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<br /> 78—' 00040� EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loan No. 44467-2
<br /> KNOW ALL MEN BY THESE PRESENTS:That Clarence P. Fetsch and �l4dith E.R. Fet�ch, h,�sbdnd 3fld Mi�t±
<br /> (herema er called the MoRgagors m consi erebon ot the sum o
<br /> Thirty iqht Thopsapd and nol100-----------------------------------�ouars(sg g ppp � )
<br />� ►oaned To �orfgagors,do hereby grant, bargam,sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOL�IATIDN oTOmaha,
<br /> Ne6raska. (hereinafter called "Commercial"), its successors and assigns, the fotlowing described real estate, situated in the County of,
<br /> Hal l State of Nebraska,to-wit
<br /> i
<br /> Lot fifteen (15) Freedom Acres Subdivision, Hall County, Nebraska.
<br /> i TO HAVE AND TO HOLD THE SAME, with the appurtenances thereunto 6elonging, unto Commerciai, ils successors and assigns,forever.
<br /> Said Mortgagors heteby 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 lhey will forever warrant and defend the title to satd premises against the lawful claims of all persons
<br /> whomsoever.
<br /> Provided,nevertheless, these presenis are upon the fo!lowirtg conditions:
<br /> That whereas the said Mortgagors as members ot Commercial have this date executed a note evidencing such Ioan and agreeing to repay said
<br /> sum of money, with interest, in payments as set forth in said note and have agreed to abide by the terms of said note and Charter and By-Laws of
<br /> CommerciaL
<br /> That whereas this mortgage shail seare any additionat advances, with interest,which may, at the option of Commercial,be made by Com-
<br /> mercial to the undersigned Mortgagors or their successors in title tor any purpose,at any time before the release and cancellation of this mortgage,
<br /> but PROVIDED.HOWEVER,at no time shall the aggregate principal amount secured by this martgage,being the amount due at any time on said
<br /> original note and any additional advances made, exceed an amount equal to 110 percent of the amount of the original note,but in no event shall
<br /> said note exceed the maximum amount permitted by law,and PROVIDED,HOWEVER, that nothing herein contained shall be considered as limiting
<br /> the amount ihat shail 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 be paid ihe said sums of money when due,as set forth in said note,and any other note for
<br /> additional advances made until said debt is fully paid with interest, then these presents shall 6e void;otherNise,to be and remain in full force and
<br /> effect;but if default should be made:
<br /> (a) In any of the payments due on said note,and any other note For additional advances made,as Nerein agreed to be made for three months,or
<br /> (b) In keeping the improvements on said premises insured against loss by reason of fire, lightning, and other hazards included in exteoded
<br /> coverage insurance in an amount not less than the unpaid halance o(said mortgage loan, in a company or companies acceptable to Com-
<br /> mereial, the original of such policy or palicies to be held 6y Commercial,and with a mortgage clause attached to said policy or policies,
<br /> in favor of Commercial;or
<br /> (c) In the payment of taxes and assessments levied upon said premises,or on this mortgage,befare they are delinquent or
<br /> (d) If there is any 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 shat I,at the option of Cammercial,immediately become due and ,
<br /> payable without further notice,and the amount due under said note and any other note for additional advances made shall,from the date of the exercise
<br /> of said option,6ear interest at the maximum legal rate per annum,and ihis mortgage may then be foreclosed to satisfy the amount due on said note,and
<br /> any other note for additional advances, together with all sums paid by Commercial for insurance, taxes,assessments and abstract extension charges,
<br /> with interest thereoa from the date of payment at the maximum legal rate.
<br /> PROVIDED that in no event, either before or after defautt, shail the interest due under said note and this moftgage and any other note for ad-
<br /> ditionai advances made exceed the maximum lawful interest rate.
<br /> PROVIDED,further,ihat in the event that default occurs in tl�e making of the payments due on said note,and on any other note tor additional
<br /> advances, as therein agreed to be made, or in keeping the premises insured, as above provided,or if default be made in the paymeat of the taxes
<br /> or assessments levied upon ihe premises above described or upon this mortgage, before they are by law delinquent,Commercial shall be entitled
<br /> to the immediate possession of the premises above•descri6ed, 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 /> premiums,taxes and assessments upon such premises,and for necessary expenses incurred in renting said premises and collecting rent iherefrom,and
<br /> to apply same on said note and any notes evidencing f�ture adv�nces hereunder until the inde6tedness secured is fully paid;and tor such purposes,
<br /> the undersigned does hereby sell,assign, set over and transfer unto Commercial all of said rents,proceeds and incomes including any iand contract
<br /> payments due mortgage owners or any other incomes of any type whatsoever from said property to be appiied on the notes above-descrihed;but said :
<br /> Commercial shall in no case be liable for the failure W procure tenants,to collect 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' names to take all necessary steps for proceedings in court or otherwise,to cause said premises to he vacated,to collect rentals
<br /> or other incomes due,and when vacant, to relet the same,to make ali reasonable repairs and pay taxes out of said rents,profits,contract payments or
<br /> incomes and to do all such things either by ils 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 reasonable fee for such services,all of ihe above lo be done at such times 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 if Commercial either voluntarily or involuntarily becomes or is made a party to any suit or proceeding relating
<br /> to lhe hereinbefore described real esiate,or to this mortgage or said note or notes,olher than a foreclosure instituted by Commercial,Mortgagors will
<br /> reimbutse Commercial for all reasonable costs incurred by Commercial in said suil or proceediag. The Mortgagors turther agree that if the hereinbefore
<br /> described real estate or any part thereof be condemned under the power of emineat domain, or is otherwise acquired for a puhlic use,ihe damages
<br /> awarded, the proceeds for the faking,and for ihe consideration for such acQuisilion to the extent ot the full amount of the remaining unpaid indebted-
<br /> ness secured by this mortgage,be,and they hereby are,assigned to Commercial and shail be paid forthwith to Commercial to he applied on account of
<br /> the last maturing installments of such indebtedness.
<br /> Dated this 19th day of .7areuary , 191�.
<br /> �IN RESENC O : r � �
<br /> '���s���2�j� � Clarence P. Fetsch
<br /> ..Q !/�� - �
<br /> J h-�E.R. Fetseh �_
<br /> STATEOFNEBRASKA + , s
<br /> COUNTY Of Hal1 ss t
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<br /> " On this 19u day of Js��r'�! , 19 1$,before me,a nolary pu6lic in and for said Counry,personally came �`
<br /> the above-named° E i ,'f
<br /> - G7arence P. fetsch and Judith E.R. Fetsch, husband and wife ,_;�
<br /> =:.,.��.�..:
<br /> ' ' n or persons whose name is or names are affixed to the above mortgage as grantor or grantors and they,he
<br /> or ,seve�i�'l�le�i tmment and the execution thereof,to 6e their voluntary act and deed.
<br /> � �s ay and year last above written. ��/��.����� _ �
<br /> � 7l//'
<br /> �y� Notary PublYc
<br /> My commission expires on the � day of.�l'f�,��r� ,19�. M-50
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