Exhibit 10 (hh)
THIS MORTGAGE, made this 21st day of October, in the year 2002, by
M-Tron Industries, Inc. of 000 Xxxxxxx Xxxxxx, Xxxxxxx, Xxxxxxx Xxxxxx, Xxxxx
Dakota, Mortgagor, to Yankton Area Progressive Growth, Inc., P. O. Xxx 000,
Xxxxxxx, XX 00000, Mortgagee:
WITNESSETH, that said Mortgagor hereby mortgages to said Mortgagee the
following described premises situated in the County of Yankton and State of
South Dakota, to-wit:
Lot One (1) and Lot Two (2), Xxxxxx'x 4th Addition, County of Yankton,
South Dakota, as per plat recorded in Book S11, page 66,
and
West Two Hundred feet (W 200') of the Northeast Quarter of the
Northeast Quarter (NE 1/4 NE 1/4), except the North 467.8 feet
thereof, AND the West Two Hundred feet (W 200') of Government Lot One
(1), Section Seventeen (17), Township Ninety-three (93), Range
Fifty-five (55), Yankton County, South Dakota,
as security for payment to said mortgagee at P. O. Xxx 000, Xxxxxxx, XX 00000,
of the principal sum of Two Hundred Fifty Thousand and 00/100 Dollars
($250,000.00) and no interest thereon, according to a certain promissory note
bearing even date herewith, due April 21, 2005.
SAID MORTGAGOR further agrees to pay all taxes and assessments that may
be levied upon said premises, before the same shall become delinquent and to
keep the buildings upon said premises insured for the benefit of said Mortgagee
against loss by fire, wind, lightning, and other perils in the sum of at least
$250,000.
In case of the Mortgagor's failure to pay said taxes or assessments
before the same become delinquent or to pay insurance premiums for insurance on
said buildings, said Mortgagee or assignee may do so and the amounts so paid
shall be added to and deemed a part of the money secured by this mortgage. Said
Mortgagor hereby warrants that he is the owner in fee of said premises.
In case of default in the payment of said principal sum of money or any
part thereof, or interest thereon at the time or times above specified for
payment thereof, or in case of non-payment of any taxes, assessments, or
insurance as aforesaid, or of breach of any covenant or agreement herein
contained, then and in either case, the whole, principal and interest, of said
note shall at the option of the holder thereof, immediately become due and
payable, and this mortgage may be foreclosed by this action, or by advertisement
as provided by statute or the rules of practice relating thereto, and this
paragraph shall be deemed as authorizing and constituting a power of sale as
mentioned in said statutes or rules, and any amendatory thereof.
M-Tron Industries, Inc.
By: /s/ Xxxxxx Xxxxxxx
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Xxxxxx Xxxxxxx
Its President
State of South Dakota )
)ss
County of Yankton )
On this the 28 day of October, 2002, before me, the undersigned
officer, personally appeared Xxxxxx Xxxxxxx, who acknowledged himself to be the
President of M-Tron Industries, Inc., a corporation, and that he, as such
President being authorized so to do, executed the foregoing instrument for the
purposes therein contained, by signing the name of the corporation by himself as
President.
In witness whereof I hereunto set my hand and official seal.
/s/ Xxxxx X. Xxxx
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Notary Public - South Dakota
