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<br />~^°~ .i „ ~ s -~ ~k'E.~S. >i~~TAT'E ~9i0!RT~W~:GE ~~,~ „'' __
<br />K270W ALL MEN BY' THESE PRESENTS:
<br />That, T 6 E CATTLE CO., a corporation, duly organized sad existing under the
<br />laws of the State of Nebraska, as mortgagor, in consideration of the granting of
<br />a line of credit in the amount of FOUR MILLION FIVE HUI3DRED THOUSAND AND NO/100
<br />DULLARS ($4,500,000.00), does hereby grant, bargain, sell and convey unto THE
<br />FIRST NATIONAL BANK OF GRAND ISLAND, a banking corporation of Grand Zslan~?, Hall
<br />County, Nebraska,as mortgagee, the following described real estate situated in
<br />ball County, and State of Nebraska, to-wit:
<br />The. Southwest Quarter (SSJ4) of Section 13, Township 11 North,
<br />Range 10 West of the bth P.M., Hall County, Nebraska, except
<br />tracts Af land ccnveyed to the City of Grand Island by deeds
<br />recorded in Book 112 at Page 111 and in Book 153 at Page 566.
<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
<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 carpcratioa, is 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
<br />and that they will warrant and defend said premises against lawful claims of
<br />any and 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 alI 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 assigns, the total unpaid balance of the line of credit up to
<br />FOUR MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($4,500,000.00), plus interest
<br />an the from time to time principal unpaid balance at a rate of Two Per Cent (2X) per
<br />annum in excess of the prime rate d'. interest of The First National Bank of St.
<br />Louis, Missouri, applicable to ninety-day commercial loans, and after maturity at
<br />a rate which is Two Per Cent (2X) per year in excess of the rate in effect at
<br />maturity, all according to the tenure and effect of demand promissory note of the
<br />mortgagor bearing even date with these presents. Mortgagor shall pay all taxes
<br />and assessments levied upon such real estate, and all other taxes, levies and
<br />assessments levied on said mortgage or upon the note which this mortgage is given
<br />to secure before the same becomes delinquent.
<br />IT IS FURTHER AGREED:
<br />1. That if the said mortgagor shall fail 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 (11X) per annum,
<br />shall be paid by the said mortgagor and this mortgage shall stand for
<br />security of the same.
<br />That this mortgage secures all amounts now or hereafter advanced by
<br />mortgagee up to and including the aggregate tonal principal amount of
<br />the note described above, plus any additional amounts which may be
<br />advanced according to the terms of said note or this mortgage, plus
<br />any additional loans and extensions of credit, not to exceed the aggregate
<br />total principal amount of $4,500,000.00 at any time outstanding, which
<br />may from time to time be advanced or repaid and readvanced at the sole
<br />option of the mortgagee, as well as any interest attributable to and all
<br />extensions, renewals and refundings of all or parC of any of the above.
<br />None of the provisions of this mortgage shall be deemed extinguished by
<br />virtue- of .the fact the: the note described above may at any time not
<br />evidxnea a debt actually autstans+ing.
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