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<br /> 78-U02073 EXPANDABLE MOFi,TGAGE
<br /> ASSIGNMENT OF RE'NTS 4.oa�No,_ a46a5-�—
<br /> KN:OW ALL ME'N BY THESE PRESENT5:That Darrel D. Wat5on and Judith l_ Watson, fiusba,nd anct wife
<br /> (hereinaffer called the Mortgagots)m cortsideret� p f the m of
<br /> Fowt�y, —Eight Thousand Seven Flundred and noflflQ----,------------•---Douars(�--4�.�00.(��--j
<br /> loaned to MortgagorS, da hereby;grant 6a'rgain,sell and convey unto COMMERCIAL FEDEttAL SAYINGS AND LtlAN ASSOCIATION of Omaha,
<br />� Nebraska, (hereinafter called "Cpmmercial"), its succ,essors and 2ssign&, the following described real estate, situated in the County of,
<br /> Ha71 State of Nebraska, to•wit:
<br /> Lot four (4) and the 5outherly Twenty(20) fee{ af Lot five (5)
<br /> in Block six (6) in Bel Air Addition to the City of Grarrd Island,
<br /> HalT �ounty, Nebraska_
<br /> TO HAVE AND TO HqLD THE SAME, with tihe appu.rtenances thereuntc belonging, unYo Commercial, its successors and assigns, f�rever.
<br /> $aid' Mortgagors hereby covenanf with said Comme,rciaV, its suceessovs and assigns, that Mortgagors are lawfully seized al said prpmises,thai
<br /> Ihey are free from pncumbranCes, and that they wlll icrever warranl arid defenp the tille to satd premises a.gaiost the lawfud Waims of aMl persons '
<br /> whomsoever.
<br /> Providee,nevertheless., these preSent5 are upon the following cond+tiarts:
<br /> TMat wher.eas the said �dortgagors as mem6ers of Comr�erci�i have this date executeQ z mote eviden¢ing such Ioan and agreeing to repay said
<br /> sum of money, with inte.rest,in paymenEs as set forth in said nate and have aEread to abide hy�he terms�f said n.ote and C-harter and 9y-Laws of
<br /> Commercial.
<br /> That whereas this mortgage shall sec.Lre any additiona7 advances, with interest, which may,at the option of Commercial,be maJe by�cn�-
<br /> mercial to the under9igned Mortgagors cr their successors in title for any purpose,at any time before lhe releafie and cancellation of this To[tgage,
<br /> but RROVIDED,HOWEVER,at nn time shaJl the aggregate przncipal amount sewred by this mortgage,be'rng the amcnnt aue a't any time on said
<br /> original note and any additionai advances made,exceed an amounl equal to 1�0 percent�f Che anmunC nf the original note,but in no avent shaPl
<br /> said'npte exceed the maximurn amount permitfed by law,and PROVIDED.HOWEVER,thaf naf�ing herein conWinecf shail be ccnsideced as lirriting
<br /> the amount lhat shall be aecured hereby when advanced t� prntect ihe seCurity or in accordance wi[h cevenants contained dn the mortgage.
<br /> Now, if ihe said Mortgagors shall pay or cause ta ae paid *�e said sums ot money when due,as sel fa.rth in said nc+te,and any ofher�o-te for
<br /> add�tiaial advances made unlrl said debt is'rul'ly paid with inferest,lheo ihese�resenis shall;be waiQ:other,vise,to be and rema�o in full force dnd
<br /> elfect;tiut if default should be made.
<br /> (a? In any of the paymQnls due on saiA note,aru any ofher note for additional advanees made,as therein agreed fr;be made(o.r th�ee months;or
<br />' !b) In kee{�ing the improvements�n said premise5 insu!ed against loss by reaspn ok tire, iightning, and�ther hazards inciuded in extended
<br /> coverage iesuranee in an amaunt no,t less thar.i the unpaid balamre of said mortgage Ipan, in a c-ompany or comuanies a.cceptabfe to Com�
<br /> merciat, the origina!of such policy or policies in be heia try Comm,ercia,4, and with a m�a:tgdge clanse attached tq saia oolicy or FOlities,
<br /> in tavor nf Commercial;or
<br /> (c) Iro the paymenQ of taxes and 0ssessmenis te-uied upon said pre-mises, nr on this morRgage,hetore they are definquent;nr
<br /> (d) If there is any cfiange in tYre ownership of lhe rea!e;state morigaged herein, by saFe,aither outright or py iand contract,ur by assignmend o( '
<br /> any interest thereon or otherwise;
<br /> then, in any of the abave sehforth evenPs, the whole fndetit8dness hereby secured sha1P, at the op,tipa oi�ammerciaf,immediately heepm.e dueand
<br /> payable witliowt further notice,and the amount due wnder said note and any other note for addiTional aGvances made shaH,from the date of th.e exzrcise
<br /> of sai.d option,bear mterest at the maximum Iegal rafe per annum,and t�is mortgage may then be toreclosed to satisfy[he amount due on sa;id�ote,and
<br /> any other nole for additional advances,togeiher with all sums paid by Commercial for insurance,taxes,assessments and abstract extension charges,
<br /> wifh interest thereon trom the date of payment at the maximum legal rate.
<br /> PROVIOED that in na event,either 6efore or after defauk, 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 that default ocars 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 it default be made in the 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 erditled
<br /> lo the immediate possession ot the premises above-described, together with all rents, proceeds and issues arising out ot the premises,and 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 insurance
<br /> premiums, taxes and assessments upon such premises,and for necessary expenses incurred in renting said premises and collecting rent thereErom,and
<br /> to apply same on said note and any notes evidencing future advances hereunder until the indebtedness secured is fully paid;antl for such purposes,
<br /> the undersigned does hereby sell,assign, set over and transfer unto Commercial all of said rents,proceeds and incomes including aay land contract
<br /> payments due mortgage owners or any other incomes af any type whatsoever from said property to be applied on the notes above�described;but said
<br /> Commercial shall in no case be 1ia61e for the failure to procure tenants,to collect rents,or to prosewte actions to recover possessian of said premises.
<br /> The Mortgagors further appoint Commercial o(Omaha, Nebraska, their attomey 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 rentals
<br /> or othet incomes due,and when vacant,to relet the same, fo make al I reasonable repairs and pay taxes out of said rents,profits,contract payments or
<br /> incomes and lo do all such things eiiher by fts own afficers or by other parties duly authorized and appointed by it,as its agent for said purpose,and
<br /> to charge ar pay a reasonabie(ee for such services.all of the above to be done at such times and ia such manner and on such terms as to their said
<br /> attorney may seem best,with tull power of substi tulion.
<br /> The Mortgagors hereby agree that if Commercial either voluntari ly or invoiuntarily becomes or is made a party to any suit or proceeding relating
<br /> to lhe hereinbefore described real estate,or to this mortgage or said note or notes,other than a foreciosure instituted by Commercial,Mortgagors will
<br /> reimburse Commercial for all reasonable casts incurred hy Commercial in said suit or proceeding.The Mortgagors further agree thal if the hereinbefore
<br /> described reai estate or any part thereo( be condemned under the power of eminent domain. or is otherwise acquired for a public use,the damages
<br /> awarded, the proceeds for the taking, and for the consideration for such acQuisition to fhe extent of the full amount of the remaimng 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 Iast maTuring installments of such indebtedness.
<br /> Dated this 7 Oth day of Aari 1 , 19�$.
<br /> IN E PRESENCE F: �
<br /> ��� ���� Dar 1 D. Watson �
<br /> 0
<br /> �J
<br /> Ju h L. Watson ~ �`'
<br /> STATE OF NEBRASKA �
<br /> Cou�rr oF Hal l ss. ;y
<br /> ' On tdis l�th day of Apri l ,19�8,before me, a notary public in and for said County,personally came ,
<br /> ihe above-named ,, '
<br /> Darrel D. Watso� and Judith l. Watson, husband and wife .�
<br /> io me weH known fo be fhe identical erson or � I '��
<br /> p persons whose name is or names are aftixed to tt�e above mortgage as grantor or grantors and they,he
<br /> or she,severalty acknowledge t�e said inslroment and the execution the�eot, be�l�voluntary acl and deed.
<br /> . . . CENEMi N0111RY�BERG L���`T� ,V-�"�4 a�,Q�
<br /> WITNESS my hand and Notarial Seal this day and year t ab��n�p�,»,tv7a
<br /> Notary Public-4�_ �
<br /> My commission expires on ihe 1 7th day of October ,�9 j�. M•50
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