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I -i _+__ ~;.;:13"~~_,_,_,_w_,____....~,_,.._!3~.~~~~TEABTREA~~:}GAGE ..._,83~ I JQ!ru~.g".. I I (Open-End: To Secure Present and Future Obligations and AdYances) r Date March 1. 1983 E1 ton H. Luebs , Mortgagor(s), 01 Ha 11 County, Nebraska , in consideration 01 the advance 01 the principai sum, plus advan!,es lor the pu,chase 01 Class B stock and/or participation certificates 01 the Mortgagee as required by Mortgagee's bylaws and by dete,mination by the Mortgagee's Board 01 Directors under said bylaws, pursuant to lederallaw,' to support the outstanding indebtedness, recited in the note here- inalter desc,ibed and in consideration of future advances made by Mort~I\%'Wcfo~''JWlpor(s) or any 01 them as herein- after provided, hereby mortgages and conveys to Production Credit Association, whose principal office is at (;rand Is 1 and , Nebraska, Mortgagee, the lollowing-desc'ibed real property in Hi> 11 Cpunty, Nebraska, subject to oil, gas, and mlne,al rights owned by parties other than Mortgagor(s): existing easements 01 reco,d: reservations in United States and State patents: and the rights of the public in all highways: The Southeast Quarter of the Southeast Ouarter (SE~SE~), Section Nineteen (19), Township Ten (10) North, Range Eleven (11) l~est, Hall County, Nebraska L containing 39 46 acres, more' or less, according to Government survey: together with all of the right, title, and interest 01 the Mortgagor(s) in said property now owned, or herealler acquired. and including all buildings and improve- ments now on, or hereafte, placed upon, said real property: including also all water, irrigation, and drainage rights, This mortgage is given to secure: (a) A promissory,(lote dated 2-26-82 and 3-1-83 " given by Mortgagors to Mortgagee, in the principal sum at ,,1 xt 1"1 ve n ,T. DOLLARS, plus advances for the purchas\! o!,tlass B stock or participation certilicates 01 the Mortgagee as required by Mort- gagee's bylaws and by detel'lTlit!;lltion by the Mortgagee's Board 01 Di,ectors under said bylaws, pursuant to tederal law, to support the outstanding indebtedness, payable with interest according tll the terms 01 said note and any instru- ments taken in relinancing, extending, or renewing said indebtedness 0' any part thereol: (b) Any luture advance(s), with interest. which may be made Irom time to time by Mortgagee, at its option, to Mort- gagor(s), or anyof them or their successors in title, lor any purpose. including, but not limited to, initial and future advances lor the purchase 01 Class B stock and/or participation certificates 01 the Mortgagee as required by Mort- gagee's bylaws and by determination by the Mortgagee's Board 01 Directors under said bylaws. pursuant to lederal law, to support the outstanding indebtedness, in any amount or amounts, provided, however. that such luture and additional adl!llnce(s),~hall be so limited that the total principal amq,!nts outstandi~at anyone time shall not exceed the sum 01 I nree Hundred Thousand and no/H1Q-----\,S]00 oon IlUJ----u------- DOLLARS, plus said advances lor purchase of Class B stock or partiCipation certificates of the Mortgagee: and provided lurther the luture advance(s) so made shall be payable in accordance with the terms 01 a promissory note or notes which may be taken to evidence such advance(s) or any part thereof. (The optional advance(s) herein authorized shall be con- sidered additional to the advance(s) hereinafter authorized to be made by the Mortgagee lor Ihe protection 01 the security or Mortgagee's interest therein,) This mortgage to be void upon the payment in lull with interest 01 all obligations, present or luture, secured or to be secured hereby, The Mortgagor(s), and each 01 them, hereby warrant(s) that they are lee owners 01 the mortgaged real property; that they will delend the title against all claimants whomsoever. and that said property is Iree from all encumb,ances: and they relinquish all ,ights of homestead in said premises, and covenant and agree with the Mortgagee as lollows: (1) To pay when due all taxes, liens, judgments, or assessments which may be lawtully assessed against Ihe property herein mortgaged, and the rental cha'ges upon any leases assigned as additional security for this mortgage, (2) To insure and keep insured buildings and other improvements now on or which may herealter be placed on said premises to the satisfaction of the Mortgagee, Any policy evidencing such insurance shall be endorsed with a mortgage clause, approved by and in favor 01 Mortgagee. and deposited with, loss thereunder to be payable to, Mortgagee as its interest may appear. At the option of Mortgagor(s). and subject to general regulations 01 the Farm Credit Administration, sums so received by Mortgagee may be used to pay for reconstruction of the destroyed improvemenl(s): or, if not so applied, may, at the option 01 Mortgagee. be applied in payment 01 any indebtedness. matured or unmatured. secured by this mortgage, (3) To keep all buildings occupied and in good repair, and to retrain Irom the commission of any acts 01 removal, demo- lition 01 impairment thereof; not to cut or remove~ or permit to be cut or removed. any wood or timber from said real property, and to commit or permit no waste or impairment of the value of this security; to continuously practice approved methods 01 larming on said lands, to prevent erosion and the spread of noxious and damaging weeds, and to preserve the fertility 01 the soil. (4) That in the event Mortgagor(s) lail(s) to pay when due any laxes, rental charges upon any leases assigned as addi- tional security lor Ihis mortgage. liens, judgments, or assessments lawfully assessed against the property herein mort- gaged, or lail(s} to maintain insurance as hereinbelore provided, Mortgagee may make such payment or provide such insurance, and the amount(s) paid theretor shall become a part 01 the indebtedness secured hereby, due and payable immediately. and shall bear interest at the current rate of the Mortgagee at the time the Mortgagee makes such payment (5) That in the event Mortgagor(s) delaull(s) in the payment 01 said principal sum, or in Ihe repayment at any additional advance(s) made as herein provided, or 01 any interest thereon, at the lime when the same shall be due, or with respect to any covenant or condllion hereol. then, at the option of Mortgagee, the entire indebtedness secured hereby shall lorthwllh become due and payabte, shall bear interest at the current rate of the Mortgagee on the date 01 the delault, and the Mort9"gee may immediately loreclose this mortgage or pursue any other available legal remedy, In the evenl 01 any action by Mortgagee to entorce collection of the mortgage debt, the Mortgagor(s) agree(s) that any expense incurred to procure or extend an abstract oftille .hall, when paid by Mortgagee, become a part of the debt secured hereby, and shall be paid by Mortgagor(.) together with aU at the taxable costs 01 such aclion. 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