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<br />84L__!f 005528
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<br />MORTGAGE Page 3
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<br />Notice to the Borrowers as provided ln Paragraph 8. next above,
<br />specifying:
<br />
<br />(1) the breach;
<br />(2) the action required to cure such breach;
<br />(3) a date not less than 15 days from the date the
<br />notice is mailed to the Borrowers by which
<br />such breach must be cured; and,
<br />(4) that failure to cure such breach on or before
<br />the date specified' in the Notice may result, in
<br />acceleration of the sums secured by this Mort-
<br />gage and foreclosure and sale of the Property.
<br />
<br />If the breach is not cured on or before the date specified in the
<br />Notice, Jerome Niedfelt, at his option, may declare all of the
<br />sums secured by this Mortgage to be immediately due and payable
<br />without further demand and may foreclose this Mortgage by judi-
<br />cial proceedings, Jerome Niedfelt shall be entitled to collect
<br />in such proceedings all expenses of foreclosure, including but not
<br />limited to, costs of abstracts and title reports. From and after
<br />any failure of the Borrowers to pay qny payment when and where
<br />the same is due and payable, the entire ipaid prtncipal balan4e
<br />shall thereafter bear interest at 16 ,,"rcent per amium,
<br />
<br />, 10: Assignment ~ Rents; A?pointment of Receiver; Lender
<br />ln Possesslon, As addltlonal secur1ty hereunder, Borrowers hereby
<br />ass1gn to Jerome Niedfelt the rents of the Property, provided that
<br />the Borrowers shall, prior to acceleration as provided, or abandon-
<br />ment of the Property, have the right to collect and retain such
<br />rents as they become due and payable,
<br />
<br />
<br />Upon acceleration as provided above or abandonment of the
<br />Property, Jerome Niedfelt, in person, his agent, or by judicially-
<br />appointed receiver,shall be entitled to enter upon, take possession
<br />of and manage the Property, and to collect the rents of the Property,
<br />including those past due. All rents collected by Jerome Niedfelt or
<br />the receiver, shall be applied first to payment of the costs of man-
<br />agement of the Property and collection of rents, including but not
<br />limited to, fees and premiums on the receiver's bond, and then to
<br />the sums secured by this Mortgage.
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<br />11, Subordination of the Priority ~ this Mortgage and ~
<br />to TRACT II, It 1S agreed between Jerome N1edrert and the Borrowers
<br />that when~e Borrowers have obtained a firm commitment and have ex-
<br />ecuted a Mortgage to a third-party lender of the sum ot
<br />$1 050 OQO,OO for the purpose of construction of a motel and motel-
<br />re1ateJ lmprovements upon such TRACT II, that the mortgage priority
<br />of Jerome Niedfelt's mortgage will be subordinated to such third-
<br />party lender's construction loan mortgage lien and to the extent
<br />that funds have been disbursed under such third-party lender's mort-
<br />gage, and such funds expended on TRACT II for motel and related
<br />improvements on said TRACT II,
<br />
<br />12. Identification of
<br />All rights of Jerome N1edfeI~
<br />it secures, also inure to his
<br />devisees, and assigns.
<br />
<br />the Rights of the Lender Hereunder.
<br />under thls Mortgage and the Note which
<br />personal representatives, heirs at law,
<br />
<br />INVESTORS
<br />GRAND ISLAND SOUTH~ a Nebraska General
<br />Pa rtners~ip of Ha 11 County, Nebraska
<br />j. ,)." / J
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<br />By ~76t~Ai.I~hU~; Il ~( :)
<br />/ ,./'7 ,I Afr
<br />_ .- ___,- ,i. /- - -~.,/ -,,'
<br />tiy ~'M,L4~..:r- , -:-~,~&(../~
<br />R n.~ 'd C, Krau,.ss .
<br />J... ;t . ./'" ,,'
<br />By'.. k</.T~ . Y ~(" ',.'
<br />c.......- '" '/ . C/ ,(::. c...'-_
<br />Garv i:~. Leece
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