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<br /> 78--UO26�O ExPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loan No. 818930-9
<br /> KNOW ALL MEN BY THESE PRESENTS:That James F. Martin a�d $hQ ryl g Ma rtin, husba d and ife
<br /> (heremafter callea the hTorlgagors)m consi�eration of�e sum of
<br /> Thirty—Two Thousand Eight Hundred Fifty and no/100----------------Dollars (E--32 850.00--)
<br /> loaned to Mortgagors,do hereby grant,bargain, sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIAfiION of Omaha,
<br /> � Nebraska, (hereinafter called "Commercial"), its successors and assigns, the fol(owiog described real estate, situated in the County of,
<br /> Hal l State of Nebrasha,to-wit:
<br /> Lot Four (4) in Block Ten (10) in Ashton Place, an Addition to the
<br /> City of 6rand Island, Hall County, Nebraska. _
<br /> ' TO HAVE AND TO HOLD THE SAME, with the appurtenances thereunto 6elonging, unto Commercial, its successors and assigns,forever.
<br /> Said Mortgagors hereby cavenant with said Commercial, its successors and assigns, that Martgagors are lawfulty seized of said premises,that
<br /> they are free from encumbrances, and that they will farever warrant and defend the title to said premises against Ne lawful claims of all persons
<br /> whomsoever.
<br /> Provided,nevertheless,these presents are upon the foilowing condiiions:
<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 ByLaws of
<br /> CommerciaL
<br /> That whereas this mortgage shali secure any additional advances, wi th interest,which may,at the option of Commercial,be made by Com-
<br /> mercial to the undersigned Martgagors or their successors in title for any purpose,at any time before the 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 at any time on said
<br /> original note and any additional advances made, exceed an amount equal to 110 percent of the amount of fhe 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 considered as limiting
<br /> the amount that shall be secured hereby when advanced to protect the security or in accordance with covenants contained in the mortgage.
<br /> Naw, if the said Mortgagors shall pay or cause to be paid the said sums o(money when due,as set forth in said note,and any afher 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 fult force anC
<br /> eftect;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 months,or
<br /> (b) in keeping the improvements on said premises insured against loss by reason of fire, IighNing, and ofher hazarQs included in extended
<br /> coverage insurance in an amount not less than the unpaid balance of said mortgage loan, in a company or companies acceptable to Com-
<br /> mercial, the original of such policy or policies to be held hy Commercial,and with a mortgage clause attached lo said policy or policies,
<br /> in favor of Commercial;or
<br /> (c) In the payment of Wxes and assessments levied upon said premises,or on this mortgage,before they are delinquenk or
<br /> (d) If there is any change in the ownership af the real estate mortgaged herein, by sale,either outright or by land contract,or 6y assignment of
<br /> any interest thereon or otherwise;
<br /> then, in any of the above set•forth events, Ihe whole indebtedness hereby secured shall,at the option of Commercial,immediately hecome due and
<br /> payable without further notice,and the amount due under said note and any other note for additional advances made shal�,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 note,and =
<br /> any other note tar additional advances,together with all sums paid by Commercial for insurance,taxes,assessments and abstract extension charges,
<br /> witl�interest thereon from the date of payment at the maximum legal rate.
<br /> PROVI�ED that in no event, either heFore or after default, shall the interest due under said note and this mortgage and any other note for ad-
<br /> ditional advances made exceed lhe maximum lawful interest rate.
<br /> �
<br /> PROVIDED,further,ihat in the event that default occurs in tfie making of the payments due on said note,and on any other note for additional
<br /> advances, as therein agreed to 6e made, or in keeping Ne premises insured, as above provided,or if defauit be made in the payment of the iaxes
<br /> or assessments levied upon the premises above described or upon this mortgage, before they are by faw 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 discre8an use the rents so far as it deems necessary for the purpose o(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 theretrom,and
<br /> to appty same on said note and any nates evidencing(uture advances hereunder until the indebtedness secured is fully paid;and for such purposes, '
<br /> the undersigned does hereby sell,assign, sel 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 shall in no case be liable for tMe failure to procure tenants,to collect rents,or to prosecute actions to recover possession of said premises.
<br /> � The Mort ors turther a oint Commercial of Omaha,Nebraska, their attorne m fact, ivin said attorn
<br /> 8aB PP y g g ey 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 cotlect rentals
<br /> or other incomes due,and when vacant,to relet the same,to make aIl reasonable repairs and pay taxes aut of said rents,protits,contract payments or
<br /> incomes and to do all such things either by its own officers or by other parties duly authorized and appointed by it,as its agent for said purpose,and
<br /> ta 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 /> attomey may seem best,with full power of substitution.
<br /> The Mortgagors here6y agree that if Commercial either voluntarily or involunlarily 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(oreclosure instituted by Commercial,Mortgagors will
<br /> `' reimburse Commercial for all reasonable costs incurred 6y Commercial in said suii or proceeding.The Mortgagors further agree that if the hereinbefore
<br /> `• described real estate or any part thereaf be condemned under the power of eminent damain, or is otherwise acquired for a puhlic use,the damages
<br /> awarded, the proceeds for the taking,and for the consideration for such acquisiti on to the extent af the full amount of the remaining unpaid indebted-
<br /> ness secured by this mortgage,6e,and they hereby are,assigned to Commercial and shall be paid forthwith to Commercial to he applied on accoimt of
<br /> the last maturing insqllments of such indebtedness
<br /> Dated this 3rd day of MdX .19�.
<br /> j lN THE�,JtES�O�/U/ n � ✓' 9
<br /> ��/ mes F. Marti
<br /> � ��/�liCG� .�/Y.�2 �ih ,
<br /> �, �..
<br /> Sheryl S. Mart' _
<br /> STATE OF NEBRASKA " `
<br /> COUNTY OF Hal l ss. I w �
<br /> '� • On this 3rd F� `Y
<br /> the above-named day of M�y , 19 7$, betore me, a notary public in and for said County,personally came ; '
<br /> ' James F. Mart�n and Sheryl S. Martin, husband and wi fe �'"'�� �;��
<br /> � to me well known to be the ideniical person or persons whose name is or names are fized to the above mortgage as grantor or grantors and they,he � ""`'`
<br /> or she,severally acknowledge the said insirument and e�t11�qOf;Ap�votuntary act and deed. /
<br /> �� .� . .. A1INOLD�t7.1Y79 � ///� / / .
<br /> � WITNESS my hand and Notarial Seal this day and y 1dd�rA4!@1t. �!���'���`r L(�_.�CP���
<br /> ___._._. _ �
<br /> My commission expires art the �7LF+ day of OCtOh@r ,19�¢. Notary Public M-50
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