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86-- 102318
<br />any of them, and for enforcing the payment thereof, according to
<br />the terms of this Trust Mortgage and of such bonds, provided,
<br />1 however, that if the Building Association, its successors or
<br />assigns, shall pay or cause to be paid to the holders of the
<br />bonds to be issued hereunder, the principal thereof, and interest
<br />to become due thereon, at the time and in the manner stated in
<br />such bonds, and shall perform all other conditions in such bonds
<br />and in this mortgage, then this mortgage shall cease and be void,
<br />but otherwise it shall remain in full force and effect.
<br />It is expressly agreed by and between the parties hereto
<br />that the specific trust upon which such property is to be held by
<br />the Trustee and subject to such bonds as are issued and to be
<br />held by the holders thereof, are as follows:
<br />1. CONTINUING LIEN. This trust mortgage is to be a
<br />continuing lien to secure the full, complete, and final payment
<br />of the principal and interest of all bonds which may be, from
<br />time to time, issued and sold hereunder, but the total aggregate
<br />amount of such bonds so issued and sold shall not exceed $25,000.
<br />2• AUTHENTICATION OF BONDS. The bonds secured hereby
<br />shall be executed from time to time by the Building Association-
<br />and delivered to the Trustee who shall authenticate them and
<br />deliver them to the holders after registering them with the
<br />Trustee.
<br />3. PAYMENT OF PRINCIPAL AND INTEREST. The Building
<br />Association covenants that it will pay off and satisfy both the
<br />principal and interest of all the bonds issued hereunder
<br />according to the terms hereof and of such bonds and coupons to
<br />the extent possible as soon as the property mortgaged hereunder
<br />is sold, and the mortgaged property shall remain for sale during
<br />the term of this mortgage and .sold or on or before April 1,
<br />1996.
<br />4. POSSESSION OF MORTGAGED PROPERTY BY THE MORTGAGOR: The
<br />Trustee shall allow the mortgagor, its successors, and assigns to
<br />possess and enjoy all of the property hereby mortgaged, on the
<br />condition that the Building Association shall pay all taxes,
<br />maintain full and complete liability insurance, and pay any
<br />current liens now existing against the property. The Building
<br />Association shall suffer no further or additional liens to be
<br />placed against tire property described herein.
<br />5. DEFAULT IN PAYMENT OF INTEREST OR PRINCIPAL. It is
<br />agreed that upon the sale of the real estate described herein
<br />that the full and complete net proceeds thereof will be applied
<br />to the redemption of the bonds. The Trustee shall not release
<br />the mortgage until such redemptions have been made to the full
<br />extent possible from the sale of the real estate. In the event
<br />that the real estate is not sold prior to April 1, 1996, then the
<br />Trustee shall treat such lack of payment as a default, and,
<br />without further request from any holder of the bonds, shall sell
<br />all of the property at public auction at the Courthouse of Ha 11
<br />County, Nebraska, after giving written notice of such sale as
<br />required by the statutes of the State of Nebraska, and may make
<br />and deliver to the purchaser or purchasers of the property, at
<br />such sale, a good and sufficient deed or deeds for the: same,
<br />which sale shall be a per-pet traI bar a, >ainst the Building
<br />Associaticn and all persons and corporations lawfully claiming;
<br />through or under it. The principal of all the bonds hereby
<br />secured and outstanding shall become due and payable at the, ti
<br />such sale is made, anything in such bonds to the n me co
<br />trar,,, not
<br />withstanding. The 'Trustee shall have• power of sale, and small
<br />have th o h
<br />e option t foreclose this trust mort�,,,ige in they nrinn r
<br />provided by Iaw for the forect(:,surr' rl mort,ag�,s nn rral
<br />property.
<br />The 'l rIrstee shall ;I I rr�ie�r��ls
<br />follows, t0 Wit:
<br />J
<br />rj91
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