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<br />84 -- 002058 <br />3.1 Payment and Performance: Mortgagor will pay the <br />Indebtedness, as and when called for in the Security <br />Documents and on or before the due date thereof, and will <br />perform all of the Obligations, in full and on or before <br />the dates same are to be performed. <br />3.2 The lien of this Mortgage is subordinate and <br />inferior to the lien of a certain Mortgage (the "First <br />Lien Mortgage") dated July 198 z executed <br />by Mortgagor to First National Bank of Grand Island <br />Mortgagee, covering the Mortgaged Property and securing <br />the payment of a certain Promissory note (the "First Lien <br />Note") of even date therewith in the original principal <br />amount of $ 35,000.00 executed by <br />Mortgagor and payable to the order of first National <br />flank of Grand Island as therein provided. <br />3.3 Mortgagor shall pay each installment of <br />indebtedness due under the First Lien Note and the First <br />Lien Mortgage before any such installment becomes <br />delinquent thereunder, and shall perform each and every <br />obligation contained therein. The occurrence of an event <br />of default under the First Lien Note or the First Lien <br />Mortgage or any Ioan agreement, security agreement or <br />other document or instrument evidencing or securing the <br />payment of the First Lien Note or executed in connection <br />therewith (the "Collateral Documents") shall constitute an <br />"Event of Default" hereunder; and upon the occurrence of <br />any such Event of Default, Mortgagee may pay any sum which <br />may be in default under the First Lien Note, First Lien <br />Mortgage or the Collateral Documents or advance any sum <br />for the purpose of curing any default thereunder, and any <br />sum so paid or advanced by Mortgagee, together with <br />interest thereon at the rate of sixteen percent (168) per <br />annum from the date of advancement until paid, shall be <br />immediately due and payable by Mortgagor to Mortgagee and <br />shall be and become a part of the indebtedness secured <br />hereby. The rights and remedies of Mortgagee under this <br />paragraph shall be cumulative of all of the other rights <br />and remedies of Mortgagee under law and under this <br />Mortgage. <br />3.4 The curing by Mortgagee of any default under the <br />First Lien Note, the First Lien Mortgage or the Collateral <br />Documents shall not constitute the curing of the Event of <br />Default under this Mortgage which occurred by virtue of <br />the default under the First Lien Note, First Lien Mortgage <br />or the Collateral Documents. <br />3.5 Repair: Mortgagor will keep the Mortgaged <br />Property in first class order and condition and will make <br />all repairs, replacements, renewals, additions, <br />betterments, improvements and alterations thereof and <br />thereto, interior and exterior, structural and <br />non-structural, ordinary and extraordinary, foreseen and <br />unforeseen, which are necessary or reasonably appropriate <br />to keep same in such order and condition. Mortgagor will <br />also use its best efforts to prevent any act or occurrence <br />which might impair the value or usefulness of the <br />Mortgaged Property for its intended usage. <br />3.6 Insurance: Mortgagor will obtain and maintain <br />insurance upon and relating to the Mortgaged Property <br />insuring against personal injury and death, loss by fire <br />and such other hazards, casualties and contingencies <br />usually covered by extended coverage policies in effect <br />where the Land is located, from time to time, written by <br />insurers having a Best's rate of at least A+, in amounts <br />at least sufficient to cover the indebtedness hereby <br />-3- <br />