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� � 78- U01177 � EXPANDABLE MORTGAGE ASSIGNMENT OF RENTS Loan No. 44633-1 KNOW ALL MEN BY THESE PRESENTS:That Harry J. Martens and Shirley Martens, husband and wife (hereinaiter cafled the Mo�tgagors)in consider Y1on of the s m of Twenty-Two Thousand Nine Hundred and Ro/100-----------------------Dollars(E--�C,90o.0�--� loaned to Mortgagors, do hereby grant, bargain,sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIATION of Omaha. Nebreska, (hereinafter called "Commercial"), its successors and assigns, the following described real estate, situated in the County of, � Hel l State of Nebraska,to-wit Lot one (7), Block taenty=two (22) in Schimmer's Addition to the City of Grand Island, Nebraska. TO HAVE AND TO HOLD THE SAME, with the appurtenances thereunto 6elonging, unto Commercial, its successors and assigns,forever. Said Mortgagors hereby covenant with said Commercial, its successors and assigns, that Mortgagors are lawfulty seized of said premises,Ihat they are free from encumbrances, a�d that they will forever warrant and defend the titie to said premises against the lawful claims of ail persons whomsoever. Provided,neverNeiess,these presents are uport ihe followieg coeditions: That whereas the said Mortgagors as members of Commercial have this date executed a note evidencingsuch loan and agreeing to repay said 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 Commerci a L That whereas this mortgage shal I secure any additionat advances, with interest,which may, at the option of Commercial,be made by Com- mercial to the undersigned Mortgagors or their successors in title for any purpose,at any time betore the release and canceilation of this mortgage, but PROVIDE�, HOWEVER,at no time shall the aggregate principal amount secured by this mortgage, being the amount due at any time on said originai note and any atlditional advances made, exceed an amount equal to 110 percent of lhe amount of the original note,but in no event shali said note exceed the maximum amount permitted by law,and PROVIDED,HOWEVER,that nothing herein contained sha0 be consitlered as limiting the amount ihat shal� be secured hereby when advanced to protect the security or in accordance with covenants contained in the mortgage. 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 additional advances made until said debt is fully paid with interest, then these presents shall be void;otherxise,to beand remain in full torceand effect;but if default should be made: (a) �n 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 (b) In keeping the improvements on said premises insured against loss by reason of fire, lightning, and other hazards included in extended coverage insurance in an amaunt not less than the unpaid balance of said mortgage loan, in a company or companies acceptabte to Com- mercial, the original of such policy or policies to 6e held by Commercial, and with a mortgage clause attached to said policy or policies, in favor of Commercial;or (c) In the payment of Wxes and assessments levied upon said premises,or on this mortgage,before they are delinquent;or (d) If there is any change in the ownership o( the real estate mortgaged herein, by sale,either outright or by land contract,or by assignment of any interest fhereon or otherwise; tden, in any of the above set-forth events, the whole indebtedness hereby seared shall, at the option of Commercial,immediately become due and payahle without further notice,and the amount due under said note and any other note for additional advances made shall,from ihe date of Uie exercise 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 any other note for additional advances,together with all sums paid by Commeraa�for insurance,taxes,assessments and abstract extension charges, with interest thereon from the date of payment at the maximum legal rate. PROVIDED that in no event, either before or afler defauit, shall the interest due under said note and this mortgage and any other note fo�ad- dilianal advances made exceed the maximum lawful interest rate. 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 adtlitional advances, as therein agreed to be made, or in keeping the premises insured, as above provided,or if default be made in Ne payment of the taxes or assessments levied upon the premises above described or upon this mortgage, before they are by law delinquent, Commercial shail be entitled to the immediate possession of the premises above-described, together with all rents, proceeds and issues arising out of the premises,and may in its discretion use the rents so far as it deems necessary for ihe purpose of making repairs upon the premises and for the payment of insurance ptemiums, taxes and assessments upon such premises,and for necessary expenses incurred in renting said premises and collecting rent therefrom,and to appiy same on said note and any nates evidencing future advances hereunder until the indebtedness secured is fully paid;and for such purposes, the undersigned does herehy sell, assign, set over and transfer unlo Commercial atl of said rents,proceeds and incomes including any lana contract payments due mortgage owners or any other incomes of any rype whatsoever from said pmperty to be applied on the notes above•descnbed;twt said Commerciai shall in no case 6e liable for the failure to procure tenants,to collect rents,or to prosecute actions to recover possession of said premises. The Mortgagors further appoint Commercial of Omaha, Ne6raska, their attorney in fact,giving said attorney power irrevocably,either on its own name or Mortgagors'names to lake al I necessary steps tor proceedings in court or otherwise,to cause said premises to be vacated,to collect rentals o�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 incomes and to do all such ffiings either by its own officers or by olher parties duly authorized and appoinled by it,as�ts agent for said purpase,and to charge or pay a reasooable fee for such services, all of the above to be done al such times and In such manner ana on such terms as to their said attomey may seem hest,with full power of substitution. The Martgagors hereby agree that if Commercial either voluntarily or involunWrily hecomes or is made a parry to any suit or proceeding relating to Ne hereinhefore described real estale,or to this mortgage or said note or notes,other than a foreclosure instituted hy Commercial.Mortgagors will reimburse Commercial for al I reasonable costs incurred by Cammercial in said suit or proceeding. The Mortgagors further agree that if the herembefore described reai estate or any part thereof he condemned under the power of eminent domain,or is otherwise acpuired for a public use,the damages awarded, fhe proceeds for the faking,and for the consideration for such acquisition to the extent of the fult amount of the remaining unpald indebted- ness secured by this mortgage,be,and they hereby are,assigned to Commercial and shall be paid forthwith to Commercial to be applied on account of the lasl maturing installments of sach indebtedness Dated this 2f1d day of P'�rCh .19 78 IN E R ENCE OF. /�'""'"�Y %{• //i1.4(�L� ------- Harry .� �, c . r ey ar s • ._ -�, STATE OF NEBRASKA '' COUNTY OF Hal l ss. � � . r • On this 2Ad day of March , ig 78 ,pefore me,a aotary public in and for said County,personaliy came ? theabove-named , _� Harry J. Martens and Shirley Martens, husband and wife �+ �c�.. to me weii known to be the identiwl person or persons whose name is or names are affixed to the above martgage as grantor or grantors and they,he .,w. �� --- or she,severally acknowledge the said instmment and lhe execution ihereof,to be lheir voluntary act and deed. YIIITNESS my hand and Notarial Seal this day and ar I i above w �� C:RICHTER� � �ERAL NOTARY } 3TATE OF flEBRASKA - •�� 29th Notary Public I My commission expires on the. �• � . M 50 _1