|
a
<br />7. Comlemmation. In the event the Property, or any part thereof, shall be taken by eminent do n, Mo
<br />e empowered to collect and receive all compensation which may be paid for any property taken or for to property
<br />r W tom. and MortillsVe shall apply such compensation, at its option, either to a reduction of the indebtedness
<br />I hereby or In WIWr and rextore the property so damaged,
<br />6 Peefenalace, by MortgaIlee. Mortgagee may, but shall have no obligation, to do any act which the Mortgagor
<br />hwqpacd but fails is do, and'Morllimllee may site do any act it deems necessary to protect the lion hereof. MortliaW
<br />to repi!y, upon demand, any am so expanded by the Mortgagee for the above purposes, and any sums so exploded
<br />by ON MOV40W shall be added to the indebtedness secured hereby and become subject le the lien hereof. Nortlispe
<br />AW not ON" any personal liability because of anything it may do or omit to do hereunder:
<br />I Default; Au4nment of Rents. Time is of the essence hereof, and upon Mortgagor's default In any earewt
<br />or Agreement of this Mortipp, including covenants to pay when due the sums secured by this Mortgage, the MortgaIiee WWI
<br />be entitled, at its sole option and without notice, to declare all sums secured by the Mortgage to be immediately due and
<br />payable and may commence foreclosure of this Mortgage by judicial proceedings; and, provided further, that upon such
<br />default the Mortgagee, or a receiver appointed by a court, may at its option and without regard to.the adequacy of the
<br />security, enter upon and take possession of the Property and collect the rents, Issues and profits therefrom and apply; them
<br />first to the cost of collection and operation of the Property and then upon the indebtedness secured by this Mortgagee;
<br />said rents, Issues and profits being assigned to the Mortgagee as further security for the payment of the indebtedness
<br />secured hereby.
<br />16. Transfer of Property. If all or any part of the Property is sold or transferred without the express written con -
<br />sent of the Mortgailee, Mortgagee may at its We option, declare all sums secured by this Mortgage to be immediately due
<br />and payable.
<br />11. Fugue Advances. Upon request of Mortgagor, Mortgagee may make additional and future advances to
<br />Mortgagor. Such advances, with interest thereon, shall be secured by this Mortgage when evidenced by promissory notes
<br />stating that said notes are secured hereby. At no time shall the principal amount of the indebtedness secured by this
<br />Mortgage, not Including sums advanced to protect the security of this Mortgage, exceed the original Note.
<br />12, Miscellaneous Provisions.
<br />(a) Any forebearance in exercising any right or remedy shall not be a waiver thereof.
<br />(b) All remedies provided herein are distinct and cumulative to any other right afforded by law or equity,
<br />and may be exercised concurrently, independently or successively.
<br />(c) The covenants and agreements contained herein shall bind, and the rights inure to, the respective
<br />successors and assigns of the Mortgagor and the Mortgagee.
<br />(d) Ali covenants and agreements or the Mortgagor are joint and several.
<br />(e) The headings of the paragraphs of this Mortgage are for convenience only and shall not be used to inter-
<br />pret or define the provisions hereof.
<br />13. Release. Upon payment of all sums secured by this Mortgage, Mortgagee shall discharge this Mortgage and
<br />shall execute and deliver a satisfactory release therefor.
<br />IN WITNESS WHEREOF, :Mortgagor has executed this Mortgage on the _26_ day of .Tn n e 19 87—.
<br />Vernon B. Johnson Living Revocable Erma I. Johnson Living Revocable Trust
<br />Trus
<br />n
<br />B � By: �l—�'9 t�Q O—Te
<br />Vernon, B. John, on, Co- Truster (Erma I. JohnsorV, Co- Trustee B°uoN�'
<br />1" f '6? "G 7't 'YC'l1Yf - Z/,
<br />(Erma i. John n, Co- Trustee (Vernon B. Jbhnson, Co- Trustee) aorrower
<br />State of Nebraska. Hall
<br />ss:
<br />on this 26th day of June — 19 87, before me, the undersigned, a Notary Public
<br />nsI1 Vernon B. Johnson Co- Trustee and
<br />b siifi fo j p t�, UPOT "Teornori o neon iVing eVoca a Trust
<br />and o the Frma T Johnson Living Revo -hl •T1-Lat , to me known to be the
<br />Identical persmt(s) whose name(s) are subscribed to the foregoing instrument and acknowledged the execution thereof J
<br />to be their ,_ voluntary set and deed.
<br />"`vvv
<br />Witness my hand and notarial seal at _ Grand I p in said county, the
<br />dlde of
<br />Commission expires:
<br />a
<br />dMok No Pubue N �3
<br />(agwee na)ow Thds L1ne Reserved Fo •Lender wed Recorder) --- 1 +✓
<br />Aj"'
<br />a
<br />
|