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<br />7. Caudennation. in the event the Property, or any part thereof, shall betaken by eminent domain,the Mortgagee
<br />is empowered to collect and receive all compensation which may be paid for any property taken or for damages to property
<br />not talten, and Mortgagee shall apply such compensation, at its option, either to a reduction of the indebtedness secured
<br />hereby or to repair and restore the property so damaged.
<br />8. levfce by Mortgagee. Mortgagee may, but shall have no obligation, to do any act which the Mortgagor
<br />has agreed but fails to do, and Mortgagee may also do any act it deems necessary to protect the lien hereof. Mortgagor
<br />agrees to repay, upon demand, any sums so expended by the Mortgagee for the above purposes, and any sums so expended
<br />by the Mortpgee shall be added to the indebtedness secured hereby and become subject to the lien hereof. Mortgagee
<br />ahr111 not incur any personal liability because of anything it may do or omit to do hereunder.
<br />Ii. Default; Assignment of Rents. Time is of the essence hereof, and upon Mortgagor's default in any covenant
<br />or agmement of this Mortgage, including covenants to pay when due the sums secured by this Mortgage, the Mortgagee shall
<br />be entitled, at its sole option and without notice, to declare ail sums secured by this 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 ti,e 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 />10. Transfer of Property. If all or any part of the Property is cold or transferred without the express written con-
<br />sent of the Mortgagee, Mortgagee may at its sole option, declare all sums secured by this Mortgage to be immediately due
<br />and payable.
<br />11. Future 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) Ail 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 />fill) All covenants and agreements of 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 />shalt execute and deliver a satisfactory release therefor.
<br />IN WITNESS WHEREOF. Mortgagor has executed this Mortgage on the St' day of — „ 19 8_.
<br />(Douglas .. Pe ter, >en)
<br />(Tamiy K. Petersen) Borrower
<br />State of Nebraska. -- Ha12 — -, — _-County ss:
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<br />On this St? .____day of June 19 85 . before me, the undersigned, a Notary Public
<br />duly commissioned and qualified for said county, personally came Douglas R- Re'^"""" and Tomi K.
<br />Petersen to me known to be the
<br />identical persons) whose nartwtsi am subscribed to the foregoing instrument and acknowledged the execution thereof
<br />to be _their — ,-_ -- -- voluntary act and deed.
<br />Grand Cslard, NE in said county, the
<br />Witness my hand and notarial seat at -- -- ---- - - - - --
<br />date aforesaid. .�
<br />11=ast Mimi - lhtaalllobkmtr .
<br />'N' My Commission expires: MAKE PAUERT
<br />ror� My Cow Eno. Oct 10 1 " — 4otan euw,e '
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<br />Batow Thtx Llna Hexrred For Lender and nrcurder) - - - - - -- tq'�+r
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