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__.(n.~ ++-rot -- _ RE/1L ESTATE MORTGAGE-. _. _ _ _
<br />NEBRASKA
<br />(Open-End: To Securo Present and Poture Obligations and Advances)
<br />Date December 30, 1980
<br />Lawrence a~ld Ethel Lockhorn
<br />. Mortgagor{s},
<br />of Nall county, Nebraska in
<br />consideration of the advance of the principal sum, plus advances for the purchase of Class Bstock dnd/or participatiat
<br />certificates of the Mortgagee as required by Mortgagee's bylaws and by determination by the Mortgagee's Board of
<br />Directors under said bylaws, pursuant to federal law.' to sup~pofrt tyhe~loQutgstagned~ing indebtedness, recited in the rrotehere-
<br />inafter described and in consideration of future advances m Gre'd 110 15 I x110 to Mortgagor(s) or any of them as herein-
<br />after provided, hereby mortgages and conveys to 6 pyoduebon
<br />Credit Association, whose principal office is at ran 5 do ,Nebraska.
<br />Mortgagee, the following-described real property in Cpunty, Nebraska, sub}ect to oil,
<br />gas, and mineral rights owned by parties other than Mortgagor(s): existjpg asements of record; re}e(vatlpn~ )n-UnNad
<br />patents and the rights of the ublic in all hi hways: 1111 p~dt Of d trdCt OT land De1ng a ppdr
<br />W^~tate~~rtflstaig, of tie 6th P.M., Hal County, t~E being more particulary described as follo~
<br />nninZ aLZtNNtlihLeWSouthwest corner f said Sectio 29; then e n n on a west line of said
<br />ion ~9 on an assumed ¢earln o~ Ngrth fqr a aist~dnce orf Sr/~ ~~ ~eeet to a point; thence
<br />ectjn right and running N ~80 34 L for a !stance of 2 U feet to a point; thenc
<br />ectln~ rlgnt and running S 460 00' 79" E for a distance of 579.22 feet to a point' thenc
<br />ectin9 right and running South a distance of 164.55 feet to a point an the South dine of
<br />Section 9; thence deflecting right and running on the South line of said Section 29
<br />ing S 880 34' 45" W a distance of /uu.00 feet to tfie paint cf b€^inning, said tract
<br />ainin~ 7.26 air more or less, 0.94 acres tllore or less being Hall County right-of-way.
<br />conta7fing -1_/1'L acres. more or less. azcording to Government survey; together with all of tlSe riglR, title, and
<br />interest of the Mortgagor(s) in said property now owned, or hereafter acquired, and including all buildings and improve-
<br />ments now on, or hereafter placed upon, said real property; including also all water. irrigation, and 4rainage rights.
<br />This mortgage is given to secure:
<br />a) A promissor nqq~ ateq December 30, 1980
<br />( y Yl YtY I h0115an do O ______9fven by Mortgagor(s) to Mortgagee, in the
<br />principal sum of ----- -------------------DOLLARS,
<br />plus advances for the purchase of Class 8 stock or participation certificates of the Mortgagee as required by Mort-
<br />gagee's bylaws and by determination by the Mortgagee's Board of Directors under said bylaws, pursuant to federal
<br />law, to support the outstanding indebtedness. pays ble with interest accortling to the terms of said note and any instru-
<br />ments taken in refinancing, extending, or renewing said indebtedness or any part thereof;
<br />(b) Any future advance(s), with interest, which may be made from time to time by Mortgagee, at its option. to Mort-
<br />gagor(s), or any of them or their successors in title, for any purpose, including, but not limited lo, inibai and luture
<br />advances for the purchase of Class B stock and/or participation certificates of the Mortgagee as required by Mort-
<br />gagee's bylaws and by determination by the Mortgagees Board of Directors under said bylaws, pursuant to federal
<br />law, to support the outstanding indebtetlness, in any amount or amounts. provided, however, that such luture and
<br />additional ad_vance(s) shalt be so limited that the total principal amounts outstanding at any one time shall not exceed
<br />the sum of seventy Five Thoueand and Nnfl[1D___________________ -pOLLARS,
<br />plus said advances for purchase of Class B stock or paruapation certificates of the Mortgagee; and provided further
<br />the future advance{s) so made shalt be payable in accordance with the trans of a promissary note cr notes whtch may
<br />be taken to evitlence such advances} o: any part thereol. (The opiionai advance(s) herein authorized shalt be con-
<br />sidered additional to the advance(s) hereinafter authorized io be made by the Marigagee for the protection of the
<br />security or Mortgagee's interest therein.)
<br />This mortgage to be void upon the payment in full with interest of all obligations, present or luture, secured or to be
<br />secured hereby.
<br />Tfie Mortgagor(s), and each of them, hereby warrant(s) that They are lee owners of the mortgaged real property; that
<br />they will defend the title against ail claimants whomsoever, and that Bard property is Tree from all encumbrances: and they
<br />relinquish all rights of homestead in said premises, and covenant and agree with the Mortgagee as follows:
<br />(1) To pay when due all taxes, liens, lutlgmenis, or assessments which may be lawfully assessed against the property
<br />herein mortgaged, and the rental charges upon any leases assigned as additional security Ior this mortgage.
<br />(2) To insure and keep insured buildings and other +mprovemenls now on or which may hereafter be placed on said
<br />premises to the saiisiactio^. of the Mortgagee. Any policy evitlencing such insurance shall be endorsed with a mortgage
<br />clause, approved by and in favor of Mortgagee, and deposited with, loss thereunder to ne payable to, Morigaoee as rts
<br />interest may appear. At the option of Mortgagor(s), and subject to general regulations of the Farm Credit Administration.
<br />sums so received by Mortgagee may be used to pay for reconstruction of the destroyed improvement(s); or, if not so
<br />applied, may, at the option of Mortgagee. be applied in payment of any indebtetlness, matured or unmatured, secured
<br />by this mortgage.
<br />(3) To keep all buildings occupied and m good repave, and to refrain from the commission of any acts of removal, demo-
<br />lition or impairment thereof; not to cut or remove, or permit to be cut or removed, any wood or umber Isom said real
<br />property, antl to commit or permit no waste or impairment of the value of this security; to continuously practice
<br />approvetl methods of farming on card lands. to prevent erosion and the spread of noxious and damaging weeds, and to
<br />preserve the iertttity of the sod.
<br />(4) That niche =vent Mortgagor(s) tad(s) to pay when due any taxes, rental charges upon any leases asvgned as addi-
<br />tional securiy io+ ,his mortgage. liens. judgments, or assessments lawfully assessed against the properly herein mort-
<br />gaged. or fall(s) to maintain insurance as herembelore provided, Mortgagee may make such payment or provide such
<br />insurance, and the amount(s) paid therelor shall become a part of the indebtedness secured hereby, due and payable
<br />immediately, and shall bear interest al the current rate of the Mortgagee at the lime the Mortgagee makes such payment
<br />(5) That in the even! Mortgagor(s) default(s) in the Payment of said principal sum, or in the repayment al any addiu.»,al
<br />advance(s) made as herein provided, or of any interest thereon, at the time when the same shall be due, or with respect
<br />to any covenant or condition hereol, then, at the apbon of Mortgagee. the entire indebtedness secured hereby shall
<br />lorihwith become due and payable, shall near interest at the current rate o1 the Morlyagee on the date of the delaull,
<br />and the Mortgagee may immediately foreclose ihrs mortgage or pursue any other available legal remedy. In the event
<br />of any acuon by Mortgagee to eniprce cogeclion of the mortgage debt. the Mortgagor(s) agree(s) that any expense -
<br />mcurred to pracure or extend an abstract of title shall, when paid by MOrlgayee, Decome a part of the debt secured hereby,
<br />and snarl he Paid ny Mortgagor(s) together wdh all of the taxaDVe costs of such acuon
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