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86-- 106169
<br />REAL ESTATE MORTGAGE
<br />THIS MORTGAGE is entered into between 0. V. DEVELOPMENT,
<br />INC., a Nebraska Corporation, "Mortgagor ", and THOMAS L.
<br />SWIATOVIAK, hereinafter referred to as "Mortgagee ".
<br />Mortgagor is indebted to the Mortgagee in the principal sum
<br />of Fifty Thousand Dollars ($50,000.00), evidenced by Mort -
<br />gagor's Note of even date herewith, providing for principal and
<br />interest with the balance of the indebtedness, if not sooner
<br />paid, due and payable on demand or October 15,1991.
<br />To secure the payment of the Note, with interest as
<br />provided therein, the payment of all other sums, with interest,
<br />advanced by Mortgagee to protect the security of this Mortgage,
<br />and the performance of the covenants and agreements of the
<br />Mortgagor contained herein, Mortgagor does hereby mortgage and
<br />convey to Mortgagee the following- described property located in
<br />Hall County, Nebraska:
<br />Lot Fifteen (15), in Bosselman Second Subdivision,
<br />an Addition to the City of Grand Island, Hall
<br />County, Nebraska,
<br />together with all buildings, improvements, fixtures, easements,
<br />rights, privileges and appurtenances located thereon or in any
<br />way pertaining thereto, and the rents, issues and profits,
<br />reversions and remainders thereof; including, but not limited to,
<br />heating and cooling equipment and such personal property as
<br />attached to the improvements so as to constitute a fixture; all
<br />of which, including replacements and additions thereto, is hereby
<br />declared to be a part of the real estate secured by the lien of
<br />this Mortgage and all of the foregoing being referred to herein
<br />as the "property ".
<br />Mortgagor further covenants and agrees as follows:
<br />1. __Payment. To pay the indebtedness and the interest
<br />thereon as prod in this Mortgage and the Note.
<br />2. Title. Mortgagor is the owner of the property and has
<br />the right and authority to mortgage the property and warrant that
<br />the lien created hereby is a valid second mortgage on the
<br />property.
<br />3. Taxes, Assessments. To pay when due all taxes, special
<br />assessments and all other charges against the property and, upon
<br />written demand by Mortgagee, to add to the payments required
<br />under the Note secured hereby, such amount as may be sufficient
<br />to enable the Mortgagee to pay such taxes, assessments or other
<br />charges as they become due.
<br />4. Insurance. To keep the improvements now or hereafter
<br />located on tfie real estate described herein insured against
<br />damage by fire and such other hazards as Mortgagee may require,
<br />in amounts and with companies acceptable to the Mortgagee and
<br />with loss payable to the Mortgagee. In case of loss under such
<br />policies, the Mortgagee is authorized to adjust, collect and
<br />compromise, in the discretion of the Mortgagee, all claims
<br />thereunder at Mortgagee's sole option and to apply the proceeds
<br />upon the indebtedness secured hereby with payments hereunder
<br />continuing until the sums secured hereby are paid in full.
<br />5. Repair, Maintenance and Use. To promptly repair,
<br />restore or rebuild any buildings or improvements now or hereafter
<br />on the property; to keep the property in good condition and
<br />repair, without waste, and free from mechanic's or other liens
<br />not expressly subordinated to the lien hereof; not to make,
<br />suffer or commit any nuisance to exist nor to diminish or impair
<br />the value of the property by any act or omission to act; and to
<br />comply with all requirements of law with respect to the property.
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