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<br />REAL ESTATE MORTGAGE O ���'
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<br />CONSTRUCTION SECURITY AGKEMENT
<br />Dennis P. Meier and Diane C. Meier, nvsuw"^ and uipp
<br />1
<br />Hall /
<br />of the County and State of naft= called the »4rtv of the on* part, in
<br />consideration ^c_ ------ Dl��n*.
<br />in hand n*m, mm hereby grant, uwrgm*, mm and convey owm the amm^ Fem"nu muwoux & Loan Association of Grand mwp4
<br />m,�d�mu�m*mmwk^. and um^u�w,w�and �mumv.the aalwwnu,�l°mn�.�mmwu/ U��l
<br />County, State of Nebraska —, towit:
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<br />A tract of land located in the Southwest Quarter (Sw6) or Section Twelve (12), Township
<br />Tmel`/a (12) North, Range Ton (10) waat of the 6th P.M., Hall County, Noocoaxa, being more
<br />particularly described as follows: Beginning at the Southeast Corner of the Southwest Quarter
<br />(SW of said Section Twelve (12); thence North along the East line of said Southwest Quarter
<br />(SW u distance or three xundzcu Forty Six (348,OO) Feet; thence Nast along o lino Three
<br />Hundred fort/ Six (346.00) Feet North of and parallel to the South Line of said Southwest
<br />Quarter (5W6) e distance or Two Hundred Nine (209.00)Foet; thence South along a line Two
<br />Hundred Nine (JOS.00) Feet west of and parallel to the East line of said Southwest Quarter
<br />(5NO o distance of Three Hundred forty Six (346.00) feet to the south line of said Southwest
<br />uuocter (Sm40; thence East along the South line or said Southwest Quarter (6mJ) a distance
<br />of Two Hundred mine (208.00) feet to the point of beginning.
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<br />Together with all the appurtenances thereunto belonging, and all covenants m all the title deeds running with said real estate,
<br />and all the rents, issuer and profits arising therefrom after default in v,rfor7nu"ce of any covenant or condition o,o/" con-
<br />tained; and warrants the title thereto perfect nd a^m mno* for this mortgage.
<br />During the time this mortgage /.m force the mortgagors "ore".
<br />First. To pan all taxes and special assessments levied ,m"mst said m"~i"es. i"a"a/"« all taxes and assessments levied
<br />upon this mortgage, mr the debt secured uv this mortgage.
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<br />uevuu. To men all uuuumo, thereon msmru against loss by fire, lightning and tornado m some company, to be ap-
<br />proved by the said Hom Federal Savings a Loan Association of Grand Island m the sum m 'or
<br />the benefit m the said Association, and its successors massigns; and m deposit said policies with said Association, n:: shall not
<br />commit or suffer any nmmz on said premises, and ^h"u not and keep said real estate buildings and /mnnovomoum in «vvu
<br />order.
<br />Third. To way or cause to be paid to the Home Federal Savings & Loan Association of Grand /sl:uu, its successors or
<br />assigns, the sum of ' �OLLARm
<br />payable as follows:
<br />830,000,00 Due July 20, 1988
<br />with interest thereon payable, according to the tenor and effect of the one certain first mortgage note of said mortgagors,
<br />bearing even date with these presents. After maturity said bond draws interest at the rate of nine per cent per Rnnum.
<br />If said taxes and assessments are not paid when due, or if the buildings on said premises are not insured as above pro-
<br />vided, or if any of said interest is not paid when due, then said whole debt shall become due immediately, at the option of the
<br />said Association, and shall thereafter draw interest at the rate ofXA)1PWFWper annum.
<br />Ile mortgagor hereby assign to said mortgagee 211 rents and income arising at any and all times from said
<br />property and hereby authorize said mortgagee or its agent, at its option, upon default, to take charge of said property and
<br />collect all rents and income therefrom and apply the same to the payment of interest, principal, insurance premiums, taxes,
<br />assessments, repairs or improvements necessary to keep said property in tenantable condition, or to other charges or pay-
<br />ments provided for herein or in the note hereby secured. This rent assignment shall continue in force until the unpaid bal-
<br />ance of said note is fully paid. The taking of possession hereunder shall in no manner prevent or retard said mortgagee in
<br />the collection of said sums by foreclosure or otherwise.
<br />Vftether said debt becomes due by lapse of time, or by reaz-n of the failure of the party of the first part to comply
<br />with any condition herein, the said Home Federal Savings & Loon Association of Grand Island, the successors and assig
<br />shall have the right to begin the foreclosure of this mortgage at once on the whole debt hereby secured, and to include
<br />therein all taxes, assessments, insurance premiums and costs, paid by it or them; or said Association, its successors or
<br />assiM may foreclose only as to the sum past due, without injury to this mortgage, or the displacement or impairment
<br />of the lien thereof.
<br />And the muuumt
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<br />every one of them, Including both that now owned and that hereafter acquired, is pledged and bound for the payment of
<br />the debt hereby secured.
<br />After the commencement of any suit in foreclosure the plaintiff therein shall be entitled to the immediate possession of
<br />said premises and the appointment of a receiver therefor, notwithstanding they may be the homestead of the occupant and
<br />notwithstanding the parties liable for the debt may be solvent, and the first party hereby consents to the appointment of a
<br />Receiver upon the production of this Indenture, without other evidence.
<br />The foregoing conditions and agreements, all and singular, being fully performed, this conveyance shall be void, other-
<br />wise to be mW remain in full force and effect.
<br />In presence of
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