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<br />
<br />Tract 4: The Southeast Quarter; the Southwest Quarter; the
<br />Southwest Quarter of the Northeast Quarter; and the Southeast
<br />Quarter of the Northwest Quarter, all in Section 6, Township
<br />12 North, Range 12 West of the Sixth Principal Meridian in
<br />Hall County, Nebraska, containing approximately 388 acres,
<br />more or less, acccrding to government survey,
<br />together with all improvements thereon, including but not limited to fencing,
<br />irrigation pumps, wells and equipment, and all related apparatus, fixtures,
<br />appurtenances thereunto belonging and otfier similar improvements, and all
<br />covenants and all title deeds running with such lands; and all rents, issues
<br />and profits thereof arising therefrom after default in performance of any
<br />covenant and condition therein contained, and al.l water rights and
<br />easements; the intention being to convey hereby an absolute title and fee
<br />simple and to convey all and every right, title and interest of such Turner
<br />Grain Co., Inc., a Corporation, in and to such real property. The Mortgagor
<br />does hereby covenant with the Mortgagee, its successors or assigns, that
<br />it is lawfully seized of said read. estate; that such real estate is free
<br />from encumbraaces excepting a certain mortgage given to Metropolitan Life
<br />Insurance Company dated August 24, 1975, and with that exception, they
<br />warrant and defend said premises against any and all persons whomsoever.
<br />TO HAVE AND TO HOLD, the premises above-described with all improvements thereon,
<br />including but not limited to fencing, irrigation pampa, wells and equipment,
<br />anal alI related apparatus, fixtures, appurtenances thereunto belonging and
<br />other similar improvements, and all covenants and all title deeds running
<br />with such lands; and all rests, issues and profits thereof arising therefrom
<br />after default is performance of any covenant and condition therein contained,
<br />and all water rights and easements; belonging unto the said The First National
<br />Bank of Grand Island, Grand Island, Nebraska, and to its successors or assigns
<br />forever,. provided always, and these presents are upon the express condition
<br />that if the said Mortgagor, its successors or assigns, shall pay or cause to
<br />be paid to The First National Bank of Grand Island, Grand Island, Nebraska,
<br />its successors or assigns, the sum of THREE MILLION A1VD NO/100 DOLLARS
<br />{$3,000,000.00), plus interest, all according to the tenure and effect of a
<br />certain promissory note of the Mortgagor bearing even date with these presents;
<br />shall pay all taxes and assessments levied upon such real estate and all oche.
<br />taxes, levies and assessments levied upon this mortgage or upon the note which
<br />this mortgage is given to secure before the same becomes delinquent; shall
<br />keep the improvements on such real estate in.5ured where insurance is applicable,
<br />and shall not permit or commit any waste on such real property, then these
<br />presents to be void, otherwise to be in full force and effect.
<br />IT IS FURTHER AGREED:
<br />1. That if the said Mortgagor shall fail to pay such taxes levied upon
<br />such real property, the mortgagee, its successors or assigns, may pay
<br />such taxes and the sum so advanced, with interest, shall be paid by
<br />the said Mortgagor and this mortgage shall stand for security of the
<br />same.
<br />2. That failure to pay any of the said money, either principal or interest,
<br />when the same becomes due, or a failure to comply with any of the
<br />foregoing agreements, shall cause the whole sum or sums of money
<br />herein secured to become due and collectible at once at the option of
<br />the mortgagee, its successors ar assigns.
<br />3. In case of a foreclosure of this mortgage under any of its provisions,
<br />a receivor may be appointed to collect rents, issues or profits from
<br />the mortgaged real estate and proceeds from any such rents, issues or
<br />prafi:ts so collected, shall be applied on the deed secured hereby.
<br />4. The Mortgagor will have the privilege o£ making prepayments on the
<br />principal of the mortgage debt without premium, as provided in such
<br />note.
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