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~" ~ ~ ~'~' <br />REAL ESTATE MORTGAGE <br />KNOW ALL MEN BY THESE PRESENTS: <br />!. <br />That, THOMAS S. BAXTER and ELIZABETH BAXTER, Husband and Wife, as mortgagors, <br />whether one or more, in consideration of the granting of a line of credit to <br />T & E CATTLE CO., BAXTER CATTLE COMPANY, and LITTLE B's CORPORATION, in the amount <br />of FOUR MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($4 500 000.00), does <br />hereby grant, bargain, sell and convey unto THE FIRST NATIONAL BANK OF GRAND ISLAND, <br />a banking corporation of Grand Island, Hall County, Nebraska, as mortgagee, the <br />following described real estate situated in Hall County, and State of Nebraska, <br />to-wit: <br />The East Half of the Northwest Quarter (E~ NW"~) of Section 15, <br />Township 11 North, Range 10 West of the 6th 1.M., Hall County, Nebraska. <br />The Southwest Quarter (SW~y) of Section 9, Township 11 North, <br />Range 10 West of the 6th P.M., Hall County, Nebraska, <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 covenan*_ 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 Thomas S. Baxter and Elizabeth Baxter, Husband and <br />Wife, in and to such real property, including ail rights of homestead and dower. <br />The mortgagors do hereby covenant with the mortgagee, its successors and <br />assigns, that they are 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 gremises above-described, with all improvements <br />.thereon, including all heating, gas and plumbing apparatus and fixtures and all <br />appurtenances thereunto belonging unto The First National Bank of Grand Island, <br />Grand Island, Nebraska, and to its successors and assigns forever, provided always, <br />and these presents are upon the express condition that if the said mortgagor, its <br />successors, or assigns, sha21 pay oz cause to be paid to The First National Bank <br />of Grand Island, its successors or assigns, the total unpaid balance of the line of <br />credit up to FOUR MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($4,500,000.00), <br />plus interest on the from time to time principal unpaid balance at a rate of Two <br />Per Cent (2%) per annum in excess of the prime rate of interest of The First <br />National Bank of St. Louis, Missouri, applicable to ninety-day commercial loans, <br />and after maturity at a rate which is Two Per Cent {2%) per year in excess of the <br />rate in effect at maturity, aI1 according to the tenure and effect of demand <br />promissory note of T fr E Gattle Co., Baxtez Cattle Company, and Little B's <br />Corporation, bearing even date with these presents. Mortgagor shall pay all <br />taxes and assessments levied upon such real estate, and all other taxes, levies <br />and assessments levied an 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 fail to pay such taxes, the <br />mortgagee, its successors or assigns, may pay such taxes and <br />procure such insurance and the sum so advaneed with interest <br />at. Eleven Per Cent (11X) per annuQ, shall be paid by the said <br />mortgagor and this mortgage shall stand £or security of the <br />same. <br />