|
�;;'�;._;
<br />��::
<br />�� � �
<br /> „_._.__
<br /> � '
<br /> ,�'7,. �(�5�3.?,� EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loan No. 818253-5
<br /> KNOW ALL MEN BY THESE PRESENTS:Thaf Michael C. Armstrong and Pamela J. Armstrong, husband and wife
<br /> (hereinafter cailed the Mortgagors)in consideration of the sum of
<br /> Thirty—Three Thousand Five Hundred and no/100---------------------Douars(533,500.00----)
<br /> � loaned to Mortgagors,dp hereby grant,bargam, sell and convey unto,COMMERGIAL FEDER�L SAVINGS:.ND LOAh ASSGCIATION of Ornaha,
<br /> Nebraska, (hereinafter called "Commercial"), its successors and assigns; the foilowing described real estate; situated i� the County of, �
<br /> '; Hd1 T State of Nebraska,to-wit:
<br /> Lot two t�undred nine (209) in Belmont, an addition to the City of Grand
<br /> Island, Ha11- County, Nebraska.
<br /> TO HAVE AND TO HOI.D THE SAME, with the appurtenances thereunto belonging, unto Commerciat, its successors antl assigns,foreve�. '
<br /> Said Mortgagors hereby covenant with said Commercial, its successors and assigns, that Mortgagors are lawfully seized of saitl premises,that
<br /> they are tree from encuni6rances, and that they will forever warrant and defend the title to saitl premises against the lawfui claims af all persons
<br /> whomsoever.
<br /> Providetl, nevertheless,these presents are upon the following contlitions:
<br /> That whereas the saitl Pdortgagors as members of Commercial have this date executed a note evidencing such loan and agreeing to tepay said
<br /> sum,of money, wiffi interest, in payments as set forth in said note antl have agreed to abide by the terms ofsaid note and Charter and By•Laws of
<br /> CommerciaL
<br /> That whereas lhis mortgage shali secure any additional advances,w'rth interest, which may, at the option of Commercial be made by Co�n- i
<br /> mercial to the undersigned Mortgagors or their successors in title for any purpose,at any time befo�e the release and cancellation of this mortgage,
<br /> but PROVID[D, HOWEVER, at no time shall the aggregate principal amount secwed by this mortgage,being the amount due ahany time on said
<br /> original note and any additional advances made, exceed an amount equal to 110 percent of the amount of the originat note, but in no event shati
<br /> K said note exceed the maximum amount permitted by law,and PROVIDED,HOYJEVER,that nothing herein contained shall be considered as limiting
<br /> ttie amount that shall be secured hereby when advanced to protect the searity or in accordance with covenants contafned in the mortgage.
<br /> Now, if the said Mortgagors shail pay or cause to be paid tlie said sums of money when due;as set forth in said note,and any o�her note for '
<br /> adtlitional advances made until said debt is fuily paid with interest, ihen these presents shall be void;otherNise,to be antl remain imtull force aod'
<br /> effeci;but ii defauit shoufd be made:
<br /> (a) in any of the payments tlue on said note, and any other note for additional advances made,astherein 2greed to be made tor three months;or
<br /> (bj in keeping the improvements on said premises insured against loss by reason of fire, lightning, antl other hazards inciuded in extended
<br /> coverage insurance in an amaunt not less than the unpaid balance of said mortgage {oan, in a company or companies acceptable to Com�
<br /> me�cial, the original of such policy or policies to be held by Commercial, and with a mortgage clause attached to saidpolicy or policies,
<br /> in favor of Commercial;or
<br /> ; {c) In the payment of tazes and assessments levied upon said premises,or on this mortgage, before they are delinGuent;or `
<br /> (d; !S there is any thange in the oti�iner;hip of the r2al es,a.e�Tortgaged herein, by;aiz,either outrighl or by land contiaci,or by assignment of
<br /> any interest thereon or otherwise;
<br /> then, in any of the above set•(orth events, the whole indebtedness hereby secured shall, at the option of Commercial,imniediately hecome tlue and
<br /> payabJe roi thout further noiice,and the amount tlue untler said note and any other note for addi tional advances made stiall,from ihe date af the exercise
<br /> of said ophon,bear interest at ihe maximum legal rate per annum,and this mortgage may then be foreclosed to satisfy ttie amount due on said note,antl
<br /> any other note tor additional advances, together with ali sums paid by Commercial for insurance, taxes,assessments and a6stract extension charges;
<br /> with interest thereon from ihe date qf payment at the maximum legal rate.
<br /> PROVIDED that in no event, either before or after default, shall the interest due under said note and this mortgage and any other note for ad-
<br /> ditionai advances made exceed the maximum lawful interest rate.
<br /> PRDVIDED,(urther,that in the event thai default occurs in the making of the payments due on said note,and on any other note for additional
<br /> ativances, as therein agreed to 6e made, or in keeping the premises insured, as above provided,or if defauit be matle in the payment of the taxes
<br /> or assessmenfs levied upon the premises above describetl or upon this mortgage, 6efore they are by law delinquent, Cemmercial shali be erttiiled
<br /> to the immediate possession of the premises above-described, together with all rents, proceeds and issues arising out ot the premises,andmay
<br /> in its tlisc�eiion use the rents so far as it deems necessary for the purpose of making repairs upon the premises and for the paymenl of insurance
<br /> premiums, taxes and assessments upon such premises,and for necessary expenses incurred in renting said premises and coliecting rent therefrom,and
<br /> to.apply same on said note and any notes evidencing future advances hereunder until the indebtedness secured is fully paid;and for such purposes,
<br /> the undersigned tloes hereby sell. assign, set over and transfer unto Commercial a!1 of said rents,proceeds and incomes including anyiantl contract
<br /> payments due mortgage owners or any other incomes of any type whatsoever from said property to be appiietl on the noies above-described;but said
<br /> Commerciaf shall in no case be liable for the(ailure to procure tenants,to collect rents,tir to prosecute actions to recover possession of said premises:
<br /> The Mortgagors further appoint Commercial of Omaha, Nebraska; their attorney in fact, giving said attomey power irrevocably,either on its own
<br /> name or Mortgagors'names to take all necessary steps for proceedings in court or otherwise, to cause said premises to be vacated,to coifect rentals
<br /> or other incoines due,and when vacant,to relet the same, to make all reasonable repairs and pay taxes out of said rents;profits,contract payments or
<br /> incomes and to do all such things eiffier by its own office�s or by other parties duly authorized and appointed by it,as its agent for said purpose,and
<br /> to charge er pay a reasona6le fee for such services,all of the above to be done at such times and in such manner and on such terms as to their said
<br /> attorney may seem 6est,with fuil power of su6stitution.
<br /> The Mottgagors hereby agree that if Commercial either voluntariiy or involuntarily becomes or is made a party to any suit or proceeding relaling
<br /> ta the heteinbefore described real estate, ot to this mortgage or said note or notes,other thao a for=closure institutetl hy Commereial,Mortgagors will
<br /> reimburse Commercial for ail reasonable costs incurred by Commercial in said suit or proceeding. The Mortgagors further agree that if the hereinbefore
<br /> , : described real estate or any part thereof be condemned under ihe power of eminent domain, ar is oiherwise acquiretl tor a public use,the damages
<br /> awarded, the proceeds for the taking,and for the consideration for such acquisition to the extent of the full amo�snt of the remaining unpaid indebted-
<br /> ness secured by this mortgage,6e,and they hereby are,assigned to Commercial and shall be paid forthwith fo Commercial to be applied on account of
<br /> the last maiuring installments of such indebtedness.
<br /> Dated this 1 st _day of QCtober---. 19��.. �y �
<br /> � IN ttE P NGE OF: - _ ��11.r�r�.x t/"'L-— -- —
<br /> . �2� ,- --y'e� Mich e7 t. Arrnstrong�
<br /> � �,
<br /> .. . .. � ' � . -" ) '. J' :
<br /> �.
<br /> - — ----- — -- Pamela J. A trong r ',�� -`
<br /> � STATE OF NEBRASKA -- � � 'a
<br /> COUNTY�F Buffalo ss. '
<br /> ,�
<br /> �
<br /> 'j�' ' `
<br /> � On this�1St . _day of___ OCtObeY' �, 19 77., before me, a not�ry public in and for said County,personally came
<br /> �";e ab�ue r.areC " `.�
<br />� Michael l�. Armstronc� and Pamela J. Armstrong, husband ��d �vife �s
<br /> to me well known to,be the itlentica!pe�son or persons whose name is or names are a(fixed to the above mortgage as grantor or grantors and they,he
<br /> � or she,severally acknowledge the sa�d instru �. ' luntary d�_ed.
<br /> �,��AROLII G. RICHTEtt (��s/ 1 ---�----_..
<br /> WITNESS my hand and Notarial Seal this day a ta60,� �,�}�!t NQiARY � . � ""�� �
<br /> ; � ST�iE OF NEBRASKIi -���'G�t<����Gr--'."1
<br />'� MY CommEsslon . Z8. 187Q
<br /> Notary Pubiic
<br /> a t�y commission expires on the 23th day oi Seotme _, _�9 M 50
<br />;� �V ,
<br />
|