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CONSTRUCTION SECURITY AGREEMENT
<br />TRUMENT CONSTITUTES A CONSTRUCTION SECURITY INTEREST UNDER THE NEBRASKA CONSTRU TIpN
<br />ESTATE MORTGAGE-(With Tax Clause) Rev 78 Huffman and Felton & Wolf. Walton, Ne. 68461
<br />i _ _.
<br />KNOW ALL MEN BY THESE PRESENTS: That Midland Builders, Inc. 83,~©080
<br />of Hd 11 County, and State of Nebrd S ka , in consideration of the sum o!
<br />FORTY TWO THOUSAND AND NO/100------------------------------------------------- DOLLARS
<br />in hand paid, do hereby SELL and CONVEY unto The First National Bank of Grand Island,
<br />Grand Island, Nebraska
<br />of Ha 11 County, State of Nebraska Lhe following described premises situated
<br />in Hall County, and State of Nebraska , to-wie:
<br />LOT SIX (6), BLOCK FOUR (4), COLONIAL ESTATES
<br />SECOND SUBDIVISION, AN ADDITION TO THE CITY
<br />OF GRAND ISLAND, HALL COUNTY, NEBRASKA.
<br />The intention being to convey hereby an absolute title in fee simple, including all the rights of homestead and dower.
<br />TO HAVE AND TO HOLD the premises above described, with all the appurtenances thereunto belonging, unto the said
<br />mortgagee(s) and to his, her or their heirs and assigns forever, provided always, and these presents are upon the eapress
<br />condition that if the said mortgagor(s), his, her or their heirs, executors, adminiskrators or assigns shall pay or cause to be
<br />paid to the said mortgagee(s), his, her or their heirs, executors, administrators or assigns, the principal sum of $
<br />payable as follows, to wit:
<br />PRINCIPAL PLUS ACCRUED INTEREST AT RATE OF FOURTEEN
<br />AND ONE-HALF PERCENT PER ANNUM DUE AND PAYABLE
<br />AUGUST 22, 1983.
<br />with interest according to the tenor and effect of the mortgagors written promissory note bearing even date with these presents
<br />and shall pay all taxes and assessments levied upon said real estate, and all other taxes, levies and assessments levied upon this
<br />mortgage or the notewhich this mortgage is given to secure, before the same becomes delinquent, and keep the buildings on
<br />said premises insured for the sum of S 42 , OOO. OO loss, if any, payable to the said mortgagee, then these presents
<br />to fie void, otherwise to be and remain in full force.
<br />IT IS FURTHER AGREED (1) That if the said mortgagor shall fail to pay such taxes or procure such insurance, the
<br />said mortgagee may pay such taxes and procure such insurance; and the sum so advanced, with interest at 14.50 per
<br />cent, shall be repaid by said mortgagor, and this mortgage shall stand as security for the same. (2) That a failure to pay aqy
<br />of said money, either principal or interest, when the same becomes due, or a failure to comply with any of the Foregoing
<br />agreements, shall cause the whole suro of money herein secured to became due and collectible at once at the option of the
<br />mortgagee.
<br />Signed th;a 23 say of February is 83
<br />In presence of
<br />M.i.dlarLd..Buil.ders,._i c._ ............................
<br />_BY.~..... >~ , o
<br />Jim L, eim, President
<br />S`L`ATE OF .......NEBRASKA ............ .County oLtIALL
<br />The foregoing instrument acknowledged before me ...... February.. 23 ................19...83
<br />by ...,,Jim .l: Seim ~ ~,~~4~` ~dland Builders, Inc.
<br />l i `Z '~:
<br />My Commission Ex ~ :~04 , ~ `. . r`r~iL~~~"j~ ~...`r:. (1.n~ ~~{`~-----
<br />t Signature of Person Taking A :k owledgment i
<br />e:~ .-
<br />si9 cM z.t•. A=:~- ..Notary •Publ.i.S ................................
<br />lfOf HE.~~- Title
<br />6TATI's OF..._..,_.._:_....._._..__.. .................~...---_...,.-1 ~. Entered og,t numerical index and filed for recox!
<br />Ctau,ty ............._..... _................................_....... i
<br />.... 17 m the Re islet of Deeds Office at satd Count t2,e ~'
<br />.....:..........._.....dqy at......, ......._......,............_......._., 19...._......, at................_..._.._..._-o'clock and...__ .... _.._..._._minutes .._. __.._._..M..
<br />sad rocordad fn I3ook....._....._......_ ....................af.-----........-_.-_-_ ..,_.._.at page..._.._.._...._....._....... _._. _ i
<br />_........__.._ ................__..... Rog. of Daaxle
<br />$y_...... ..._ ... .... .. .. ..... Lkaputy
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