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<br /> 78--� Q01629 EXPANDABLE MORTGAGE
<br /> ASSIGNMENTOFRENTS �oanNo._$�892��2
<br /> KNdW ALL MEP� BY THESE PRESENTS:Thai Vernon L. Webb and Jdn� J. M�e��b �usba�nd anc� wi fe _
<br /> nerema er calle e A�o gagors m consi eration of the sum of
<br /> Sixteen Thousand Three Hundred Fifty and no/lOb ---------------- ooilars(a--16 350.00--)
<br /> j loaned to Mortgagors,do hereby grant,bargain,sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIA'fION of Omaha,
<br />! Nebraska, (hereinafter called "CammeraaP"), its successors and assigns, the following described reai estate, situated in the County of,
<br /> Hal l State oi Nebraska,to-wih
<br /> Lot Three (3) in Block Five (5) in Wiebe's Addition to the City of
<br /> Grand Island, Nebraska.
<br /> TO HAVE AND TO HOLD THE SAME, with the appurtenances thereunto belonging, unto Commercial, its successors arid assigns,forever.
<br /> Said Mortgagors hereby covenant with said Commercial, its successors and assigns, that Mortgagors are lawfully seized of said premises,thal
<br /> they are free from encumbrances,and that they will forever warrant and defend !he title to satd premises against the lawful claims of ali persons
<br /> whomsoever.
<br /> Pmvided,nevertheless,these presents are upon the folfowing 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 havc agreed to abide by the terms of said note and Charter and By-Laws of
<br /> CammerciaL
<br /> That whereas this mortgage shall secure any additional advances,with interest,which may, at the option of Commerciai,be made 6y Com-
<br /> mercial to the undersigned Mortgagors or their successors in title for any purpose,ai any time before the release and canceilation of this mortgage,
<br /> hut PROVIDED,HOWEVER, at no time shall the aggregate principal amount secured by this mortgage,6eing the amount due at any time on said
<br /> original note a�d any additional advances made, exceed an amount equal lo ll�percent of the amount of:he original nole, 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 secured hereby when advanced to protect the searity 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 fully paid with interest, then these presents shall be void;otherNise,to be and remain in full force and
<br /> effect;but i(detault 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(or three months,or
<br /> (6) In keeping the improvements on said premises insured against loss 6y reason of fire, lightning, and other hazards inGuded in exlended
<br /> coverage insurance in an amount not less than the unpaid 6alance of said mortgage loan, in a company or companies accepWble 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 polic�es, �'
<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 delinquent;or
<br /> (d) If there is any change in the ownership of the reai estate mortgaged herein, by sale,either outright or 6y land contract,or 6y assignment of
<br /> any interest thereon or otherwise;
<br /> then, in any of the above set-forth events, the whole indebtedness hereby secured shall, at lhe option of Commercial,immediately become due and
<br /> payabfe 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 /> 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 nate,and
<br /> any other note for additional advances,together with all sums paid 6y Commercial for insurance, taxes,assessments and abstract extension charges;
<br /> with interest thereon from the date uf payment at the maximum legal rate.
<br /> PROVIDED that in no eveni, either before or after default, shall tbe interest due under said note and this mortgage and any other note(or 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 pwvided,or if default be made in the payment of the faxes
<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 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 (or the purpose of making repairs upon the premises and ior the payment of insurance
<br /> premiums,taxes and assessments upon such premises,and for necessary expenses incurred in renting said premises and collecting rent therefwm,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 uadersigned does hereby sell, assign, set over and transfer unto Commercial al I 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 a6ove-described;but said
<br /> Commercialshall in no case be liable for the fai lure to procure tenants,to collect rents,or to prosecute actions to recover passession of said premises.
<br /> The Mortgagors further appoint Commercial of Omaha, Nebreska, their attorney in fact, giving said attomey power irrevocably,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 vapnt,to relet the same,to make all reasonable repairs and pay taxes out ot said rents,profits,contract paymentr or
<br /> incomes and to do all such thiags either by its own officers or by other parties duly authorized and appointed 6y it,as its agent for 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 such manner and on such terms as to their said
<br /> attorney may seem best,with full power of substitution.
<br /> The Mortgagors hereby agree that il Commetcial either voluntarily or involunWrily becomes or is made a party to any suit or proceeding relating
<br /> to the herein6efore descri6ed reaI estate,or to this mortgage or said note or notes,other than a foreclosure instihited by Commercial,Mortgagors will
<br /> reimhurse Commercial for all reasonable costs incurred by Commercial in said suit or proceeding.The Mortgagors further agree that if the hereinhefore
<br /> described real estate or any part thereof be condemned under the power of eminent domain,or is otherwise acquired tor a public use,the damages
<br /> awarded, the proceeds for the taking,and for the consideration for such acquisition to the extent of the full amount of the remainin unpaid indebted-
<br /> ness secured by this mortgage, be,and they hereby are,assigned to Commercial and shall 6e paid forthwith to Commerci o be app ie account of
<br /> the last maWring installments of such indebtedness
<br /> Dated this 22�d day of March lg�8 ,
<br /> IN THE PRES E OF: �C'�-ct C
<br /> �� C���! rnon L. Webb r
<br /> \Ll�i��n i \l _ l_� �o �/� �
<br /> Jane J_ Webb �-
<br /> STATE OF NEBRASKA -
<br /> COUNTYOFHaII ss. J
<br /> � 6
<br /> 'On this 22nd day o( MdrCh , 19 Z�, 6efore me, a notar C
<br /> the above-named y public in and for said County,personalry came � s'� I •
<br /> Vernon L. Webb and Jane J_ Webb, husband and wife �� �. <
<br /> �., ,� .
<br /> to me well known to he fhe identicalperwn or persons whose name is or names are affixed to the above mortgage as grantor or grantors and they,he
<br /> or she,severally acknowtedge the said instmment and lhe execution thereot,to be their voluntary act and deed.
<br /> C��nm�unr•se,ro oe n.u..
<br /> WITNESS my hand aod Notariat Seal this da a . ar����e ri�eERG l ,/? �/ Q
<br /> y m�o.�a n.�e�e ����/�`� r-��•x__ �
<br /> Notary Public
<br /> My wmmission expires an the 17th day ot nrrnber ,19�9. M-50
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