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<br /> 77•UUG32S EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loan No. 878395-5
<br /> KNONI All MEN 8Y THESE PRESENiS:That Jerry L. Gal loway and Cherlyne G. Gal loway. husband and wi fe
<br /> (h raeafter calfed the MortYa$ors)in consid Uon o(ttue sum of
<br /> Twenty Seveo Thousand Five tiundred Fifty and no/�00----------------poNars(S 21.550.00---)
<br /> � la�iwd to�Moitp�us, do heroh�r�raM, 6u�n seN aed comiey unto f�MMfRCIA1 FEDERAL SAVIMGS ANO LOAN ASSOCIATIOM of Omaha,
<br /> MabnaN�, {fierein�l�,v caNe�d "Com�l"), i{s suecesso�s and ass��ns, the followinq described real estste, situsted in the County of,
<br /> Ha 11 St�te of NeHnslu,to.wii:
<br /> lot eight (8j in Block Fourteen (14� in Russel Wheeler's Addition to the
<br /> City of Grand Island, I�braska.
<br /> TO HAVE AND TO HOLD THE SAYE, with the appurtenances thereunto belonging, u�to Commercial, its successors and assigns,forevec
<br /> Said Nortpgors hereby covenant wilh said Commercial, its successors and assigns, that Mortgagors are lawfully seited of said premises,fhat
<br /> lhey are free from encumbrances, and that they will forever warrant and defend the title to sald premises against the lawful claims of al!persons
<br /> whomsoever.
<br /> Provided,nevertheless, lfiese presents are upon the following conditions:
<br /> That whereas tfie said Wortgagors as members of Commercial have this date executed a note evidencing such Iwn and agreeing to repay said
<br /> sum oI money, with interest, in payments as set forth in said note and have agreed to abide by the terms of sa�d note and Charter and By-Laws oi
<br /> CommerciaL
<br /> Thai wheroas tl�is mortgage shall secure any additional advances, wifh interest, whkh may,at the option of Commercial,be made by Com�
<br /> marcial to U�e undersi�ed Mmtgagors or their successors in ti tle for any purpose,at any time be(ore ihe release and cancellation o(this morlgage,
<br /> but PROVIDED,HOWEVER,at no t�me shall the aggregate principal amount secured by m�s mortgage,being the amount due at any time on sa�d
<br /> original note and any additional advances made,ezceed an amount equal l0 110 percent of the amount ot the oriQinal note,but in no event shall
<br /> said note exceed tlae maximum amount permitted by law,and PROVIDED,MOWEVER,that nothing herein contained shall be considered as IimiGng
<br /> !he �nount �at sAall be secured hereby wheo advanced to piotect U�e secunty or in accorda�ce with covenants contained in Ihe mwtgaqe.
<br /> Now, if the said Morteagors shall pay or cause to be paid the said sums of money when due,as set forth in said note,aad any o�er note for
<br /> additionat ativanees made uetil said debt is fully paid with mterest,then tfiese presents shall 6e void;olherwise,to be and remain in full force and
<br /> effect;but if default should be made:
<br /> (a) In any of tl�e psymeats due on sa�d note,and any other note for additional advances made,as Iherein agreed to be made for three months,or
<br /> (b) In keepinQ the improvements on said premises insured against loss by reason of t�re, lightning, and otlfer hazards included m eatended
<br /> covers�e insurartce In an amouet not less �an the unpa�d balance of said mortgage loan, in a company or companies acceptabte to Com
<br /> mercial, the ori�inal of wch policy or policies to be held by Commerdal, and with a martgage clause attached to said policy or policies,
<br /> in favor of Coaunercial;or
<br /> (c) In tl�e peyment of tares and assessments lewed upon said premises,or on this mortgage,before tl�ey are delinpuent;or
<br /> Id) If ihere is any change in the ownership of ine real estate mortgaged he�ein, by sale,e�ther outright or by land contract,or by assi$nment of
<br /> any inlerestlhereon or otl�erwise;
<br /> tl�en, in any of �e above set-forlh ererots, I�e whole�ndebtedness hereby secured shal I, at tl�e option of Commerciai,immediatety 5awme dae and
<br /> pqrable witl�out furpur notiu, and�e amount due under said note�d any other note for additional advaaces made shall,from ffie date of Ihe sxercise
<br /> of said option,bear interest at Me maximum legal rate per annum,and Ihis mortgage may Men be foreclosed to satisfy the amounf due on sa�d note,and
<br /> any ofket nole for�dditional sdvances,together wiM�all sums paid by Commercial (or inwrance, tazes,assessments and absUact eztension charQes,
<br /> W�1h�nterest�eon from tl�e date of peymen!at ihe max�mum legal rate.
<br /> PROYIDED �at in ao event, ctilher 6efore or after default, shall the interest due under said note and this mortgage and any ofher note for ad-
<br /> ditional advances made euceed tl�e maximum lawful interest rate.
<br /> PR01MDE0,[urffier,thaf in the event lfiat default occurs in the makin� of the payments�e on said note,and on any olher note for aAditional
<br /> �ces, as lherein agReed to be made, or in keeping the premises insured, as above provided,a it detault be made in the payment of!he pxes
<br /> a aafesaments fevied upon we premises above described w upon ihis mortgage, before they are by law delinquent,Canmercial shall be entitled
<br /> � 1he �mmediate possessian af the premises above-described, together with al I r�ts. proceeds and issues arising out of the premises,and may
<br /> ie its discredon use tfie rents so far as it deems necessary fw the purpose of making iepa�rs upon�e premises and for the peyment of inswance
<br /> aaswms,tazes aad assessments upoa such premises,and for necessary expenses incurred in rentinQ said prem�ses and collecting rent tl�erehom,and
<br /> EO apply swne on seid note and any notes evidencing luture advances hereunder u�til tl�e indebbedness secured is fully psid;and for such petrpo�s,
<br /> Ihe und�s�ened does hereby sell,assi�, set over and hansfer unto Commercial atl o(said rents,proceeds and�ncomes intluding any Isnd contract
<br /> peywents dwe mor1�`e owners or aay otfier incomes ol any type whatsoever from uid praperty !o be appl�ed on 1he notes above-descnbed; Out sa�d
<br /> Cosia�ercfal Shall in ao cese be liable fo�IM tailure to procure tenants. to coliect rents,or to prosecute acdons to recover possession of�itl premises.
<br /> ihe Yort��frs furtlwer appoint Canmercial of Omaha, Nebraska, their atWrney in fact, giving sai0 attotrroy power irrevocably,eiMer on its own
<br /> +�a a Abrt/a�ora names W take ali necessary steps for proceed�ngs in caurt or olherwise, tn cause sa�d premises to be vacated,to coilett renpls
<br /> a oNer incomas due,and when wCant,to rekt Ihe same, to make all reasonable repairs and pay taxes out of said rents,p�of�ts,contract payments or
<br /> iecomes and to do all such thinas either by�ts own officers oi by olher parties tluly authorized and appoi�ted by i(,as its aeent for sa+d purpose,and
<br /> to cAi�ge o�pay a reaswuble fee fa such services, all of�e above to be done at such times and in such manner and on such terms as to the�r said
<br /> at4omey auy sesm best,raffi full power of substiWtian.
<br /> The Mortp�as hereb�y sptee lhat if Canmercial eifher voluntarily or involuntatily becomes o�is made a party to any wrt or proceeding relaGng
<br /> to�e(�eroiwbefae deutibed real esfs�e, m to tlfis mort�age or sa�d note or rrotes, other than a foreclosure i�stituted ify Commercial,MortQagors wfll
<br /> reialwse Co�erefal(o�aN reasduble costs incurred by Canmercial in sa�tl wit a proceeding. The Mortgagars furfher agree that if Ihe he�einbebre
<br /> despibed real estak a any part lMreof be coMemnetl unOer the power of dninent domain. or�s oMerwise acpuired for a public use,tl�e damages
<br /> aw�uded, Yie proCMAs for Ihe taking,md for Ihe consider'tion for such acpuisit�m to the ex�+t of Me full amount af tfie rema�ning unpaid irt�bted-
<br /> �eas aacured 6y Mis�aor/p�e, be,and tl�ey Lereby are,ass�dned to Can�nercial anA�fall be pa�d fortl�Wif�to Commercial M be applied on account of
<br /> � iAe tast ma4xin4 iwataflnNats ot such in0eb�ess.
<br /> OtMstl Nis 29th d�y of�_�#�_---, 19_ZZ_.
<br /> �E P� Cf oF: �� �.� O_ � �.D�
<br /> � � �.� JefFy��Gallaray �1 � ,
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<br /> � . {�11��� • W���y �..-
<br /> 1 3T7M7'EOfN�A � �` �
<br /> CO�M7Y OF l�efiilo �.
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<br /> �� �--dM� ��r , l9 u .befare uie,a aolary pubtic in a�W for said County,personally came
<br /> 1M�aY�wa�1 �*''a
<br /> " .ltrry L. 6ailewy awA Ci�erl�we G. f;siioway, Mnband ar+d wift .
<br /> '= b w1 wMl IMrrr 1�M M ii�t�ta1 petae� ��W(iy�ed lea�e�ove mortgaee as gantor or grontors and they,he �
<br /> � r�.�lly arelwril�e M qN iasM e w �eir roduntny act a�M deed
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<br /> ��1 MOtIYlr ,-.- � � ��-- ,,,r-� �
<br /> N1�EES wqt l�Mt a1 MeWfa�'9eN Mrs dyr ' �;�
<br /> !�. 11� �—�["`--•t-..--c_---- - �
<br /> ��s��e���� �� ��— Notary Pub��c
<br /> daY of 19 Zi . M 50
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