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<br />79-e ~, ~~:3~'~
<br />REAL ESTATE MORTGAGE
<br />KNOW ALL MEN BY THESE PRESENTS:
<br />That, T & E CATTLE CO., a corporation duly organized and existing under
<br />the laws of the State of Nebraska, as mortgagor, in considera*__on of the
<br />granting of a line of credit in the amount of THREE MILLION SEVEN HUNDRED FIFTY
<br />THOUSAND eL'3D NO/100 DOLLARS ($3,750,000.00), does hereby grant, bargain, sell
<br />and convey unto THE FIRST NATIONAL BANK OF GRAND ISLAj7D, a banking corporation
<br />of Grand Island, Hall County, Nebraska, as mortgagee, the following described
<br />real estate situated in Hall County, and State of Nebraska, to-wit:
<br />The Southwest Quarter (SW1~) of Section 13, Township 11 North, Raage 1D
<br />West of the 6th P.M., Hall County, Nebraska, except tracts of land
<br />conveyed to the City of Grand Island by deeds recorded in Book 112 at
<br />Page 111 and in Book 153 at Page 366.
<br />Including all irrigation and water rights, irrigation wells, pumps,
<br />irrigation equipment and accessories thereto.
<br />Subject to easements of record and to existing roads and highways,
<br />together with all improvements thereon, equipment, fixtures and appurtenances
<br />thereunto belonging; and all covenants and all title deeds running with such
<br />lands; and all rents, issues and profits arising therefrom after default and
<br />performance of any covenant and condition herein contained; the intention-being
<br />to convey hereby an absolute title in fee simple and to convey all and every
<br />right, title and interest of such T & E CATTLE CO., a corporation, in and to
<br />such real property.
<br />The mortgagor does hereby covenant with the mortgagee, its successors and
<br />assigns, that it is lawfully seized of said premises except as hereinstated and
<br />that they will warrant and defend said premises against lawful claims of any and
<br />all persons whomsoever.
<br />` To have and to hold the premises above described with all improvements thereon,
<br />including all heating, gas and plumbing apparatus and fixtures and all appurtenances
<br />thereunto belonging unto The First National Bank of Grand Island, Grand Island,
<br />Nebraska, and to its successors and assigns forever, provided always, and these
<br />presents are upon the express condition that if the said mortgagor, its successors
<br />or assigns, shall pay or cause to be paid to The First National Bank of Grand Island,
<br />its successors or assign, the total unpaid balance of the line of credit up to
<br />THREE MILLION SEVEN HUNDRED FIFTY THOUSAND AND NOI100 DOLLARS f$3.750,OOO.OOj-plus
<br />interest on the from time to time principal unpaid balance at a rate of Two Per Cent
<br />(2%) per annum in excess of the prime rate of interest of the First National Sank
<br />of St. Joseph, Missouri, applicable to ninety-day commercial loans, and after
<br />maturity at a rate which is Two Per Cent (2%) per year in excess of the rate in
<br />effect at maturity, all according to the tenure and effect of demand promissory
<br />note of the mortgagor, bearing even date with these presents. Mortgagor shall pay
<br />all taxes and assessments levied upon such real estate, and all other taxes, levies
<br />and assessments levied on said mortgage or upon the note which this mortgage is
<br />given to secure before the same becomes delinquent.
<br />IT IS FURTHER AGREED:
<br />1. That if the said mortgagor shall fall to pay such taxes the mortgagee,
<br />its successors or assigns, may pay such taxes and procure such insurance
<br />and the sum so advanced with interest at eleven per cent (l l%) per
<br />annum, shall be paid by the said mortgagor and this mortgage shall
<br />stand for security of the same.
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