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A
<br />REAL ESTATE MORTGAGE
<br />KNOW ALL MEN BY THESE PRESENTS: 85-- 0018721
<br />THAT, NEBRASKA MOTEL DEVELOPERS, LTD., a Nebraska Partner-
<br />ship, of Hall County, and State of Nebraska' consideration of
<br />the sum of One Hundred Fifty Thousand Dollars ($150,000), and
<br />other good and valuable consideration, receipt of which is herebv
<br />acknowledged, do hereby sell and convey unto LAWRENCE E. HUWALDT,
<br />of Hall County, Nebraska, the following described premises
<br />situated in Hall County, and State of Nebraska, to -wit:
<br />Lots Four (4) Five (5), and Eleven (11), Woodland
<br />Second Subdivision, an Addition to the City of Grand
<br />Island.
<br />The intention being to convey hereby an absolute title in fee
<br />simple, including all the rights of homestead and dower.
<br />TO HAVE AND TO HOLD the premises above- described, with all
<br />the appurtenances thereunto belonging, unto the said mortgagee
<br />and to his heirs and assigns forever, provided always, and these
<br />presents are upon the express condition that if the said
<br />mortgagor, its successors or assigns .shall pay or cause to be
<br />paid to the said mortgagee, his heirs, executors, administrators
<br />or assigns, the principal sum of $150,000, and other obligations
<br />as hereinafter set out, payable as follows, to -wit:
<br />According to the terms ofa certain promissory note
<br />dated April y, 1985, between Mortgagee and Roger H.
<br />Ostwald and Richard E. Stephens, in the total principal
<br />sum of S150,000.00 which Mortgagor has agreed to secure
<br />per agreement dated October 30, 1984. This mortgage
<br />shall remain effective and in full force as to any
<br />modification, renewal or extensions of said promissory
<br />notes, until the sum of $150,000.00 has been paid
<br />thereon, and further that mortgagor acknowledges that
<br />it has received good and valuable consideration for the
<br />granting of this security, and
<br />then these presents to be void, otherwise to be and remain in
<br />full force.
<br />IT IS FURTHER AGREED:
<br />1. It is stipulated and agreed that in case of any default
<br />in any of the said payments of principal or interest, taxes or
<br />insurance, or of anv breach or violation of any of the covenants
<br />or agreements herein contained by the mortgagor, then and in that
<br />event the whole of said principal sum hereby secured, together
<br />with interest, may, at the option of the holder, become due and
<br />payable at once, and the said premises sold as hereinafter pro-
<br />vided
<br />Z. In case of any default as above specieied, the benefi-
<br />ciary or holder of said indebtedness
<br />shall at once become en-
<br />titled to foreclosure and sale of the
<br />premises, and shall be en-
<br />titled to immediate possession and use of
<br />the
<br />the proDerty, and to
<br />rents, issues, and profits thereof, the same being
<br />pledged
<br />hereby
<br />and assigned as additional sec�irity for the indebtedness
<br />which is
<br />secured by this instrument, and the holder of
<br />debtedness shall be
<br />said in-
<br />entitled to a rec� -giver of said to. and
<br />to the rents, issues art([ profits thereof
<br />irruni�diately upon such
<br />(I fait h, a n d a receiver may be appoillo by any court
<br />tent jt.tbeili ct:ic,n n stIc1
<br />Ot.
<br />upon "- p;trte aIt pIicnt. ion, an<l without notica
<br />notice heinE; hereby 11
<br />expressly waived, and the appointtot
<br />reserver on anv such application such
<br />without nnotico hcin�• hereby r�,n
<br />se nted t.o by tily mortgagor, and all
<br />persons rlaimink, i,�, thr��u��h
<br />or IIit0er hilii �rnd all re� Itr,
<br />s.rrd ptoper't hall hr Fulrlr���d frof,ts, ncrune� rand rerer,u�s ln�m
<br />h�
<br />re srrur
<br />h 1 t
<br />e 1 Iil;) 1
<br />i ri t 1 t he <Icht Lrr� by
<br />,, � nrccl.
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