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<br /> 78-" UU1034 EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loan Na. 818910-5 '
<br /> KNOw ALl MEN BY 7HESE PRESENTS:That Glendon J. Foight and Sandra J. Foight — husband and Mife
<br /> (hereinafter called the Mortgagors)in conside n�f ihe s m of
<br /> Thirty-six Five Hundred and F�fty and N0/100----------------------Douars(5--�.55U.0�-- �
<br /> loaned to MoAgagors, do hereby grani,bargain, sell and convey unto COMMERCIAL FEDERAL SAVINGS ANO LOAN ASSOCIATION of Omaha. �
<br /> ' Nebraska. (hereinafter called "Commercial"), its successors and assigns, the following described real estate, situated in the County of,
<br /> � � � � � State of Nebraska,to-wit: � �� ' � � "
<br /> ?
<br /> i " Lot twe�ty (20) Istand Acres seventh subdivision to t�e City of
<br /> 6rand Island, Ha11 County, Nebraska. �
<br /> TO HAVE AND TO HOLD THE SAME, with the appurtenances thereunto belonging, unto Commercial, its successors and assigns,(orever.
<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 detend the tille to said premises against the lawful claims of a�l persons
<br /> whomsoever.
<br /> Pmvided, nevertheless,these presents are upon the foilowing conditionr.
<br /> That whereas the said Mortgagors as members of Commercial have this date executed a note evidencing such loan and agreeing W 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 Commercial,be made by Com-
<br /> mercial to the undersigned Mortgagars or their successors in title tor any purpose,at any time before the release and cancellation af this mortgage,
<br /> but PROVIDED,HOWEVER,at no time shail tfie 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 original note,but in no event shafi
<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 that shall be secured hereby when advanced to prolect the security or in accordance with covenants contained in fhe 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 tully paid with interest, then these presents shall be void;otherNise,to be and remain in full torce and
<br /> effect but if default should 6e made:
<br /> (a) In any ol the payments due on said note, and any other note for additional advances made,as therein agreed to 6e made for three monihs,or
<br /> (b) In keeping the improvements on said premises insured against loss hy 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 ot such policy or policies to be held by Commercial, and with a mortgage clause attached to said policy or policies,
<br /> in tawr of Commercial;or
<br /> 4 (c) In the payment of faxes and assessments levied upon said premises,or on this mortgage,before they are delinquent or =�'
<br /> y (d) If there is any change in the ownership of the real estate mortgaged herein, by sale,either outright or by laad coMract,or by assignment of
<br /> any interest thereon or otherwise;
<br /> � then, in any of the above set-forth events, the whole indebtedness here6y secured shall, at the aption of Commercial, immediately become due and
<br /> ; payable without further natice,and the amaunt due under said note and any other note for additional advances made shail,from the date of the eaercise �
<br /> of said option, bear interest at the maximum legal rate per annum,and this mortgage may ihen be(oreclosed to satis(y the amaunt due on said note,and
<br /> S any other note for additional advances,together with all sums paid by Commercial far insurance,taxes,assessmenls and abstract extension charges,
<br /> � wiih interest thereon from 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 thal defautt occurs in the makiag of the payments due on said note,and on aoy other note for 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 payment oF tl�e taxes '
<br /> � or assessments levied upon the premises a6ove described or upon Nis mortgage, before they are by law delinquent, Canmercial shall be entit�ed
<br /> lo the immediate possession of the premises above-described, together with all rents, proceeds and issues arising out of the premises,and may
<br /> f in its discretion use the rents so tar 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 /> : t to apply same on said note and any notes evidencing future advances hereunder until the indebtedness secured is fully paid;and for such purposes,
<br /> j the undersigned does hereGy sell,assign, set over and transfer unto Commercial alI of said rents,proceeds and incomes including any land coMract
<br /> payments due mortgage owners or any other incomes of any type whatsoever from said property to be applied on Ne notes above-descnbed;but said
<br /> � Commercialshallin no case 6e liable for the failure to procure tenants, lo collect renfs,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 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 be vacated,to collect renfals
<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
<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 for 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 /> attorney may seem best,with full power o(su6stiWtion.
<br /> " The Mortgagors hereby agree that if Commercial either +roluntarily or involuntarily becomes or is made a party to arry suit or proceeding relating
<br /> z to the hereinbefore described real esWte, or to this mortgage ar said note or notes,other than a foreclosure instituted by Commercial,Mortgagors wi II
<br /> t reimburse Commercial for all reasonable costs incurred by Commercial in said suit or proceeding.The Mortgagors further agree that if the hereinbefore
<br /> i descri6ed reaI estate or any part tfiereof be condemned under the power of eminent domain,or is otherwise acpuired for a pu6lic use,the damages
<br /> ; awarded, the proceeds for the taking,and for fhe consideration for such acquisition to the extent of the full amount of the remaining unpaid indebted•
<br /> ness secured by this mortgage,be,and lhey hereby are,assigned to Commercial and shall be paid forthwith to Commercial to be applied on account of
<br /> lhe last mah�ring installments ot such indebtedness.
<br /> � � oated mis 18th �y of February , 1�8 .
<br /> i P SENCE _ ��LE�I�id:��
<br /> ' ' Glendon J. Foi t
<br /> ,� � -
<br /> : ? ����i�'1/�/� � �-.�a�i�� K
<br /> ^ Sandra J. oight
<br /> � STATE OF NEBRASKA � ; �':
<br /> COUN'n oF Buffato SS' ( ;
<br /> +� . On this 18� day of Feb�ll8ry , 1978,before me, a notary public in and for said County,personally came t�'r �
<br /> ,�,� the above-named ' �'�
<br /> � Glendon J. Foight and Sandra J. Foight - husband a�d wife �
<br /> ,,:��, .
<br /> to me welt known to be the identical person or persons whose name is or names are affixed ta the above mortgage as grantor or grantors and they,he �
<br /> ' or she,severally acknowledge the said in ' ir voluntary act and deed.
<br /> HAROLO C:RICHTER
<br /> WITNESS my hand and Notarial Seal this Iaa�aF�H�BOR�A�$�j(��, � C"--1%Li�
<br /> �� . � � . MY L'OR7rt11SS1071 .S6 f.29, i�J7F��; � No�ary PubGc �
<br /> My commission expires on the day of ,19T2. M�50
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