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86-- 101492 (3) Promissory Note, dated December 26, 1984, in the principal sum of Thirty -Five Thousand and N0 1100 Dollars ( ;35,000.00); and (4) Promissory Note, dated December 31, 1985, in the principal sum of Seventy -Two Thousand Five Hundred Eighty -Seven and 12/100 Dollars ($72,587.12). This Mortgage is given pursuant to a certain Agreement between the Mortgagor and the Mortgagee under date of December 30, 1985, and the terms and conditions of said Agreement and the afore- referenced notes are incorporated herein and made a part hereof by this reference. The Mortgagor does hereby covenant with the Mortgagee and with the Mortgagee's heirs and assigns that the Mortgagor is lawfully seized of the premises, that they are free from encum- brance, except the prior Mortgage in favor of Norwest Bank Nebraska, N.A., that Mortgagor has good right and lawful authority to convey the same, and that Mortgagor warrants and will defend the title to the aforedescribed real estate against the lawful claims of all persons whomsoever. The Mortgagor agrees to pay all taxes and assessments upon the aforedescribed real estate and all other taxes, levies and assessments levied upon this Mortgage and the notes which this Mortgage is given to secure before the same become delinquent. In the event the Mortgagor shall fail to pay such taxes before delinquent, the Mortgagee may pay such taxes or other liens and shall have a lien secured hereby for the amount so advanced, with interest thereon at the maximum legal rate. In the event the Mortgagor defaults in the payment of said indebtedness or any installment thereof, or fails to perform any of the other agreements herein, the Mortgagee, at his election, may declare the entire debt secured by this Mortgage to be due and collectible at once and may foreclose this Mortgage for the satisfaction thereof. Signed this day of March, 1986. ZZ_ _f -• Richard E. Stephens, Jr. Barbara G. Stephens -2- X J L_ �