|
<br />fl
<br />
<br />
<br />r
<br />
<br />
<br />~..-.~"
<br />
<br />REAL ESTATE MORTGAGE
<br />
<br />83- 004914
<br />
<br />Lot One (1), Desch Subdivision, being a part of
<br />the East Half of the Southeast Quarter (ElsSElio), in
<br />Section Twenty-Five (25), Township Eleven (11) North,
<br />Range Ten (10), West of the 6th P.M., Hall County,
<br />Nebraska.
<br />
<br />
<br />Robert D. Fox and Marjorie Fox, husband and, wife, each
<br />jointly and severally, herein called theMortgagors,in
<br />consideration of the sum of Two Hundred . Ten Thousand and
<br />No/lO~ Dollars ($210,000.00) received by them, do hereby
<br />mortgage to H. william Desch, Jr. and Jean B. Desch,hhsband
<br />and wife, as joint tenants with rights of su:rvivorshipand'
<br />not as tenants in common, herein called the Mortgagees, the.
<br />real estate located in Hall County, Nebraska, which is
<br />hereinafter referred to as the Real Estate, and which is
<br />legally described as:
<br />
<br />The Mortgagors do hereby covenant with the Mortgagees
<br />and with Mortgagees' heirs and assigns that Mortgagors are
<br />lawfully seized of the Real Estate, that the Real Estate is
<br />free from encumbrance, that Mortgagors have good right and
<br />lawful authority to convey the same, and that Mortgagors
<br />warrant and \41.11 defend the ti tIe to said premises against
<br />the lawful claims of all persons whomsoever.
<br />
<br />The Mortgage is given to secure the payment of the
<br />principal sum of Two Hundred Ten Thousand and No/IOO Dollars
<br />($210,000.00) andwterest thereon according to the terms of
<br />a certain Promissory "ate of E'Ven date herewi th, executed by
<br />the r~1ortqaqors to the ~1ortqaqees due on the fi.rst day of
<br />September, 1998.
<br />
<br />t--tortgagors, actinq individually and as the owner of one-
<br />hal f of tht\ _l$sued a.nd '~Jutstandlnq shares of the cornmon
<br />stock of Desch-Paine 14onuments, r ne" a Nebraska corporation,
<br />hereby agree that they and Desch-Paine Monuments, Inc. will
<br />each compl~l with (:~ch (1f t~he following requirements for so
<br />lon\) as any ",mounts rema.ll1 unpaid under this Mortgage or the'
<br />Note WhiCh thl.s _~~10,:rtqage i.s gi v-en to secure, each requirement
<br />being a matet'ial clement of t,his ~tot:t9a<je and each Hortgagor
<br />hereby acknowledges that ~lor:tqaqee5 are relying upon the
<br />fulfil.lment of each the fOllowinq requirements, to-wit:
<br />
<br />{lj Dcsch-Pal.ne Monuments, Inc.. shall continue to
<br />be the. sol(:; ten(lnt ()! the real estate upon a triple-net
<br />lease basis at a maximum monthly rental of $2,400,00 per
<br />month, plus taxes, building insurance, and maintenance. The
<br />monthly rent may be ~ncreased only with the prior written
<br />consent of Hortgagees which shall not be unreasonably withheld
<br />under all of the circumstances.
<br />
<br />(;.: ) }lortgagors shall purchase and maintain fire
<br />and extended insurance upon the Real Estate in a face illuount
<br />of not less than Two Hundred Ten Thousand and No/IOO Dollars
<br />I.S2l0,OOO.OOl, with a loss payable clause in favor of the
<br />Mortgagees. Mortgagors shall furnish Mortgagees a certificate
<br />showing that insurance to be in effect and that the insurance
<br />cannot be reduced or canc,?led without ten nO) days prior
<br />notice to Mortgagees. Mortgagors shall notify Mortgagees
<br />when all premiums are paid and shall provide updated certificates
<br />as. r6qllired to keep the original certificate required by
<br />thi.s paragraph in full force and effecL
<br />
<br />(J) MOl"tgagors shall pay all taxes and assessments
<br />upon the premises and all other taxes, levies and assessments
<br />levilil"d upon this Mortgage and the Note whiCh this Mortgage
<br />i$ <jivcen to llecu:n. before the same become delinquent.
<br />
<br />- i-
<br />
|