|
� �
<br /> �$-' U02885 EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loan No. 878935-9
<br /> KNOW ALL MEN BY THESE PRESENTS:That Steven R. Wardyn and Dawn Wardvn, husband and wife
<br /> (hereinafter called t6e Mortgagors)in consideration of the sum of
<br /> Twenty-Seven Thousand and no/100---------------------------------- Dollars(a--27 000.00--)
<br /> loaned Io Mortgagors,do hereby grant, bargain,sell and coovey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIA�ION of Omaha, I
<br /> ; ` Nebraska, (hereinafter called "Commercial"), its successors and assigns, the following described real estate, situated in the County of,
<br /> Nal l State of Nebraska,to-wit:
<br /> Lot three (3) of Gilbert's Subdivision of Block one (1), of Gilbert's
<br /> Second 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 here6y covenant wilh said Commercial, its successors and assigns, that MoNgagors are lawfully seized of said premises,that
<br /> they are free fcom encumbrances,and that they will forever warrant and defend the title to safd premises against the lawful claims of all persons
<br /> whomsoever.
<br /> Provided,nevertheless,ihese presents are upon the following conditions:
<br /> That whereas the said Mortgagors as members o( 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 Vie terms of said note and Charter and ByLaws of
<br /> CommerciaL
<br /> That whereas this mortgage shall secure any additional advances, with interest, which may,at the option of Commercial,be made by Com-
<br /> mercial to the undersigned Mortgagors or their successors in title for any purpose,at any time before ihe release and cancellation of this mortgage,
<br /> but PROVIDED,HOWEVER, at no time shall the aggregate princi pa�amount secured by this mortgage,being Ne amount due at any time on said
<br /> original noie and any additional advances made,exceed an amount equal to 110 percent of the amount of the original note,but in no event shall
<br /> said nole exceed the maximum amount permitted by law,and PROVIDED,HOWEVER,that nothing herein confained shall be considered as limiting
<br /> the amount that shali be secured hereby when advanced to protect the security or in accordance with covenants conWined in the mortgage.
<br /> Now, if the said Mortgagors shall pay or cause to be paid fhe 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 wifh interest, then these presents shall be void;otherNise,to be and remain in futl force and
<br /> `� effect;but if default shouid be made:
<br /> (a) In any of the payments due on said nate,and any oNer 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 other hazards included in extended
<br /> ' coverage insurance in an amount not less than the unpaid balance of said mortgage loan, in a company orcompanies acceptable to Com-
<br /> j mercial, the original of such policy or policies to be held by Commercial, and with a mortgage clause attached ta said poficy orpolicies,
<br /> in favor of Commercial;or
<br /> i
<br /> � (c) In the payment oi taxes and assessments levied upon said premises,or on this mortgage,befare ihey are delinquent:or
<br /> (d) ff 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 above 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 nate and any other note for additional advances made shall,from the date of the exercise
<br /> � af said option,6ear interest at the maximum legal rate per annum,and fhis 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 trom the date of payment at the maximum legal rate.
<br /> ' PROVIDEO that in no event, either before or after default, shall the interest due under said note and this mortgage and any other nate for ad-
<br /> ditional advances made exceed the maximum lawful interest rate.
<br /> 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
<br /> advances, as therein agreed to be made, ar in keeping the premises insured, as above provided, ar if default be made in the payment of the faxes . ,,
<br /> o� assessments levied upon the premises above described or upon this mortgage, before they are by law delinquent,Commercial shall 6e entitled
<br /> to the immediate possession of the premises above•described, together with all rents, proceeds and issues arising out ot the premises,and may
<br /> in its discreGon use the rents so far as it deems necessaty 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 indebtedness secured is fully paid;and tor such purposes, -
<br /> � the undersigned does hereby sell, assign, set over and transfer unto Commercial alI of said rents,proceeds and incomes including any�and contract
<br /> payments due mortgage owners or any other incomes of any type whatsoever from said property to be applied on the notes above-describeC;but said
<br /> + Commercial shall in no case be fiable for the failure to procure tenants,to collect rents,or to proseate actions to recover possession of said premises.
<br /> ;j The Mortgagors further appoint Commercial of Omaha, Nebraska, their attorney in fact, giving said attomey power irrevocably,either on its own
<br /> name or Mortgagors'names W take all necessary steps for proceedings in court or otherwise, to cause said premises to be vacated,to collect rentals
<br /> j or other incomes due,and when vacant,to relet the same,to make all reasonable repairs and pay taxes out of said rents,profits,contract payments or
<br /> incomes and to do all such things either by its own officers or by other parties duly authorized aod appointed by it,as its agent for said purpose,and
<br /> f` 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 /> � attomey may seem best,wiN full power of substitution.
<br /> f The Mortgagors hereby agree that if Commercial either voluntarily or involuntarily becomes or is made a party to any wit or pwceeding 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 /> 1' reimburse Commercial for all reasonable costs incurred by Commercial in said suit or proceeding.The Mortgagors further agree that if lhe hereinbefore
<br /> � described real estate or any part thereof be condemned under the power of eminent domain, or is otherwise acpuired for a pu6lic use,the damages
<br /> awarded,fhe proceeds for tfie taking,and tor the consideration(or such acquisition to the extent of the full amount of the remaining unpaid indebted•
<br /> � ness secured by this mortgage,be,and they hereby are,assigned to Commercial and shall be paid torthwith to Commercial to be applied on account of
<br /> ; - the last maturing installments of snch indebtedness.
<br /> ,.� _ Dated this day of MaY �197�_.
<br /> ` IN T RE E �'-�"�_� /5--1��L_�
<br /> t / / Steven R. Wardyn
<br /> :i /
<br /> �� � �ClGG� c�f�Ih_Q'l�n� �
<br /> Dawn Wardyn .».,�—�:-
<br /> � STl4TE OF NEBRASKA ;
<br /> sg. � # � �
<br /> counrv oF . Ha71 �
<br /> � , . . . i::
<br /> =0n this l Ath day of May , 19�, hefore me, a nota �+
<br /> t� !he'above-named
<br /> ry public in and for said County,personalty came y
<br /> a Steven R. Wardyn and Dawn Wardy�, husband and wife ^�'4 =�,�
<br /> ; to me well known to tie the identical person or persons whose name is or names are affixed to the above mortgage as grantor or grantors and they,he " �'�
<br /> or she,severally acknowledge lhe said instnimenf a�d the execution thereof,to be their voluntary act a deed.
<br />`y x 6EREII���•SLb d f1aDr.
<br /> ; WITNESS my hand and Notarial Seal this day and year last abo ntteq►RNOLD�-��aG
<br /> , ��y came�.F�o,ou.t�,t �
<br /> My commission expires on the 7 7tfi day of OCtObB7' ,19�. Notary Pubfic M-50
<br />
|