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$2--t~J~7~1 REAL ESTATE. MnRTGAGE I. & D PROPERTIES, a Nehraska nartnershi.p, herein called the _-- Mortgaqor, in consideration of FORTY-THREE THOUSAND FOUR HUNDRED TWENTY-FSVF. AND NO/100 DOLLARS ($43,425.00) does hereby mortgage to LARRY L. LEF.P and DONALD R. 6ALADRN, herein called the Mortgagees, the following-described real estate in Ha21 County, and State of Nebraska: Lot Cne (].l , Block Ten (101 , [tniyersity Place, an Addition to the City of Grand Island, Hall Count, Nebraska, and Lot Se*rent_een (17), Alock Fourteen t14), Ashton Place, an Addition *_o the City of brand Tsland, Hall County, Nehraska., And the Mortgaqor does hereby r.ovenant with the Mortgagees and with tlortgagees' heirs and assigns, that Mortgaqor is law- fuliv seised of said premises, !-.hat the~~ are free from encumbrance, with the exception of a first :nortgage to Equitable Building and Loan Association of Grand Tsland, that Mortgaqor has good right and lawful authority to conyev the same, and that Mortgaqor warrants and will defend the title to said premises against the lawful claims of all persons whomsoever. This Mortgage is given to secure the r_avmenT. of the Principal sum of Forty-Three Thousand Faur hundred Twenty-Fivve and Nof100 Dollars {543,425.001 and interest *.hereon, according to the terms of a certain Promissarv Note of Peen date, executed by the Mortgaqor to the ^lortgaaePS, due the 1st day of Navember, 1487. The Mortgaqor further agrees tc maintain insurance upon the above-described premises i^. an 3m~unt not less than the indebted- ness due the ?^.or*..gagees and all *.arior encumbrances with a loss- pavable clause in`avar of Mortgaqor and *sortgagees as their interests may aop_ear. The `iortaagor agrees to nay all taxes and assessments upon said premises and all other *_axes, levies and assessments levied. u:~on this Mortgage and the Note which this Mortgage is given t.o sec-ure before the same become delinquent. In the event the Mortgagor shall fail. .*.o obtain such insurance or pay such }axes before dei.irquent, the F?or.tgagees may purchase such insurance and pay such taxes or other liens and shall have a Iien secured hereh~~ For the amount so aduanced with interest thereon at the rate of fifteen per cent f15~1 per annum. In the e~~ent there should be a default in the payment of interest or interest due can the note far which this mortgage is given as security, or any urior mortgagee in respect tO amp portion of the real estate herein mentioned should declare a default ar accelerate env indebtedness due to such prier mortgagee, or should the undersigned Mortgaqor sell, assign or in env way convey all or env portion of the real estate herein described, gr shauid the undersigned make an assignment for the benefit of creditors, or attachment on garnishment praeeedings cpmmenced, or a receiver appointed over env property of the undersigned, ar should Droceedings be instituted h« or against the undersigned under the Bankruptcy Act, as amended, the within named Mortgaclees and their heirs, successors and assigns shall. helve the option, without notice or demand, tc+ declare all sums s~ncured hereby immediately due and payable and. shall. be entitled to Ruch remedies as are hereinafter provided. in .the event of default in the performance of env caf terms and canditians of this MartgagP nr the Note .secured by it, the Martgage+as shall bet entitled yin i.;hmediate oassession of thR z~raperty above-clescrik+ed end stl the rant;=, revenue and income derived therefrom rlurinq such tine as tehe Mortgage i.ndehtedness resaains-unpaid hail ~ appli?d t>v the z~ort~+agRes to the payment. czf thr± Ncite and-all other £ums sec:ur€~cl hp re h4 axt.~r dec.uetion of