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fe ssurince. Society of the Une:States
<br />The EQUITABLE V . A y ..: itd.. ..
<br />March 75..., between
<br />V THIS MORTGAGE, dated as of the ...... ;..In ........... day of... ...... 19.........
<br />Valhalla Ranch, Inc.,
<br />Q Grand Island, Nebraska 68801
<br />whosepost office address is ......................................................... ...... .. ..
<br />hereinafter called "Mortgagor," and THE EQUITABLE LIFE ASSURANCE SOCIETY• OF THE UNITED STATES, a' New York
<br />corporation, having its principal office and post office address at 1285 Avenue of the Americas; New York; New York 10019, hereinafter
<br />called "Mortgagee";
<br />WHEREAS, the Mortgagor is justly indebted to the Mortgagee in the sum of..Ninety ♦Thousand and no/100—
<br />---------------------- 90 000.00 )with interest all as set forth in his certain promissory note
<br />:........Dollars ($.... �. ,
<br />("Note) of even date herewith maturing ....March..1.I................ I „•1�xp...Z000
<br />NOW, THEREFORE, THIS MORTGAGE WITNESSETH, that, to secure the payment of the principal of, and interest on the Note
<br />and the performance of the covenants therein and herein contained, and in consideration of the premises, the Mortgagor by these presents
<br />does grant, bargain, sell, convey, transfer, assign, mortgage, -pledge, warrant and confirm, unto the Mortgagee all the property ("the I,
<br />Mortgaged Property") hereinafter described, to -wit:
<br />`........... ......Hall
<br />I. The following described real property located in the County of
<br />......................................................................I
<br />J%State of ..... IJebraslta....................................... to -wit:
<br />The East Half of the Northeast Quarter (Ek NE' -4) of
<br />Section Nine (9), Township Eleven (11) North, Range
<br />Ten (10) West of the 6th P.M., Hall County, Nebraska.
<br />tDefault by the mortgagor under any other instrument securing the debt hereby secured shall
<br />constitute a default under this instrument.
<br />II. The Mortgagor's interest as lessor in all leases (including but not limited to, oil, gas and mineral leases) now or hereafter
<br />affecting the above-described real property or any part thereof.
<br />TOGETHER WITH the rents, issues, and profits thereof, reserving, however, (unless otherwise provided herein or in a separate
<br />instrument of assignment), unto the Mortgagor the right, prior,to any default in the payment of the Note or in performance of any
<br />agreement hereunder, to collect and retain• such rents, issues, and profits as they become due and payable, and together also with all and
<br />singular the tenements, .hereditaments, and appurtenances thereunto belonging, including irrigation, drainage; and water rights of every
<br />kind and description.
<br />TO HAVE AND TO HOLD the same unto the Mortgagee, its successors and assigns, forever.
<br />PROVIDED, ALWAYS, that if the Mortgagor, his heirs, representatives, successors or assigns, shall pay unto the Mortgagee, its
<br />successors or assigns, the -said sum of money mentioned in the Note and the interest thereon at the times and place and in the manner .
<br />specified in the Note, and all other sums that may become due and owing to the Mortgagee pursuant to any of the terms, covenants and
<br />conditions hereof, and perform all the conditions and- covenants contained in this mortgage ( Mortgage"), then these presents and the
<br />estate hereby granted shall cease, determine and be void, otherwise to remain in full force and effect.
<br />AND SUBJECT to the covenants and conditions hereinafter set forth.
<br />FIRST: The Mortgagor hereby covenants and agrees, to the extent permitted by law, as follows: (a) to pay promptly when due
<br />the principal and interest and other sums of money provided for in the Note and in this Mortgage, or either; (b) to pay all taxes, assess-
<br />ments and other charges (including ditch, canal, reservoir, or other water charges, taxes or assessments) imposed by law upon the Mort-
<br />gaged Property, the Mortgagee's interest therein, or upon the Mortgage or the Note; provided however, that, in the event of the pas
<br />sage of any law changing.the laws for the taxation of mortgages or debts secured by mortgage so as to affect this Mortgage, the entire
<br />indebtedness secured hereby shall, at the option of the Mortgagee, become due and payable; (c) to keep the Mortgaged Property and im-
<br />provements thereon in good condition and repair and not to commit or suffer waste thereof, and except as authorized in any schedule
<br />annexed hereto and forming.a part hereof, neither to remove nor permit the removal of any timber, buildings, oil, gas, minerals, stone,
<br />rock, clay, fertilizer, gravel or top soil without the prior written consent of the Mortgagee; (d) to maintain and deliver to the Mortgagee
<br />policies of insurance against such hazards on the buildings now or hereafter located on the Mortgaged Property -as the Mortgagee may .
<br />require, in such companies and amounts and with such loss payable clauses as shall be satisfactory to the Mortgagee; that in the event of
<br />loss the Mortgagee is expressly authorized to settle or compromise claims under said policies and the proceeds shall be:paid•to the Mort-
<br />gagee who tnay apply same or any part thereof on the indebtedness secured hereby or towards the reconstruction or repair of said build-
<br />ings or release same to the Mortgagor; (e) to pay any lien, claim or charge against the Mortgaged Property which might take precedence
<br />over the lien hereof; (f) to pay on demand all legal expenses, title searches, or attorney fees reasonably incurred or paid by the Mortgagee
<br />to collect the Note or foreclose or protect the lien of the Mortgage; (g) that in the event he shall fail to comply with the provisions. of
<br />(a) through (f) above, the Mortgagee may take such action as is -necessary to remedy such failure and all sums paid by the Mortgagee
<br />pursuant hereto with interest at the rate hereinafter provided shall constitute a lien upon the Mortgaged Property, shall be secured by
<br />this Mortgage, and shall be' immediately due and repayable to the Mortgagee; (h) not to sell the premises or any portion thereof, or;
<br />if the INortgagor is a corporation, not more than .A..:ofo of its corporate stock shall be, sold, traded or disposed of to persons other than
<br />the present owners prior to the time the indebtedness secured hereby shall have been reduced (exclusive of prepayments not permitted
<br />f
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