|
204304288
<br />be discontinued at any time for any reason other than strikes or lockouts, the Mortgagee, after due notice t ortgagor
<br />or any subsequent owner, is hereby invested with full and complete authority to enter upon th_eyi premises, employ
<br />watchmen to protect such improvements from depredation or injury and to preserve and se> T the personal property
<br />therein, and to continue any and all outstanding contacts for the erection and eo n of raid bullding or buildings, to
<br />make and enter into any contracts and obligations wherever necessary , un its own name or in the name of the
<br />Mortgagor. and to pay and discharge all debts, obligations, and Iiab' curved thereby. All such sums to advanced by the
<br />Mortgagee (exclusive of advances of the principal of the in non secured hereby) shall be added to the principal of the
<br />indebtedness secured hereby and shall be secured b ortgage and shall be due and payable on demand with interest at
<br />the rate specified in the Note, but no such i shall be insured unless same are specifically approved by the Secretary of
<br />Housing and Urban Development, i and through the Federal Housing Commissioner prior to the making thereof. The
<br />principal sum and other c rovided for herein shall, at the option of the mortgagee or holder of this Mortgage and the
<br />�conditions ote secured here come due and payable on Lire failure of the Mortgagor to keep and perform any of the covenants,
<br />grrements of said building loan agreement. This covenant shall be terminated upon the completion of the
<br />eats to the satisfaction of the Mortgagee and the' making of the final advance as provided in said building loan
<br />19. That the Mortgagor covenants and agrees that so long as this Mortgage and the said Note secured hereby are
<br />insured under the provisions of the National Housing Act. or held by the Secretary of Housing and Urban Development, it
<br />will not execute or file for record any instrument which imposes a restriction upon the sale or occupancy of the mortgaged
<br />property on the basis of race, color, creed or national origin;
<br />20. That as additional and collateral security for the payment of the Note described and all sums to become due
<br />under this Mortgage, the Mortgagor hereby assigns to the Mortgagee all profits, revenues, royalties, rights, and benefits
<br />accruing to the Mortgagor under any and all oil and gas leases on said premiss, with the right to receive and receipt for the
<br />same and apply them to said indebtedness as well before as after default in the conditions of this Mortgage, and the
<br />Mortgagee may demand, sue for. and recover any such payments when due and payable, but shall not be required so to do.
<br />This assignment is to terminate and become null and void upon release of this Mortgage;
<br />21. That if the Mortgagor fails to make any payments of money when the same become due. or falls to conform to
<br />and comply with any of the conditions or agreements contained in this Mortgage, or the Note which it secures, then the
<br />entire principal sum and accrued interest shall at once become due and payable, at the election of the Mortgagee; and this
<br />Mortgage may thereupon be foreclosed immediately for the whole of said money, interest, monthly payments, costs, ground
<br />rents, taxes, and the cost of extending the abstract of title from the date of this loan to the time of commencing such
<br />foreclosure suit, all advances and interest, and a reasonable attorney's fee, all of which shall be included in the decree of
<br />foreclosure; and the contract embodied in this Mortgage and the Note secured hereby, shall in all respects be governed,
<br />construed, and adjudged by the laws of Nebraska, where the same is made.
<br />22. In addition to any other debt or obligation secured hereby, this Mortgage shall secure unpaid balances of advances made
<br />with respect to the mortgaged premises for the payment of taxes, assessments, insurance premiums or costs incurred for the
<br />protection of the mortgaged premises.
<br />23. In addition to Item 9(e) of the aforementioned Regulatory Agreement, Mortgagor shall also be required to furnish to
<br />Mortgagee, within sixty (60) days following the end of each fiscal year, a complete annual financial report in the same form as
<br />that furnished to the Secretary.
<br />24. Notwithstanding any other provision contained herein or in the Note, it is agreed that the execution of the Note shall
<br />impose no personal liability upon the Mortgagor for payment of the indebtedness evidenced thereby and in the event of a default,
<br />the holder of the Note shall look solely to the property subject to this Mortgage and to the rents, issues and profits thereof in
<br />satisfaction of the indebtedness evidenced by the Note and will not seek or obtain any deficiency or personal judgment against the
<br />Mortgagor except such judgment or decree as may be necessary to foreclose or bar its interest in the property subject to this
<br />Mortgage and all other property mortgaged, pledged, conveyed or assigned to secure payment of the Note; provided, that nothing
<br />in this condition and no action so taken shall operate to impair any obligation of the maker under the Regulatory Agreement herein
<br />referred to and made a part hereof.
<br />The covenants herein contained shall bind, and the benefits and advantages shall inure to, the respective successors and assigns
<br />of the parties hereto. Whenever used, the singular number shall include the plural and the plural the singular.
<br />The foregoing conditions, all and singular, being performed according to their natural and legal import, this conveyance shall
<br />be void and said premises released at the expense of the Mortgagor; otherwise to be and remaon in full force and effect.
<br />IN WITNESS WHEREOF, the said Mortgagor has caused these presents to be signed in its name by its Sole Manager.
<br />FRENCH VILLAGE, L.P.
<br />a Nebraska limited partnership
<br />By: RECENT, L.L.C.
<br />a Nebraska limited liability company
<br />Sole Gen er
<br />s G. Rector
<br />Sole Manager
<br />STATE OF NEBRASKA )
<br />COUNTY OF J -A S � ss
<br />On this � day of April, 2003 before me, Notary Public in and for said County, personally came the above -named James G.
<br />Rector, Sole Manager, of Recent, L.L.C., a Nebraska limited liability company, the limited liability company whose name is affixed to
<br />the above mortgage as the Sole General Partner of French Village, L.P., a Nebraska limited partnership, and on behalf of such limited
<br />liability company, did acknowledge that he signed, sealed and delivered the foregoing instrument as his voluntary act and deed and as the
<br />voluntary act and deed of said limited liability company, for the purpose therein contained. Witness my hand and seal the date last
<br />aforesaid.
<br />My commission expires on the:
<br />GENERAL NOTARY -State of Nebraska
<br />III JANET J. CLARK otary Public
<br />�• My Comm. Exp. Aug. 21, 2004
<br />
|