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<br />:'j PCA73.10
<br />I (Re..11-BO) REAL ESTATE MORTGAGE
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<br />(Open-End:
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<br />To Secure Present and Future Obligations and Advances)
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<br />83- oulU33 i
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<br />1
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<br />Date
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<br />March I, 1983
<br />
<br />Elton W. Luebs
<br />
<br />, Mortgagor(s),
<br />
<br />of Ha 11 County, Nebraska , in
<br />consideration of the advance of the principal sum, plus advances lor the purchase of Class B stock andlor participation
<br />certificates of the Mortgagee as ,equired by Mortgagee's bylaws and by determination by the Mortgagee's Board ot
<br />Di,ecto,s under said bylaws, pursuant to lede,allaw,' to support the outstanding indebtedness, recited in the note here-
<br />inafter described and In conside,ation of future advances malle bXcr'Y1fli"ee~ to Mortgagor(s) or any of them as herein-
<br />after provided, he'eby mortgages and conveys to Jra , S n Production
<br />Credit Association, whose p,incipal office is at (,rand Is 1 and , Neb,aska,
<br />Mortgagee, the following-described real property in Ha 11 Cpunty, Nebraska, subject to oil,
<br />gas, andmlne,ai rights owned by parties other than Mortgagor(s); existing easements of record; reservations in United
<br />States and State patents; and the rights of the public in all highways:
<br />Lots One (1) and Two (2), Section Two (2), Township Nine (9) North, Range Eleven (11)
<br />West, Hall County, Nebraska, containing 42 acres and the West Half of the Northwest
<br />Quarter (W~NW~) of Section Thirty Six (36), Township Ten (10) North, Range Eleven (11)
<br />West of the 6th P.M" Hall County, Nebraska, Excepting therefrom a certain tract of
<br />land deeded to the State of Nebraska in Book 135, Page 511
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<br />containing 106.30 acres, mOrE! or less, according to Government survey; together with all of the right, tille, and
<br />interest of the Mortgagor(s) in said property now owned, or he,eafter acquired, and including all buildings and improve-
<br />ments now on, or hereafter placed upon, said real property; including also all water, irrigation, and drainage rights,
<br />
<br />This mortgage is given to secure:
<br />
<br />~ln~i:;f::~:7 nnrodT-ffl~DRED M~W~nT~' Fi~~3 THOlJSAND ANbg~rO? rOO~~~~Z205~s~~O ~Or:g_a6~eL~~~~~
<br />
<br />plus advances for the purchase of Class B stock or participation certificates 01 the Mortgagee as required by Mort-
<br />gagee's bylaws and by determination by the Mortgagee's Board of Directors under said bylaws, pursuant to federal
<br />law, to support the outstanding indebtedness, payable with interest acco,ding to the terms of said note and any instru-
<br />ments taken in refinancing, extending, or renewing said indebtedness or any partthe,eof;
<br />(b) Any future advance(s), with inte,est, which may l)" mlode Irom time to time by Mortgagee, at ils option, to Mort-
<br />gagor(s), or any of them or their successors in tille, for any purpose, including, but not limited to. initial and future
<br />advances for the purchase of Class B stock andlor participation certificates of the Mortgagee as required by Mort-
<br />gagee's bylaws and by determination by the Mortgagee's Board 01 Directors under said bylaws, pursuant to lederal
<br />law, to support the outstanding indebtedness, in any amount or amounts, provided, however, that such luture and
<br />additional advance s shall be so limited that the total rincipal am nts outstandin at anyone time shall not exceed
<br />the sum of ---- - - ------BOLLARS,
<br />plus said advances for purchase 01 Class B stock or participation certificates of the Mortgagee; and provided lurther
<br />the future advance(s) so made shall be payable in accordance with the terms of a promissory note or notes which may
<br />be taken to evidence such advance{s) or any part thereof, (The optional advance{s) herein autho,ized shall be con-
<br />sidered additional to the advance{s) hereinafter authorized to be made by the Mortgagee lor the protection 01 the
<br />security or Mortgagee's interest therein,)
<br />
<br />This mortgage to be void upon the payment in full with interest of all obligations, present 0' future, secured or to be
<br />secured hereby.
<br />
<br />The Mortgagor{s), and each 01 them, hereby warrant(s) that they are fee owners 01 the mortgaged real property; that
<br />they will defend the tille against all claimants whomsoever. and that said property is tree trom all encumb,ances; and they
<br />relinquish all rights 01 homestead in said premises, and covenant and agree with the Mortgagee as follows:
<br />
<br />(1) To pay when due all taxes, liens, judgments, or assessments which may be lawlully assessed against the property
<br />herein mortgaged, and the rental charges upon any leases assigned as additional security for this mortgage,
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<br />(2) To insure and keep insured buildings and other improvements now on 0' which may hereafter be placed on said
<br />premises to the satislaction of the Mortgagee, Any policy evidencing such insurance shall be endorsed with a mortgage
<br />clause, approved by and in lavor of Mortgagee, and deposited with, loss thereunder to be payable to, Mortgagee as its
<br />interest may appear, At the option 01 Mortgagor(s), and subject to general regulations 01 the Farm Credit Administration,
<br />sums so received by Mortgagee may be used to pay for reconstruction of the destroyed improvement(s); or, if not so
<br />applied, may, at the option 01 Mortgagee, be applied in payment of any indebtedness, matured or unmatured, secured
<br />by this mortgage,
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<br />(3) To keep all buildings occupied and In good repair. and to relrain from the commission 01 any acts 01 removal, demo-
<br />lition or impairment thereof; not to cut or remove. or permit to be cut or removed, any wood or timber from said real
<br />property, and to commit or permit no waste or impairment of the value of this security; to continuously practice
<br />approved methods 01 farming on said lands, to prevent erosion and the spread ot noxious and damaging weeds, and to
<br />preserve the fertility of the soil,
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<br />(4) That in the event Mortgagor(s) fail(s) to pay when due any taxes, rental charges upon any leases assigned as addi-
<br />tional security for this mo,tgage, liens, judgments, or assessments lawtully assessed against the property herein mort-
<br />gaged, or fail{s) to maintain insurance as he.reinbefore provided, Mortgagee may make such payment or provide such
<br />insu'ance, and the amount(s) paid therefor shall become a part 01 the Indebtedness secured hereby, due and payable
<br />immediately, and shall bear Interest at the current rate ot the Mortgagee at the time the Mortgagee makes such payment,
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<br />(5). That in the event Mortgagor(s) delault(s) in the payment ot said principal sum, or in the repayment of any additional
<br />advanc:e(s) made as herein provided. or of any interest thereon, at the time when the same shall be due, or with respect
<br />to any covenant or condition hereot, then, at the option of Mortgagee, the entire indebtedness secured hereby shall
<br />forthwith become due and payable, shall bear interest at the current rate 01 the Mortgagee on Ihe date 01 the default,
<br />and the Mortgagee mllY Immediately fo,eclose this mortgage Or pursue any other available legal remedy, In the event
<br />01 any acllon by Mortgagee to enlorce collection 01 the mortgage debt, the Mortgagor(s) agree{s) that any expense
<br />incurred to procure or extend an. abstract oltille shall, when paid by Mortgagee, become a part olthe debt secured hereby,
<br />and shall be paid by Mortgagorts) together with all of the taxable costs of such action.
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<br /> hI' MClt90lg(!(>.. B\),I,<l
<br />O. Ou.elot!i unlkr $_.~ by'_"'''_ pUr'lU<oNlt It! t"u.u" h.w "!II \l!llt'd ," lha M>lfl~(t, ~''''aIU ""I ~Htv.flC~'j; lQ' pl,r{:h"".", QIIAOll<;j4ge-t' $ ClaH B 'l'l,-'d. 11<10 VI p>:tdl\'f',,!llW
<br /> l.~d.h';-.41.:'~
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<br /> ,,<I ~ddqaH\"; ...:idU B ..h.\,1<
<br />.-ndsQf p,tflK;lP.!iQrl <::ll'<!ifk..l<<s 0111'l(' Mor1tll!-9" ;I>...1hof'",'d lly S.Ulon 2 1 ')jM ~!t "a,a. hit"" C\"<'!ll 0\<:1 Q! I~FL ,{~ ~"1H1(i?(/ ..~ p'o,'*!iJ <I' MOl1gill1'"t'
<br /> ~ 1>tl..w.
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