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8'- 103657 <br />This Mortgage made this /-� day of May, 1987, between <br />John J. Cannella and Rose Ann Cannella, Husband and Wife, <br />hereinafter "Mortgagors," and John J. Cannella, Custodian for Amy <br />Christine Cannella, Elizabeth Anne Cannella, John J. Cannella, <br />III, and Mary Josephine Cannella, hereinafter "Mortgagees." <br />IN CONSIDERATION of Eighty Nine Thousand Six Hundred Forty <br />Five Dollars and Thirty Cents ($89,695.30) advanced by Mortgagees <br />to Mortgagors, who acknowledge receipt of such sum, which is <br />evidenced by a Promissory Note of even date, attached and <br />incorporated herein as Appendix "A," hereinafter "the Note," <br />which this Mortgage secures the Mortgagors, hereby mortgages to <br />the Mortgagees the following described real property situated in <br />the County of Hall, State of Nebraska, and described as follows: <br />Lot Three (3) in Block Three (3) in Replat of Riverside <br />Acres, an Addition to the City of Grand Island, Hall <br />County, Nebraska. (This Mortgage is subject to a first <br />mortgage to Home Federal Savings and Loan Association of <br />Grand Island in the face amount of $100,000.00 and a <br />second mortgage to Internal Medical Associates of Grand <br />Island, P.C., Profit Sharing Plan, c/o Norwest Bank <br />Nebraska, N.A., Trustee, in the face amount of <br />$50,000.00). <br />together with all rents, easements, appurtenances, hereditaments, <br />interests in adjoining roads, streets and alleys, improvements <br />and buildings of any kind situated thereon and all personal <br />property that may integrally belong to or hereafter become an <br />integral part of such buildings and improvements, collectively <br />"the Property." <br />Mortgagors covenant with Mortgagees and their successors in <br />interest that (i) Mortgagors hold title to the Property in fee <br />simple and have lawful authority to mortgage the same, (ii) the <br />Property is free of liens and encumbrances except as stated <br />above, and (iii) Mortgagors will defend the Property against the <br />lawful claims of any person or entity. <br />1. PAYMUM . Mortgagors shall promptly make all payments =- <br />required under the Note and any other instrument securing the <br />of the unpaid principal balance of the Note. <br />2. ACCCELERATION. If default shall be made in the payment of <br />the Note, or any part of the interest thereon, or any other <br />advance or obligation which may be secured hereby, then, at the <br />option of the Mortgagees, the Note and the whole of the <br />A <br />r <br />