|
~.`,
<br />N0.
<br />REAL ESTATE ISOELTGAGE
<br />iQtiOW ALL MEN BY THESE PRESENTS:
<br />That, Grand Island School of Business, Inc., a corporation, duly organized and
<br />existing under the laws of the State of Nebraska, as mortgagor, in consideration of
<br />TWO HUNDRED TWENTY-FIVE THOUSAND SEVEN HUNDRED EIGHT ItYD NOI100 DOLLARS {$225,708.00),
<br />in hand paid, do hereby grant, bargain, sell and convey unto The First National Bank
<br />of Grand Island, Grand Island, Nebraska, a banking corporation of Grand Island, Hall
<br />County, Nebraska, as mortgagee, the following-described real estate situated in Hall
<br />County, and State of Nebraska, to-wit:
<br />Lot Seven {7}, in Block Sixty-Three (63), in the Original Town,
<br />now City of Grand Island, in Hall County, Nebraska,
<br />The Southerly Half (S~) of Lot Five (5), and the Southerly Half
<br />(S'~) of Lat Six (6), all in Block Seventy-Nine (79), in the
<br />Original Town, now City of Grand Island, in Hall County, Nebraska,
<br />Lot Four (4} in Block Eighty-Three (83), in the Original Town,
<br />now City of Grand Island, Hall County, Nebraska,
<br />together with all improvements thereon, including all heating; gas and plumbing
<br />apparatus and fixtures and appurtenances thereunto belonging; and all covenants
<br />an,d all title deeds running with such lands; and all rents, issues, and profits
<br />arising therefrom after default in performance of any covenant and condition herein
<br />contained; the intention being to convey hereby an absolute title in fee simple and
<br />to convey all and every right, title, and interest of such Grand Island School of
<br />Business, Inc., a corporation, in and to such property.
<br />The mortgagor does hereby covenant with the mortgagee, its successors and assigns,
<br />that it is lawfully seized of said premises; that such premises are free from
<br />encumbrances, except as herein stated, and that they will warrant and defend said
<br />premises against lawful claims of 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 all appurtenances
<br />thereunto belonging unto the said The First National Bank of Grand Island, Grand
<br />Island, Nebraska, and to its successors and assigns forever, provided always, and
<br />these presents are upon the exaress condition that if the said mortgagor, its
<br />successors or assigns, shall pay or cause to be paid to The First National Bank of
<br />Grand Island, Grand Island, Nebraska, its successors or assigns the stun of
<br />TWO HUNDRED TWENTY-FIVE THOUSAND SEVEN HUNDRED EIGHT AN'D NO/lOa DOLLARS ($225,:08,00),
<br />plus interest at the rate of Two Per Cent {2%) above the house prime rate of The First
<br />Natiana2 Bank of Grand Island, Grand Island, Nebraska. The interest rate shall be
<br />computed and changed each year up or down on Januar~r 1, April 1, July 1 and October 1,
<br />based on Two Per Cent (2X) above the house prime rate of The First National Bank of
<br />Grand Island. Payments to be made in installments of Forty-Five Thousand and no/100
<br />Dollars ($45,000.00) principal, plus interest annually. Installments shall be due and
<br />payable the first day of October, 1980; the first day of October, 1981; the first day
<br />of October, 1982; the first day of October, 1983, and the final payment of principal
<br />and interest on October 1, 1984, all according to the tenure and effect of the one
<br />promissory note of the mortgagor bearing even date with these presents; shall pay all
<br />taxes and assessments levied upon such real estate, and all other taxes, levies and
<br />assessments levied on this mortgage or upon which this mortgage is given to secure
<br />before the same becomes delinquent; shall keep the buildings on said premises insured
<br />for the sum of at least $300,000.00 lass, if any, payable to such mortgagee, its
<br />successors or assigns, the policies for said insurance, and shall not permit or commit
<br />any waste upon such real property, then these presec~ts to be void, otherwise to be and
<br />remain in full force and effect.
<br />IT i5 FURTHER AGREED;
<br />(1) That if the said mortgagors shall fail to pay such taxes or procure such
<br />insurance, the mortgagee, its successors or assigns, may pay such taxes
<br />and grocure such insurance and the sum so advanced with interest at
<br />Twelve and One-Half Per Cant (12~%) per annum, shall be paid by the said
<br />mortgagor and this mortgage shall stand for security of the same.
<br />
|