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<br /> 78� U02324 -
<br /> EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loa�No. 44647-0
<br /> KNOW ALL MEN BY THESE PRESEN7S:That James T. Muchmore and Evelyn M. Muchmore, husband and wi fe
<br /> TWeI1t FOUr Thousand and no/100---------- _(hereinafter called the Mortgagors)in consider on 2i he m of -
<br /> Y' -'-- Dollars(5--��,OU�.O�- )
<br /> I loaned to Mortgagors,do hereby grant,bargain, sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIATION of Omaha, 4
<br /> Nebraska, (hereinafter called "Commercial"), its successors and assigns, the following described real estate, situated in the County of,
<br /> Hal l State of Nebraska,to-wit
<br /> Lots One (1) and Three (3) and the complement to Lot One (1), being
<br />; one-half of the vacates Prospect Street, all in Block Sixteen (16),
<br /> in University Place an Addition to the City of Grand Island, 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 hereby covenant with said Commercial, its successors and assigns, that Mortgagors are Iawfully seized of said premises,lhat
<br />; they are free from encumbrances, and that they will forever warrant and defend the title to satd premises against the lawful claims of all persans
<br /> whomsoever.
<br /> Provided,nevertheless,these presents are upon the (oilowing conditions:
<br /> That whereas the said Martgagors as members o( Commerciai 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 have agreed to abide by the terms of said note and Charter and 8y-Laws of
<br /> CommerciaL
<br /> That whereas this mortgage shall secure any addi tional advances, with interest, which may,at the option of Commercial,be made 6y Com-
<br /> mercial to the undersigned Mortgagors or their successors in title tor any purpose,at any time before Ne release and cancellation of this mortgage,
<br /> but PROVIDED,HOWEVER, at no time shall the aggregate principal amount secured by this mortgage, being the amount due atany time on said
<br /> original note and any additional advances made,exceed an amount equal to 110 percent of the amaunt of the original note,but in no event shall
<br /> said note exceed the maximum amaunt permitted by Iaw, and PROVIDED,HOWEVER,that nothing herein conlained shall be consideretl as limiting
<br /> the amount that shall be secured hereby when advanced to pratect the security or in accordance with covenants contained in the mortgage.
<br /> Now, if the said Mortgagors shall pay or cause to be paid ihe 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, Nen these presents shall be void;other,vise,to be and remain in full force and
<br /> effect;6ut 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 of (ire, IighNing,and other hazards included in eztended
<br /> coverage insurance in an amount nat less than the unpaid balance ot said mortgage loan, in a company or companies acceptable to Com-
<br /> mercial, the originai of such policy or policies to be heid by 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,hefore they are delinquent;or
<br /> (d) If there is any change in the ownership of the real estate maRgaged 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-forth events, the whofe indebtedness hereby secured shall, at 1he option of Commercial, immediately become due and
<br /> payable without further notice,and the amount due under said note and any other note for addi tional advances made shall,from 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 satisfy the amount due on said note,and
<br /> any other note for additional advances, together with all sums paid by Commercial for insurance, taxes,assessments and abstract extension charges,
<br /> with interest thereon from the date of payment al 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 made exceed the maximum lawful interest rate.
<br /> PROVIDEO,further,that in Ihe event that default occurs in the making of the payments due on said note,and on any other note for additional
<br /> advances, as iherein agreed to be made, or in keeping ihe premises insured, as above provided,or iF 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 entitled
<br /> to the immediate possession ot the premises above-described, together with all rents, pwceeds and issues arising out of 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 therefrom,and
<br /> to apply same on said note and any notes evidencing future advances hereunder until the inde6tedness secured is fully paid;and for such purposes,
<br /> the undersigned does heretry sell,assign,set over aad transfer unto Commercial all of said rents,proceeds and incomes including any tand contract
<br /> payments due mortgage owners or any other iocomes of any type whatsoever from said property to be applied on the notes above-descrihed;Iwt said
<br /> Commercial shall in no case be liable for the fai lure to procure tenants,to col lect rents,or to prosecute actions to recover passession of said premises.
<br /> The Mortgagors further appoint CommerciaJ of Omaha,Nebraska, their attorney in fact, giving said attorney power irrevocably,either on its own
<br /> name or Morigagors'names to take all necessary steps tor proceedings in court or oNerwise,to cause said premises to be vacated,to collect rentals
<br /> or olher incames due,and when vacant,to relet the same, to make all reasona6le repairs and pay Wxes out of said rents,profits,controct payments or
<br /> incomes and to do all such fhings either by its own officers or by other parties duly authorized and appointed by it,as its agent for said purpose,and
<br /> W charge or pay a reasonable fee for such services,all af the above to be done at such times and in such manner and on such terms as to their said
<br /> altomey may seem best,with full power ot suhstih�tion.
<br /> The Morigagors hereby agree that if Commercial either voluntarily or involuntarily becomes or is made a party 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 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 /> descri6ed real estate or any part thereof be candemned 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 consideralion for such acQuisition to the extent of the full amount of the remaining unpaid inde6ted- '
<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 last mahiring installments of such indebtedness.
<br /> Dated this 20th day of Apri 1 ,19 L. J
<br /> 8
<br /> <fN R C f: � - � � �
<br /> �� , ���mes T. Mu hmor
<br /> �
<br /> �� . �. . 1�.{ ir..n A�� . 7'YL.,��r�i,-�- �,... . . . � �
<br /> Evelyn .M Muchmore ��'- h*
<br /> STATE OF NEBRASKA �'� `
<br /> CUUNTY OF Hdl l - ss. ' �
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<br /> � Ort ffiis 20Lh day of Ap►'i� , 19 7$ , before rne, a notary public in and for said County,personally came ' �
<br /> the above•named � "
<br /> James T_ Muchmore and Evelyn M. Muchmore, husbar�d and wife ��'�%�
<br /> to me well known to be the identical person or persons whose name is or names are affixed to the above mortgage as grantor or granrors and they,he � I �
<br /> or she,severafly acknowledge the said instrument and the execution U�ereof, to be their voluatary act and deed.
<br /> WITNESS my hand and Nofarial Seal this day an ea��I�����R� �l ��L/�% � /��
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<br /> . � �MY Comm.Eap.Oct 17,197� �� L/ �T
<br /> �7th Notary Public
<br /> My commission ezpires on the day of October �,�9Z4_. M 50
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