|
<br />102704
<br />88-
<br />
<br />7_ Condemnation. In the event the Property, or any part thereof, shall be taken by eminent dOmLn, the Mcrtgagee
<br />is empowered to collect and receive all compensation which may be paid fOl any property taken or for damages to property
<br />not taken, and Morlfiagee shall apply such compensation, at its option, either to a reduction of the indebtedness secured
<br />hereby or to repilir and restore the property so damaged.
<br />
<br />8. Performance by Mortgagee. Mortgagee may, but shall have no obligation, to do any act which the Mortga,r:or
<br />has agreed but fllils to do, and Mortgagee may also do any act it deems nece&Slll)' to (Il'otect the lien hereof. Mortgagor
<br />agrees to repay, upon demand, any sums so expended by the Mortgagee for the above purposes, and any sums so exPended
<br />by the Mortgagelishall be added to ~he indebtedness secured hereby and become subject to the lien hereof. Mortgagee
<br />shall'not incur a~y peri;oDcl liability because of anything it may do or omit to do hereunder.
<br />
<br />9. Default; As&ignment of Rent&. Time is of tbe essence hereof, and upon Mortgagor's default in any covenant
<br />or agreement of this Mortgage, including covenants to pay when due the sums secured by this Mortgage, the Mortgagee shall
<br />be entitled, at its sole option and without notice, to declare all sums secured by this Mortgage ,to be i,mmediately due and
<br />payable and may commence foreclOliure of this Mortga, by judicial proceedings; and, provided further, that upon such
<br />default the Mortgagee, or a receiver appointed by a court, may at its option and without regard to the adequacy of the
<br />security, enter upon and take possession of the Property and collect the rents, issues and profits therefrom and apply them
<br />fimt to the cost of collection and operation of the Property and then upon the indebtedness securnd by this Mortgagee;
<br />said rents, issues &Dd profits being assigned to the Mortgagee as further security for the payment of the indebtedness
<br />secured hereby.
<br />
<br />10. Transfer of Property. IT all or any part of the Property is sold or transferred without the expl'4!SS Wl'itten con.
<br />sent of the Mortgagee, Mortgagee may at its sole option, declare all sums ,secured by this Mortgage to be immediately due
<br />and payable.
<br />
<br />11. Future Advances. Upon request of Mortgagor, Mortgagee may make additional and future advances to
<br />Mortgagor. Such advances, with interest thereon, shall be secured by this Mortgage when evidenced by promissory notes
<br />stating that said notes are secured hereby. At no time shall the principal amount of the indebtedness secured by this
<br />Mortgage, not including sums advanced to protect the security of this Mortgage, exceed the original Note.
<br />
<br />12. Miscellaneous Provisions.
<br />
<br />(a) Any forebearance in exercising any right or remedy shall not be a waiver thereof.
<br />
<br />(b) All remedies prOvided herein are distinct and cumulative to any other right afforded by law or equity,
<br />and may be exercised concurrently, independently or successively.
<br />
<br />(c) The covenants and agreements contained herein shall bind, and the rights inure to, the respective
<br />successom and assigns of the Mortgagor and the Mortgagee.
<br />
<br />(d) All covenants and agreements of the Mortgagor are joint and several.
<br />
<br />(e) The headlnp of the paragraphs of this Mortgage are for convenience only and shall not be used to inter-
<br />pret or define the provisions hereof.
<br />
<br />
<br />13. Release. Upon payment of all sums secured by this Mortgage, Mortgagee shall discharge this Mortgage and
<br />execute an i er a satlsfactol'}' release therefor.
<br />
<br />By:
<br />
<br />ortgagor executed this Mortgage onthe~day of MAY
<br />ustee The Abundant Life Christian Center,
<br />rustee By: 7'\ L ~'
<br />Trustee t...l.
<br />rustee By :
<br />Trustee By:
<br />B .
<br />By:
<br />
<br />, 19...aa..
<br />Inc.
<br />
<br />State of Nebraska, Hall
<br />
<br />
<br />President
<br />
<br />Bo>.ro....erSec.
<br />Treasurer
<br />
<br />Bouo...... Trustee
<br />
<br />On this 1st
<br />
<br />day of
<br />
<br />May
<br />
<br />--0 19.J1.!L.., before me, the undemigned, a Notary Public
<br />
<br />duly commissioned and quillified for said county, pemonally came
<br />
<br />, to me known to be the
<br />identical pemon(s) whose name(s) are sub~ribed to the foregoing instrument and acknowledged the execution thereof
<br />
<br />to be th"i r
<br />
<br />voluntary act and deed. '
<br />
<br />Witness my hand and notarial seal at
<br />date aforeSllid.
<br />
<br />Grand
<br />
<br />Island. NE in said county, the
<br />
<br />~~ff~
<br />
<br />Notary Publlc
<br />
<br />My Commission
<br />
<br />
<br />(SPace Below Thh Line R9UVed For Lender and Recorder)
<br />
<br />NBC 1066 IND 303 2180
<br />
|