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<br /> _ �Ut10699 4 : r , '�Y ��
<br /> 7g EXPANDABLE MORTGAGE f ```'�
<br /> ASSIGNMENT OF RENTS Loan No. 878906-6 '�f F ' y; 4,��,g'''",+�� `
<br /> KNOW ALL MEN BY THESE PRESENTS:That DOug1d5 D. Mundt and Dav+n E. MU►tdt, hu5bdnd and Mife � z��, ��
<br /> (hereinafter called the Mortgagors)in consideration of the sum of �� -
<br /> jwenty�wo Thousand Fifty and no(100------------------------------Donars (S 22 050.00----) ��"'����-��r"'
<br /> oaned To ortgagors,do hereby grant, bargain,sel and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAW ASSOL�IATION of Omaha, ., .��
<br /> Nebraska, (hereinafter qlled "Commercial"), its successors and assigns, the following described real estate, situated in the County of, �,'".
<br /> H311 State of Nebraska,to-wit: ����i*�
<br /> ��"`�x � �
<br /> � Lot eleven (11) in Block tvrenty-four (24) in College Addition to Nest �'���"� '^'�` '
<br /> Lawn, in the City of 6rand Island, Hall County, Nebraska. �,,����',��a
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<br /> TO HAVE AND TO HOLD THE SAME, with the appurtenances thereunto betonging, unlo Commerciat, its successors and assigns,forever. .F ,,��,� . <��t �;, y
<br /> Said Mortgagors hereby covenant with said Commercial, its successors and assigns, that Mortgagors are lawfully seized of said premises,that x���rr�����.A'���'�
<br /> they are free trom encumbrances, and that they wi II forever warranl and de(end the title to said premises against the lawful claims of ail persons # r ,
<br /> whomsoever. ��"t ���'9�.�`��'�{
<br /> - Provided,nevertheless,these presents are upon the following conditions: "F' ' ' � 'a
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<br /> That whereas the said Mortgagors as members of Commercial have this date executed a note evidencing such ioan and agreeing to repay said �� r ��Y��,;
<br /> sum of money,wifh 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 ot y ,,:�;,`„
<br /> Commercial. �' �
<br /> That whereas this mortgage shal�secure any additional advances, with interest, which may, at the option of Commercial,be made by Com- ' `"" �.�T, �r;�� .
<br /> mercial to lhe undersigned Mortgagors or their successors in title for any purpose,at any time 6efore the release and cancellation of this mortgage, : ��.�`�w '
<br /> but PROVIDED, HOWEVER, at no time shall the agg�egate principal amount secured by this mortgage, being the amount due at any time on said �. F af h�, -
<br /> original note and any additional advances made,exceed an amount equal to 11D percent of the amount of Ihe original note,but in no event shall r � k ,��,,
<br /> - said note exceed the maximum amount permitted by law,and PROVIDED,HOWEVER,that noNing herein contained shall be considered as limiting ;i�r' r �r�,,'� �
<br /> the amount that shatl 6e secured hereby when advanced to protect the security or in accordance with covenants contained in the mortgage. 4;°��,�°"�y2"�1' v
<br /> Now, if the said Mortgagors shall pay or cause to be paiA the said sums of money when due,as set forth in said note,and any other note for "�;� j��:��'����- '`
<br /> additional advances made until said deht is fully paid with interest,then these presents shall be void;otherxise,to be and remain in full force and �� ` '��s'�`^��`3+ .
<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 therein agreed to 6e made tor three months,or -{n,� r,�.
<br /> (6) In kee in the im rovements on said remises insured a ainst loss b reason of fire, li tnin and other hazards included in extended �t`"�.�
<br /> P B P P B Y Bh B� ��� S�r
<br /> coverage insurance in an amount not less than the unpaid balance of said mortgage loan, in a company or companies acceptable to Com- , �Y"` ��s ,
<br /> mercial, the ori inal of such polic or olicies to be held b Commercial, and with a mort a e clause attached to said olic or olicies, .c' +a�""��.'�• ' �`
<br /> B Y P Y 8 8 P Y P �
<br /> in favor of Commercial;or �` �� *`'�'�
<br /> '�x��������
<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 rea� estate mortgaged herein, by sale,eilher outright or by land contract,or by assignment of ' �����,�;,,;�a�"�z
<br /> any interest thereon or otherwise; ,*�rs�'�;,t'��}'�j
<br /> fhen, in any of the above set-forth events, the whole indebtedness hereby secured shall,at lhe option of Commercial, immediately become due and .� �� ,�s
<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,bear interesl at the maximum legal rate per annum.and ihis mortgage may ihen be toreciosed to satisfy the amount due on said note,and , �
<br /> any other note for additional advances, together with ail sums paid by Commercial for insurance,taxes,assessments and abstract extension chatges, •,F �`���
<br /> wifh interest thereon from the date of payment at the maximum legal rate. { �,F�a.�:,r,w}t xi n�
<br /> ditionaR advances�matdenexceed the maxhmum lawful riot¢�ersdeaie It, shall the interest due under said note and this mortgage and any olher note for ad- ' �Fr�j�'��?��� ;`
<br /> 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 additianal �;;�d �r�N�"�`���'��
<br /> advances, as therein agreed to be made, or in keeping the premises insured, as above provided,or if default be made in the payment of the taxes ����` '�,+,, �'�a��',�•
<br /> or assessments levied upon the premises above described or upon Ihis mortgage, before tF�ey are by law delinquent, Commercial shall be entitled .-'��k.�.��,�a :
<br /> to the immediale possession of the premises above-described, togelher with all rents, proceeds and issues arising out of the premises,and may s �,'������ '
<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 3� #�- t��
<br /> premiums,taxes and assessments upon such premises,and for necessary expenses incurred in renting said premises and collecting rent therefrom,and � � ;-�-?'�B+�r,-��"
<br /> to apply same on said noLe and any notes evidencing(uture advances hereunder until the indebtedness secured is fully paid;and for such purposes, 5 : � � �e'�a „ -
<br /> the undersigned does hereby sell,assign, set over and transfer unto Commercial all of said rents,proceeds and incomes including any tand contract � �-�� k�s�,,��
<br /> payments due mortgage owners or any other incomes of any type whatsoever from said property to be appiied on the notes a6ove-descnbed;but said :" a �"�"�
<br /> Commercial shall in no case be liahle(or the(ailure to procure tenants,to coilect rents,or to prosecute actions to recover possession of said premises. �.s 4 ��.�.
<br /> ,, �
<br /> The Mortgagors further appoint Commercial of Omaha, Nebraska, their attorney in fact, giving said attorney power irrevocabiy,either on its own n, a�
<br /> name or Mortgagors'names ta take all necessary steps for proceedings in court or olherwise, to cause said premises to be vacated,to collect rentals ;t� �'i*�
<br /> _ or other incomes due,and when vacant, to relet the same,to make all reasonable repairs and pay taxes out of said rents,profits,contract payments or y���x .
<br /> incomes and to do all such things either by its own o(ficers or by other parties duly authorized and appointed by it,as its agent for said pu@ose,and � ' : ,���;,r
<br /> to tharge or pay a reasonaCle fee fo�such services, all of Ne above to be done at such times and in such manner and on such terms as to their said z z,,�
<br /> ariomey may seem best,with full power of substitution. � � � `� i���r�' �'�
<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 the hereinbefore described real estate,or to this morlgage or said note or notes,olher than a foreclosure instiWted by Commercial,Mortgagors will , �,r�
<br /> reimburse Commercial for all reasonable costs incurred by Commercial in said suit or proceeding.The Mortgagors further agree that if the herembetore `�"} fr'�` _
<br /> described real estate or any part Ihereof be condemned uoder the power of eminent domain, or is otherwise acquired(or a public use. the damages ,,;:. �' x-�N
<br /> awarded, the proceeds for the taking,and tor the consideration for such acquisition to the extent of the full amount of the remaining unpaid indebted- ���' f ����`�
<br /> ness secured 6y this mortgage,be,and they hereby are,assigned ta Commercial and shall 6e paid forthwith to Commercial to be applied on account of "` r'��n�.
<br /> the last matunng installments of such indebtedness. '; � '*�
<br /> �.,. 4 .!4 �y. ..
<br /> Oated this 2nd day of FE.6ruary ,19—Z$. ) «,� �
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<br /> I ? ESENCE 0 : DOU 5�. MUfIdL � �x� ' � �+��'"Yr��
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<br /> . . . . . _ -_ ___ —_ ���IICGl.��� �/1///1 /� cy,,� ��,,«„�*�
<br /> � Dawn E. Mund� � � '.
<br /> �� :
<br /> STATE OF hEBRASKA m�` jt z '
<br /> COUNTY AF Hdl� ss.
<br /> � w f -:
<br /> On this 211d day of FEbrUdf'l/ , ig 78 , �¢fore me, a notary public in and for said County,persanally came °3 `
<br /> the above-named , ` . ✓
<br /> Doug7as D. Mundt and Dawn E. Mundt, husband and wife '"' � �-
<br /> W me wel�known to be the identical person oc persons whose name is or names are affixed to the above mortgage as grantor or grantors and they,he �'�:
<br /> or she,severally acknowledge the said inslrume �qa.00.Jp ' ntary act and deed. � �a�:
<br /> �AROLD C:RICtlTER _
<br /> WIINESS my hand and Notarial Seal this day and y�abov �NOTARY �;
<br /> �'�F NfBRASKA E �� �
<br /> � M C,o�on Ex Se 28. 1973 otary Public
<br /> My commission expires on lhe 29th day of ,1 . M-50
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