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<br />PCA"13 . 10'
<br />(ReY.11480)
<br />
<br />REAL ESTATE MORTG~G~_,__ B~~QQ!.J c,2
<br />Nl:BAA5KA
<br />
<br />(Open-End: To Secure Present and Future Obligations and Adyances)
<br />Date March 9, 1983
<br />
<br />Elton ~J. and Virqinia A. Luebs, Husband and Wife
<br />
<br />, Mortgago,(s),
<br />
<br />of Hall County, Nebras ka , in
<br />consideration of the adyance of the principal sum, plus adyances lor the purchase of Class B stock and/or participation
<br />certifICates of the MOrtgagH as required by Mortgagee's bylaws and by dete,mlnatlon by the Mortgagee's Board of
<br />Directors under said bylaws, pursuant to federal law, . to support the outstanding Indebtedness, ,ecited In the note here-
<br />Inalter described and in consideration 01 futu,e adyances made by Mortgagee tt'r'SI18a~ri~rPd any of them as herein-
<br />after provided, hereby mortgages and conveys to Production
<br />Credit A$SOCiatlon. whose principal office Is at r;ra~d fsland. Nebraska ,Nebraska,
<br />Mortgagee, the following-described ,eal property In a I Cpunty, Nebraska, subject to 011,
<br />gas, and'mlneral rights owned by parties olher than Mortgagor(s); existing easements of record; ,eservations In United
<br />States and State palents; and the rights of Ihe public in all highways:
<br />
<br />All that portion of the East Half of the Northwest Ouarter (E\NW~) of Section Thirty Six
<br />(36), Township Ten (10) North, Ranqe Eleven (11) West of the Sixth P,M" Hall County,
<br />Nebraska, that lies north of the tract conveyed to the State of Nebraska for hiohway
<br />purposes (see exception on page 2).
<br />
<br />Continued on Page 2
<br />
<br />
<br />containing acres, more or less, according to Government survey: togelher with all otlhe ,ighl. title, and
<br />Inleresl 01 the Mortgagor(s) in said property now owned. or hereafter acquired, and including all buildings and improye-
<br />menls now on, or he,eafler placed upon, said real property: including also all water, irrigation, and drainage rights,
<br />
<br />This mortgage is given 10 secu',,:
<br />
<br />(a) A promissory not.. dated Me~c~ IF ~ q8~ ' aiyen b~ Mo<1aa.m>r(s) to Morl,gagee, in Ihe
<br />principal sum of TWO HIlNORFO T N Y T F HOIISANO ANn NO! ]()[J--- \ v75 non OO) -eOLLARS.
<br />plus advances to, the pu,chase 01 Class B stock 0' participation certlllcates 01 the Mortgagee as required by Mort-
<br />gagee's bylaws and by determination by the Mortgagee's Board 01 Directors unde, said bylaws, pursuant to lederai
<br />law, to support the outstanding indebtedness, payable wilh interest according to the te,ms of said note and any Inslru-
<br />ments taken In 'eflnanclng, extending, or renewing said Indebtedness or any part thereof:
<br />(b) Any futu,e advance(s), with Inte'e&t, which may be made Irom time 10 time by Mortgagee. atlts option, to Morl-
<br />gagor(s), or any. 01 them or their successors in lil1e, for any purpose. including, but not limited to. inlllal and luture
<br />advances lor the pu,chase 01 Class B ~!~:. andlor i'"rticipation certillcates 01 the Mortgagee as requi,ed by Mort-
<br />gagee's bylaws and by detar-nm..::.:.n by the Mortgagee's Soard 01 DI'eclors under said bylaws, pursuanl to lede,al
<br />law, to support the outsl::ondlng indebt.oness. in any amoun, ~r amounts, proYlded. however. that such luture and
<br />additional acjy!'l!!<,e(~) .~.hall be s limited that the tot rincipal am;:'\ln. IJ ou"-tlndiD!llIl anyone llme shall not exceed
<br />the sum 01 ~ . ----- "~OO..QUO.()!11- -----------DOLLARS,
<br />ptus said advances I", purchase of Class B stock or participation certificales 0; :!!.. Mortgagee: and provided lurther
<br />the future advatte'>(s) so made shall be payable In accordance with tile terms 01 a p'omissory note ". noles WhiCh may
<br />be taken 10 evidoence such advance(s) or any part thereat. (The opllonal advance(s) herein authorized shall be con-
<br />sidered addltl~nal to Ihe advancels) hereinaller aulhorlzellto be made by the Mortgagee lor the protecllon otthe
<br />security or Mortgagee's interest therein,)
<br />
<br />Thla mortgage t,) be void upon the payment in lull with inte,est 01 all obligations, presenl or future, secu,ed or to be
<br />secured hereby,
<br />
<br />The Mortgago,(s), and each 01 them, hereby warrantls) thai they are lee owners ot Ihe mortgaged real property: that
<br />they will deland the ~!Ie againsl all claimants whomsoever, and that saId property is Iree Irom all encumbrances; and they
<br />r&tinquish aU rights of ham.5tea:! !o said premises. and covenant and agr~ with the Mortgagee as follows:
<br />
<br />(1) To pay when due all taxes, liens, judgmenls, or assessments which may be lawlully assessed against the property
<br />herein mortgaged, and the ,ental charges upon any leases assigned as addillonal security lor this mortgage,
<br />
<br />(2) To insure and keep insured buildings and olhe, Improvements now on or which may hereafter be placed on said
<br />pNmlses to the satislaction 01 th.. Mortgagee, Any polley eYidencing such insurance shall be endorsed wllh a mortgage
<br />cl_. approved by and in lavor 01 Mortgagee, and deposited with, loss thereunde, to be payable 10, Mortgagee as lis
<br />interest may appear, AI the option 01 Mortgagor(s). and subject 10 general regulallons of the Fa,m Credit Administration,
<br />sums so received by MortgagH may be u5ed 10 pay lor reconstruction ot the destroyed imp'ovement(s); or. it not so
<br />applied, may. at the option of Mortgagee, be applied In payment of any Indebtedness, matu'ed or unmatured, secured
<br />by Ihis mortgage,
<br />
<br />(3) To keep all buildings occupied and in good repair, and to relrain trom the commission 01 any acts 01 remoyal, llemo-
<br />lltion or impairment thereol; not to cut or remoye, or permit to be cut or remo.ed, any wood 0' limber Irom said real
<br />property, and to commll or permll no waste or impairment 01 the value 01 this security; to continuously pracllce
<br />approved methods ollarming on said lands, to prevent erosion and Ihe spread 01 noxious and damaging weeds, and to
<br />~ the lertlllty ot 1m. soil.
<br />
<br />(4) That in I"" _t Mortgegor(s) lail(s) to pay when due any taxes, rental charges upon any leases assigned as addi-
<br />lionat security IOf this mongev-. 11_, judgments, or aSlessments lawtully assessed against the property he,ein mort-
<br />~ or tail(s) 10 mairtt4lin insurance as hereinbefore provided, Mortgagee may make such payment or provide such
<br />i__, and 1m. a_l(s) JNlid tl.....ior shall become a part oltha indebtedness secured hereby, due and payable
<br />ii1lnM Ifllllly. and ahall......l-. at the cumont rate 01 the Mortgagefl at the ti_lha Mortgagee makes suclt payment,
<br />
<br />(S). TJIIolin the -' ~(l) defaull(s) in lhe paymenl 01 said p,incipatlum, or in Ihe ,epayment 01 any addlllonal
<br />~.) -- U "-'- ~ or 01 any in.....t tIIereon, at the llme when Ih" same shall be due, 0' with respeCI
<br />10 .... COftDaftl or condition 1>eROf. tIIen. al lite option of Mortgagee, tile enllre indebtedn... secu,ed hereby shall
<br />IortftwIIb __ <hie .OO payable. .hall bear Intere.t at the cu.."nt rate 01 the Morlgagee on tI,,, date 01 Ih.. delault,
<br />..... Mort..... ...., ~y lorllClOH tIli. mortgage or ,",'_ any olner available legal r..m..oy, In the evenl
<br />01 MY lMltiOIIb" ~ to.nIorce cofMction 01 1m. mortgage cleO!. lhe Mortgago'(s) ag....(.) thai any expen."
<br />'-.... to ~ or.lIteftd... at>atracll 01 tllleS!hall. wtwn Aaidb, Mortg..... become a pat I oltlte debt secured h.r"by.
<br />.......,.. "'''y ~.) toeeIher with all 01 the t..aIIle cosls of .uc:h f1Cl\on.
<br />
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