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<br />84 - 008308
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<br />6. That there is no assignment or pledge of any lea_ of, rentals or income from, said premi_ now in
<br />effect. ami that, until such indebt.ednetIs is lully- paid, tJ'.ey wiJJ not make any such assignment or pledge to anyone
<br />other than Mortgape and will not. without the prior written approval of MO"tgagee. consent to a cailceJlation of
<br />any of said leases having at the time an unexpired term of more than two years, or to a relaase or reduction of the
<br />liability of any lessee under such a lease.
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<br />7. To keep the buildings and other improvement!! now or hereafter erected in good condition and repair.
<br />not to commit or suffw any waste or any UlIC of said premi5e8 contrary to l'eIltriction5 of reeord or c:oDtnIry to
<br />laws, ordinanees or regulations of proper public authority and to permit Mortppe to enter at all re8IIODllb1e tm-
<br />for the puI'p08tl of inlIpecting the premises.
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<br />8. That they will pay the indebtedness hereby secured promptly and in full compliance with thetennsof
<br />__ Note and this Mortgage.
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<br />9. Without affIlcting the liability of MOI"tgqOnI or any other pcnoo (except any (lIlmHl~"""'"
<br />in writing) for paymf!ilt of '''iY indebtedness 5eClIJ'CId. hereby or for the perform&mce of any obIiDtion. contai. 'Met
<br />herein, and without affecting the rights of Mortppe with ~ to oy security not vlIpIeHly releued.m ~
<br />Mortgagee may, at any time and from time to time, either before or after the maturity of -- Not.e,andwitheut;
<br />notice or consent: (a) release any person liable for payment of all or any part of the iDdebtednessorfWper-
<br />formanee of any obligation; (bl make any agreement ex~ the time or othenrise al1ieriDathe t.erma~
<br />ment of all or lW part of the indebtedness. or modifying or _' any obtiption. or subordiuating, . .
<br />or othenrise d:Iing with the lien or charge hereof; leI exercise or~fromexercisiagorwaiveanyright Grt-
<br />gape may have; (dl accept additional security of oy kind; and, Ie) release or othenrise deal..1rith any property,
<br />real or personal, securing the indebtedness, including all or any part of the property mwt 1If'" hereby. .
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<br />10. Mortgagors covenant and agree that if the loan secured benby is obUined to assiII't m fiuI1 cingbWlQ.
<br />ing construction or renwdeling. or any other improvements to the pI~ty: lei if such. impN. JIM sIWlJlOt,
<br />in aa:ordanc:e with plans and specifications apP1"OVed by Mortgagee. complUed prior to the~date
<br />of the Io8n commitment, or (bl if work on such lInprovemellts slWl cease hetonl eompletion and remam ~
<br />for a period of fifteen conlltlCUtive days, the exUItence of either cin:umstaDce sIIaII ~ aa lm!Dt ofderllult
<br />under the terms ofthis instrument. and at any time thereafter, the saidNoteancl thewholeimlebt;ad--, fIlIIUftId
<br />hereby shall, at the option of the Mortgagee and without notice to M~ (such notia.l beias hereby _.
<br />pressly waived), become due and collectible l\t once by foreclosure or otherwise. In the event of suchCllllllltioD
<br />or abandonment of work as aforesaid. Mo~ may. at its option. also eoa<<' upon the ...~ ...~pIfte
<br />the ~ts and Mortgagors hereby gIVe to Mortgagee full power and authority to maJle such...,. aDd to
<br />antfaP' 'nt", -urh ~ntrA4"'t4il .f1Ir $tITAn~t. 38 it ""..v ~~.ui"", ~ t.(t 1':tHn'f"W... tM lIRIIH\. AD II'UJDIIV'JI.....
<br />PODded by Mortgagee in connectioo with compIetion of said improvements shall be included in tile incIe1.-.1"""';'
<br />hereby secured and shall be payable by Mortgagors immediately and without demand, with iat.erelIt at t.be rat.e
<br />equal to the Default Rate Cas defined in the Notel shown in the Note. Until the loan shall lH:-;e been fuily .!Mw._
<br />the ag\lBts of the Mortgagee shall have the right to enter upon the property at any and all times to iRspect the
<br />improvement project thai is under way.
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<br />Mortgagee may from time to time wative its right hereunder to collect rents and other income but ~.
<br />waiver shalf nOt prejudice Mortgagee' 5 right to make such collections thereafter so loag as and wbenevw a
<br />exists under this Mortgage or the Note hereby secured. Mortgagee shall have the rbd1t, but shall not be recpIired.
<br />to sue for collection of rents, poll_ion of premises or other remedy, but shall noibe liable for failure to Collect
<br />rents or other income and shall he held accountable for only such amounts as are actually received. Funds received
<br />by the Mortgagee shall be a.pplied at its discretion to expeDlMlll of collection. including reasonable attorney.' f-.
<br />necessary repairs, taxes and insurance on the mortgaged premises, and on account of the indebtednee. hereby
<br />lltlCUred.
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<br />No change or modiflClltion of a lease or rental contract covering premises herein described sIIaII he bindiag
<br />on the Mortgagee unless consented to in writing by the Mortgagee.
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<br />11. It is understood and alP'tlCld tbat tbis Mortgage shall also secure any other indebtedneu owing to Mort-
<br />,':egee by Mortgagors, or any of them. inelllding any additional or future advances made by Mortgagee to
<br />}, "ortgagors, or any of them. . ....'.. ... ... ..
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<br />12. It ill expressly agreed that ifthis tmiconsi.ts of less than ten (10) acres in size:
<br />(eI That if the Mortgagee in event of foreclosure hereon, in the foreclosure action waives any rights to
<br />defic:ivacy judplont ... <inst the Mortgagor which might arise out of the pr-vo-li"l"_ the period of redemption.
<br />after sale on foreclnsure shall be reduced to six (6) months. .
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<br />IhI If at the time of any foreclosure hereof, the property has been abandoned by the ownen aDd those
<br />I*IODII penonally liable under the M~, aDd if the Mortgagee shall waive any rights to a deficiency judpaent
<br />apinst the Mortgagor or his SU<<eIIlIOI' ID interest, in the foreclosure action. then the period of redemption after
<br />stile 011. forec1oeure shaD he reduced to sixty (601 days. .
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<br />Subperacrapb laI shall be interpreted l1li applying in circumstances where Section 628.26, Code of Iowa 1975,
<br />il applicable, and SU~~ ("I shall be interpreted as applying in circumatances where Section 628.27,
<br />Code-of 1__ 1975. is applica61e. The meaning of the term "abandoned" as used herein shall he ickmtical with
<br />that WNId in the statute.
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<br />13. It is expreuJy agreed by the parties hereto that the entire balance owing under this MortglIp and the
<br />indebtedaess it secures shan become due and Fyable immediately: (al upon any sale or conveyaDCe Of the above
<br />ru1 eetate; or, (hi if MortglllOf is a corporation, partnership or trust. upon any sale or tranIIfer of a beneficial
<br />iMeraet in Mortgapr. 11I1leiS .ne Mortgagor or Mortgagor's successor in interest, shall first have obtained the
<br />written COIlHIlt from the Mortgap,e to said sale or conveyance.
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<br />14. Whenever used. the sinpJar shall include the plural the plural shall include the singular, and the use
<br />0{ ..., pmler 8baU iDclude all. geoUera.
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<br />*** Nebraska
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<br />DIned tide 15th
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<br />day of November
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<br />. A. D., 19 84
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<br />Doug1
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<br />.. :j, ..~'x.. \\,.. ,,,,,~:.,,,..'O
<br />LindA Armstrong ,-
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