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<br /> �7' U07093 EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loan No.___.4�1.Q7f-,-7____
<br /> KN�yy ALL MEN BY THESE PRESENTS:Tht ,�n 1 C. _pasmussen and Marilyn "" Rasmus5en, husband an�i
<br /> wi fg 3/k�e �Ohe� r. RaSr'w55e�ereinafter calied the Mortgagors)in consideration of the sum ot
<br /> Twenty-Two Thousand Five Hundre�l and no/100-----------------------Dollars(3 ?_?,500.�0----)
<br /> � loaned to Mortgagors, do hereby grant, bargain, sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIATION of Omaha,
<br /> Nebraska, (hereinatter called "Commeraal"), its successors and assigns, the (ollowmg descnbed reai estate, situated in the County of,
<br /> Ndl l State of Nebraska,to•wil:
<br /> Lot Eight (E) in Block Three (3), in Meves First Addition to the City of
<br /> Grand Island, tlall County, Nebraska.
<br /> TO HAYE AND TO HOLD THE SAME, with the appurte��ances thereunto belonging. unto Commerual, its successors antl assigns, fo�evei.
<br /> Said Mortgagors hereby covenant w�ffi said Commercial, its successo�s and assigns, that Mortgagors aie lawfully seized of saitl premises, that
<br /> they are fiee from enambrances, and that they wi II (orever warran( antl defentl the UUe to said premises against the lawfu�claims of all persons
<br /> whomsoever.
<br /> P�ovided. nevertheless, these presents are upon the following cond�hons:
<br /> That whereas the said Mortgagors as members ot Commerual have this tlate executed a note euidencing such loan and agree�ng to repay saitl
<br /> sum of money, with �nterest, in payments as se! foith in said note antl have agreed to abide by the terms of said note and Charter and By-Laws of
<br /> Commercial.
<br /> That whereas this mortgage shall secu�e any addihonal advances with �nterest which may, at the op�ion o(Commernal, be matle by Corn
<br /> mercial to the undersigned Mortgagors or thei�successois �n btle for any purpose at any time before the release and cancellation of this mortgage.
<br /> but PROVIDED HOWEVER.at nu time shall the aggregate prmnpa� amount secure0 by this mortgage, being the amount due at any time on said
<br /> orlginal note and any adtlitional advances made. exceea an amount equal to 110 percent ot the arnount of Ne original note.but in no event shall
<br /> said note exceed the maximum amount permitled by law,and PROVIDED NOWEVER,that nothing herein contamed shall be conside�etl as limiting
<br /> the amount tfiat shall be sewred hereby when advanced to piotect the secunty or in aaordance with covenants contamed in the mortgage.
<br /> Now, if the said Mortgagois shall pay or cause to be paid ttie saia sums of money when tlue.as set forth m said note,and any other note tor
<br /> addiGonal advances made until said debt is(ully paid w�th interest. then these presents shall be void:othe�Nise, to be and remain m full force and
<br /> effect:but if tlefault should be made:
<br /> tal In any of the payments due on said note.and any othei note for addrtiunal advances made.as therein agreed to be made for three months,or
<br /> ibl In keeping the improvenients on sa�d piemises uisured against loss by reason of fire. I�ghtn�ng, and other hazards included in eztended
<br /> coverage insurance in an amount not less than tbe unpa�d balance of said mor�gage loan, in a company or companies acceptable to Com�
<br /> mercial, the original o(such policy or policies to be held by Cmnmerc�al and with a mortgage clause attached to said policy or poticies.
<br /> in favor of Commercial;or
<br /> �c� In the payment of tzxes and assessments lev�ea upon�aid piem�ses,or on this mortgage betore they are delinquent:or
<br /> �ai If there is any change�n the ownership of the reai estale mortgaged herein. by sale.either outright or by lantl contract,or by assignment of
<br /> any interest thereon or otherwise.
<br /> t�en, in any of the above sebforth events, the whole mdebtedness hereby sea�ed shal I. at the option uf Commercial, immedia�ely become due and
<br /> payable without further notice,antl the amount due under said note and any other note for additional advances made shall,from Ne date of the exercise
<br /> of saia option, bear interest at the max�mum legai rate per annum and th�s mortgage may then be foreclosed to satisfy Ihe amount due on said note,and
<br /> any other note for add�twnal advances,together w�th all sums pa�d by Comme�c�al for�nsurance. taxes,assessments and abstract extension charges,
<br /> w�th mterest thereon from the date of payment at the maximum legal rate.
<br /> PROVIDED that in no event, either before or after tlefautt shall the interest due under said note antl this mortgage and any other note for ad
<br /> ditional advances made exceed the inaximum lawful in�erest rate.
<br /> PROVIDED,turther,that in the event that default occurs in the mak�ng of the payinents aue on said nole,an�i on any other note for additional
<br /> advances, as therein agreed to be made. or �n keeping the premises �nsuretl, as above provitled, or ii default be matle m the payment o(the taxes
<br /> o� assessments levied upon the pre;nises aGove descnbed oi uPon th�s moifgage. before they are by law delinquent. Commercial shall be en6tled
<br /> to the immediate possession o( the prenuses above tlescnbetl together w�ih all rents proceetls and issues aris�ng out ot the preinlses,and may
<br /> in its d�screhon use the �ents so far as �t deems necessary for the purpose of making repairs upon the premises antl for the payment ot insurance
<br /> premiums,tazes and assessments upon such piemises.and for necessary expenses incwred �n renhng said prenuses and collecting rent therefrom.and
<br /> to apply same on said note and any notes ewdencing future advances hereunder unUl the indebtedness secured is fully paid;and for such purposes,
<br /> the undersigned does hereby sell.assign. set over and transfer unto Conimercial all of said rents.proceeas and incomes mcluding any land contrad
<br /> paymenls due mortgage owners o�any other incomes of any type whatsoever from said properry to be applied on the notes above descnbed: but said
<br /> Commerc�alsha4l in no case be liable for the failure to piocure tenants �o collect rents,or to piosecute actions!o recover possession of said premises.
<br /> The Mortgagors further appomt Commercial o(Omaha. Ne6raska. their attorney in tact. giving said attomey powei irrevocably, either on�ts own
<br /> name or Mortgagors'names to take a�l necessary steps for pioceedings �n court or otherwise to cause said p�emises to be vacated, to coliec(renta!s
<br /> or othei incomes due,and when vacant. fo relet the same [o n�ake all reasonabie repaiis ana pay taxes out of said rents,profits,contract payments or
<br /> incornes and to do all such things eithei by �ts own off�cers or by other parties duly authunzetl and appointe�by it,as ils agent tor sai�purpose,antl
<br /> to charge or pay a reasonable fee for such services, all of the above to be done at such Umes and in such manner and on such terms as to the�r said
<br /> attomey may seem best,with fuli power of subshiuhon
<br /> The Mortgagors hereby agiee that if Comniercial e�fhe� voiunlanly or �nvoiuntanly becomes or �s ma4e a parly to any surt or pioceeding relating
<br /> to the hereinbefore described real estate. or lo this mortgage or said note oi notes, othei than a foreclosure�nst�tuted by Conime�cial. Mortgagors will
<br /> �eimburse Cummercial for all reasonable costs inarred�y Commercial �n sa�tl su�?ur proceeding. The A4oitgagu�s f�rther agree that�f the heie��nbe(uie
<br /> descnbed real estate or any part thereof be condemned under the power of eminent domain, m is otherw�se acQu�retl for a pubhc use the tlamages
<br /> awa�ded, lhe proceeds for the taking, and fo�the consideration for such acqwsition to the extent of the full amount of the remainuig unpaitl mtlehted
<br /> ness secured by this mortgage.be.and they hereby are.assigned to Commereial and shall be paid forthwith to Commerc�al to be applien un account ef
<br /> the last matunng installments o�such indebtedness.
<br /> Ca!ed�s ___Rth ----n3�,�r ne�t mher _ �q 77
<br /> — - .. _ ,/ /'
<br /> IN E NCE OF: �..elg=as.z�-�_'—` ---�-1�:1zt-�<r��z�'' __ _.
<br /> Donalrl C. Rasmussen
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<br /> iL.__-�—>».�-, . _:., =-- _ _. ! �,
<br /> ------------- ---- — --— �1a r i M. Ra smu s s en .. , ;,
<br /> STATE Of NEBRASKA ��� �
<br /> LCouN�'v OF Hal t ss. --------- ___..---__----- ---- ___ ___--- '
<br /> On th�s $�h dav of D�4ember 19 77 �fore me a notarv oubl�c m and tor sa�a Countv oersurailv came ���
<br /> tAe aflove-nameC
<br /> Do»ald C. Rasmussen and Mar9lyn M. P.asmussen, husband and wife
<br /> to me wtll knarn M be tfie identicai person or persons whose name is or names are afhxed to the above mortgage as giantoi o�grantors antl they he
<br /> or she,uvera�ly acknowledge tfie sa�d�the execubon Meieof to be theii voluntary act and deetl.
<br /> Ii�AOLD l:. RtCMTEft
<br /> WITNESS my hanA and Notarial$eal th� �ear Ia�MItnY@CFk� �
<br /> STA7f GF NEBRAShk - �
<br /> CoeaMaion Exp. $e�. �g ;�;, N,t, �� F,�:��,��
<br />-'� My commission ezp�res on the .._._.� _..._. ay o _._.�ei+•.. 15 7� . ".. �,,
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