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<br />88- 101125
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<br />3. INSUHAiW: AND REPAIRS. Mortgagor shall maintain
<br />fire and extended' -coverage insurance insuring the improvements
<br />and buildings constituting part of the property for an amount
<br />equal to the actual cash value of such improvements, exclusive
<br />of foundations, but in no event for an amount less than the
<br />amount of the unpaid principal balance of the Notes. Such
<br />insurance policies shall contain a standard mortgage clause in
<br />favor of the Mortgagee and shall not be cancellable, terminable
<br />or modifiable without ten (10) days written notice to Mortgagee.
<br />Mortgagor shall promptly repair, maintain and replace the Prop-
<br />erty or any part thereof so that, except for ordinary wear and
<br />tear, the Property shall not deteriorate. In ~o event shall the
<br />MOl'tgagor c:ommi t \olaste on or to the Property.
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<br />4. OPTICf-JAL ADVANCES. If the insurance l'equired
<br />above is not pron"'lptly effected, or :.f the taxes 01' special
<br />assessments levied and assessed against the PI'operty shall be-
<br />come delinquent, r<lortgagee (....hethel' electing to deClare the
<br />whol e Mortgage due or not), may, but need not, effect such
<br />insurance, effect such j'epairs, pay such taxes and special
<br />assessments, and all such r-ayments ,':ith intel'st thel'eon at the
<br />highest legal rate applicable to a natuI'al person, 01' if the
<br />Mortgagor is a corporation, or partnerShip, or other entity at
<br />the defaul t rate provided in the Notes, fl'om time of payment
<br />shall be a lien against the Property.
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<br />5. ACe'E>/.;l ]f: AND RECEIVERSHIP. If default shall
<br />be made in the payment of the Notes-, or any pal't of the intel'est
<br />thereon, or any other advance or obligation which may be secured
<br />hereby, such as taxes, special assessments, insuI'ance and re-
<br />pairs, of if Mortgagors shall suffel' 01' commit ,'laste on 01' to
<br />the Property, or if there shall be a failure to comply with any
<br />and every condition c f this "~ortgage, then, at the option of the
<br />Mortgagee, the Notes and the ,',hole of the :indebtedness secuI'ed
<br />by this f40rtgage, including all payments Or taxes, assessments,
<br />repairs or insurance premiums, shall become due and sha II become
<br />collectible at once by foreclosure Or otherwise after Such
<br />default or failure. and ,'iithout notice of such default. At any
<br />time after the commencement of an action in fo' eclosul'e. 01'
<br />during the period of redemption, the Mortgagee shall have the
<br />right to have a receivel' appointed to take immediate possession
<br />of the Property and of the I'ents and profIts accl'uing thel'efl'om,
<br />and to l'ent or cultivate the same as the Receiver may deem best
<br />for the interest of all parties concerned.
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<br />6. lo1ISCELLI.f'IEOUS. The tel'm "'.101'tgagor" and ""lOI'tga-
<br />gee" as used hereTj,-,---rncludes successol's In intel'est. Thi s
<br />t-1ort gage sha 11 be cons trued in accordance ...i th t he I al'iS 0 f the
<br />State of Nebraska. The maturity dates of the Notes are December
<br />31, 2010, and Oecember 31, 2011, respectively. Each party signa-
<br />tory to this Mortgage hel'eby re 1 eases, I':ai ves, and I'el inqui shes
<br />any dO\oJer, homestead, or statutol'Y intel'est in the PI'operty 01' any
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