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<br />at . . n
<br />eco
<br />r N�" Of
<br />Je Fisher, P. ' egister of Deeds,
<br />Hall'County, Nebraska
<br />REAL ESTATE MORTGAGE
<br />K14OW ALL MEN BY THESE PRESENTS:
<br />That,.Grand Island School of Business, Inc., a corporation duly organized and
<br />exist'ing under the laws of the State of Nebraska, -as mortgagor, in consideration
<br />of TWO'HUNDRED TWO THOUSAND THREE HUNDRED FIFTY-SIX AND 32/100 DOLLARS ($202,356.32), -
<br />in han ' d paid, do. hereby g -rant'. bargain, sell and convey unto The First National Bank
<br />of Grand Island, Crand Island,' Nebraska, a banking corporation of Grand Island, Hall
<br />County, Nebraska, as mortgagee,'the following described real estate situated in
<br />Hall County and State of Nebraska, to -wit:
<br />Lot Seven (7) dn Block Sixty -Three (63),.in the Original1own,
<br />now City of Grand Island, Nebraska,�in Hall County, Nebraska.
<br />Tfle Southerly Half (S��) of Lot Five (5) and the Southerly Half
<br />(S*;4) of Lot Six (6), all�in Block Seventy -Nine (79), in the
<br />.Original Town, now City of Grand Island, in Hall County, Nebraska,
<br />together with all improvements thereon, including all heating, gas and plumbing
<br />-apparatus and fixtures and appurtenances thereunto belonging; and all covenants
<br />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 herein
<br />contained; the intention being to convey hereby an absolute title in fee simple abd
<br />to convey all and every right, title and interest of such Grand Island School of
<br />Business, Inc., a corporation, in and to such real property.
<br />The mort-agordoes-hereby covenant with the mortgagee, its successors and assigns,
<br />that it is lawfully seized of said premises; that -such premises are free from
<br />encumbrances, except as herein stated, And -that th ey will warrant and defend said
<br />premises against lawful claims -of any.and all persons whomsoever.
<br />0
<br />To have and to hold the premises above described with all improvements thereon,
<br />including,, all heating, gas and plumbing apparatus ind fixtures and all appurtenances
<br />thereunto belonging unto the said The First National Bank of Grand Island, Grand
<br />Island.,- Nebraska, and to is successors and assigns forever, provided always, and
<br />these Presents are upon the express condition that if the said mortgagor, its
<br />successors or assigns, shall pay or cause to be paid to The First National Bank
<br />of Crand'Island, Grand Island, Nebraska, its successors or assigns the sum of
<br />TI -10 HUI�DR�ED TWO THOUSAND THREL HUNDRED UIFTY-SIX AND 32/100 DOLLARS ($202,356.32),
<br />plus interest -at Ten Per Cent (10%) per annum, payable on September 30, 1976, dll
<br />according to the tenure and effect of the one promissory note oL' the mortgagor
<br />bearing even date with these presents; shall pay all. taxes and assessments levied
<br />upon such real estate, and all other taxes, levies and assessments levied on this
<br />mortgage or upon note which this mortgage is given to secure before the same
<br />a �
<br />becomes delinquent; shall keep the buildings on said premises insured for the
<br />sum of at least $300,000.00,loss, if any, payable to such mortgagee, its successors':
<br />or assigns, the policies for said insurance, and.shall not permit or commit any
<br />waste upon such real property, then these present -s to be void, otherwise to be
<br />and remain in full. force and effect.
<br />IT IS FUWrHER AGREED:
<br />(1) That if the said mortgagor shall fail to pay such taxes or procure such
<br />insurance, the mortgagee, its successors or assigns, may pay such taxes
<br />and procure such insurance and the sum so advanced with interest at Ten
<br />Per Cent (10%) per annum, shall be paid by the said mortgagor and this
<br />mortgage shall stand for security of the same.
<br />(2) That failure to pay any of said money, either principal or interest, when
<br />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
<br />become due and collectible at once'at the option of the mortgagee, its
<br />successors or assigns.
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