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<br />REAL ESTATE MORTGAGE O ~ -! ~ (J ~ e5 ,`~
<br />ItNOW ALL MEN BY THES$ 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
<br />of TWU AUNDR$D EIGHTY-THE$E.THtfIISAND FOUS. HUNDRED EIGHTY-TWO AND 701100 DOLLARS,
<br />($283,482.70), in hand paid, da hereby grant, bargain, sell and convey unto-The
<br />First National Bank of Grand Island, Grand Island, Nebraska, a banking corporation
<br />is Grand Island, Hall County, Nebraska, as mortgagee, the following-described real
<br />estate situated in Aall County, and State of Nebraska, to-wit:
<br />Lot Seven (7) in Block Sixty-Three (b3), in the Original Town,
<br />now City of Grand Island, Hall County, Nebraska.
<br />The Southerly Half (S~) of Lot Five (5), and the Southerly Half
<br />(S~) of Lot Six (6), all in Block Seve*:ty-Nine (79}, in the
<br />Original Town, now City of Grand Island, Hall County, Nebraska.
<br />together with all improvements thereon, including all hearing; gas and plumbing
<br />apparatus and fixtures and appurtenances thereunto belonging; and all covenants
<br />and 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
<br />herein captained; the intention being to convey hereby an absolute title in fee
<br />simple and to convey all and every right, title, and interest of such Grand Island
<br />School of Business, Inc., s 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, sad 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 appurtenanc_
<br />thereunto belonging unto the said The First National Bank of Grand Island, Grand
<br />Zsland, Nebraska, and to its successors and assigns forever, provided always, and
<br />these presents are upon the express 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 Zsland, Nebraska, its successors or assigns the sum of
<br />TWO HUNDRED EIGHTY-THREE TfIOUSAND FOUR HUNDRID EIGHTY-TWO AND 70/100 DOLLARS,
<br />283,482.7 Interest from October 1, 1981 on said principal sum at the rate of
<br />Ten Per Cent (lO;c} per annum will become due and payable on October 1st of each year,
<br />commencing October 1, 1982, through and including October I, 1984. Effective
<br />October I, 1984, the interest rate will be set at the average New York prime rate
<br />as published ite the Wall Street Journal and the rate will be adjusted annually on
<br />October 1st of each year. Seven (7) annual principal payments of $40,497.53, plus
<br />the interest to date of payment, will be due and payable on October 1st of each year,
<br />comiaencing October 1, 1985 until October 1, 1991, at which time the final payment of
<br />principal and interest, if not sooner paid, shall be due and payable, all according
<br />to the tenure and effect of the one promissory note of the mortgagor bearing even
<br />date with these presents; shall pay all taxes and assessemeats levied upon such real
<br />estate, and all other taxes, levies and assessments levied on the mortgage or upon
<br />which this mortgage is given to secure before the same becomes delinquent; shall keep
<br />the buildings on said premises insured for the sun of at least $300,0(HI.t)4-Loss, if
<br />any, payable to such mortgagee, its successors or assigns, the policies for-said
<br />insurance, and shall not permit or commit any waste upon such real property, then
<br />these preaetns to be void, otherwise to be and remain in full force and effect.
<br />IT IS FURTHER AGREED;
<br />(1) That if tree said mortgagors shall fait to pay such taxes or procure such
<br />insurance, the mortgagee, its successors oz assigns, may pay such taxes
<br />sad procure such insurance and the sum so advanced with interest at
<br />':minty Far Cant (20?} per annum, sha3,j be paid by the said mortgagor and
<br />this mortgage shall stand fez security of the same.
<br />(E), That failure to pay any of said money, either principal or interest, when
<br />the same, becomes due, or a failure to comply with any of the foregoing
<br />agreements, shall cause the whole sum or sums of money herein secured. to
<br />become due and co2lectihle at once at the option of the mortgagee, its
<br />aucceasars or assigns.
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