87100059 - Laserfiche WebLink

Browse

PURCHASE MONEY 87- 100059 REAL ESTATE MORTGAGE DANIEL C. HANNA D /B /A HANNA CAR WASH INTERNATIONAL, herein called the Mortgagor, in consideration of THREE HUNDRED FOUR THOUSAND THIRTY -SIX AND N31100 DOLLARS ($304,€x36.00) does hereby mortgage to GRAND ISLAND INDUSTRIAL FOUNDATION, TRUSTEE, herein called the Mortgagee, the real estate in Hall County, and State of Nebraska, more particularly described upon Exhibit "A ", which is attached hereto and made a part hereof by this reference. This Mortgage is granted upon the following terms and conditions: 1. The Debt. This Mortgage is granted to secure the payment of the principal sum of $304,036.00 and interest thereon, according to the terms of a certain Promissory Note of even date, executed by the Mortgagor to the Mortgagee, due the 30th day of December, 1996. Mortgagor shall make all payments required by that note when they are due. 2. Taxes. The Mortgagor agrees to pay all taxes and assessments upon said premises and all other taxes, levies and assessments levied upon this Mortgage and the Note which this Mortgage is given to secure before the same become delinquent. 3. Liability Insurance. The Mortgagor agrees to carry and maintain public liability insurance in the amount of at least $500,000.00, single limit, by policies of insurance issued by responsible insurance companies authorized to do business in the State of Nebraska, fully protecting the Mortgagor and Mortgagee against any loss, damage, or claim therefor in any manner connected with or arising by reason of, the use of the real estate by Mortgagor, and fully protecting the Mortgagor and the Mortgagee against any loss, damage, or claim arising in any manner to any member of the public, in, upon, or about the real estate. At Closing Mortgagor shall furnish to Mortgagee a certificate evidencing the fact that such insurance has been procured and that it is in full force and effect, and further that the same cannot be terminated without reasonable notice to the Mortgagee. 4. Casualty Insurance. The Mortgagor agrees to carry and maintain fire and extended insurance coverage on the real estate in the amount of at least $300,000.00 by standard policies of insurance issued by responsible insurance companies authorized to do business in the State of Nebraska. Said policies of insurance shall contain loss payable clat:ses to the Mortgagor and Mortgagee as their interests may appear. At Closing Mortgagor shall furnish to Mortgagee a certificate evidencing the fact that such insurance has been procured and that it is in full force and effect, and further that the same cannot be terminated without reasonable notice to the Mortgagee. 5. Insurance Proceeds. Except for losses of $10,000.00 or less all amounts paid under any insurance policy under paragraph 4 of this Article shall first be deposited in an '^_n :"" Cran' Island, Nebraska to the joint credit of Mortgagor and Mortgagee. Those insurance proceeds shall then be used as Mortgagor and Mortgagee mutually agree to restore the real estate to its condition on the date of the loss; provided, however that if such restoration cannot be done with the insurance proceeds and any additional money (Mortgagor is willing to pay, then the enure insurance proceeds shall be paid to Mortgagee apply on the remaininc, amounts owl. ^,a under this Mort,-ac-.e zr: e: se order of the -.:e ;;ales of the re^aar:inq irsta en }s.