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<br /> 78-� U O 1.�8 6
<br /> EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loan No. 44629-2
<br /> KNOW Au MEN BY THESE PRESENTS: That Arnold D. Wedberg and Karen Y. Wedberg, husband and wife
<br /> Thirty—Two Thousand and no/100--------- _ (_�ereinafter called the Mortgagors)in consideration of the sum of
<br /> Dollars(3 32,000.00----)
<br /> loaned to Mortgagors,do hereby grant, bargain, sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIATION of Omaha,
<br /> f Nebraska, (hereinafter cailed "Cammercial"), its successors and assigns, the tollowing described real estate, situated in the County of,
<br /> Hdl l State of Nebraska,to-wit:
<br /> lot Two (2), in Block Two (2), in West Bel Air Addition to the
<br />� City of Grand Island, Hall 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 heteby 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 wiil 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 loan and agreeing to repay said
<br /> sum o(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 shal l secure any addilional advances, with interest, which may,at the option of Commercial,be made by Com-
<br /> mercial to the untlersigned Mortgagors or their successors in title for any purpose,at any time before the re�ease and cancellation ot this mortgage,
<br /> but PROVIDED,HOWEVER,at no time shall the aggregate principal amount secured by this mortgage,being fhe amount due at any time on saitl
<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 permitted by law,and PROVIOED,HOWEVER,that nothing herein conUined shall 6e considered as limiting
<br /> fhe amount that 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 shatl pay or cause to be paid Uie said sums of money when due,as set forth in said note,and any other note lor
<br /> additional advances made untii said debt is fuily paid with interest, then these presents shall be void;otherNise,to be antl remain in full force and
<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 be made for three months,or
<br /> (b) in keeping the improvements on said premises insured against loss by reason ot 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 original of such poiicy or policies to be held 6y Commercial, and with a mortgage clause attached to said policy or policies.
<br /> in favor of Commercial:or
<br /> (c) In the payment of taxes and assessments levied upon said premises,or on this mortgage,before they are delinquenk or
<br /> (d) If there is any change in the ownership of the real estate mortgagetl 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 set-forfh events, the whole indebtedness hereby secured shall, at the option of Commercial,immediately become due and
<br /> payable without further notice,and the amounl due under said note and any other note for additional advances made shall,trom the date o(the exercise
<br /> of said option,bear interest at the maximum legal rate per annum,and this mortgage may then be foreclosed to satisty the amount due on said note,and
<br /> any other note tor additional advances, together with all sums paid by Commercial for insurance, Wxes,assessments and abstract extension charges,
<br /> with interest thereon from the date o(paymenl 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 Por ad�
<br /> ditional advances made exceed the maximum lawful interest rate.
<br /> PROVIDED,further, that in the event tfiat 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 defauli be made in the payment of the taxes
<br /> or assessments levied upon the premises above described or upon this mortgage, 6efore they are by law delinquent, Commercial shall be entitled
<br /> to the immediate possession of the premises above-described, together with al I rents, proceeds and issues arising out of the premises,an0 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 insurante
<br /> premiums,taxes and assessments upon such premises,and for necessary expenses incurred in renting said premises and cotlecting renl 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 /> fhe undersigned does hereby sell,assign, set over and transfer unto Commercial all of said rents,proceeds and incomes including any land contract
<br /> payments due mortgage owners or any other incomes of any type whatsoever from said property to be applied on the notes above-described:Dut said
<br /> Commercial shali in no case be liable for the failure to prowre tenants,to collect rents,or to prosecute actions to recover possession of said premises.
<br /> The Mortgagors turther appoint Commercial of Omaha, Nebraska. their attorney in fact, giving said attomey power irrevocaDly,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 coilect rentals
<br /> or other incomes due,and when vacant, to relet the same, to make ail reasonable repairs and pay taxes out of sai0 rents,profits,contract Dayments 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 saitl purpose,ana
<br /> lo charge or pay a reasonable tee (or 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 /> attomey may seem best,with full power of suGstitution.
<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 hereinbetore described real estate,or to this mortgage or said note or notes, other than a foreclosure instituted by Commercial,Morlgagors will
<br /> reimburse 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 otberwise acquireG for a public use,the damages
<br /> awarded, the proceeds for the faking,and for Ihe consideration (or such acquisition to the extent of the full amount of the remaining unpaid indebted-
<br /> 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
<br /> the{ast maturing installmenls of such indebtedness.
<br /> Dated ihis__ 15t day of_ MarCh ,�g��,
<br /> IN THE PRESENCE OF: � "✓
<br /> r�_ � � .�i��� Arn 1 d D. Wedberg �
<br />• . . . ..r �"e��.
<br /> ren Y. Wedb g �-�
<br /> STATE OF NEBRASKA � � :.
<br /> COUNTY OF ss.
<br /> �On this 15t day of M�rCh , 19 78, before rne, a nofary public in and tor said County,personally came �sf '�
<br /> the above•named
<br /> Arnold D. Medberg and Karen Y. Wedberg, husband and wife - � �, �
<br /> to me weil known to be the identical person or persons whose name is or names are affixed to ihe ahove mortgage as grantor or grantors and they,he
<br /> or she,severally acknowledge the said instrument and the execution thereof,to be their voluntary act and deed.
<br /> ��•fllrf�lb
<br /> WITNESS my hanA and Notarial Seal this day and ye ast at���r��s� �- �
<br /> MIL11��i�Ow��1�p �-.-.�c.•-;z� �_ c.�--1�L�c�1,
<br /> My commission ex ires on the 3 Notary Pu61ic
<br /> P day of � ,19 2�. M 50
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