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<br /> 78--� CjOO4S6 EXPAN DABLE MORTGAGE
<br /> ASSIGNMENT OF i2ENT5 Loan No. 44407-0
<br /> KNOW ALL MEN BY THESE PRESEN7S:That Richard L. StUdley and Linde S. StudlEyt hu5bdnd and wlfe
<br /> (hereinafter called the Mortgagors)m consideration of the sum of �,
<br /> TNenty—Six Thousand Two Hundred Fifty and no/100-------------------pouars(526,250.00----� ;
<br /> loaned to Mortgagors, do hereby grant,bargain,seli and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIATION of Omaha, j
<br /> r Nebroska, (hereinafter called "Commeraai"), its successors and assigns, the following described real estate, situated in the County of,
<br /> 1 Hal l State ot Nebraska,to-wit:
<br /> See Back •
<br /> TO HAVE AND TO HOLD THE SAME, wilh the appurtenances thereunto belonging, unto Commercial, its successors and assigns,forever.
<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 saTd premises against the tawful claims of all persons
<br /> whomsoever.
<br /> Provided,neverfheless,these presents are upon the foilowing conditions:
<br /> That whereas the said Mortgagors as members of Commercial have this date executed a note evidencing such loan and agreeing to repay said "
<br /> sum of money, with interest, in payments as set forth in said note and have agreed to abide 6y the terms of said note and Charter and By-Laws of
<br /> Commercial.
<br /> That whereas this mortgage shall secure any additional advances, wiffi interest, which may, at the option of Commercial,be made by Com• �
<br /> mercial to the undersigned Mortgagors or their successors in title for any purpose.at any time before ihe release and cancellation of this mortgage, r `'
<br /> but PROVIDED, HOWEVER, at no time shall lhe aggregate principal amount secured by this mortgage,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 originai note,but in no event shall �
<br /> said note exceetl the maximum amount permitted by law,and PROVIDED,HOWEVER,that nothing herein contained shall 6e considered as limiting h"
<br /> the amount that shall be secured hereby when advanced to protect the security or in accordance with covenants contained in the mortgage. ;�
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<br /> Now, if the said Mortgagors shall pay or cause to be paid tlie said sums of money when due,as set(orfh in said note,and any other note for j;
<br /> additional advances made until said debt is fully paid with interest, then lhese presents shall be 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 additionai advances made,as therein agreed to be made for three months,or
<br /> (b) In keeping the improvements on said premises insured against loss 6y reason of fire, lightning, and 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 Commercial, and with a martgage 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,before fhey are detinquent;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; t`
<br /> ' then, in any at the above set-forth events, the whole indebtedness hereby secured shal I, at the option of Commercial,immediately become due and "
<br /> � payable without further notice,and the amount due under said note and any other note for additional advances made shail,from the date of the exercise f
<br /> o(said option,bear interest at the maximum legal rate per annum,and this mortgage may then be foreclosed to satis(y 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 thereon from the date of payment at the maximum legal rate.
<br /> PROV�DED that in no event,either before or after detault, shall the interest due under said note and this mortgage and any other note for ad-
<br /> ditional advances made exceed the maximum lawtul interest rate.
<br /> PROVIDED,furiher,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 agreed to be made, or in keeping the premises insuretl, as ahove provided,or it default 6e made in ihe payment of ihe 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 /> ta the immediate possession of the premises a6ove-descrihed, together with all rents, proceeds and issues arising out of the premises,and may
<br /> in its tliscretion 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 therefrom,and
<br /> to apply same on said note and any notes evidencing future advances hereunder until the inde6tedness secured is fully paid;and for such purposes,
<br /> the undersigned does hereby sell, assign. set over and transfer unto Commerciai all of said renls,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; 6ut 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 said premises.
<br /> The Mortgagors 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 relet the same, to make all reasonable repairs and pay taxes oul of said rents,profits,contract payments or
<br /> incomes and to do all such things either by its awn officers or by other parties duly authorized and appointed by it,as its agent for said purpose,and
<br /> :F to charge or pay a reasonable fee for such services, ail 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 best,with tull power of su6stih�tion.
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<br /> reimbur Cq�p e a c'a�pq I s i�c�«e �y m�•e��'f"a7�i("�'ld' � o�pfQ n �h o�tga �r�ju(lhe!��' Yf, e��,t� fie �fare .
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<br /> :� ness sei,iusdhY�mc�a�i11�,and',�th��tdflrehYtate,�assqggdd�o��m�egcta�a�all,�R,P81�0f�'l��t�ol(+�e�al�t4pe;apPke���accQ�°t�df
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<br /> IN TH �P:,., ' ;n12:c.?
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<br /> , �n9a.F6�. �{ �scr�o�r �?tC66u ;t�)` Iwrwz�a}b �j 6A+6U {� R t �;oi.;N• ksuo6
<br /> ; sTATF�-��� leu� C�iubalzfud s hs�,� at I�t' ,.li:� �ia6}�u��c,a 7�I��i�A1210U �u ��rG ' '
<br /> � 1 ~ • - -
<br /> ;�6 COUNTY OF Hal l �
<br /> On'this 19th day of .lanuary , 19 1$. 6efore me, a notary public in and for said County,personally came � �
<br /> � ����he above•named �� � �,_ � }'
<br /> Richard L. S#udley and Linda S. StuQley, husband and Nife �;;��
<br /> to me well��e r �rso s whose name is or names are affixed to me above morlgage as grantor or grantors and Ney,he w�•` �Y+tr'°"`
<br /> or she,se rall cknowled��d�nt an the execution lhereot,to be tbeir valuntary act and deed.
<br /> ; STAiE OF NEBRASKA
<br /> ; WITNESS c�ddlhlllpN ' Q��ar last above written. ��,'
<br /> 1�Gc'��-'���-�-:.__. �
<br /> Notary Public
<br /> My commission ezpires on the 20Lh day of AuaUSt ,19$L. M-50
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