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87- 103k b. Mortgagee may, u sl;mll hn:va tiro obligation to do any act, which the Mortgagor has agreed but fails to do, and Mukgagee may also do any act it deems necessary to protect the lien hereof. Mortgagor agrees to repay, upon demand, any sums so expended by the Mortgagee for the above purposes, and any sums so expended by the Mortgagee shall be added to the indebtedness secured hereby and become subject to the lien hereof. Mortgagee shall not incur any personal liability because of anything it many do or omit to do hereunder. B. Time is of the essence hereof, and upon Mortgagor's default in any covenant or agreement of this Mortgage, including covenants to pay when due the sums secured by this Mortgage, the Mortgagee shall be entitled, at its option and without notice, to declare all sums secured by this Mortgage to be immediately due and payable and may commence foreclosure of this Mortgage by judicial proceedings; provided further, that upon such default the Mortgagee, or a receiver appointed by a court, may at its option and without regard to the adequacy of the security, enter upon and take possession of the Property and collect the rents, issues and profits therefrom and apply them first to the cost of collection and opeation of the Property and then upon the indebtedness secured by this Mortgage; said rents, issues and profits being assigned to the Mortgagee as further security for the payment of the indebtedness secured hereby. 7. If all or any part of the Property is sold or transferred without the express written consent of the Mortgagee, Mortgagee may at its sole option, declare all sums secured by this Mortgage to be immediately due and payable. B. Any forebearance in exercising any right or remedy shall not be a waiver thereof. 9. All remedies provided herein are distinct and cumulative to any other right afforded by law or equity, and may be exercised concurrently, independently or successively. 10. The covenants and agreements contained herein shall bind, and all rights inure to, the respective successors and assigns of the Mortgagor and the Mortgagee. 11. All covenants and agreements of the Mortgagor and the Mortgagee are joint and several. 12. Upon the payment of all sums secured by this mortgage, Mortgagee shall discharge this Mortgage and shall execute and deliver a satisfactory release therefor. IN WITNES.5WHEREOF, Mortgagor has executed this Mortgage /� on the f2— day of JUNE 19 87 __. a s c u I tZ Donna c u z STATE OF NEBRASKA ) Hall ) SS: COUNTY OF ) The Aregoing instrument was acknowledged before me this rZ 1987 by. James Schultz and Donna Schultz Husband and wife__ _ __