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<br />84>-.........
<br />
<br />005528
<br />
<br />MORTGAGE
<br />
<br />Page 2
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<br />3. Maintenance of Property. DULLuweL~ shall keep the
<br />property in a neat and clean cond1t10n, and all improvements, now
<br />or hereafter on said premises, shall be kept in good repair. Bor-
<br />rowers shall not permit nor commit waste on said premises nor abandon
<br />said premises,
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<br />4, Protection of Security. If,Borr?wers fail to p~rform
<br />the covenants and agreements conta1ned 1n th1s Mortgage or 1f 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 pE ~nnum, shall become addi-
<br />tional indebtedness of the Borr0wer" 'r,c< securE'" by this Mortgage.
<br />Unless the Borrowers and Jnrome Ni! f2lt agree to other terms of
<br />payment, any such amounts shall be payable 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 />
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<br />5, Inspection, Jerome Niedfelt may make or cause to be
<br />made reasonable entr1es and inspection or the property at any
<br />reasonable times,
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<br />6, Successors and Assigns Bound, The covenants and a~ree-
<br />rnents herein conta1ned and conta1ned 1n the said Note which th1S
<br />Mortgage secures shall bind and the rights hereunder shall inure
<br />to the respective successors and assigns of Jerome Niedfelt and
<br />the Borrow::s. ~l~,c?ve~a~ts and agreements of the Borrowers, as
<br />a PartnersnlD~ st18tl De It\lflt aI11! spv~~al among the Partners.
<br />They covenani't~at-the s~ouse of an~ ~~ 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, Transter ot Property, If all or any part of the property
<br />or an interest thereinis sold or transrerred 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 Hortgage to be immed-
<br />iately due and payabl~ and the same shall thereafter bear interest
<br />at 16 percent per annum,
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<br />8, Notice. Any notice to the Borrowers from Jerome Niedfelt
<br />shall be in writing by certified mail, addressed to the Borrowers,
<br />or anyone or them, at the following address: 11605 West Dodge
<br />Road, Suite Five, Omaha, Nebraska 68154
<br />Such Notice to anyone or 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,
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<br />9, Acceleration, Upon Borrowers' breach of any covenant
<br />or agreement or the Borrowers in this Mortgage or in the provisions
<br />or the Promissory Notc for which this ~lortgag(' secure's payment, in-
<br />cluding the covenants to pay \,,1\('[1 due any sums secured by this Mort-
<br />gage, Jerome Niedfelt, prior to acceleration, shall mail written
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