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<br />MORTGAGE
<br />
<br />88-104991
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<br />,This Mortgage Is entered Into between McTavish Bl'Othe....
<br />Pal'tnel'BhiD. a Neb1'BBka Partnel'BhiD. herein "mol'tgagol') and The State
<br />Bank of CaiI'D, A Nebl'BBka :Banldn. Col'DOratIon (herein mortgagee).
<br />
<br />Mol'tgagol' Is indebted to Mortgagee in the principal sum ot
<br />SU.ooo.OO. evidenced by Mortgagor's note dated '5?ifi: IV ~ 1988 (herilin
<br />Note) providing tor payments of principal and Interest, with the
<br />balance of the Indebtedness, if not BOOnel' P<lIld, due and payable on
<br />ltb"""'l... 3"", /9'? ~ . '
<br />
<br />To secul'e the paymer, r of the Note, with Interest as provided
<br />therein, the payment of all other sums, with intel'est advanced by ,
<br />Mol'tgagee to protect the security of this Mol'tgage, and the performance
<br />of, the convenants and agreements of the Mol'tgagol' contained hei:eln,
<br />Mortgagor does hereby mol'tgage and convey to Mol'tgagee the following
<br />property located in Hall County. Nebraska:
<br />
<br />A tract of laIld comprising a pert of the Southeast Quarter
<br />(SE1/4) of Section 6, Townahip 10 Nol'th, Bange 10, West ot
<br />the 6th P.M., in Hall County, Nebraska, more particularly
<br />described as tollows: Beginning at the intersection of the
<br />BOUtheasterly right-of-way line of the Union PacItic Railroad
<br />with the east Une of said Southeast Quarter (SE1/4); thence
<br />southwesterly along BBid railroad right-of-way line a
<br />distance of 911.58 teet; thence southerly parallel to the
<br />east Doe of said Southeast Quarter (SEl/4) a distance of
<br />873.08 teet; thence northeasterly parallel to said
<br />southeasterly railroad right-of-way line a distance of 911.58
<br />teet to the east Une ot said Southeast Quarter (SEl/4);
<br />thence northerly along the east line of BBid Southeast
<br />Quarter (SEl/4) a distance of 873.08 teet to the place of
<br />beginning.
<br />
<br />Together with all buildings, Improvements, tixtures, streets,
<br />alleys, passageways, easements, rights, privileges and appu!'tenances
<br />located thereon or in any way pertaining thel'eto, and the rents, Issues
<br />and protits, reversions and remainders thereot, all of which, including
<br />replacements and additions thereto, Is hereby declared to be a pal't ot
<br />the real estate secured by the lien of this Mortgage and all of the
<br />tore going being referred to herein as the "Property",
<br />
<br />Mortgagor further convenants and agrees with Mortgagee, aa
<br />follows:
<br />
<br />I. Payment. To pay the indebtedness and the intel'est thereon as
<br />provided In this Mortgage and the Note.
<br />
<br />2. Mortgagor is the owner of the Propel'ty, has the right and
<br />authority to mortgage the Property, and warrants that the lien cl'eated
<br />hel'eby is a first and prior lien on the Property.
<br />
<br />3. To pay when due a1i :;"",es, special assessments and all other
<br />charges against the Propel'ty and, i:!>On written demand by Mortgagee, to
<br />add to the payment requll'ed under tho, Note secured hereby, such amount
<br />as may be sufficient to enable the Mol'tgali"" to pay such taxes,
<br />assessments or other charges sa they becOme due.
<br />
<br />4. In the event the Propel'ty, or any part thei"'>Of, shall be taken
<br />by eminent domain, the Mortgagee Is empowered to colle.-:', and receive
<br />all compenBBtion which may be paid for any property tsken ",. for
<br />damages to property not taken, and Mortgagee shall apply such
<br />compenBBtion, 'at Ita option, either to a l'eductlon of the Indebtedness
<br />secured hereby or to repair and rea tore the property so damaged.
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