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<br /> �g.., Jfa0538 EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loan No. 818905-8
<br /> KNOW ALL MEN BY THESE PRESENTS:That Th01085 L. PetEl'Son and Theresa L. PetEr50t1, hu5bdnd 81td wife
<br />- (hereinafter called the Mortgagors)in consideration ot the sum of
<br /> Twenty—Six Thousnnd Tbree Hundred Fifty and no/100----------------Doilars(3 26,350.00---)
<br /> loaned to Mortgagors, do hereby grant,bargain, sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIATION of Omaha,
<br /> Nebraska. (hereinafter called "Commemial"). ds successors and assigns, the following described real estate, situated in the County of,
<br /> Hdl l State of Nebraska,to-wit:
<br /> Lot forty-nine (49) in Buenavista Subdivision, an addition to the City
<br /> of 6rand Island, Ha11 Coenty, Nebraska.
<br /> TO HAVE AN� TO HOLD THE SAME, with the appurtenances thereunto belonging, unto Commercial, its successorsandassigns,forever.
<br /> Said Morlgagors hereby covenant with said Commercial, its successors and assigns, that Mortgagors are lawfuliy seized of saitl premises,that
<br /> they are free irom encumbrances,and that they will 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 fotfowing conditions:
<br /> That whereas the said Mortgagors as members of Commercial have this date executed a note evidencing such loan and ag�eeing 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 ByLaws of
<br /> Commerciai.
<br /> That whereas this mortgage shall secure any additionai advances,with interest, which may,at the option o(Commercial,be made by Com•
<br /> merciai lo the undersigned Mortgagors or their successors in title for any purpose,at any time before the release and cancellation of this mortgage,
<br /> but PROVIDED, HOWEVER,at no time shall the aggregate principai amount secured by fhis mortgage,being the amount due at any time on said
<br /> original note and any additional advances made,exceed an amount equal to I10 percent of the amounl of the original note,but in no event shall
<br /> said nate exceed the maximum amount permitted by law,and PROVIDED,HOWEVER,that nothing herein contained shall be considered as limiting
<br /> the amount that shall he secured here6y 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 the said sums of money when due,as set forth in said note,and any oNer note for
<br /> additional advances made until said debt is fuliy paid with interest, then lhese presents shall be void:otherxise,to be and remain in full force and
<br /> effect;6ut 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 therein 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 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 originai of such policy or policies to be held by Commercial, and with a morlgage clause atlached to said policy or po�icies,
<br />, in(avor 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) 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 shall, at the option of Commercial, immediately become due and
<br /> paya0le without further notice,and the amount due under said note and any olher note for additional advances made shali,from the date of the exercise
<br /> af said option,bear interest at the maximum�egai rate per annum,and this mortgage may then be foreclosed to satisfy the amount due on said note,and '
<br /> any other note for additional advances,togelher 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 /> PROVI�ED 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 interest rate.
<br /> PROVIDED,further,that in lhe event that default ocars in the making of the payments due on said note,and on any other note far additional
<br /> advances, as therein agreed to 6e made, or in keeping the premises insured, as above provided, or if default be made in the payment af the bxes
<br /> or assessments levied upon the premises above described or upon ihis mortgage, before lhey are by law delinquent, Commercial shall be entitled
<br /> to the immediate possession of fhe 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 ot 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(uture advances hereunder until the indebtedness seared is fully paid;and for such purposes,
<br /> the undersigned does hereby sell,assign, set over and trans(er unto Commerciai all of said rents, proceeds and incomes inciuding any land contract
<br /> payments due mortgage owners or any other incomes of any type whatsoever from said property to be applied an the aotes above-described;but said
<br /> Commercialshall in no case be liabie 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 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 be vacated,to collect renhals
<br /> or other incomes due,and when vacant,to reiet the same,to make all reasonahle repairs and pay taxes out of said rents,profits,contract payments or
<br /> incomes and to do ail 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 reasonable fee far such services,all of the above to be done at such times and in such manner and on such terms as to their said
<br /> attomey may seem best,with full power of su6stitution.
<br /> The Mortgagors hereby agree that if Commerciai either voluntarily or involuntarily becomes or is made a party to any suit or proceeding relating
<br /> to the hereinbefore described real estate,or to this mortgage or said note or notes,other than a fareclosure instituted by Commercial,Mortgagors will
<br /> reimburse Commercial for all reasonable costs incurred by Commercial in said sui!or praceeding.The Mortgagors further agree that if the hereinbefore
<br /> described real estate or any part thereoi 6e condemned under the power of eminent domain,or is otherwise acquired for a public use,the damages
<br /> awarded, the proceeds for the taking, and for the consideration for such acquisitfon to lhe extent of the full amount of the remaining unpaid indebted-
<br /> ness secured by this mortgage,be,and ihey hereby are,assigned to Commerciai and shall be paid forthwith to Commercial to be applied on accoun!of
<br /> the last maturing installments of such indebtedness. �
<br /> Dated this 26th day of .lanva�v ,19�_.
<br /> I R ENCE OF' � �,�� ���
<br /> � Tho L. PeLerson �
<br /> �— . � - /.�'�l'La1l`>� �
<br /> O eresa �. Peterson ;,'�;:'
<br /> STATE OFNEBRASKA �`
<br /> COUNTY Of Hal l ss. , ,'�' �
<br /> On this�6t�l—day of .Ia11U81'y , 19�, betore me,a notary puDlic in and for said County,personally came `
<br /> the abave-named c�
<br /> Ttwmas L. Peterson and Theresa l. Peterson, husband and wife '�
<br /> to me well known to be the identical person or persons whose name is or names are atfixed to the a4ove mortgage as grantor or grantors and they,he � • �' "
<br /> or she,severally acknowledge the said in �e exec, uli_o�_lhereo(,to be lhei�voluntary act and deed.
<br /> HAROlD C:RlCHTERy�' �'
<br /> WITNESS my hand and Notarial Seal this d�r last a6fnTl6iQ111de�y07Apy k �� �/�
<br /> � sa''-:e'�;� /li' .
<br /> S7.47f OF NEBRASKr'. � - -- _ �
<br /> MY CoRfmlasion Ex Sa . Notary Puhlic
<br /> My commission expires on the ay o . �y 19Z2. M-50
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