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<br /> 7$- (�03073 EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loan��o. 81$936-7
<br /> KNOW ALL MEN BY THESE PRESENTS:That Rodney E. Brown, a si ng1 e person
<br /> (hereinaTter cailed the Mortgagors)in consideration of the sum of
<br /> , Twenty Thousand Seven Hundred and NO/100------------------------- Doltars(S 20 700.00-�
<br /> loaned to Mortgagors,do hereby grant, bargain, sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIA7�ON ot Omaha, I
<br /> Nebraska, (hereinafter calied "Commercial"), its successors and assigns, the following described real estate, situated in the County of,
<br /> Hal l State of Nebraska,to-wiL•
<br /> Lot Two (2) in Lucas' Addition to the city of Grand Island,
<br /> 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 of said premises,that
<br /> they are free from encumbrances, and that they will forever warrant and defend the titie to said premises against the lawful claims of all persons
<br /> whomsoever.
<br /> Provided,neverfheless, these presents are upon the following condifionr.
<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 by Com-
<br /> mercial to the undersigned Mortgagors or their successors in title for any purpose,at any time before the re�ease and canceliation 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 addi tional advances made,exceed an amount equal to 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 noNing herein contained shall be considered as limiting
<br /> the amount that shail 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 6e paid the said sums of money when due,as set forth m said note,and any other note for
<br /> additional advances made until said debt is fully paid with interest, then these presents shalt be void;othernise,to be and remain in full force and
<br /> effech but if defauit shouid 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 other hazards 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, ihe origina�of such policy or policies to be held by Commercial, and with a mortgage clause attached to said palicy or policies,
<br /> in favor of Commercial;oi
<br /> (c) in the payment of taxes and assessments levied upon said premises,or on this mortgage, beFore they are delinquent;or
<br /> (d) If there is any change in the ownership of the real estate mortgaged herein, by sale,either outright or 6y land contrac[,or by assignment of
<br /> :� any interest thereon or otherwise;
<br /> �en, in any of the above sebforth events, the whole indebtedness hereby secured shall, at lhe option of Commercial,immediately become due and
<br /> payable without further notice,and the amount due under said note and any other note far additional advances made shall,from the date of the exercise
<br /> of said option,bear interest at the maximum legal rate per annum,and fhis mortgage may ihen be foreclosed to satisfy the amount due on said note,and
<br /> aay other note for additional 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 legal rate.
<br /> PROVIDED that in no event, either before or after default, shall the interest due under said note and this mortgage and any other note for ad-
<br /> ditionat advances made exceed the maximum lawful interest rate.
<br /> PROVIDED,furfher,that in the event that default occurs in the making of the payments due on said note,and on any other note for additiona!
<br /> advances, as therein agreed to be made, or in keeping the premises insured, as abave provided,or if tlefault be made in the payment of the haxes
<br /> or assessments levied upon fhe premises above descri6ed or upon this mortgage, 6efore they are by law delinquent, Commercial shall be entitled
<br /> to the immediate possession of the premises above described, together with all re�ts, proceeds and issues arising out of the premises,and may
<br /> in its discretion use the rents so far as it deems necessary Ior the purpose of making repairs upon the premises and for Ne payment of insurance
<br /> premiums,taxes and assessments upon such premises,and for necessary expenses incurred in renting said premises and coilecting rentfherefrom,and
<br /> to apply same on said note and any notes evidencing future advances hereunder until the indebtedness secured is fully paid;and for such purposes,
<br /> the undersigned does hereby sell,assign, set over and transfer unlo Commercial all of said rents,proceeds and incomes including any land contract
<br /> payments due mortgage owners nr any other incomes of any type whatsoever irom said property to be applied on the notes above-described;but said
<br /> Commercial shall in no case 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 attamey power irrevocabiy,either on its own
<br /> name or Mortgagors'names to take ali necessary steps for proceedings in court or otherwise, to cause said premises to be vacated,to collett rentals
<br /> 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 iLs own officers or 6y other parties duly 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 /> attomey may seem best,with full power of substitution.
<br /> The Mortgagors hereby agree that if Comme�cial either voluntarily or invo�untarily becomes or is made a party to any suit or proceeding relating
<br /> to the hereinbefore described real esWte,or to this mortgage or said note ar notes,other than a foreclosure instituted by Commercial,Mortgagors wfll
<br /> reimburse Commercial for all reasonable costs incurred by Commercial in saitl suit or proceeding. The Mortgagors further agree that if the hereinbefore
<br /> described real estate or any part thereof be condemned under the power ot eminent domain, or is otherwise acpuired for a pu6fic use, the damages
<br /> _ awarded, ihe proceeds for the taking,and for Ne consideration for such acquisition to the extent of the(ull amount of the remaining unpaid indebted•
<br /> ness secured by this mortgage,be,and they hereby are,assigned to Cammercial and shall be paid forthwith to Commerciai to be applied on account ol
<br /> the last maturing installments of such indebtedness.
<br /> Dated this 12th day of Mey , IgZ$ .
<br /> � ,���
<br /> 1N THE PRESEN,� �.
<br /> � n����� Rodney 4 rown ,
<br /> �
<br /> ' ..x.. ti1
<br /> ' STATE OF NEBRASKA ` fr"�'
<br /> t COUNTY OF Hdl l ss. �
<br /> ' 9n tfiis 12th day of�y , 19_Z.$_, before me,a notary public in and for said County,personally came
<br /> t Uie above-named
<br /> , � �
<br /> Rodney E. Brown, a single person � `
<br /> to me well known to be the identical person or persons whose name is or names are affixed td the above mortgage as grantor or grantors antl they,he
<br /> or she,severally acknowledge Me said instrument and the execution t�e�eft,�o^be their voluntary act and deed.
<br /> . . � . � 6E11EML NORI►R+f• e
<br /> WITNESS my hand and Notarial Seat this day a ear��e�'�"�,�,, ,,,, �_�
<br /> -�- __��_��- - -- �
<br /> Notary Public
<br /> My commission expires on the Vth day of [lctnhar , 19_7_9.. M 50
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