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<br /> 1+�'_ �s[)5��3 EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loan No. 435°�0-n
<br /> KNOW ALL MEN BY THESE PRE5ENT5:That Frank Ki ng and Frances h�1. Ki ng, husband and wi fe
<br /> (he einatter cailed tfie Mortgagors)in consideration oi the sum of
<br /> Twenty-�ight Thousand One Hundred,Twenty-Five an� no/1Q0----------Dollars(S 2�,725.np__ �
<br /> � loaned to Mortgagors, do hereby grant, bargain, sell and convey unto COMMERCIAL FEDEftAL SAVINGS AND LOAN ASSOCIATION of Omaha, -
<br /> Nebraska; (hereinafter called "Commerciai"), its successors and'assigns, the foilowing described real estate, situated in the County of,
<br /> Hal l State of Nebraska,to-wit:
<br /> Lot One (1) in Fonner View Subdivision, in the City of Grand Island,
<br /> Hall County, Nebraska.
<br /> TO HAVE AND TO HOLD TNE SAME, with the appurtenances thereunto belonging, unto Commercial, its successors and assigns,foreveC
<br /> Said Mortgagors hereby covenant with said Commercial, its successors and assigns, that Mortgagors are lawfully seized of said premises,that
<br /> they are free from encumbrances, and that they will forever warrant and defend the title to said premises against the Iawful claims of ali persons
<br /> � � whamsoever.
<br /> Provided, nevertheless,these presents are upon the following contlitions:
<br /> That whereas the said Mortgagors as members of Commercial have this tlate executed a note evidencing such loan and agreeing to repay said
<br /> sum of money; with interest, in paymer.ts as set forth in said note antl have agreed to abitle by the terms of said note and Charter and ByLaws of
<br /> CommeroiaL
<br /> That whereas this mortgage shall secure any additional advances, with interest,which may, at the option of Commercial,be made by Com�
<br /> meroial to the undersigned Mortgagors or their successors in iitle for any purpose,at any time be(ore the release and cancellation of this mortgage,
<br /> but PROVIDED,H�WEVER, at no time shall the aggregate principal amount securetl by this mortgage,being the amount due at any time on said
<br /> original note antl any additional advar�ces made, exceed an amount equal to 110 percent of the amount of the originai note,but in no event sha�l
<br /> said note exceed the maximum amount permitted by law,and PROVIDED,HOWEVER,ihat nothing herein contained shall be considered as limiting
<br /> the amount that shall be secured hereby when advanced to protect the security or in accordance with covenants contained in the mortgage."
<br /> Now, if the said Mortgagors shall pay or cause to 6e paid the said sums of money when due,as set forth in said note,and any other note for
<br /> additional advances made until saitl debt is fully paid with interest, then these presenis shall be void;otherNise,to be and remain in full force and
<br /> eftect; but if default shoultl be made:
<br /> (a) In any of the payments dae on said note, and any other note for additionai advances made,as therein agreed to be made for three monfhs,or
<br /> (b) In keeping the improvements on said premises insured against loss by reason of fire, lightning, and other hazards included in exiended
<br /> coverage insurance in an amount not less than the unpaid balance of said mortgage loan, in a company or companies accepfable to Com�
<br /> mercial, the original of such policy or policies to be held by Commercial, and with a mortgage clause altached io said policy or policies;
<br /> in favor of Commercial;or
<br /> (cj In the payment of taxes and assessments levied upon said premises,or on this rciortgage,before they are delinquent;or
<br /> (dj If there is zny change in the ownership of the real estate mortgaged herein, by sale, either outright or by land contract,or by assignment of
<br /> � any interest thereon or otherwise;
<br /> then,in any of the above set-forth events, the whole indebtedness hereby secured shall, at the option of Commercial, immediately become due and
<br /> payable without further ootice,and the amount due under said rtote and any other note for additional advances matle shall,from the date of the exercise !
<br /> of said option, bear interest at the maximum legal rate per annum,and this mortgage may then be toreclosed to satisfy the amount due on said note,and
<br /> any other note for additionai advances,together with all sums paid by Commercial for insurance, taxes,assessments and abstract extension charges,
<br /> wiHi interest thereon from the date of payment at the maximum legal rate.
<br /> r PROVIDEO lhat in no event, either before or after tlefault, shall the interest due under said note and this mort�age and any other note fo(ad-
<br /> ditional advances made exceed the maximum lawful interest rate.
<br /> k PROVIDED,further, that in the event that default occurs in the making of the payments due on said note,and on any other note for additional
<br /> advances, as therein agreetl to be made, or in keeping the premises insured, as above provided,or if tlefault be made in the payment of the taxes
<br /> � or assessments levied upon the premises a6ove describetl or upon this mort�age, before they are by law delinquent, Commerciai shali be enYitled
<br /> i to the immedia!e possession of the premises above-described, together with all rents, proceeds and issues arising out of the premises,and may
<br /> in its discretion use the rents so far as it deems necessary for the purpose of making repairs upon the premises and for the payment of insurance
<br /> preiniums,taxes and assessments upon such premises, antl for necessary expenses incurred in renting saitl premises and coilecting rent therefrom,and
<br /> to apply same on said note and any notes evidencing future advances hereunder until the inde6tedness secured is fully paitl;and for such purposes,
<br /> lhe undersigned does hereby sell, assign, set over and transfer unto Commercial ali of said rents,proceeds and,incomes including any land contract
<br /> payments due mortgage owners or any other incomes 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 lor the failure to procure tenants, to coilect rents,or to prosecute actions to recover possession of said premises.
<br /> The Mortgagors further appoint Commercial of Omaha, Nebraska, their attorney in fact, giving said attorney power irrevocably,either on its own
<br /> name or Mortgagors'narnes 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 refet the sanie, to make ail reasonable repairs antl pay taxes out of said rents,profits,contract payments or
<br /> - incomes and to do all such things either by its own officers or by other parties duly authorized and appointetl by it,as its agent(or said purpose,and
<br /> � to charge or pay a reasonable fee for such services, all of the above to be done ai such times and in such manner and on such terms as to their said
<br /> attomey may seem best,with full power of substitution.
<br /> ; The Mottgagors here6y agree that if Commetcial either voluntarity or involuntarily becomes or is made a party to 2ny suit or proceeding relating
<br /> to the hereinbefore described real estate, or to this mortgage or saitl note or notes,other than a foreclosure instituted by Commercial,M19ortgagors will
<br /> reimburse Commercial for all reasonable costs incurred by Commercial in said suii or proceeding. The Mortg2gors iurther agree that if the hereinbefore '
<br /> described real estate or any part thereof be condemned untler the power of eminent tlomain, or is otherwise acquired for a public use,the damages
<br /> awarded, the proceeds for the taking,antl for the consideration for such acquisition to the extent of the full amount of ihe remaining unpaid indebietl-
<br /> � ness secured by this mortgage, be, and they hereby are,assigned to Commercial and shall be paid forthwith to Commerciai to be applied on account of
<br /> the last maturing installments of such indebtedness.
<br /> Datedtiiis 73th dayot__Qetober , ig 77 . �� �-; � � '
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<br /> IN E NCE OF: �'""� —
<br /> t�����"—"�er-�'>� ��..i��"v Fran ,,!„Cing �—
<br /> ��� �
<br /> � , �!�. /�'—l--=-z�� — . �_:
<br /> ------------- ---- Fra n ce s ht. Ki n, � -
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<br /> STATE OFNEBRASKA �` "
<br /> lCGUNTY OF Hal l ss. _ _
<br /> � � � w ,��'
<br /> On this._____._1.._�'�h_._____.day of___..__QCt9.b�L______.__ , 19 ZZ_ , before me, a notary public in and for said County,personzlly came -:, �
<br /> ,pe a�o�;,^yme�
<br />� Frar.l: Kir.� and Frances M. Y.ir.g, ,".��bar,� and :�aifc ,�,,,.
<br /> to me well known to be the identical person or persons whose name is or names are aifixed to the above mortgage as grantor or grantors and they,he "
<br />� , m she, severally acknov:ledge the said in��+ri-fi+e-exes++tieu_Y4elenf_to�tg,��heir voluntary act and deetl.
<br /> kAROLD C. RICH7ER I i"'�
<br /> N�ITNESS m hand and Notarial Seal lhis d �ier la
<br /> �'T�����tftefl�.OT�RY ' '" -�""-�'._.__.__—_._�
<br />� y UF tr:5Rt:5�(A .� .�-,/��=r_� �
<br /> , t My Commtssion Exp aryt �n yTP ' -- - otary Public
<br />� My conunission expires on the_29.��1.__.__tlay oL_—__Sep�eirtbE�.__` 19 Z2. M-50
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