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<br />MORTGAGE
<br />
<br />88- 10602:2
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<br />'Ibis Mortgage Is entered loto between
<br />
<br />Electrical Contractors, Inc., A Corpora~ion
<br />(bereln "Mortgagor") and
<br />(herein UMortgagee").
<br />
<br />Fivp. Points Bank
<br />
<br />Mortgagor is indebted to Mortgagee in the principal sum or $ 2.0.000.00 ,evidenced by Mortgagor's note
<br />
<br />dated ] 0- ] :> -8 8 (herein "Note") providing ror psyments of principal and interest. with the balance orthe
<br />
<br />lodebtedn....lf not sooner paid. due and payable on
<br />
<br />10-12-93
<br />
<br />To recure the payment of the Note, with interest as provided therein, the payment of all other sums, with interest.
<br />advanced by Mortgagee to protect tbe security of this Mortgage, Bnd the performance of the covenants and agreements of
<br />the Mortgagor contained herelo. Mortgagor does hereby mortgage and convey to Mortgagee the following described
<br />
<br />property located in
<br />
<br />Hall
<br />
<br />County. Nebraska:
<br />
<br />The South Half (S~) of Lot Fifteen (15), and All of Lot
<br />Sixteen (16), having a lake front. footage of 70 feet,
<br />situated on the East side of the East portion of Kuester
<br />Lake and being located on a part of the East Half of the
<br />Southwest Quarter (E~SW~) in Section Thirteen (13),
<br />Township Eleven (11) North, Range Nine (9) West of the 6th
<br />P.M., Hall County, Nebraska, as shown on a plat of said
<br />property in the possession of Kuester Lake, Inc., and
<br />known as No. 38, Kuester Lake, Grand Island, Nebraska.
<br />
<br />Together with all buildings, improvemenLs, fixtures, streets, alleys, passageways, easements. rights, privileges and
<br />appurtenances located thereon or in anywise pertaining tbereto, and the rents, issues and profits, reversions and remaindelS
<br />therror; including, but not limited to, heating and cooling equipment and such personal property that Is attached to the
<br />improvements so as to constitute a lild;ure; all or which. Including replacements and additions thereto. is hereby declared
<br />to be a part of tbe real estate secured by tbe lien of this Mortgage and aU or tbe roregolng being referred to berein as the
<br />"Property",
<br />
<br />Mortgagor further convenants and agrees, with Mortgagee, as follows:
<br />
<br />1. Payment. To pay the indebtedness and the Interest thereon as provided in this Mortgage and the Note.
<br />
<br />2. Title, Mortgagor is the owner or the Property, has the right and authority to mnrtgage the Property, and
<br />wanants that the lien created hereby is 8 first and prior lien on the Property, except as may otherwise be set forth herein.
<br />
<br />o The Property is subject to a Mortgage wherein
<br />
<br />is the Mortgagee, recorded at Book _ I Page _ of the Mortgage Records of
<br />Nebraska, which Mortgage is 8 lien prior to the lien created hereby.
<br />
<br />County.
<br />
<br />o other prior liens or encumbrances:
<br />
<br />3. Tues, Assessments. To pay when due all taxes, special assessments and all other charges against the Property
<br />and, upon written demand by Mortgagee. to add to tile payments required under the Note secured hereby. such amount as
<br />may be sufficient to enable the Mortgagee to pay such taxes. assessments or other charges as they become due.
<br />
<br />4. I:nsunnce. To keep the improvements now or hereafter located on the real estate described herein insured
<br />against damage by fire and such other hazards as Mortgagee may require. in amounts and with companies acceptable to the
<br />Mortgagee. and with 10S6 payable to the Mortpgee. In case of 1056 under such policies the Mortgagee iE authorized to
<br />adjU5t., collect and compromiie. In Us dlscretloD, all claims t1.tereunder at its sole option, authorized to either apply the
<br />proceeds to the IIllItoJatlon of the Property or "pon the lodebtedn... seCUJed bereby, but paymenm bereundeuhall con,
<br />tinue until the sums secured h....by are paid in rull,
<br />
<br />[;. 0 EIl:ro. For Tueo and IJUUrance. Notwithstanding anything cootained in paragrapbs 3 and 4 bereof to the
<br />contrary, Mortgagor shall pay to the Mortgagee .t tbe tIme of paying the monthly installments of principal and intelllllt,
<br />one-twelfth of the yearly tues. ......menm. hazard insurance premiums. and ground rents (If any) which may attain a
<br />priority over this Mortgage, all as reasonably estimated from time to time by the Martgagee. The amounts so paid shall be
<br />held by the Mortpgee without inteMt and applied to the payment of the items in respect to which such amounts were
<br />deposited. The sums paid to Mortgagee hereunder ue pledged as additional security for the indebtedness secured by this
<br />Mortgage. Mortgagorsball pay to Mortgagee the amount of any deficiency between the actual taxes, ussessments. insurance
<br />premiums and ground rents and the deposits hereunder within 10 days after demand is made upon Mortgagor requesting
<br />payment thereof.
<br />
<br />&.. Repair. J.laint.eDaDce and Use.. To promptly repair, restore or rebuild any buildings or improvements now or
<br />hereaCter on the Property; to keep th... Property in good condition and n!palr. without WASte, and frep [rom mechanic's or
<br />oth"erliena not expressly subordinated to the lien herec:;t; not to make, suffer or permit any nuisance to exist, nOT to dirnin.
<br />lib Dr impair the value of the Property by any act or omiulon to act; and to comply with aU I'l'quirements or law with
<br />reopoct to the Property.
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