|
<br />84.-..r 0055;28
<br />
<br />MORTGAGE
<br />
<br />Page 2
<br />
<br />r
<br />
<br />3, Maintenance of Property, Borrowe s shall keep the
<br />property in a neat and clean condltlon, and a 1 improvementsj
<br />or hereafter on said premises, shall be kept n good repair,
<br />rowers shall not permit nor commit waste on said premises nor
<br />said premises.
<br />
<br />now
<br />Bor-
<br />abandon
<br />
<br />4. Protection of Security, If Borrowers fail to perform
<br />the covenants and agreements conta~ned in this Mortgage or if any
<br />action or proceedings is commenced which materially affects Jerome
<br />Niedfelt's interest in the Property, including but not limited to.
<br />eminent domain, insolvency, code enforcement, or proceedings involving
<br />a bankrupt, nonpayment of real estate taxes or special assessments,
<br />failure to maintain insurance, or failure to keep the Property in
<br />good repair, then Jerome Niedfelt, at his option, upon notice to
<br />the Borrowers, may make such appearances, disburse such sums and
<br />take such action as is necessary to protect his interest, includ-
<br />ing but not limited to, all reasonable expenses pertaining thereto,
<br />and entry upon the Property to inspect and to make repairs. Any
<br />amounts disbursed by Jerome Niedfelt pursuant to this paragraph,
<br />with interest thereon at 16 percent per annum, shall become addi-
<br />tional indebtedness of the Borrowers :-nd secured by this Mortgage.
<br />Unless the Borrowers and Jerome Ni2~r~~t agree to other terms of
<br />payment, any such amount~ shall b. rayable upon notice from Jerome
<br />Niedfelt requesting payment thereof, Nothing herein contained
<br />shall require Jerome Niedfelt to incur any expenses or to do any
<br />act hereunder,
<br />
<br />5. Inspection. Jerome Niedfelt may make or cause to be
<br />made reasonable ~~r~es and inspection of the property at any
<br />reasonable times,
<br />
<br />6, Successors and Assigns Bound. The covenants and a~ree-
<br />ments herein conta~ned and conta~ned ~n the said Note which thlS
<br />Mortgage secures shall bind and the rights hereunder shall inure
<br />to the respective successors and assigns of Jerome Niedfelt and
<br />the Borrowers. All covenants and agreements of the Borrowers, as
<br />a Partnership, shall be joint and several among the Partners.
<br />They covenant that the spouse of any of them has no rights in such
<br />Partnership as such spouse nor otherwise, and that the undersigned
<br />Borrowers are the only Partners in such Partnership; which is duly filed.
<br />
<br />7, Transfer of Property. If all or any part of the property
<br />or an interest therein-is sold or transferred by the Borrowers with-
<br />out Jerome Niedfelt's prior written consent, Jerome Niedfelt may,
<br />at his option) declare all sums secured by this t10regage to be immed-
<br />iately due and payabl~ and the same shall thereafter bear interest
<br />at 16 percent per annum.
<br />
<br />8. Notice. Any notice to the Borrowers from Jerome Niedfelt
<br />shall be in wr~tlng by certified mail, addressed to the Borrowers,
<br />or anyone of them, at the following address: 11605 West Dodge
<br />Road, Suite Five, Omaha, Nebraska 68154
<br />Such Notice to anyone of the Partners shall constitute Notice to
<br />all of the Partners and to the Partnership. Any Notice to Jerome
<br />Niedfelt from the Borrowers shall be in writing and sent by certi-
<br />fied mail to him at 1515 West Husker Highway, Grand Island, Ne-
<br />braska 68801.
<br />
<br />9, Acceleration, Upon Borrowers' breach of any covenant
<br />or agreement of the Borrowers in this Mortgage or in the provisions
<br />of the Promissory Note for which this Mortgage secures payment, in-
<br />cluding the covenants to pay when due any sums secured by this Mort-
<br />gage, Jerome Niedfelt, prior to acceleration, shall mail written
<br />
|