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<br /> 7g- U02736 EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loan No_ 44656-9
<br /> KNOW ALL MEN BY THESE PRESENTSr That Carl A. Stark and Evelyn Z. Stark,husband and wi fe
<br /> ; _____(hereinafter called the Mortgagors)in consideration of the sum of
<br /> Twenty—Five Thousand and no/100----------- Dollars(3--25,0OO.OQ--)
<br /> loaned to Mortgagors,da hereby grant, bargain, sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIATION o(Omaha. �
<br /> , Nebraska, (hereinafter called "Commercial"), its successors and assigns, the following described real estate, situated in the County of,
<br /> � Hal T State of Nebraska,to-wit:
<br /> Lot eleven (11) in Block fourteen (14), University Place an
<br /> Addition to the City of Grand Island, Hall 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 lawfully seized ol said premises,that
<br /> they are iree from encumbrances, and lhat they wi I I forever warrant and defend the title to said premises against the lawful claims of all persons
<br /> whomsoever.
<br /> Provided,nevertheless, these presents 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 Ihe terms of said note and Charter and By-Laws of
<br /> r Commercial.
<br /> That whereas this mortgage shali seare 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 PROVIDED,HOWEVER,at no time shalt the aggregate principal amount secured by this mortgage,being the amouni due at any time on said
<br /> original note and any additional advances made, exceed an amount equal to 110 percent o(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 considered as limiting
<br /> � the amount that shali be secured hereby when advanced to protect the sewrity 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 forih in said note,and any other note for
<br /> additianal advances made until said debt is fulty paid with interest, then these presents shall be void:other,vise,to be and remain in fulf force and
<br /> effect;but if default shauld 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, lightning, and ather hazards included in extended
<br /> coverage insurance in an amount not less than lhe unpaid balance of said mortgage loan, in a company or companies acceptable to Com-
<br /> � mercial, the original of such policy or policies to 6e held by Commercial, and with a mortgage clause attached to said policy or policies,
<br /> in favor of Commercial;or
<br /> � (c) in the payment o(taxes and assessments levied upon said premises,or on this mortgage, before fhey are delinquent; or ^:'
<br /> � (d} If there is any change in the ownership of the real estate mortgaged herein,hy sale,either outright or by land conhact,or by assignment of
<br /> any interest thereon or otherwise; "
<br /> e
<br /> then, in any of the above set-forth events, the whole indebtedness hereby secured shail,at the option of Commercial,immediately become due and
<br /> ;� payable without further notice,and the amount due under said ttote and any other note for additional advances made shall,from the date of the exercise
<br /> i of said option,bear interesl at the maximum legai rate per annum,and fhis mortgage may then be(oreclosed to satisfy the amount due oo said note,and
<br /> ,� any other note for additionai 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 at the maximum legai rata
<br /> i PROVIDED that in no event, either before ar after default, shal l 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 accurs in the making of the payments due on said note,and on any other note for additianal
<br /> � advances, as therein agreed to be made, or in keeping the premises insured, as ahove provided,or if default be made in the payment of llie taxes
<br /> i or assessments ievied upon the premises above described or upon this mortgage, belore they are by law deUnpuent,Commercial sfiall be entltled
<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 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 /> j premiums,taxes and assessments upon such premises, and for necessary expenses inwrred in renting said premises and collecting rent therefrom,and
<br /> j to apply same on said note and any notes evidencing fuWre advances hereunder unti l the indebtedness secured is fully paid;and for such purposes,
<br /> � C�e undersigned does hereby sell,assign, set over and transfer unta Commercial all of said rents,proceeds and incomes including any land contract
<br /> payments due mortgage owners or any other incomes of any rype whatsoever from said property to be applied on the notes above-describetl;but said
<br /> ,i Commercialshallin no wse be liable for the failure to procure tenants,to collect rents,or to prosecute actions to recover possession of said premises.
<br /> � The Mortgagors further appoint Commercial of Omaha, Nebraska, their attorney in fact, giving said attomey power irrevoca6ly,either on its own
<br /> + name or Mortgagors'names lo take all necessary steps for proceedings in court or otherwise, to cause said prem�ses to be vacated,to collect renfals
<br /> ' or other incomes due,and when vacant,to relet the same,to make all reasonable repairs and pay taxes out of said rents,protits,contract payments or
<br /> j inwmes and to do all such things either hy its own officers or by other parties duly authorized and appointed by it,as its agent for said purpose,and
<br /> !• to charge or pay a reasonable fee tor such services,all of the above to be done at such times and in such manner and on such terms as lo their said
<br /> ,} attorney may seem best,with full power of substiL�tion.
<br /> :; The Mortgagors hereby agree that if Commercial either voluntarily or involuntarily becomes or is made a party to any suit or proceeding relating
<br /> to�he herein6efore described real estate,or to this mortgage or said note or notes,other than a foreclosure instituted by Commercial,Mortgagors wiU
<br /> .� reimburse Commercial for all reasonable costs incurred by Commercial in said suit or proceeding.The Mortgagors further agree that if the hereinbefore
<br /> ,� -0escribed real estate or any part thereof be condemned under the power of eminent domain, or is otherw�se acquired for a public use,the damages
<br /> � awatded, the proceeds for the faking,and fnr the consideration for such acquisition to the extent of lhe full amount of the remaining unpaid indebted-
<br /> ness secured by this mortgage,be,and ihey hereby are,assigned to Commercial and shall be paid forthwith to Commercial to be applied on accoimt of
<br /> } the�ast mah�ring installments of such indebtedness.
<br /> � Dated this 4th day of Mav ,19Z8./�
<br /> # 1N THE P N OF: S "�� Q .�Klil�/�L�L��
<br /> `'� _ Carl A. Stark .J����J �
<br /> Oita-c.-�sy�.i �
<br /> :�� - Evelyn Z. tark »�-;:, — � ,:
<br /> �,� STATEOFNEBRASKA � :
<br /> � couN7v oF Buffalo 5S� J ` }
<br /> ,+ •On this bth K" �
<br /> .Y the above-nemed day of Ma� , 19Z8_, before me,a aotary public in and for said Counry,personaily came � ;
<br /> %3 Carl A. Stark and Evelyn Z. Stark, husband and wife 4� �;,�;
<br /> , Ne• , ical erson or "` A
<br /> W me well known to be persons whose name is or names are aftixed to the a6ove mortgage as grantor or grantors ane they,he
<br /> ` or she,severally acknowl e t sai i ' ereof,to be their voluntary act and deed.
<br /> •�
<br /> s ,A�v
<br /> WITNESS my hand and No i�is c���,ar�.��pqvaAwritt .
<br /> n; �
<br /> �NYon Exp.ltme 18. 1980 otary Pu61ic
<br /> My commission expires on the 18th day of�� ��tip , 19�q. M-50
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