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83001639
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Last modified
11/18/2008 3:16:56 PM
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11/18/2008 3:16:56 PM
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DEEDS
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83001639
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<br />83- 001639 <br /> <br />the Note, and mortgagee is hereby authorized, in the name of the <br />mortgagor, to execute and deliver valid acquittances thereof and <br />to appeal from any such award. <br /> <br />(1). Inspection. Mortgagee shall have the right <br />to inspect the Mortgaged Property at any reasonable time. <br /> <br />(m). Performance by Mortgagee. Mortgagee may, <br />but shall have no obligation, to do any act which the mortgagor <br />has agreed but fails to do, and mortgagee may also do any act it <br />deems necessary to protect the lien hereof, including without <br />limitation the payment of taxes, assessments, insurance premiums <br />and obligations under prior encumbrances. Mortgagor agrees to <br />repay, upon demand, any sum so expended by mortgagee for such <br />purposes, and any sum so expended shall be added to the <br />indebtedness security by and become subject to the lien hereof. <br />Mortgagee shall not incur any personal liability because of <br />anything it may do or omit to do hereunder. <br /> <br />2. Assignment of Cash Collateral. Mortgagor does <br />hereby immediately, unconditionally and absolutely assign all the <br />Cash Collateral, as primary security for all indebtedness <br />evidenced by the Note or secured by this mortgage, subject to the <br />following terms: <br /> <br />(a) That so long as there exists no default by <br />mortgagor on the payment of the Note, or in the observation and <br />performance of any obligation, covenant, condition or warranty <br />contained in the Note, loan agreement, this mortgage, or other <br />security document, mortgagor shall have the right to collect, but <br />not prior to their accrual, all Cash Collateral from the <br />property. <br /> <br />(b) That upon any such default, the holder of the <br />note and mortgage may, at its option, enter upon the property and <br />collect such Cash Collateral without being deemed a mortgagee in <br />possession, and mortgagor shall never be liable for its failure <br />to collect or exercise diligence in collection of such Cash <br />Collateral, or for its entering upon or operating the Property. <br /> <br />(c) The assignment of Cash Collateral contained <br />herein shall terminate automatically without the necessity of <br />notice upon the release of this mortgage, or by the foreclosure <br />or other extinguishment of the lien of this mortgage. <br /> <br />3. Security Agreement and Financing Statement. <br />Mortgagor shall, by separate agreement, grant a security interest <br />in certain personal property and fixtures to mortgagee to secure <br />all sums secured by this mortgage. Portions of the collateral <br />described in this mortgage are goods which are or shall become <br />fixtures with respect to the real property described herein, and <br />the parties hereto expressly covenant and agree that the filing <br />of this mortgage in the real estate records of Hall County, <br />Nebraska shall also operate, at the time of such filing, as a <br />financing statement for a fixture filing in accordance with <br />Section 9-402 of the Nebraska Uniform Commercial Code. The <br />address of mortgagee and the mailing address of mortgagor shall <br />be those set forth in Section 7(d) of this mortgage. <br /> <br />4. Receivership. Upon commencement of any action to <br />enforce the lien and security interest herein granted, mortgagor <br />shall have the additional right to have a court of competent <br />jurisdiction appoint a receiver to take possession of and <br />preserve the Mortgaged Property and collect all cash Collateral <br />and apply the same first to the operation of the Mortgaged <br />Property and then upon the indebtedness secured hereby. This <br />prOVision is a right created in this mortgage, and is cumulative <br />Of, and shall not in any way effect any right of mortgagor at law <br />to the appointment of a receiver. Mortgagor, at its option, may, <br />but shall not be required to advance monies to any such receiver <br />or for the preservation and operation of the Mortgaged Property. <br />All suc:h sums advanced shall be secured hereby and shall be, <br /> <br />4 <br />
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