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<br />~~. ~~~ tt ~~AL, ESTATE ~a~(TI~rA(;~ ~,.4._..-. -:: , _..: ,.. _
<br />s, ->.,i NESFtASFCA
<br />~lpd4d' (Open-End: 70 Secure f°wexent and future Obligations and Advances}
<br />79'-,
<br />Oats -.September ~'S, lrJ7g
<br />Commercial Property Development Co., A PartnershiA
<br />Mortgagor (s}.
<br />o! Hall County, Nebraska in
<br />consideration of the advance of the principal sum recited in the note hereinafter desrribad and in consideration of luture
<br />advances made by mortgagee to mart agor s} or any of them as hereinafter arovidad, hereby mortgages and conveys to:
<br />Commercial National Banc & rust Com ar,
<br />whose rind al office is at . Wes ird-StreeE~--
<br />P P ,Nebraska, Mortgagee,
<br />the following described real property in Ha 1 _______________! County, Nebraska,
<br />aub;ecE to od, gas, and mineral rights owned by parties other than Mortgagor(s): existing easements of record:
<br />reservations in United States and State patents; and the rights of the public in ail highways:
<br />Fractional Lots Five (5), Six (6), and Seven (7), In Fractional Block Thirty
<br />Five (35), In Packer & Barr's Second Addition To The City Of Grand Islan3,
<br />Nebraska.
<br />In the event the title to said real estate is transferred, or contracte3 to be
<br />transferred, from the underlaid for any reason or by any method whatsoever, the
<br />entire principal sum and accrued interest shall at once become due and payable
<br />at the election of the holder hereof. Failure to exercise this option because
<br />of transfer of title as above stated in one instance shall not constitute a
<br />waiver of the right to exercise the same in the event of any subsequent transfer.
<br />containing ~ acres, more or less. according to Government survey: together with all of the right, title, and
<br />interest of fire Mortgagor(s) in said property now owned, or hereafter acquired, and including all buildings and
<br />improvements now on, or hereafter placed upon, said real property; ineludreg also ail water, irrigation, and drainage
<br />rights,
<br />This mortgage is given to secure
<br />(e} A promissory note dated ~ ~ iven b Mir orjs) to Mortgagee.
<br />in the rind al sum of E.i tv t o son ive hun~re t ins-s~x anc~ SS/~5------
<br />P p gam=- Z_ 'DOLLARS,
<br />payable with interest according to the terms of said note and any inatrvments taken in refinancing, extending, or
<br />renewing said indebtedness or any part thereof;
<br />(b) Any future advances}, with interest, which may be made from Lima to time by Mortgagee, et its option, to
<br />Mortgagor(s), or any of them or their successors in title, for any purpose in any amount or amounta< provided,
<br />however, that such future and additional advances} shsfl be so limited that the total principal amouaSSOUtstanding
<br />at any one Lima shall not exceed the sum of ___J _ -~- ___._ ~ 40LLARS,
<br />end provided further the future advance(s) so made she#i be paya4le in accordance with the terms of a promissory
<br />note or notes which may be taken to evidence such advance(s) or any part iheranf_tThe optional advance(s) heroin
<br />~~•tfiorired ohs!! ba eonsiderad additional to Lha advsnt;a(s} hare.inafter authorized to be made by the Mortgegae for
<br />the piatactl0^ of the a9CUrity 07 Mortgagee's interest therein.}
<br />_----This mortgage to be void upon Lha payment in full with interest of any obligations, present or future, secured or to tie
<br />secured horaby.
<br />The Mortgagor(s), and each of them, horaby warrant(s) that they ere fee owners of the mortgaged real property: that
<br />they will defend the title against all claimants whomsoever; and they relinquish all rights of homestead in said premises.
<br />and covenant and ogres with the Mortgagee as foliews:
<br />(tj To pay when due all taxes, liens, judgments, or assessments which may ba lawfully assessed against Lha property
<br />herein mortgaged. and the rental charges upon any leases assigned as additional security for this mortgage.
<br />(2) 7o insure end keep insured buildings and other improvements now on or which may hereafter be placed pn said
<br />premises to Lha satisfaction of the Mortgagee. Any policy evidencutg such insurance shall be endorsed with a mortgage
<br />clause, approved by and in favor of Mortgages, and dopositad with, lass therounder to be payable to, Mortgagee as its
<br />imerest may appear. At the option of Mortgagor(s), pitUttliriKj(rLit~42SxgaatacaOtYSqutapiDtNX2slt:tltitx-Wfii~:tpF~rlcx
<br />kAtkHaASttisti[Ea2tsums so racoived by Mortgagee may be used to pay for reconstrucupn o) the destroyed improvement(st,
<br />or, it not so applied, r,~ray, at the opLOr, of Mortgagee, be applie:din payment of any rndehtednesa. matured or unmatured.
<br />secured by this mortgage.
<br />(3) To koap all buildings occupied and in good repair, and to refrain from the commission of any acts of removal.
<br />demolition ar impairment thereof; not to cut or ramous, or parmi! to be cut or removed, any wood or timber Irom said
<br />rest property, and to commit or permit no walla or impairmem of the ualue of this security: 24 continuously practice
<br />approved methods of farming on said lands. to prevent aroafon and the spread of noxious and damaging weeds. end to
<br />preserve the tnriiliiy of rho soil.
<br />(4) That in Lha event Mortgagors} fail(s) So pay when duo any texas. rental charges upon any leases assigned as
<br />additional security for thin mortgage, liens.)udgments, or assessments lawfully assessed against Lha property heroin
<br />mortgaged, or fail(s) to maintain insurance ea hereinbefore provided, Mortgagee may make such payment or provide
<br />such insurance, and Lha arttouni(s) paid therefor shall 6ecema a part of the indebtedness secured hereby, duo and
<br />payable immediately, and shall bear interest at the current rata of Lha Mortgagee et the limo the Mortgagee makes such
<br />payment.
<br />f5} That in Lha event Mortgagor(s) default(s) in the payment of said principal sum, or in the repayment of any additional
<br />advance(s) made as herein provided, or cf any intoresi thereon, at the time when Lha soma shall 6e due, or with respect to
<br />any covenant or condition hereof, than, at the option of Mortgegae, She entire indebtedness secured hereby shall
<br />fnrthwitfi become due and payable, shall bear interest at the currant rote of the Mortgagee on Lha date of the default. and
<br />the Mortgagee may immediately foreclose this mortgage or pursue any other available legs( remedy. In Lha event of any
<br />action by Mortgagee to enforce collection of the mortgage debt, the Mortgagor(s) agree(s) that any expense incurred to
<br />procure or extend an abstract of title shall, when paid by Mortgegae. become a part of the debt secured hereby, and shall
<br />ba paid by Mortgagor(s) together with a!I of She taxable casts of such action.
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