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Aas.y~on~ ! ` UNS'T£G STATES DEFAR'C ~M£tW'2" CSF AGFE,iC ti LTUCB~E Form FHA 440-15 FARMEP.S HOME ADMINISTRATION (Rev. 10-12-72) SECT ftITg" 4GftEEM1EtiT (INSURED LOANS TO INDIVIDUALS) L THIS SECURITY AGREEMENT is made between the United States of America acting through the Farmers Home Administration (herein called Secured Party) and _.-._. _JAMES M. HANNON IRIS J. HAI4NON _ _ (herein called Debtor), whose mailing address is and ...............- - -- ------- - -_...... -------- - --- - --- - ------- Route 1, Wood River, Nebr. 68883 it. WHEREAS, Debtor is justly indebted to Secured Party as evidenced by a certain promissory note, herein called the / FIFTY THOUSAND AND NO 100 note, da[ed„G.....~r__18r__,_. , 1g -74- ,for the principal sum of -.....__ ............._..-.._...-.-........_._. _- ~_ °--°-------°---------°--°-------°----------°----°-'--- dollars (550,000.00 ). with interest at the rate oE -_...........-_ ................_NINE_-....--..-_... percent (_.............._ 9._. o) per annum, executed by Debtor and payable to the order of Secured Party; and The note evidences a loan to Debtor in the principal amount specified therein, and Secured Party, at any time, may assign the note and insure the payment [hereof pursuant to the Consolidated Farm and Rural Development Act, or Title V of Housing ACt of 1949; and When puymtent of the note is insured by Secured Party, Secured Party may retain the right to a specified portion of the payments on the note; and A condition of the insurance of payment of the note will be that the holder will forego his rights and remedies against Debtor and any others in connection with the loan evidenced thereby, as well as any benefit of this instrument, and will accept the benefits of such insurance in lieu thereof, grid apon Secured Party's request will assign the note to Secured Party; and It is the purpose and intent of this instrument that, among other things, at all times when [be note is held by Secured Party, ar in the event Secured Pazty should assign this instrument without insurance of the note, this instrument shall secure payKnent of the note; but when the note is held by an insured balder, this instrument shall not secure payment of the note or attach to the debt evidenced thereby, but as to the note and such debt shall constitute an indemnity security agreement to secure Secured Party against loss under its insurance contract by reason of any default by Debtor, and NOW, THEREFORE, in consideration of said loan and (a) at all times when the note is held by Secured Party, or in [he event Secured Party should assign this instrument without insurance of the payment of the note, to secure prompt payment of the note and any renewals and extensions thereof and any agreements contained therein, including any provision for the ~~ payment of an insurance or other charge, {b) at all times when the note is held by an insured holder, to secure performance of 4}` Debtor's agreement herein to indemnify and save harmless Secured Party against loss under its insurance contract by reason of any default by Debtor, and (c) in any event and at all times to secure the prompt payment of all advances and expenditures made by Secured Party, with interest, as hereinafter described, and the pedozmance of every covenant and agreement of Debtor contained herein ar in any supplementer. agreement: DEBTflR HEREBY GRANTS to Secured Pally a security interest in his interest in the following coilatAral, including the proceeds thereof: _ _ ;~ ~ ~ ~ ~ - ~ 3i u'~ ~ ~ C3 ~ r; C] ~ 3 ( - ~ _ ~ ~ ` m j ~ G _.. ~ is ~ cu c~ z .. w ' tit s• ~ . ;., .~ •`~ _ c^ 'ts . ~, a ru FHA 440-15 rRev. 10-12-i2) ~, ~'(`~// ~~GOY[R~µEt31- PRitvi iNG Oi~i~E esT6•i6]-83r