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<br /> 78- 1)ljQ��'7 EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loan No. 44624-2
<br /> KNOW ALL MEN BY THESE PRESENTS:That Kurt D. HermDn, a single person, and Jack D. Scott, a
<br /> � single person (here�natter called the Mortgagors)in consideration ot the sum of
<br /> Thirty—Six Thousand and no/100------------------------------------Doilars(5 6 poo 00----)
<br /> loaned to Mortgagors,do hereby grant, bargam, sell and convey unto COMMERCIAL FEDERAI SAVINGS AND LOAN A�SO�fA7rON of Omaha, �
<br /> Nebraska, (hereinafter called "Commercial"), its successors and assigns, the following described real estate, situated in the County of,
<br /> F1811 State of Nebraska,to-wiY.
<br /> ; Lot Three (3), Block Four (4), Noodbine AddiLion to the City of 6rand Island,
<br /> � Nebraska and its complement; Fractional Lot Three (3), Block T�venty—five (25),
<br /> ; Baker's Addition to the City of Grand Island, Nebraska. � -
<br /> TO HAVE ANO TO HOLD THE SAME, with 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 Ney will forever warrant and defend the title to satd premises against the lawful claims of all persons
<br /> whomsoever.
<br /> j Provided,neverlhetess,these presents are upon the following 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 by the terms of said note and Charter and By-Laws of
<br /> ° CommerciaL
<br /> � That whereas this mortgage shall secure any additional advances, with interest,which may.at the option of Commercia�,be made by Com-
<br /> mercial to the undersigned Mortgagors or their successors in title for any purpose,al any time before the release antl cancellation of this mortgage,
<br /> � but PROVIDED,HOWEVER,at no time shall the aggregate principal amount secured by this mortgage,being the amount due at any tim�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 permilted by law,and PROVIDED.HOWEVER,Nat nothing herein contained shall be considered as limiting
<br /> the amount ihat 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 be paid the 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 fuily paid with interest, then these presents shall be void:otherxise,to be and remain in fuil force and
<br /> effect;butif 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 msurance in an amount oot 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 mortgage clause attached to said policy or policies,
<br /> in favor of Commercial;or
<br /> (c) In the payment of Wxes and assessments levied upon said premises,or on this mortgage, before they are delinquent;or
<br /> (d) It 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 sebforth events, the whole indebtedness hereby secured shali, 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 shall,from the date of the exercise
<br /> oi said option,bear interest at the maximum legal rate per annum,and mis mortgage may then be(oreclosed 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 thereon trom the date of payment at the maximum legal rate.
<br /> PROVIDED 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 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 insured, as above provided,or if defauit be made in the payment of the taxes
<br /> or assessments levied upon the premises above described or upon this mortgage, before they are by Iaw delinquent, Commercial shall be entitled
<br /> to the immediate 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 /> premiums,taxes and assessments upon such premises,and for necessary expenses inarred in renting said premises and coilecting rent therefrom,and
<br /> lo apply same on said note and any notes evidencing future advances hereunder until the indebtedness secured is fully paid;and(or such purposes,
<br /> the undersigned does hereby sefi,assign, set aver an0 transfer unto(,bmmercial ali of said rents,proceeds and incomes including any land rontract
<br /> payments due mortgage owners or any other incomes of any type whatsoever from said property to be applied on the notes above-described;hut said
<br /> Commercial shail in no case 6e liable for the failure to procure tenants,to collect rents,or to prosecute actions to recover possession of saiA premises.
<br /> The Mortgagors further appoint Commercial of Omaha, Nebraska, their attomey in fact, giving said attomey power irrevocabty,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 renlals
<br /> or other incomes due,and when racant,to relet the same,to make all reasonable repairs and 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 appointed by it,as its agent for said purpose,and
<br /> ' to charge or pay a reasona6le fee(or such services, all of fhe 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 suhstitution.
<br /> The Mortgagors hereby agree fhat it Commercial either voluntarily or involunWrily 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 foreclosure instituled by Commercial,Mortgagors will
<br /> reim6urse Commercial for all reasonable costs incurred by Commercial in said suit or proceeding. The Mortgagors further agree that if the hereinbefore
<br /> described real estate or any part thereot be condemned under the power ot eminent domain, or is otherwise acquired for a public use. the damages
<br /> awarded, the proceeds for ihe taking,and for the consideration for such acquisition to the extent ot the full amount of the remaining unpaid inde6ted-
<br /> ness secuted by this mortgage,be,and they hereby are,assigned to Commercial antl shall be paid forthwith to Commercial to be applied on account at
<br /> ihe last matunng installments of such indebtedness.
<br /> Dated�this 9th dayof February �IgZ�. _,_/� /
<br /> THE RE NCE OF: c/T/ � L!L� �C/�`l�'�l'��-c�
<br /> - ��"ac%�''L-�� Kurt . Harmon
<br /> �
<br /> �
<br /> �
<br /> ck D. Scott �- .� ;
<br /> STATEOFNEBRASKA �, ; y .,
<br /> COUNTY OF ya�] ss. �
<br /> On,wis 9th day ot Februarv , 1978 , before me, a notar 'I`
<br /> the above•named y public in and for said County,personally came
<br /> , Kurt D. Harmnn, a single person, and Jack 0. Scott, a single person "��=
<br /> - to me well knowo-to be the identical person or persons whose name is or names are affixed to the above mortgage as grantor or granrors and they,he "�''
<br /> or she,severally acknowledge lhe said instrum ntary act and deetl.
<br /> Wll'NESS my hand and Notarial Seal ihis day an ab��NOTAIiY ���
<br /> NEBRASKA �,� T�
<br /> Ooet�pbll 29, 1979 Notary Public �
<br /> My commission expires on the 29th day of S Dtember , 19Z2. M-50
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