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<br />I <br /> <br />84.......1 0055:<.i8 <br /> <br />MORTGAGE <br /> <br />Page 3 <br /> <br />Notice to the Borrowers as provided in 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 ti~~. reports. From and after <br />any failure of the Borrowers [( ~ y any pBy~ent when and where <br />the same is due and payable, the e..~lre unpaid principal balance <br />shall thereafter bear interest at 16 percent per annum, <br /> <br />10, Assignment of Rents; A~pointment of Receiver; Lender <br />H1 Possession, As addltlOnal securlty hereunder, Borrowers hereby <br />asslgn 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 />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 Pruperty, and LO collect the rents of the Property, <br />including those past due, All rents collected by Jerome Niedfelt or <br />the receiver, shall be applied firbl 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, <br /> <br />iI, Subordination of the Priority of this Hortgage and as <br />to TRACT 11. It IS agreed between Jerome NIedtert and the Borrowers <br />that when --u1e BorrO\,reri; have obtained a firm commitment and have ex- <br />ecuted a Mortgage to a third-party lender of the sum of <br />$1 050 000.00 for the purpose of construction of a motel and motel- <br />relateJ Improvements u~on such TRACT II, that the mortgage priority <br />of Jerome Niedfelt'i; 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 11, <br /> <br />12, Identification of <br />All rights of Jerome Nledtel~ <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 />Partnership ,,[ Hall County, Nebraska <br />, <br />By,_._,"___/>'j~: Ill.l.i,)<,! <br />.fohn P. Chud\' 'I <br />,. .- '-7 4/ ._/"..- <br /> <br />By L~e:e:"'-i'1/~/ ~ /' '" ., ,>",~-_/ <br />Ror~;;</d C, Krall.;,s <br /> <br />By ~~:~~:T7.:-I=~;~~~~-' c <~~__ <br />