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t4ORTGAGE oa-aft 001112
<br />This Mortgage (s enterad into bafreeen M170MMS DEVEWPME NT CD-, A Nebraska Partnership
<br />(herein "Mortgagor ") and
<br />The Overland National Bank of Grand Island, Grand Island, Nebraska (herein "Mortgagee ").
<br />Mortgagor is indebted to Mortgagee in the principal sum of $ 189 800.00 , evidenced by Mortgagor's note
<br />dated Feb. 27, 1985 (herein "Note"
<br />providing for payments ofprincipal and interest, with the balance of the
<br />indebtedness, if not sooner paid, due and payable on. Feb. 28, 1988-
<br />To secure the payment of the Note, with interest as provided therein, the payment of all other sums, with interest,
<br />advanced by Mortgagee to protect the security of this Mortgage, and the performance of the covenants and agreements of
<br />the Mortgagor contained herein, Mortgagor does hereby mortgage and convey to Mortgagee the following described
<br />property located in Hall County, Nebraska:
<br />See Attached Exhibit "A"
<br />Transfer of Property. If all or any part of the Property or any interest of the
<br />Mortgagor therein is sold, transferred or further encunbered without the express
<br />written consent of the Mortgagee, Mortgagee tray, at its sole option, declare all
<br />stets secured by this mortgage to be banediately due and payable.
<br />Together with all buildings, improvements, fixtures, streets, alleys, passageways, easements, rights, privileges and
<br />appurtenances located thereon or in anywise pertaining thereto, and the rents, issues and profits, reversions and remainders
<br />thereof; including, but not limited to, heating and cooling equipment and such personal property that is attached to the
<br />improvements so as to constitute a fixture; all of which, including replacements and additions thereto, is hereby declared
<br />to be a part of the real estate secured by the lien of this Mortgage and all of the foregoing being referred to herein as the
<br />.,Property"
<br />Mortgagor further convenants and agrees, with Mortgagee, as follows:
<br />1. Payment. To pay the indebtedness and the interest thereon as provided in this Mortgage and the Note.
<br />2. Title. Mortgagor is the owner of the Property, has the right and authority to mortgage the Property, and
<br />warrants that the lien created hereby is a first and prior lien on the Property, except as may otherwise be set forth herein.
<br />O The Property is subject to a Mortgage wherein
<br />is the Mortgagee, recorded at Book , Page of the Mortgage Records of County,
<br />Nebraska, which Mortgage is a lien prior to the lien created hereby.
<br />O Other prior liens or encumbrances:
<br />3. Taxes, Assessrtumts. To pay when due all taxes, special assessments and all other charges against the Property
<br />and, upon written demand by Mortgagee, to add to the payments required under the Note secured hereby, such amount as
<br />may be sufficient to enable the Mortgagee to pay such taxes, assessments or other charges as they become due.
<br />4. Insurance. To keep the Improvements now or hereafter located on the real estate described herein ins..red
<br />Against damage by fire and such other hazards as Mortgagee may require, in amounts and with companies acceptable to the
<br />and with loss payable to the Mortgagee. In pre of lore under such policies the Mortilpgee is authorized to
<br />Adjust, collect and compromibe, in its discretion, all claims thereunder at its We option, authorised to either apply the
<br />proceeds to the restoration of the Property or upon the indebtedness secured hereby, but payments hereunder sladl con-
<br />tinue until the sums secured hereby are paid in full.
<br />S. O Escrow For Taxes and Insurance. Notwithstanding anything contained in paragraphs 3 and 4 hereof to the
<br />contrary, MartgaW shall pay to the Mortgagee at the time of paying the monthly installments of principal and interest,
<br />one-twelfth of the yearly taxes, usessments, hazard insurance premiums, and ground rents (it cony) which may attain a
<br />priority over this Mortgage, all as reasonably estimated from time to time by the Mo e. The amounts to paid shall be
<br />held by the Mortgages without interest and applied to the payment of the items in respect to which such amounts were
<br />deposited. The sums paid to Mo hereunder are pledged as additional security for the indebtedness secured by this
<br />Mortgagor shall pay to Mortgagee the amount of any deficiency between the actual taxes, assessinents, Insurance
<br />promiums and ground rents and the deposits hereunder within 10 days after demand is made upon Mortgagor requesting
<br />payment thereof.
<br />6. Rispatr, Maintenance and Use. To promptly repair, restore or rebuild any buildings or Improvements now or
<br />hereafter on the Property; to keep the Property In good condition and repair, without waste, and free from mechanic's or
<br />other lions not expressly subordinated to the lien hereof; not to nuke, suffer or permit any nuisance to exist, nor to dimin-
<br />M or impair the value of the Property by any act or omission to set; and to comply with all requirements of law with
<br />respect to the Property.
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