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<br /> 78- 002366 EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS l.oan No. 878926-0
<br /> KNOW ALL MEN BY THESE PRESENTS: That Steven A. Markham and Elaine K. Markham, husband and wife
<br /> (hereinafter cailed the PAortgagors)in consideration of the sum of
<br /> Thirty—Two Thousand Two Hundred and no/100----------------------- Dollars(s--32,200.00--�
<br /> I loaned to Mortgagors,do hereby grant, bargain, sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIAT�ON of Omaha,
<br /> Nebraska, (hereinafter called "Commercial"), its successors and assigns, the following described real estate, situated in the County oi,
<br /> Hal l State of Nebraska,to-wit:
<br /> Lots sixty-seven (67) and sixty-eight (68) in Hawthorne Place, an
<br /> Addition to the City of Grand Island, Hall County, Nebraska.
<br /> TO HAVE AND TO HOLD THE SAME, with the appurtenances the�eunto belonging, unto Commerciai, its successors and assigns,Forever.
<br /> Said Morigagors hereby covenant with said Commercial, its successors and assigns, that Mortgagors are lawfully seized ol said premises,that
<br /> Ney are free from encumbrances, and that they will forever warrant and defend the title to said premises against ihe lawful claims of all persons
<br /> whomsoever.
<br /> Provided,neverfheless,lhese presenfs 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 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
<br /> CommerciaL
<br /> That whereas this mortgage shall secure any additional advances, with interest, which may,at the option of Commercial,be made hy Com-
<br /> mercial to the undersigned Mortgagors or their successors in title for any purpose,at any time before the release and cancellation of this mortgage,
<br /> but PROVIOED, HOWEVER,at no time shall the aggregate princi paI amount secured by this mortgage,6eing the amount due at any time on said
<br /> original note and any additional advances made, exceed an amounl equal l0 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 PROVIDED,HOWEVER,that nothing herein contained shall be consiAered as limiting
<br /> the amount that shail be secured hereby when advanced to protecl the securily or in accordance with covenants contained in the mortgage.
<br /> Now, if the said Mortgagors shall pay or cause to he paid the said sums of money when due,as set(orth in said note,and any other note for
<br /> additianal advances made until said debt is fully paid with interest, then these presents shall 6e void;other;vise,to be and remain in tu{i forca 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 monihs,or
<br /> (b) In keeping the improvements on saitl premises insured against loss by reason of fire, lightning, and other hazards included in extended
<br /> coverage insurance in an amount not less than Ne unpaid balance of said mortgage �oan, in a company orcompanies acceptable to Com•
<br /> mercial, the original of such po�icy or policies to be heid by Commercial, and with a mortgage clause attached to said policy or palicies,
<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) It there is any change in the ownership of the real estate mortgaged 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 abave set-forth events, the whole indebtedness hereby secured shall, at the option of Commercial,immediately become due and
<br /> payable without further notice,and the amount due under said note and any other note for additional advances made shatl,from the date of the exercise
<br /> of said option, bear interest at the maximum legal rate per annum,and fhis mortgage may then be foreclosed to satisfy lhe 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 abstmct extension charges,
<br /> with interest therean from the date of payment at the maximum legal rate.
<br /> ; PROVIDED that in no event, either before or after default, shali the interest due under said note and this mortgage and any other note far ad- Y��
<br /> ' ditional advances made exceed lhe maximum lawful interest rate.
<br /> j
<br /> PROVIDED,further,that in the event thal default occurs in the making of the payments due on said note,and on any oiher note for additional
<br /> advances, as therein agreed to 6e made, or in keeping the premises insured, as ahove provided, or if default he made in the payment of ihe faxes
<br /> or assessments levied upon tl�e premises a6ove 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 arisingout of the premises,and may
<br /> in its discretion use the rents so far as it deems necessary tor the purpose of making repairs upon the premises and for lhe payment of insurance
<br /> premiums,taxes and assessments upon such premises,and far necessary expenses inarred in renting said premises and collecting rent therefrom,and
<br /> to apply same on said note and any notes evidencing future advances hereunder until Ihe indebtedness secured is fully paid;and for such purposes,
<br /> ;; the 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;but said
<br /> Commercial shail in no case 6e liable for the failure to procure tenants,to callect rents,or ta prosecute actions to recover possession of said premises.
<br /> The Mortgagors further appaint Commercial of Omaha, Nebraska, their atiomey in fact, giving said attorney power irrevota6ly,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 renfals
<br /> •' or other incomes due,and when vacant,to relet!he same,to make all reasona6le repairs and pay taxes out of said rents,profits,contract payments or
<br /> incomes and to do all such things either hy its own afficers or by other parties tluly authorized and appointed by 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 su6stitution.
<br /> The Mortgagors hereby agree that if Commercial either voluntarily or involuntarily 6ecomes or is made a party to any suit or proeeeding relating
<br /> to the hereinbefore described real estate,or to this mortgage or said note or notes,other than a foreciosure instituled hy Commercial, Mortgagors will
<br /> reimburse Commercial for all reasonable costs incurred by Commercial in said suit or proceeding.The Mortgagors further agree that it ihe hereinbefore
<br /> described real estate or any part thereof be condemned under the power of eminent domain, or is otherwise acquired for a pu6lic use,the damages
<br /> awarded, the proceeds for the faking,and for the consideration for such acquisition to the extent of the fuil amount of the remaining unpaid indebte0-
<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 maWring insfallments of such indebtedness.
<br /> '. Dated fhis 215t day of APri 1 ,19 78.
<br /> IN PRE CE Cc ,zrn�1 _
<br /> �,� � � Steven A. Markham
<br /> � � , �i.l�� �iC �i„-z�/ � 7 P /���'7 G�>-r'�� . F
<br /> Elaine K. Markham ��
<br /> STATE OF NEBRASKA ~�.} ' . �
<br /> i ' COUNTY OF H3�� ss. � r �
<br /> � � .� � ;
<br /> �,
<br /> •On this 215t day of aDT'l l , 19�8 , before me,a notar
<br /> ,� the above-named y public in and for said County,personally came ;' >z+g
<br /> { Steven A. Markham and Elaine K. Markham, husband and wife � �
<br /> to me well known to be the identical person ot persons whose name is or names are affixed to the above mortgage as granror or granlors aod they,he �" V
<br /> or she,several{y acknowledge the said instrument and the execution thereof,to be their voluntary act and deed.
<br /> ; ea�Nor�ar•ser.a w.e..
<br /> .. WIINESS my hand and No I Seat�4PiDtlg@a R#�bove written. / �
<br /> a�l�Iy Cemm.@P tZ s!7! � l L�c/�
<br /> �...�� _��_ _ _ --- - -� �
<br /> Notary Pubhc
<br /> My commission expi�es on the 17tM day of nctn6wr , �9�, M-50
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