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<br /> 77_ (l05g�Q EXPANDABLE 1l�ORTGAGE g7B26�-o
<br /> ASSIGNMENT OF RENTS Loan No.
<br /> KNOW A�.L MEN BY THESE PRESENTS:That James L. Beetem, a single person
<br /> (hereinafter calietl the Mortgagors)in consideration of the sum of
<br /> TtiNenty ven Thousand ancl no/1�0--------------------------------- Dollars($ 27,i�00:00---)
<br /> loaned'to agors,do hereby grant, bargain; sell and convey unto COMMERCIAL FEDERAL SAVIN6S AND LOAN ASSOCIATION of-0maha,
<br /> ` � Nebraska, (h r inafter ca;led "Comme�ciai"), its successors and assigns, the following describetl real estate, sduated in the County of,
<br /> , : Hd17 State of Nebraska,to-wit:- �
<br /> East 91.4 feet of Lots seventeen (17) and nineteen (74) in 6locle twenty-five (25)
<br /> �ol7ege Addition to-West Lawn in the City of Grand Island, Ha11 County, Nebraska.
<br /> TO HAVE AND TO HOLD THE SAME, with the appurtenances thereunto betonging, unto Commercial, its successorsandassigns,farever.
<br /> Said Mortgagors tiereby covenant with said Commercial, its successors and assigns, that Mortgagors are lawfully seized o(said premises, that
<br /> they are free from encumbrances, and that they wiii forever warrant and defend the title to said premises against the lawful claims of all persons
<br /> whomsoever:
<br /> Provided;nevertheless,these presents are upon the following condilionsi
<br /> That whereas the said Mortgagors as members o! Commercial have Yhis daYe execeted a note evitlencing such loan and agieeing fo repay said
<br /> sum of money, with inlerest, in payments as set forth in saitl note and have agreed to abide by the terms of said note and Charter and By-Laws of
<br /> Commercia�:
<br /> Thai whereas this mortgage shall secure any additional advances,with interest,which may, at the option of Commercial,6e made by Com-
<br /> mercial to the undersigned Mortgagors or t�eir successors in title for any purpose, at any time before the release and cancellation of tfiis mortgage,
<br /> , but PROVIDED, HOWEVER,at no time shall the aggregate principai amount secured by this mortgage, being the amount due at any time on said
<br /> originai note and any atlditional advances made,exceed an amount equal to 110 percent of the ainount of the original note;hut in no event shall
<br /> said note exceed the maximum amow�t permitted by law,antl PROVI DED,HOWEVER,that nothing herein contained shali be considered as limitiog
<br /> the amount that shall he secured hereby when advanced to protect the security or in acco��iance with covenanis contained in the mortgage:
<br /> Now, if the said Mortgagors shall pay or cause to be paid the said sums of money when tlue,as set forth in said note,and any other note for
<br /> additional adv2nces made until said debt is(ully paid with interesi, then these presents shal� be void;olherNise,to be antl remain in fuil force and
<br /> � effect;but if default should be made:
<br /> (a) In any of thepaymenis due on said note, and any other note for additional advances made,as therein agreed to be made fior t6ree months;or
<br /> (6) In keeping the improvements on said premises insured against loss by reason of fire, lighlning, an0 other hazards included in extended
<br /> coverage insurance in an amount not less than the unpaid balance of said mortgage loan, in a company or companies acceptable to Com•
<br /> mercial, the original of such policy or policies to be held by Comm2rcial, and wiih a mortgage clause attachetl to said policy or poHcier,
<br /> in favor of Commercial;or `
<br /> " (c) in the payment of taxes and assessments levied upon said premises,or on this mortgage,before they are delinquent;or
<br /> (d:t If there is any change in the ownership ot the real estate mcrtgaged herein, by sale,either outright or by land contract,or by assignment of
<br /> any inierest thereon or otherwise;
<br /> � then, in any of tfie above set-forth events, the whole indebtedness hereby securetl shall, at the opUon of Commercial,immediately hecome due and
<br /> payable without further notice,and the amount due untler said note and any other note for additional advances made shall,from the date of the exercise
<br /> of said option,bear interest at the maximum legal rate per annum,and this mortg2ge may then be foreciosed to satisfy the amount tlue on said note,and
<br /> any other note for additional advances, together with all sums paid 6y Commercial for insurance,taxes,assessments and abstract exfension charges,
<br /> with interest thereon from the date of 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 /> ditional advances made exceed the maximum lawful interesf rate.
<br /> PROVIDED,further,thai in the event that default occurs in the making of the payments due on said note,and on ar,y other note(or additional
<br /> advances, as therein agreed to be made. or in keeping the premises insured, as above provided, or if default be matle in the payment of the taxes
<br /> or assessmenis levied upon the premises above described or upon this mortgage, before they are by law delinquent,Commercial shalt be entitled
<br /> to the immediate possession of !he premises above-described, together with a11 renls, proceeds and issues arising out of ttie premises,and may
<br /> in its discretion use the rents so far as it deems necessary for the p�rpose of making repairs upon the premises and for the payment of insurance
<br /> premiums;taxes and assessrtients upon such premises,and for necessary expenses incurred in renting said premises and collecting reni theretrom,and
<br /> to apply same on said note and any notes evidencing future advances hereuntler unti I the indehtedness secured is<fully paid;antl for such purposes,
<br /> the undersigned does hereby sell,assign, set over and transfer unto Commercial all of said rents,proceeds and incomes including any laod contract
<br /> payments due mortgage ow�ers or any other incomes o( any type whatsoever from said property to be applied on the notes above�descnbed;but said
<br /> Commercial shall in no case be liable for the failure to procure tenants,to collect rents,or to prosecute actions to recover possession of saitl premises.
<br /> The Morlgagors further appoint Commercial of Omaha, Nebraska, their attomey 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 collect rentals
<br /> or other incomes due, and when vacant,to retet ihe same, to make ai i reasonable repai rs and pay iaxes out of said rents,profits,contract payments or
<br /> incomes and to do all such things either by iis own officers or by other parties duly authorized and appointed by it,as its agent for said purpose, and
<br /> ia charge or pay a reasonable fee for such services,all of the above to be done at such times and in such manner and on such terr�s as to their said
<br /> aitomey may seem best,with fult power of substitution.
<br /> The Mortgagors hereby agree that if Commercial either voluntarily or involuntari ly becomes or is made a party to any suit or proceeding relating
<br /> to the hereinhefore tlescribed real estate, or to this mortgage or said note or notes,other than a fo�eclosure instituted tiy Commercial,Mortgagors wiil
<br /> reimburse Commerciai for afl reasonabte costs incu«ed by Commercial in said sui?or proceeding. Tfie Mortgagors further agree that if the hereinbefore
<br /> descri6ed real estate or any part thereof be condemned under the power of eminent domain, or is otherwise acquireA for a public use,the da!r.ages
<br /> awarded, the proceeds for Yhe taking,and for the consideration fo�such acquisition to the extent ot the fuii amount of the remaining unpaid indebted-
<br /> ness secured by this mortgage,be,and they hereby are,assigned to Commercial and shall be paid forthwith to Commercial to be applied on account of :
<br /> the last maturing installments of such indebtedness.
<br /> Dated this 6th day of__ (lrtnhpr..—.__.—, 19_]z__. .�
<br /> IN ES CE OR — — � "" ""�o't`�c'-,�.'"� —
<br /> ,,��i° Ja L. Beetem
<br /> . . . . . . . . �. . . ' _-_ .. _..�: '�:. ��,�\, '�.
<br /> STATE OF NEBRASKA �• �'ti
<br /> CouNTY oF Hal l ss.
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<br /> On this� 6th day of__ OCtobel^__, I9 77, before rne, a notary pu6lic in and for said County,personally came ' �`'y
<br />_� the above-named ' � \
<br />� :.. .. . � . .' . JdrTICS L. �eCLC�iI> �a� 5 i iiy ic �::ci Sv�� . . . .. � ' .
<br /> to me well known to be the identical person or persons whose name is or names are affixed to ihe above mortgage as gnntor or grantors and they,he —
<br /> or she,severalty acknowiedge the saitl instru .����.�.� �e+r-�luntary act antl deed. �
<br /> , �� FIAHQID G. Ri�i� +
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<br />� W1T"��SS r�y hand a��NoLar.�l Sea!this day a�M�t ab 'SpL`T[�.,._,,...,,... ���..�/-'�^.,��'� �---��" Z--'"`"'"
<br /> _ �AR ur n�orcn�nn i� �,.�-^':
<br />� � �iil���. 5ePt 29. 1�79� � �'� y �
<br /> � Notar Puhlic �
<br /> h!y commission=r,pires on !he �,..29th day o( Se�tamhPr , 19 Z4_. M-5D
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