagee. 'The amounts so paid shall be .
<br />held by the Mortgagee without interest and applied to the payment of the items in respect to which such amounts were
<br />deposited. The sums paid to Mortgagee hereunder are pledged as additional security for the indebtedness secured by this
<br />L Mortgage- Mortgagorshall pay to Mortgagee tine amount of any deficiency between the actual taxes. assessments, insurance
<br />premiums and, ground rents and the deposit; hereunder within 10 days after demand is made upon Mortgagor requesting
<br />payment thereof.
<br />5. Repair, Maintenance and Use. To promptly repair, restore or rebuild any buildings or improvements now or
<br />hereafter on the Property; to keep the Property In good condition and repair, without waste- and free from mechanle's or
<br />Other liens not expressly subordinated to the lien hentof; not to make. suffer or permit any nuisance to exist, nor to ditnin•
<br />ish or impair the value of the Property by any act or omission to act: and to comply with all ri- quirements of law witli
<br />respert to tow Property.
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