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<br /> ,r�iew�"�'� 3ECURITY AGREEMENT !`
<br /> 4..�,..«�:. 98_ �1 f1313 _-
<br /> ,
<br /> y� Date: Auguat 27, 1997
<br /> �. � BE IT KNOWN, that for good consideraCion Mark L Lowry and Tiffany 8. `
<br /> ,
<br /> � Lowry of Grand Island, Nebraska (Debtor) granta to Glenn W. Lowry of Vilas,
<br /> � ' Nozth Carolina its �uccessors and assigns (Secured Party) a security interest
<br /> 1 —
<br /> �' pursuant to ArLicle 9 of Che Uniform Commprcia]. Code in the followinq real
<br /> � property ICollateral), which shall include all after-acquired property of a
<br /> 7i like nature and description and proceeds and products thereof: A socond �
<br /> � � mortgaqe secured by a Deed of Trust for the dwelling located at 522 �T. llth �
<br /> ", , street, Gxand Island, Nebraska. More apecifically described as Lot 6, Block
<br /> 95, Wheelers Addition.
<br /> �� This security interest is granted to secure paymeat and performance on
<br /> ?
<br /> the follor+ing obligations as well as all other debts now or hereinafter owed
<br /> „ Secuted Party from Debtor: Payment of 525,000.00 to be pald as followa:
<br /> Payment of 525,000.00 amortized over 30 years at 8� interest annually with a
<br /> -----_ _ wwy`��^ �,�J.�,w„� �f rr,P ,�nnaid nrincipal after 5 years due in full.
<br /> Monthly payments will be 5183.49 beginning on october 1, 1997 and continuing
<br />� . throu�h September 30, 2002.
<br /> Debtor hereby acknowledges to Secured Party that:
<br /> 1. The Debtor warrants that Debtor has full authorl.ty to qrant this security
<br /> i.nterest.
<br /> 2. D�btor aqreea to execute such financing statements as are reasonably
<br /> required by Secured Party to perfect this security agreement in accordance
<br /> i` •y % ��, with state law and the Uniform Commercial Code.
<br />� � � 3. Upon default in payment or performance of any obligation for which this
<br /> " security interest is granted, or breach of any term of this security _
<br /> - , agreement, then in such instance Secured Party may declare all obliqations
<br /> •TM immediately due and payable and shall have all remedies of a secured party -
<br /> � � under the Uniform Commercial Code, as enacted in Lhe Debtor's state, which __
<br /> riqhts shall be cumulative and not necessarily successive with any other ___.
<br /> • Ci
<br /> ' rights or remedies. -
<br /> 4. Debtor agrees to mai.ntain such insurance coverage on the collateral as ,
<br /> Secured Party may from time to time reaaonably require and Secured Party `'�«_
<br /> shall be named as loss payee.
<br /> 5. This security agreement shall fur�her be in default upon the death,
<br /> insolvency or bankruptcy of any party who is an obliqor to this agreement or
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