|
86, 103244
<br />4. In the event the Property, or any part thereof, shall be taken by eminent
<br />domain, the Mortgagee is empowered to collect and receive all compensation which
<br />may be paid for any property taken or for damages to property not taken, and Mortgagee;
<br />shall apply such compensation, at its option,, either to a reduction of the indebtedness
<br />secured hereby or to repair and restore the property so damaged.
<br />5. Mortgagee may, but shall have no obligation, to do any act which the Mortgagor
<br />ffas agreed, but fails to do, and Mortgagee may also do any act it deems necessary to
<br />protect the lien hereof. Mortgagor agrees to repay, upon demand, any sums so expended
<br />by the Mortgagee for the above purposes, and any sums so expended by the Mortgagee
<br />shall be added to the indebtedness secured 'hereby and become subject to the lien
<br />hereof. Mortgagee shall not incur any personal liability because of anything it
<br />may do or omit to do hereunder.
<br />6. Time is the essence hereof, and upon Mortolgor's default in any covenant
<br />or agreement of this Mortgage, including covenants to pay when due the sums secured
<br />by this Mortgage, the Mortgagee shall be entitled, at its sole option and without
<br />notice, to declare all sums secured by this Mortgage to be immediately due and
<br />payable and may commence foreclosure of this Mortgage by judicial proceedings;
<br />and, provided further, that upon such default the tortgagee, or a receiver
<br />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,
<br />issues and profits therefrom and apply them first to the cost of collection and
<br />operation of the Property and then upon the indebtedness secured by this Mortgage;
<br />said rents, issues and profits being assigned to the Mortgagee as further security
<br />for the payment of the indebtedness secured hereby.
<br />7. If all or any part of the property is sold or transferred without the express
<br />written consent of the Mortgagee, Mortgagee may at its sole option, declare all sums
<br />secured by this Mortgage to be immediately due and payable.
<br />8. Any forebearance in exercising any right or remedy shall not be a waiver thereof.
<br />9. All remedies provided herein are distinct and cumulative to any other right
<br />afforded by law or equity, and may be exercised concurrently, independently or
<br />successively.
<br />10. The covenants and agreements contained herein shall bind, and all rights
<br />inure to, the respective successors and assigns of the 'Ior-tga or and the Mortgagee.
<br />11. All covenants and agreements of the Mortgagor ana the Mortgagee are joint
<br />and several.
<br />12. Upon payment of all suits ecured ;;,, this "lortgage, P11ortgaoee shall discharge
<br />this Mortgage and shall execute and deliv,r- a satisfactory release therefor.
<br />IN WITfIESS ,!HEREOF, Mortgagor has e, , .,ted th i , r ort - c t day of
<br />- ga at= ;;r, _he 5th
<br />X
<br />STATE OF NEBRASKA, Hall County ss:
<br />On this 5th gay of _May_ _ , ' 86_, ow,, the undersigned, a
<br />Notary Public duly cormissionea and tiva O ied `or satd county, personally came
<br />Rex A. Spiehs and Rhonda L. Spiehs, to ::e �:no rn to be the identical
<br />persons whose na:res are subscrired tcc trio and acknowledged rite
<br />execution thereof to be their
<br />LA:
<br />My commission expires 4-28 --87
<br />
|