|
� �
<br /> 78-00307� EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loan No. 44657-7
<br /> KNOWALL MEN BY7HESE PRESENTS:That Kraig M. Keller, a single person, and Cynthia L Poole, a
<br /> �i� e pe1"SQf1 (hereinafter called the Mortgagors)in consideratian of the sum of
<br /> we T o Tho sand and no/100----------------------------------- Dollars(s--2p 000.00--)
<br /> ' Ioane��oyMor�gagors,�o here6y grant, bargain, sell and convey unto COMMERCIAL FEDERAL SAVIN6S AND LOAN ASSOCIAfiION of Omaha, -
<br /> � Nebraska, (hereinafter called "Commercial"), its successors and assigns, the following described real estate, situated in the County of,
<br /> Hdl l State of Nebraska,to-wit:
<br /> Lot eight of 0'Neill Subdivision being a subdivision of a
<br /> portion of Block three (3) Pleasant Home Subdivision in the
<br /> City of Grand Island, Hall County, Nebraska.
<br /> TO HAVE ANO 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 fwm encumbrances, and that they will forever warrant and defend the title to said premises against the lawful claims of all persons
<br /> whomsoever.
<br /> ProvideQ aevertheless,these presents are upon the fo�lowing conditions:
<br /> That whereas the said Mortgagors as members of Commerciaf 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 6y 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 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 the original note,but in no event shall
<br /> said note exceed the maximum amount permitted Dy law,and PROVIDED,HOWEVER,that nothing herein contained shall be considered as limiting
<br /> the amount ihat shall 6e secured hereby when advanced to protect the security or in acwrdance with covenants contained in the mortgage.
<br /> 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
<br /> additional advances made until said debt is fully paid with interest, then these presents shall be void;other,vise,to be and remain in full force and
<br /> effect;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 oo 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 ar companies acceptable to Com-
<br /> mercial, the original ot such policy or policies to be held by Commercial, and with a mortgage ciause attached to said policy or policies,
<br /> in favor of Commercial;or
<br /> (c) In the payment of taxes and assessments levied upon said premises,or on this mortgage,before they are deiinquent;or
<br /> (d) If there is any change in the ownership of the real estate mortgaged herein, by sale,either outrigbt or by land contract,or by assignment of
<br /> any interest thereon or otherwise;
<br /> i 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 wifhout further notice,and the amount due under said aote and any oNer note for additional advances made shali,from the date of the exercise
<br /> of said aption,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 for additional advances, together with alt 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 /> ditional advances made exceed the maximum Iawful 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, or in keeping the premises insured, as above provided,or if default be made in the payment of the faxes
<br /> or assessments levied upon the premises above described or upon this mortgage, before they are by law delinquent, Commerciai 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,ahd may
<br /> in its distretion 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 /> 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 hereuntler until the indebtedness secured is futly paid:and for such purposes,
<br /> � the undersigned does hereby sell,assign, set 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 the failure to proare tenants,to colfect rents,or to proseate actions to recover possession of said premises.
<br /> The Mortgagors further appoint Commercial of Omaha, Nebraska, their attomey in fact, giving said attomey power irrevocabiy,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 vacatea,to collect rentals
<br /> or other incomes due,and when vacant,to relet the same,to make all reasonabie repairs and pay taxes out of sald rents,profits,contract payments ar
<br /> incomes and to do all such things either by its own of(icers 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 for such services, all of tl�e above to be done at such times and in such manner and on such terms as to their said
<br /> ' attorney may seem best,with fuil power of substiWtion.
<br /> 1
<br /> The Mortgagors hereby agree that ii Commercial either volunWrily or involuntarily 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 foreclosure instituted by Commercial,Mortgagors will
<br /> reimburse Canmerciai for all reasonable costs incurred by Commercial in said suit or proceeding.The Mortgagors further agree that if the hereinbefore
<br /> descri6ed real estate or any part thereof be condemned under the power of eminent domain, or is otherwise acquired for a public use,the damages
<br /> awarded, the Droceeds tor the taking,and for the consideratinn for such acpuisition to the extent of the ful I amount af the remaining unpaid indebted-
<br /> ' nesssecured by this mortgage,De,and they hereGy are,assigned to Commercial and shall be paid forthwith to Commercial to be applied on account of
<br /> .j the last maturing instaliments of such inde6tedness.
<br /> '3 Dated this 11 th day of May ,19Z$—.
<br /> P SEN�: � --� \ ----
<br /> ,o[% Kra .
<br /> ; �A� �. nn (O ,
<br /> Cy th�a L. Poole -r '"�
<br /> ° STATE OF,�NEBRASKA
<br /> x: -
<br /> �� COUnTY oF Buffalo ss. �
<br /> J �
<br /> ,3 .On this llth day of Nlay , 191$ , before me,a notar `� "
<br /> a the above-named y public in and for said Counry,personally came k � { .�
<br /> Kraig M. Keller, a single person, and Cynthia L. Poole, a single person -:.�,
<br /> to me well known M be the identical per ffixed to the ahove mortgage as grantor or grantors and ihey,he ' "a
<br /> or she,severally acknowiedge the said in tru t and th fh ir volunta deed.
<br /> �M�IL MOTA�Y c�
<br /> WITNESS my hand and Notarial Seal this n ear �' 1� y��Z
<br /> , P Y September , 19�Q.. Nolary Pubhc M-50 �
<br /> My commission ex ires on the 29th da of
<br />
|