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<br /> 78-r U01173 EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loan No. 818915-5
<br /> KNOW ALL MEN BY THESE PRESENTS:That David A. Meyer and Barbara L. Meyer, husband and wi fe
<br /> (hereinafter called the Mortgagors)in consideration of the sum of
<br /> Thirty—Six Thousand Five Hundred Fifty and no/700----------------- oouars(S36 550.00----)
<br /> loaned Io MoRgagors, do hereby grant, bargain, sell and coovey uoto COMMERCIAL FEDERAL SA4INGS C,ND LOAN ASSOL�IATION of Omaha,
<br /> Nebraska, (heremafler called "Commercial"), its successors and assigns, the following described real estate, situated in the County of. �
<br /> Hdl l State of NebrasNa,to-wit
<br /> Lot four (4), Block one (1), in Jack Voss Second Subdivision, being a part
<br /> of the West Half of the Southwest Quarter (MI�.SMI�) of Section two (2),
<br /> Town�hip eleven (11) North, Range ten (10) West of the 6th P.M., Hall '
<br /> County, Nebraska.
<br /> TO HAVE AND TO HOLD THE SAME, with the appurtenances thereunto belonging, unto Commercial, its successors and assigns,forever.
<br /> Said Mortgagors here6y covenant with said Commerciai, its successors and assigns, that Mortgagors are lawfully seized o�said premises,Ibat
<br /> they are free from encumbrances, and lhat 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 following conditions:
<br /> That whereas the said Mortgagors as members of Commercial have this date executed a note evidencing such toan and agreeing to repay said
<br /> sum of money, with interest, in payments as set forth in said note and have agreed to a6ide by the lerms of said oote and Char[er and By-Laws of
<br /> Commercial.
<br /> That whereas lhis mortgage shall secure any additional advances, wi th interest, which may,at the option of Commercial,be made by Com-
<br /> mercial to the undersigned Mortgagors or their successors in ti tle for any purpose,at any time before ihe release and cancellation of this mortgage,
<br /> but PROVIDED, HOWEVER. at no lime shall the aggregate principal amount secured by this morlgage,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 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 seared here6y when advanced to pwtect the security or in accordance with covenants contained in ihe mortgage.
<br /> Now, if the said Mortgagors shail pay or cause to be paid the said sums of money when due,as set(orth in said note,and any other note for
<br /> additional advances made until said debt is tuiiy paid with interest, then these 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 ot 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 ihe 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 Iess than the unpaid balance of said mortgage loan, in a company or companies acceptable to Com- ,
<br /> merciai, lhe original of such polity or policies to be held by Commercial, aod with a mortgage clause attached to said policy or policies,
<br /> in tavor of Commercial;or
<br /> (c) In the payment of tazes 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 reai estate mortgaged herein, by sale,either outrighl or by land contract,or by assignment of
<br /> any interest fhereon or oiherwise:
<br /> then, in any of the above set•forth events, the whole indebtedness hereby seared shail, at the option of Commerciai,immeCiatery become due and
<br /> payable withaut further notice,and lhe amount due under said note and any other note for additional advances made shail,from the date of the exercise
<br /> of said option,bear interest at the maximum legal 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, together wilh 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 /> 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 maGe ezceed the maximum lawful interest rate.
<br /> PROVIDED,further,ffiat in the event that default ocars in the making of the payments due on said note,and on any other note for atlditional
<br /> advances, as therein agreed to be made, or in keeping the premises insured, as above provided,or if default be made in[he payment of the taxes
<br /> or assessments levied upon the premises above described or upon this mortgage, before they are by law delinquent,Commercial shall be entitled
<br /> to the immediate possession af ffie premises above-described, together with all rents, proceeds and issues arising out of Ne premises,and may
<br /> fn its discretion use the rents so far as it deems necessary for Ne purpose of making repairs upon ihe premises and for the payment of insurance
<br /> premiums,taxes and assessments upon such premises,and(or 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 indebtedness secured is fully paid;and for such purposes,
<br /> the undersigned does hereby sell, assign, set over and trans(er unto Commercial all of said rents,proceeds and incomes including any land contract
<br /> payments due mortgage owners or any oiher incomes of any type whatsoever from sai0 property to be applied on the notes above-described:but said
<br /> Commercial shall in no case 6e liable for the(ailure to proare tenants,to collect rents,or to prosecute actions to recover possessioa of said premises.
<br /> The Mortgagors further appoint Commercial of Omaha, Nebraska, their attomey in fact, giving said attomey power i«evocably,either on its own
<br /> name or Mortgagors'names lo take ali 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 out of said rents,protits,contracl payments or
<br /> incomes and to do all such things either by its own officers or by other parties duly authorize0 and appointed 6y if,as its agent tor said purpose,and
<br /> to charge or pay a reasonable fee for such services, all of the above to be done at such times and in suth manner and on such terms as lo their safd
<br /> attorney may seem best,with full power of substitution.
<br /> The Mortgagors hereby agree fhat if Commercial either voluntarily or involuntariiy becomes or is made a parry 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 instituted by Commercial,Mortgagors wilf
<br /> reimburse Commercial for all reasonable costs incurred by Commercial in said suit or proceeding. The Mortgagors furffier agree tha[if the hereinbefore
<br /> described real estale or any part thereof be condemned under the power of eminent domain, or is olherwise acquired for a pu6lic use,the damages
<br /> awarded, the proceeds tor the taking, and for the consideration for such acquisition to ihe extent ot the fuli amount of the remaining unpaid indebtetl-
<br /> ness secured by this mortgage,be,and they hereby are,assigned to Commercial and shall be paid forthwith to Commercial to be ap0lied on account of
<br /> the last mahiring installments of such indebtedness.
<br /> Dated ihis 211d day of March .te 78. /'
<br /> R ENCEOF: ����"" �� �,�n�
<br /> '-'�/ f�--� Davi d A. Meyer �----- -
<br /> �\T���-�� � - �/L>1 �-s____,r-� 77!.�-�u�./ _ `
<br /> Barbara L. Meyer C '�ti;
<br /> STATE OF NEBRASKA '
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<br /> CouNTv oF Hall ss. � � ;�`
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<br /> • On this 2nd day of MId1"Ch , lg 78 , before me,a notary public in and tor said County,personalty came i �'•
<br /> the above•named
<br /> David A. Meyer and Barbara l. Meyer, husband and wtfe � °
<br /> to me well known to be the identical person or persons whose name is m aames are affixed to the above mortgage as grantor or granlors and they,he ,.•- �
<br /> or she,severally acknowledge the said instr n9.it+a. to be their volunlary acl and deed.
<br /> HIiROID C:RK��7'ER
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<br /> WITNESS my hand and Notarial Seal this day st abo��kRAI.PIOTARY k �����s�����,�Z_^� .
<br /> ' ETATE OF NEBRAS!(q
<br /> � COIIYIIbSipp � jy�c� ti Notary Public �
<br /> My commission expires on the 29th day of ,-N97�. M 50
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