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<br />REAL ES"IATE MORTt;A(sE
<br />t~'NOW ALL MEN BY THESE PRESENTS:
<br />That, T & E CATTLE CO., a corporation duly organized and existing under the laws
<br />of the State of Nebraska, as mortgagor, in consideration of the granting of a
<br />line of credit in the amount of FOUR MILLION TtdO HUNDRED FIFTY 'PHOUSAND AiiD NO/100
<br />DOLLARS ($4,250,000.00), does hereby grant, bargain, sell and convey unto THE FIRST
<br />.NATIONAL BANK OF GRAiND ISLAND, a banking corporation of Grand Island, Hall County,
<br />and State of Nebraska, to-wit:
<br />The Southwest quarter (SW%,) of Section 13, Township 11 north,
<br />Range 10 West of the 6th P.M., Hall County, Nebraska, except
<br />tracts of land conveyed to the City of Grand Island by deeds
<br />recorded in Book 112 at Page 111 and in Book 153 at Page 366.
<br />Including all irrigation and water rights, irrigation wells,
<br />pumps, 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 there-
<br />unto belonging; and all covenants and all title deeds running with such lands: and
<br />all rents, issues and profits arising therefrom after default and performance of any
<br />covenant and condition herein contained; the intention being to convey hereby an
<br />absolute title in fee simple and to convey all and every right, title and interest
<br />of such T & E CATTLE CO., a corporation, in and to such real property.
<br />The mortgagor does hereby covenant with the mortgagee, its successors and assigns,
<br />that it is lawfully seized of said premises except as hereinstated and that they
<br />will warrant and defend said-premises against lawful claims of any and all persons
<br />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 />tlaereunto belonging unto The First National Bank of Grand Island, Grand Island,
<br />~iebraska, 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 tc be paid to The Firs[ National Bank of C,rand Island,
<br />its successors or assigns, rile total unpaid balance of the line of credit up to
<br />POUR 1`SILLION TWO HUNDRED FIFTY THOUSAidD AND NO/l00 DOLLARS (54,250,000.00), 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 of
<br />St. Louis, Missouri, applicable to ninety-day commercial loans, and after maturity
<br />at a rate which is 'Pwo Per Cent {2%) per year in excess of the rate in effect at
<br />maturity, all according to the tenure and effect of the demand promissory note of
<br />the mortgagor, bearing even date with these presents. ^tortgagor shall pay all taxes
<br />and assessments levied upon such real estate, and all other taxes, levies and assess-
<br />ments levied on said mortgage or upon the note which this mortgage is given to secure
<br />before the same becomes delinquent.
<br />1T IS FURTHER AGREED:
<br />1, That if the said mortgagor shall fail to pay such taxes, the mortgagee, its
<br />successors or assigns, may pay such taxes and procure such insurance and the
<br />sum so advanced with interest at eleven per cent (11~) per annum, shall be
<br />paid by the said i,:or[gagor and tit.is mor[ta;;e shall stand for security of the same.
<br />2. That failure to pay any of said money, either principal. or interest, when the
<br />same becomes due, or a failure to comply with any o£ the foregoing agreements,
<br />shall raise the whole sum or sums of money herein secured to become due and
<br />collectible at once at the apt ion of tl:e mortgagee, its successors ar assigns.
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