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<br />84.......1 0055:<.i8
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<br />MORTGAGE
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<br />Page 3
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<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 <~~__
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