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<br />
<br />B.j.JJOOIOO
<br />
<br />REAL ESTATE MORTGAGE (With Tax [1.
<br />
<br />ALL MEN BY PRESENTS: That Roger A. Gade and Karen A.
<br />Husband and Wife, Each in His Own Right and As Spouse of
<br />Mortgagors, of Hall County, and State of Nebraska, in
<br />ion of the sum of Twenty-Five lhousand Dollars ($25,000.00)
<br />d. do hereby SELL and CONVEY unto Grand Island Mall, Ltd.,
<br />a L$mited Partnership, Mortgagee, of Hall County, State of Nebraska,
<br />the following described premises situated in Hall County, and State
<br />of Nebraska, to-wit:
<br />
<br />An acre tract of land located in the Southeast corner of
<br />the South Half of Section Eleven (11), Township 12, North.
<br />Range 10, West of the 6th P.M., in Hall County. Nebraska,
<br />more particularly described as follows: Commencing at
<br />the Southeast corner of s-aid Section 11, running thence
<br />North. along and upon the East side of said Section 11,
<br />a distance of 208.75 Feet, running thence West and para-
<br />llel with the South side of said Section 11, a distance
<br />of 208.75 Feet, thence running South and parallel with
<br />the East side of Section 11, a distance of 208.75 Feet.
<br />running thence East, along and upon the South side of
<br />said Section 11, a distance of 208.75 Feet to the point
<br />of be~linning,
<br />
<br />subject to prior mortgages of record.
<br />
<br />The intention beiGg to convey hereby an absolute title in fee simple,
<br />including all the rights of homestead and dower.
<br />TO HAVE AND TO HOLD the premises above described. with IJ he
<br />appurtenances thereunto belonging, unto the said Mortgagee and to his,
<br />her or their heirs and assigns forever, provided always, and these
<br />presents are upon the express condition that if the said Mortgagors,
<br />their heirs, executors, administrators or assigns shall payor cause
<br />to be paid to the said Mortgagee, its heirs, executors, administrators
<br />or 3ssigns, the principal sum of $25,000.00 payable as follows, to-wit:
<br />Payable in accordance with the terms of a lease of even date wherein
<br />Mortgagors are Lessee and Mortgagee is Lessor, for rental of Spaces
<br />(10, Ell and 12 and Part of E9 at the Grand Island Mall in rand Island.
<br />Nebraska, this Mortgage being security for the payrne t of rental by
<br />Mortgagors to Mortgagee; and Mortgagors shall pay all taxes and assess-
<br />ments levied upon said mortgaged real estate, and all other taxes,
<br />levies and assessments levied upon this Mortgags before the same
<br />becomes delinquent, and keep the buildinQs on said premises tnsured
<br />for the insurable value loss. if any, payable to the said Mortgagee,
<br />then these presents to be void, otherwise to be and remain in Full
<br />force.
<br />
<br />This Mortgage shall stand as security for the above-referred
<br />Lease of even date hereof between Mortgagors and Mortgagee for a term
<br />of four (4) years, and if Mortgagors make all payments in accordance
<br />w~th the terms of said Lease then this Mortgage shall become void and
<br />of no further force and effect, otherwise to remain in full force and
<br />t a(~ security for the payment of rental during said four (LI) year
<br />of time. Mortgagee further agrees to release this Mortgage
<br />time aft.er date of 8.>:.ecutlon hereof upon fl!ortr;)i'H}OrS flJr-nish
<br />with satisfactory substitute security.
<br />
<br />
<br />this 22nd day of December, 1
<br />
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