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� � � �$ 00�476 EXPANDABLE MORTGAGE ASSIGNMENT OF RENTS Loan No. 818929-4 KNOW ALL MEN BY THESE PRESENTS:That Darrell L. Penas and Pamela L. Penas, husband and wife (hereinafter called the Mortgagors)in consideration of the sum of Twe�ty—Eight Thousand and no/100----------------------------------Dollars(5--28,000.00---) � Ioaned to Mortgagors, do hereby grant, bargain, sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIATION of Omaha, Nebr ska, (hereinafter called "Commercial"), its successors and assigns, the following described real estate, situated in the County of, Hal� State of Nebraska,to-wit Lot Seven (7), in Block Sixteen (16), in Wallich's Addition to the City oP Grand Island, Hall County, Nebraska. : TO HAVE AND TO HOLD THE SAME, with the appurtenances thereunto belonging, unto Commercial, its successors and assigns,forever. Said Mortgagors hereby covenant with said Commercial, its successors and assigns, that Mortgagors are lawfu�ly seized of said premises,that they are free from encumbrances, and that they will forever warrant and defend the title to said premises against the lawful claims of all persons whomsoever. Provided,neverthefess, these presents are upon the following conditions: That whereas the said Mortgagors as members of Commercial have this tlale executed a note evidencing such loan and agreeing to repay said sum of money, with interest, in payments as set forth in sai d note and have agreed to abide by the terms of said note and Charter and By-Laws o( Commercial. That whereas this mortgage shall secure any additional advances, with interest, which may,at the oplion of Commercial,be made by Com- • mercial to the undersigned Mortgagors or their successors in tiUe tor any purpose,at any time before the release and cancellation of this mortgage, but PROVIDED. NOWEVER,at no time shal I the aggregate principal amounl secured by this mortgage,being the amount due at any time an said original nate and any additional advances made,exceed an amount equal to 110 percent of the amount of the original note,6ut in no event shall said note exceed the maximum amount permitted by law,and PROVIOED. HOWEVER,that nothing herein conWined shall be considered as limiting the amount that shali 6e secured hereby when advanced to protect the security or in accordance with covenants contained in the mortgage. 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 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 ' effect;6utif default shouid be made: ' (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 (b) In keeping the improvements on said premises insured against loss by reason of tire, lightning, and other hazards included in extended coverage insurance in an amount not less than the unpaid balance of said mortgage loan, in a company or companies acceptable to Com- mercial, the original ot such policy or policies to be held by Commercial, and with a mortgage clause attached lo said policy or policies, in favor of Commercial;or (c) In the payment af taxes and assessments levied upon said premises, or on this mortgage,before they are delinquent;or (d) If there is any change in the ownership of the real estate mortgaged herein,by sale,either outright or by land contract,or 6y assignment of any interest thereon or otherwise; then, in any of the above set-(orth events, the whole indebtedness hereby secured shall, at the option ot Commercial,immediately became due and payable without further notice,and the amount due under said note and any other note tor addi tional advances made shall, from the date of the exercise 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 , any other note for additional advances,together with all sums paid by Commercial for insurance,taxes,assessments and abstract extension charges, with interest thereon from the date of payment at the maximum legal rate. PROVIDED that in no event, either before or after default, shali the interest due under said note and this mortgageand any other nate far ad- , ditional advances made exceed the maximum lawful interest rate. 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 advances, as therein agreed to be made, or in keeping the premises insured, as above provided,or if defaull be made in the payment of the taxes or assessments levied upon the premises above described or upon this mortgage, before they are by law delinquent, Commercial shall be entitled to the immediate possession of the premises above�descrihed, together with all rents. proceeds and issues arising out ot the premises,and may 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 premiums,taxes and assessments upon soch premises,and for necessary expenses inarred in renting said premises and collecting rent therefrom,and to apply same on said note and any notes evidencing future advances hereunder until the indebtedness secured is fully paid;and for such purposes, ihe undersigned does hereby sell,assign, set over and transfer unto Commercial ail of said rents,proceeds and incomes including any land cantract 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 , Commercial shall in no case be liable for the failure to procure tenanls,to col lect rents,or to prosecute actions to recover possession of said premises The Mortgagors further appoint Commercial of Omaha, Nebraska, iheir attorney in fact, giving said attomey power irrevocably,either on its own name or Mortgagors'names to take ail necessary sleps for proceedings in court or otherwise, to cause said premises to be vacated,to collect rentals or other incomes due,and when vacant,lo relet the same, to make all reasonable repairs and pay taxes out of said rents, profits,contract payments or incomes and to do all such things eitfier by its own officers or by other parties duly authorized and appointetl by it,as its agent tor said purpose,and to charge or pay a reasonahie fee for such services,ali of the above to be done at such times and in such manner and on such terms as to their said i attomey may seem best,with full power of substiWtion. The Mortgagors hereby agree that if Commercial either voluntarily or involuntarily becomes or is made a party to any suit or proceeding relating to the hereinbefore described real estate,or to this mortgage or said note or notes,other than a foreciosure instituted by Commercial,Mortgagors will reimburse Commercial for aU reasonable costs incurred by Commercial in said suit or proceeding.The Mortgagors further agree that if lhe hereinbefore described real estate or any part thereof be condemned under the power of eminent domain,or is olherwise acpuired for a public use, the damages awarded, the proceeds for lhe taking, and tor the consideration for such acQuisition to the extent of the full amount of the remaining uopaid indebted- ness seared by this mortgage,be,and they hereby are,assigned to Commercial and shall be paid forthwith to Commercial to be applied on account of the last maWring installments of such indebtedness. Dated this 27th day of Apl'l l .19�$. IN THE PR NCE F. � �� r D-a�r rel�enas � ��J � �,...O� o„�_�' „� �.. � Pamela L. Penas � STATE 0 F N EBRASK�A �, "�: COUNTY OF Hdl l �� ' On this 27th day o( Apri l , 19 7�,before rne, a notar F the above-named Y Public in and for said County,personally came , ,..:�� �� '': Darrell L. Per.as and Pamela L. Penas, husband and wife to me well known to be Me ideaticat person or persons whose name is or names are aifixed to the above mortgage as grantm or grantors and they,he � "`�' o�she,severally acknowledge lhe said instrument and the e ec��rfl��b6�lihiddMOFriary act and deed. � ARNOLDO.�DB�RG�� / . WITNESS my hand and Notarial Seal this day and year I ydm�� L� / ��/ _ . . � �^i,—>.. _.�i_'� -—----��`_ ''- �� Notary Pubiic .�` My commission expires on lhe ��th day of October ,19 Z2. �d-50