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<br /> �
<br /> 77. UU6493
<br /> � EXPANDABLE MORTGAGE
<br /> ASSiGNMENT OF RENTS Loan No. 43653-2
<br /> KNOW ALL MEM BY THfSE PRESENTS:Thst Reuet G. Mdersen and Carolyn A. Andersen, husband and wife
<br /> (iiereinaftei called the Mortgagors)in consid r ti n of the sum of
<br /> Twenty-Seven Thousand Five Hundred and no/100---------------------Doltars(S ��.�0�.00---�
<br /> � lo�ed ta 1b�ors,do herab�r anat,bsr ain,seN and convey unto COMMERCIA!FEDERAL SAVINGS AND LOAN ASSOCIATION of Omaha,
<br /> Mebnsiu, {he�einaker alled "Co+nm�vci��, its successors and ass+�ns, the Follawing described real esiate, situated m the County oi,
<br /> H�111 State of Nebrasks,ta-wit:
<br /> Lot Nine (9). and the West thirty-five feet (W35') of Lot Ten (10), in Block
<br /> ' One (1). Bet-Air Addition to the City of Grand Island, Hall County, Nebraska.
<br /> TO HAYE AND TO HOLD THE SAME, with the appurtenances thereunto belonging, wto Commercial, its successors and assigns,forevei. :
<br /> Said hbrt�gors hereby covenant with said Commercial, its successors and assigns, ihat Mortgagors are lawfully seized of said premises, ifiat
<br /> lhey are free from encumbrances, and that lhey will forever warrant and tlefenG the title to said premises against the lawful claims of al I persons
<br /> wfiomscever.
<br /> Provided,neverU�eless,these presents are upon the foNowing cond�tions:
<br /> That whereas the said Mortgagors as members of Commercial have this date executed a note evidencing such loan and agreeing to repay said
<br /> wm of money, witl� interest, in payments as set forth in said note and have agreed to ab�de by the terms of said note and Charter and By-Laws of
<br /> Co�nmercial.
<br /> That whereas Mis mortgage shall sewre any additional advances, with interest, which may, at the option of Commercial,be made by Com
<br /> mertial to the uadersigned Mortgagors or their successors in title for any purpose,at any time before the release and cancellation of this mortgage,
<br /> 6ut PROVIDED.HOWEVER,at no time shall �he aggregate prmcipal amount secured by this mortgage, being the amount due at any time on said
<br /> origdnal note and any additional advances made, exceed an amount equal to 110 percent of the amount of the originai note,twt in no event sfiall
<br /> said note exeeed Ihe maximum amount permitted by law, and PROVIDED,HOWEVER, ihat nothing herein contained shall be considered as limiting
<br /> the amount tl�at shall he secured hereby when advanced to protect the sewrity or in accordance with covenants contained in the mortgage.
<br /> Now, if the said IubrtQagors shall pay or cause to be paid the said sums of money when due,as set forth in said note,and any other note for
<br /> addiGonai advances made until said debt is fully paid with interest, then these presents shall be void;otherNise, to be and remain in full force anG
<br /> effect;6ut i(default shoul0 be made:
<br /> Ia1 In any of the payments due on said note,and any other note for additional advances made,as therein agreed to be made for three months,or
<br /> (b) In keeqng tl�e improvements on said premises insured against loss by reason of fire, lightning, and other hazarOs included in extended
<br /> coverage insurairce in an amount not less than the unpaid balance of said mortgage loan, in a company or companies accepWbie to Com-
<br /> mercial, tfie original of such policy or pollcles to be held by Commercial, and with a martgage clause attached to said policy or poticies,
<br /> in fawr of Commercial;or
<br /> (c) In the payment of taxes and assessments levied upon said premises,or on this mortgage, before Ihey are delinQuent;or
<br /> (d) If fhere 1s any change m the ownership of fhe reai estate mortgaged herein, by sale,elther outright or by land contract,or by assignment of
<br /> any interest tlureo�or otherwise;
<br /> tlbn, in any of the above set-forih events, the whole indebtedness hereby secured shall, at the option of Canmercial,immediately become due and
<br /> payable withaut furfher notice,and the amount due under said note and any other note for additional advances made shall,from fhe Gate of the exercise
<br /> of said option,bear inberest at Me maximum legal rate per annum,and this mortgage may fhen be foreclosed to satisfy the amount due on said noie,and
<br /> any otl�er nole for additional advances, together with all sums paid by Commercial for insuraace, taxes,assessments and abstract extension charpes,
<br /> wilh interest thereon from Ihe date of payment at fhe maximum legal rate.
<br /> PROWDED tf�at in no eva+t, either before or after default, shall the interest due under sald note and this mortgage and any other note for ad�
<br /> diNonal advances made ezceed tl+e mazimum lawful interest rate.
<br /> PROYIDED,furMier,fhat in the event that default occurs in the making of the payments due on said note,and on any other note for additional
<br /> advancas, as lherein agreed to be made, or in keeping the premises insured, as above provided,a if Oefault be made in the payment of Ifie faxes
<br /> or aaaessme�ts levied upon the premises above described or upon this mortgage, before they are by law delinQuent,Commercial shali be entitled
<br /> to tlse immed+a� possession of l�e p�emises above-described, together with all rents, proceeds and issues ansing out of the pemises,and may
<br /> m its discretion use tlfe rents so far as it deems necessary for the purpose of making repairs upon the premises and for the payment of inwrance
<br /> prent+ums,tazes and assessments upon such premises,and for necessary expenses incurred in ren6ng said premises and collecting rent therefrom,and
<br /> Eo�ply aame on sald�ote and ar+y notes ewdencing fuWre advances hereunder until the mdebtedness secured is fully paid;and tor wch purposes,
<br /> 1pe undersiened Ooes hereby sell,assign, set over and transfer unto Commercial al I of said rents,proceeds and incomes including any land conEract
<br /> pey+�ents due mort�ge owners or any other incomes of any type whatscever from said property to be applied on the notes above-descnbed; but said
<br /> Coma�ercial shall ia no case 6e liable for the failure to procure tenants,to collect rents,or to prosecute actions to recover possession of said premises.
<br /> The Mortsa�►s further appomt Commercial of Omaha, Nebraska, their attomey in fact, giving said attorney power irrevocably,eiMer on Its own
<br /> aame a Yort�gors'names to take all necessary steps for proceedings in caurt or otherw�se, to cause said premises to be vacated, lo collect rentals
<br /> a ofAer incw�es Aue,and when vacant,to rekl the same,to make all reasonable repairs an0 pay taxes out of said rents,profits,contract payments or
<br /> �ncomes and to do a11 such thmes eifher by its own officers o�by other parties duty authonzed and appointed by it,as its agent for said purpose,end
<br /> Eo clar4e or pay a reasonab�e fee for such services, all of the above to be done al such times and in such manner and on such terms as to their said
<br /> afiomey may seen+best,wilri full pawer of substitutio�.
<br /> ThE Ibrt�sQors hereby aQree Ciat if Commeicial eilfier voluntarily or involuntari ly becomes or is made a party to any suit or proceeding relaGng
<br /> . to the hereinbefore described real estate, or to U�is mortgage or said note or notes,oMer than a foreclosure instituted by Commercial,Mortgagors will
<br /> reim�urse Commereial for all reasonable costs incurred�Commercial in said suit or proceeding. The Mortgagors turther agree that if fhe here�nbefore
<br /> descrihed roa1 estatt or any p�rt thereof be condemned uncler the power of eminent domaln, or is otherwise acpwred tor a public use.the tlamages
<br /> arnoded, tlu proceeds for 1he taking,and tm the considerotion for sucfi acquisitim to the extent of the full amount of the remaming unpaid indeDted-
<br /> �sedtred by tl�is mortga�e,he,and tl�ey hereby are,assigned to Commercial and shall be pald forthwith to Commercial to be appiled on account of
<br /> tlk lasl maYrcing iwstallnrents of such in4ebtedness.
<br /> oe��+�s _1s� __ aay o� November _ �v 77 �--� ,~ ,•, ; ,
<br /> «��, a�: ,����� �'�����—
<br /> � � �A/� GJ� euel G. Andersen />
<br /> �6��� /
<br /> ��.r��—l.� /.l1�^a��-�----� . . ..
<br /> Carolyn A. Andersen `°
<br /> � tTA'ff O�F NElR�ASKA
<br /> 6t1AIM7Y OF Ni11 ��
<br /> � ii�Nws �S'C day of_�►��er'_, 19 7Z.. before me, a notary public in and for said Counly.ce�sonally came + ,.
<br /> � rr aMw,.r�M
<br /> Reuei 6. Mdersd+ a+�d Caroiyn A. AndeFsen, husban� and wi fe - � a�o-��� �
<br /> M+M wN9 Moiaw�b M 1M ideslpl paraon e�r �.j,s,�„p�,re aftiaed to!he above mortgage as grantor or grantors and they,he
<br /> «�,�verai4y�U�e stid ipsMisen exwcud�tC��e�a�Y stt and deed.
<br /> �ExEAAt NO14RY --'
<br /> �IAIESS wY MeA and No�isl&e91 tkit dry a�d abswsYA�Df N[Bi�Kp ��';y��4���—^,��i-�—�-2/� �
<br /> S+D�• 25. 18'9 � __. __-
<br /> Notary Public
<br /> ry caumissio�exares on�+e 29� aa�r or SI+D�l1" 19.�. M 50
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