87101921 - Laserfiche WebLink

Browse

ManwrOAAWON This Mortgage is entered into between 87-- 101921 McTavish Brothers P artners a Wrasica Partnership (Mortgagor herein) and The State Sank of Cairo. A Nebraska 1jankiM Corporation. (Mortgagee herein) Mortgagor is indebted to Mortgagee in the principal sum of 59,500.31! evidenced by Mortgagors' note dated (herein note) providing for payments of principal and interest, with the balance of the indebtedness, if. not sooner paid, due and payable on November 30, 1991 To secure the payment of the Note, with interest as provided therein, the payment of all other sums with interest, advanced by Mortgagee to protect the security of this Mortgage, and the performance of the covenants and agreements of the Mortgagor contained herein, Mortgagor does hereby mortgage and convey to Mortgagee the following Property located in Hall County Nebraska: A tract of land comprising a part of the Southeast Quarter (SE4) of Section 6, Township 10 North, Range 10, West of the 6th P. *I., in Hall County, Nebraska., more particularly described as follows: Beginning at the intersection of the.southeasterly right -of -way line of the Union Pacific Railroad with the east line of said Southeast Quarter (SE4); thence southwesterly along said railroad right- of-way line a distance of 911.58 feet; thence southerly parallel to the east line of said Southeast Quarter (SE4) a distance of 873.08 feet; thence northeasterly parallel to said southeasterly railroad right - of-way line a distance of 911.58 feet to the east line of said Southeast Quarter (SE4); thence northerly along the east line of said Southeast Quarter (SE4) a distance of 873.08 feet to the place of beginning. Together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and appurtenances located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and remainders thereof, all of which, including replacements and additions thereto, is hereby declared to be a part of the real estate secured by the lien of this Mortgage and all of the foregoing being referred to herein as the "Property ". Mortgagor further covenants and agrees with Mortgagee as follows: 1. Payment. To pay the indebtedness and the interest thereon as provided in this Mortgage and the Note. 2. Mortgagor is the owner of the Property, has the right and authority to mortgage the Property, and warrants that the lien created hereby is a first and prior lien on the Property, except as hereafter provided: 3. To pay when due all taxes, special assessment& and all other charges against the Property and, upon written demand by Mortgagee, to add to the payment required under the Note secured hereby, such amount an may be sufficient to enable the Mortgagee to pay such taxes, assessments or other charges as they become due. 4. In the event the Prove part- thereof, shall be taken by eminent domain, Rio Mor gs `-As "empowered to collect and receive all comperes .ion which *by be 'paid for any Property taken or for damages to Property not taken, and Mortgagee shall apply such compensation, at its option, either to a reduction of the indebtedness secured hereby or to repair and restore the Property so damaged. —i