|
~g"" ~ ~~ `~ (~ (~ ~ EXHIBIT 3-1
<br />REAL ESTATE MORTGAGE
<br />KNOW ALL MEN BY THESE PRESENTS;
<br />That, T ~ E CATTLE CO., a corporation d.;ly organized and existing under the taws of
<br />the State of Nebraska, as mortgagor, in consideratior. of the granting of a line of
<br />credit in the amount of SEV~i MILLION AND NO/100 DOLLARS {$7,000,000.00), does hereby
<br />grant, bargain, sell and convey unto THE FIRST NATIONAL BANK OF GRAND ISLAND, a banking
<br />corporation of Grand Island, Ha11 County, Nebraska, as mortgagee, the following
<br />described real estate situated in Hall County, and State of Nebraska, to-wit:
<br />The Southwest Quarter {SW~) of Section 13, Township it North, Range 10
<br />West of the 6th P.M., Ha11 County, Nebraska, except tracts of land
<br />conveyed [o the City of Grand Island by deeds recorded in Book 112 at
<br />Page 111 and in Book 153 at Page 356.
<br />Including all irrigation and water rights, irrigation wells, pumps,
<br />gearheads, irrigation equipment and accessories thereto.
<br />Subject to existing mortgages, easements of record and to existing
<br />roads and highways,
<br />together with ail improvements thereon, equipment, fixtures and appurtenances [here-
<br />unto belonging; and all covenants and ail title deeds running with such lands; and
<br />s31 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 />cf such T b E CATTLE CO., a corporation, in and to such zeal property.
<br />The mortgagor does hereb}• covenant vita the mortgagee, its successors and assigns,
<br />that it is lawfully seized of said premises except as hereinstated and that they will
<br />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 />thereunto belonging unto The First National Bank of hand Island, Grand Island,
<br />Nebraska, and to its successors and assigns forever, provided aiwas, and Lhese
<br />presents are upoa the express condition that if the said mortgagor, its successors
<br />or assigns, shall pay or cause to be paid to The First lational Bank of Grand island,
<br />its successors or assigns, the fatal unpaid baiznr_e of the tine of credit up to
<br />SE4`EN !IILLiON A'iD NOI100 DOLLARS {$7,000,0£10.00), plus interest on the from time ta-
<br />ti~ principal unpaid balance at a rate of Two Per Cent (1Rj per annum in excess of
<br />the prime rate of interest of the First National Bank of St. Laois, Missouri,
<br />applicable to ninety-day commercial loans, and after maturity at a rate of Tc-o Per
<br />Cent {P;~) per _year in excess of the rate in effect at maturity, all according to the
<br />teaure and effect of demand promissory note of the mortgagor, bearing even date with
<br />chase presents. !3ortgagor shall pay all taxes and assessments levied upon such real
<br />estate, aad all other taxes, levies and assessments levied oz: said mortgage or upon
<br />the rate which this ~ rtgage is given to secure before the same becomes delinquent.
<br />1T iS i~icTliER AGREE;::
<br />That if the said mortgage shall fail to pay such taxes, the
<br />mortgagee, .ts suctessc r or assigns, may pay such taxes and
<br />procure such insurance and the sum so advanced with interest
<br />at fi_T'teen per tent {i5~) per annia, shall be paid by the said
<br />mortgagor and this mortgage shall stand for security of ttie came.
<br />
|