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80-~~~
<br />REAL ESTATE MORTGAGE - With Tax Clause (Corp,)
<br />KNOW ALL MEN )?Y THESE PRESENTS: That Nebr. Leasing Corporation, Inca
<br />a corporation organized and existing ur::der and. by vixtue of the laws
<br />of the State of Nebraska in consideration of the sum of One Hundred
<br />Twenty Thcusand and No/100 Dollags ($120,000.00) in hand paid, daes-,
<br />hereby SELL and CONVEY unto Commercial National Bank & Trust Company
<br />of Hall County, State of Nebraska, the following described premises
<br />situated in Hall County, and State of Lebraska, to-wit:
<br />A tract of Land comprising all of Lots One (1) and Two (2);
<br />ail of that part of Lot Three (3) lying North of the North
<br />Line of Westervelts Subdivision; all of that part of` Lot Seven
<br />(7) lying North of the North Line of Westervelts Subdivision;
<br />The Northerly Half (N'~) of the vacated alley lying Southerly
<br />from and adjacent to said Lot One (1); and all of the vacated .
<br />alley lying Southerly from and adjacent to said Lot Two (2)
<br />and that part of said Lot Three (3) lying North of the Nor-th
<br />Line of Westervelts Subdivision, all of the above situated in
<br />Block Ninety-One (91), Original Town, now City of Grand Island,
<br />Nebraska.
<br />The intention being to convey hereby an absolute title in fee simple.
<br />TO HAVE AND TO HOLD the premises above described, with all the appurten-
<br />ances thereunto belonging unto the said Commercial National Bank & Trust
<br />Company and to its heirs and assigns forever, provided always, and
<br />these presents are upon the express condition that if the said Nehr.
<br />Leasing Corporation, Inc. or assigns shall pay or cause to be paid to
<br />the said Commercial National Bank & Trust Company, its heirs, executors,
<br />administrators or assigns, the sum of One Hundred Twenty Thousand & No/100
<br />Dollars ($120,000.00), gayable with interest thereon all according to the
<br />tenor and effect of a certain promissory note or notes of said Nebr.
<br />Leasing Corporation, Inc. dated May 8, 1480 or as such note or notes may
<br />be from time to time modified, renewed or extended in writing and sYrall
<br />pay all taxes and assessments levied upon said real estate, an3 all
<br />other taxes, levies and assessments levied upon this mortgage or the
<br />note which this mortgage is given to secure, before the same becomes
<br />delinquent, and keep the buildings on said premises insured for the sum
<br />of $120,000.00 loss, if any, payable to the said mortgagee, tY,en these
<br />gresents to be void, otherwise to be and remain in full force.
<br />IT IS FURTHER AGREED (1) That if the said mortgagor shall fail to pay
<br />such taxes or procure such insurance, the said mortgagee may pay such
<br />taxes and procure such insurance; and the sum so advanced, with interest
<br />at 14.75 shall be paid by said mortgagor, and this mortgage shall stand
<br />as security for the same. (2) That a failure to pay any of said money,
<br />either principal or interest when the same becomes due, or a failure to
<br />comply with any of the foregoing agreements, shall cause the whole sum
<br />of money herein secured to become due and collectible at once at the option
<br />of the mortgagee.
<br />AS FURTHER SECURITY for payment of the indebtedness and performancN of
<br />the obligations, covenants and agreements secured hereby, Mortgagor hereby
<br />assigns to Mortgagee, its successors and assigns, all leases and contracts
<br />already in existence and to be created in the future, together with all
<br />refits to become due under existing or future leases and, upon three (3)
<br />days notices to Mortgagor, confers on Mortgagee herein the exclusive power,
<br />to be used or not in its sole discx•etion, to act as agent, or to appoint
<br />a third person to act as agent far Mortgagor, with power to take possession
<br />of, and collect all rents, issues ar:d profits :arising from, the mortgaged
<br />premises and the personal. property used irr the operation thereof and
<br />apply such rents, issues and profits at the option of Mortgagee, to the
<br />payment of the mortgage debt, interest, insurance, taxes, casts of
<br />maintenance and operation, repairs and other expenses similar to tlrc
<br />foregoing, in such order of priority as Mortgagee may in its sold discre-
<br />tion determine, and to turn any balance remaining over to Mortgagor; but
<br />such collection of rents, issues and profits shall. not operate ,as .:tn
<br />affirmance of any tenant or 1f>ast in the event t.ha title to the r~rc>pczrt.y
<br />should be acquired by Mortgagee: or by any athe.r purchaser at a forec~tosure
<br />sale. In exercising any of the powers i.n this paragraph contained,
<br />Mortgagee may also, upon an event of default. as aforesaid, tai:e c.,ossession
<br />af, and far these purposes use, any and a1i aersan4al 1'sropert~ c~c~nt:lit,t'd
<br />in they mortgaged premises and useful i_n the aper;;tion thereai, ~'nt, Lic;ht
<br />t" ~,Rter and taRe lrossess.ion of Maid pi'ouc,rty, rc~ mr~uac,s .,r,._1 „}~triarts r.he,,
<br />same., =and to aollecrl:. the rrr,,,ts, is ~ ues ;anti i~rca± iY.s th~< tnc~E, r,<,~~ 1,~,
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