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86-107520 a- r f " This Mortgage made this /� day of December, 1986, between John J. Cannella and Rose Ann Cannella, Husband and Wife, hereinafter "Mortgagors," and Internal.Medical Associates of Grand Island, P.C., Profit Sharing Plan, c/o Norwest Bank Nebraska, N.A., Trustee, hereinafter "Mortgagee." IN CONSIDERATION of Fifty Thousand Dollars ($50,000.00) advanced by Mortgagee to Mortgagors, who acknowledge re- ceipt of such sum, which is evidenced by a Promissory Note of even date, attached and incorporated herein as Appendix "A," hereinafter "the Note," which this Mortgage secures the Mortgagors, hereby mortgages to the Mortgagee the following described real property situated in the County of Hall, State of Nebraska, and described as follows: Lot Three (3) in Block Three (3) in Replat of Riverside Acres, an Addition to the City of Grand Island, Hall County, Nebraska. (This Mortgage is subject to a first mortgage to Home Federal Savings and Loan Association of Grand Island in the face amount of $100,000.00). together with all rents, easements, appurtenances, hereditaments, interests in adjoining roads, streets and alleys, improvements and buildings of any kind situated thereon and all personal property that may integrally belong to or hereafter become an integral part of such buildings and improvements, collectively "the Property." Mortgagors covenant with Mortgagee and its successors in interest that (i) Mortgagors hold title to the Property in fee simple and have lawful authority to mortgage the same, (ii) the Property is free of liens and encumbrances except as stated above, and (iii) Mortgagors will defend the Property against the lawful claims of any person or entity. I. PAYMENTS. Mortgagors shall promptly make all payments recpaired under the Note and any other instrument securing the of the unpaid principal balance of the Note. 2. ACCELERATION. If default shall be made in the payment of the Note, or any part of the interest thereon, or any other advance or obligation which may be secured hereby, then, at the option of the Mortgagee, the Note and the whole of the indebtedness secured by this Mortgage, shall become due and shall become collectible as per the terms set forth in the Note, and shall be subject to the Irrevocable Pledge and Assignment which is attached and incorporated as Appendix "B ". 1_ In