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<br /> , E �PANDAI3LE MORTGAC� F
<br /> �> ASSIGNMENT OF RENTS ��a �, . q_ :��1-G
<br /> KNOW ALL MEN BY THESE PRESENTS:That Darrel A. Davis and f°1yrna J. I.)avis, husband and U�ife
<br />� ' (hereinafter called the blortgagors)in consitleration of the sum ef
<br />� Thi rty Thousand and no/100---------------------------------�------- Doliars(5 30 OOO.OQ l
<br /> � loaned [o Mortgagors,do hereby grant, bargain seli and convey unto COMMERCIAL FEDERAL �AVINGS AND LOAN ASSOL�IATION of Omaha.
<br /> w; Nebraska, (hereinafter called "Commercial"), its successors and assigns, the following described real estate, situated in fhe County of.
<br /> Hel l State r�f Nebraska, to-wit:
<br /> Lot Six (6) in Block Fourteen (14) in �lrnold and Abbott's Addition to the
<br /> City of Grand Island, Hall County, Nebraska
<br /> T0 HAVE AND TO HOLD THE SAME, with the appurtenances thereunto belonging, unlo Commercial, its successors and assigns, forever.
<br /> Said Mortgagors hereby covenant with said Commercial, its successors and assigns, that Pdortgagors are lawiully seized of said premises,that
<br /> they are free from encumbrances, and that they will forever warrant and de(entl the title to said premises against the lawful claims of all persons
<br /> whomsoever.
<br /> Provided,nevertheless,these presents are upon the following conditions:
<br /> Thai whereas the saitl Morig2gors as members of Commercial have Yhis tlate executed a nofe eridencing such l�an and agreeing to repay said
<br /> sum of money, with interest, in payments as set forth in saitl note and have agreetl to abide by the terms of said note and Charter and By-Laws of
<br /> CommerciaL
<br /> That whereas this mortgage shall secure any additional advances, with interest, which may,at the option of Commerciat,be made by Com-
<br /> mercial to the undersigned Mortgagors or Gieir successors in title for any purpose,at any time before the reSease and cancellation of this mortgage,
<br /> but PROVIDED, HOWEVER,at no time shall the aggregate principal amount secured by this mortgage, b2ing the amount due at any time on said
<br /> original note and any additional advances matle, exceed an amount equal to I10 percent of Ihe amount of the original note,bui in no event sha!i
<br /> said note ezceed the maximum amounl perinitted by law, and PROVIDED,HOWEVER,Uiat nothing herein contained shall be consitlered as limiting
<br /> the amount that shall be secured hereby when advanced to pTotect the security or in accordance wi th covenants contained in the mortgage.
<br /> Now, it lhe said Mortgagors shail pay or cause to be paid Uie said sums of money when due,as set forth in said note,and any other note for
<br /> additional advances made until said deht is fuily paid with interest, then these presents shall be void:other,vise,to be and remain in full force and
<br /> eftect; but if default shouid be niade:
<br /> {a) !n any of the payments due on saitl note, and any other note for adtlitional advances matle;as therein agreed to 6e made for three month;, nr
<br /> fb) In keeping the improvements on said premises insured against loss by reason of fire, lightning, and other hazards inclutled in extentled �
<br /> coveraQe insurance in an amount not less than the unpaid balance of said mortgage loan, in a company or companies acceptahle to Cam-
<br /> mercial, the original of such policy or policies to be held by Commercial, antl with a mortgage clause attached to said policy er policies,
<br /> in favor of Commercial;or
<br /> (c) In ttie payment of taxes and assessments levied upon said premises,or on this mortgage,before they are delinquent;or
<br /> (dJ If there is any change in the ownership of the real estate mortgaged herein, by sale,either outright or by land contract,er 6y assignment of
<br /> any interest thereon or otherwi se;
<br /> � then, in any of the above set-forth events, the whole inde6tedness hereby secured shail, at the option of Commercial,immediately hecome due and
<br /> payable without further notice,antl the amow�t due under said tlote and any other note for atlditional advances made shalf,from the date of the exercise
<br /> of said option,bear interest at the maximum legal rate per annum,and this mortgage may then he foreclosed to satisfy the amount due on said note,and
<br /> any other note(or additional advances, together with all surns paid by Commercial for insurance,taxes,assessments and abstract extension 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 tlefault, shall the interest due under said note and this mortgage and any other note for ad�
<br /> ditionai advances made exceed the maximum lawfui interest rate.
<br /> PROVIDED, further,that in the event that default ocwrs in the making of the payments tlue on said note,and on any other note for atlditicnal
<br /> advances, as therein agreed to be made, or in keeping the premises insuretl, as above provided, or if defauit be made in the payment of the taxes
<br /> or assessments levied upon the premises above described or upon this inortgage, before they are by law delinquent, Commercial shail be entitled
<br /> to the immediate possession of (he premises a6ove-described, together with all rents, proceetls and issues arising out of the premises,and may
<br /> in its discretion use the rents so tar as it tleems necessary for the purpose of making repairs upon the premises and for the payment of insurance
<br /> premiums,taxes and assessments upon such premises,and far necessary expenses incurred in reniing said premises and coliecting rent therefrom,anG
<br /> to apply same on said note and any notes evidencing future advances hereunder untii the indebtetlness securetl is(ully paid;and fer such purposes,
<br /> the undersigned does hereby sell, assign, set over and trartsfer unto Commercial all of said rents,proceetls and incomes including any land contract
<br /> paymenfs due mortg��e owners or any other iocomes of any type whatsoever from said property to be applied on the notes above-described; but said
<br /> Commercial shall in no case be liable for the failure to procure tenants, to col lect rents,or to prosecute actions to recover possession of said premises.
<br /> The Mortgagors further appoint Commercial of Omaha, Nebraska, their attorney in tact, giving said attorney 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 inr.omes due,and when vacant, to relet the same, to make all reasonable repairs ano pay taxes out of said rents,profits,contract payments ar
<br /> incomes and to do afl such things either by its own officers or by other parties duly authorized and appointed by it,as its agent for said purpose,and
<br /> to charge or pay a reasonabie fee for such services, ail of the above to be done at such iimes and in such manner and on such terms as to their said
<br /> attorney may seem best,with full power of substitution.
<br /> The Mortgagors hereby agree that i# Commercial either voluntarily or involuntarily becomes or is made a party to any suit or proceeding relating
<br /> to the herein6efore tlescribetl real estate,or to this mortgage or said note or notes, other than a foreclosure instituted by Commerciai,Mortgagors will
<br /> reimburse Commercial for all reasonabte 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 the power of eminent domain,or is otherwise acquired for a public use,the dama�es
<br /> awarded, the proceeds ior the taking,and for ihe consideration for such acquisition to the extent of the full amount of the remaining unpaid indebted-
<br /> ness secured by this mottgage, be,and they hereby are,assigned to Commertial antl shall 6e paid forthwith to Commercial to 6e applied on account uf
<br /> the last maturing instaliments of such indebtedness. �
<br /> Dated this 13th day of OCtObf?�' ,ig_� . //,� f
<br /> IN����ei`��,aG_'_'--�,,_ s��i,: , /' ;c.c,-r��, ^ - ----
<br /> � � /,-.� � Darr21 A. Davis
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<br /> � � � �-�������t
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<br /> Myr "�). Dav'� � ... �.� ,,,�:
<br /> STATE OF NEBRASKA � ","""
<br /> ICOUNTY OF HdTI ss.
<br /> On this 1 3th day ot:__QG�.4�b�r , 19�, before me. a notary pu6lic in and for said County,personally came
<br /> the above-named
<br />� Darrei A. Davis and t�lyrna J. t�avis, irusband and wir"e -
<br /> to me well known to be the identical person •uia is nr.p„�nies ere aif'xed to the above mortgage as grantor or grantors and they,he �"
<br /> or she: severally acknowledge the saitl instr men nd the e�tl@,��((�theu oluntary act and deed.
<br /> QENEML NffTARY � ,''��_�� / �
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<br />��, WITNESS my hand and Notarial Seal this day ar last�el�ff�ltl{$� .
<br /> _ +�.s.a.�+. �� I `'-����`..�������-'�'" z----'
<br /> �ary Public �
<br /> My commission expires on the 29th tlay of S�ntrmhnr ,19__7..4. M 50
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