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<br /> Z8� 003193 EXPANDABLE MORTGAGE LoanNo. 878939-1
<br /> ASSIGNMENT OF RENTS
<br /> ; KNOW ALL MEN BY THESE PRESENTS:That P, R. Lee SensenbaCh,,a si 7 r on �
<br /> ` (heremaRer ca�l�d�he�fartgagors)in consideration ot the sum of r
<br /> �j Thirteen Thousan� Five F�usdred a�d�10/100------------------ oouars(a 1� 50p 00-�
<br /> ! loaned to Mortgagors, do ereby gran, argam,se an wnvey unto COMMERCIAL FEDERAL$�AT/TNG$-iIND LOAN ASSOCIA I�N oi bmaha,
<br /> i'� Nebraska, (hereinafter called "Commercial"), its successors and assigns, the foliowing described real estate, situated in the County of, � k
<br /> Hal l State ot Nebraska,to-wit:
<br /> '�. Lot Pive (5), in Block ten (10) in Rollins Addition
<br /> t to the city of Grand Island, Hall County, Nebraska
<br /> ,�
<br /> ri � � � � �
<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, ihat Mortgagors are lawfully seized of said premises,that
<br /> ` tliey a�e free from encumbrances, and that they will forever warrant and defend the title to sa�d premises against the lawfut claims o(atl persons
<br /> ' whomsoever.
<br /> .?
<br /> :� Provided, neverfheless,these presertts are upon the foltowirtg wrtditiorts:
<br /> } That whereas the said Mortgagors as members of Commercial have this date exewted 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 /> Commerciai.
<br /> ; That whereas this mortgage shall secure any additional advances, with interest, which may, at the option of Commercial,bemade by Com-
<br /> mercial to the undersigned Mortgagors or their successors in title for any purpose,at any time before the release an�cancellation of this mortgage,
<br /> a 6ut PROVIDED,HOWEVER, at no time shall fhe 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 na event shall E'-
<br /> � said note exceed the maximum amount permitted by law,and PROVIDED,HOWEVER,that nothing herein contained shall be consitlered as Iimiting �
<br /> the amount that shali 6e secured hereby when advanced to protect the security or in accordance with covenants contained in fhe mortgage. ;. r„
<br /> ' Now, if the said Mortgagors shall pay or cause to 6e paid the said sums of money when due,as set forth in said note,and any other note for �� .
<br /> j addiGonal advances made until said debt is fully paid with interest, then these presents shali be void;otherNise,to be and remain in(uli(orce and }>'
<br /> ,a effect;but if default should 6e made: Kf
<br /> at;
<br /> � (a) in any of fhe payments due on said note,and any other note for additianal advances made,as therein agreed to be made for ihree months,or ;
<br /> aw
<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 msurance in an amount not less than the unpaid balance of said mortgage loan, in a campany or companies acceptable to Com- � , � �
<br /> YM�
<br /> mercial, the original of such policy or policies to 6e held by Commercial, and with a mortgage clause attached to said poiicy or policies, � f �
<br /> y �in tauor of Commercial;or x '. �����
<br /> ,1 �. . . � � .. i x�S�,�,i�
<br /> { (c) In the payment of taxes and assessments levied upon said premises,or on this mortgage,hefore they are delinquent;or �„�;'
<br /> �� (d) if there is any change in the ownership of the real estate mortgaged herein, by sale,either outcight or by land contract,or by assignment of � `�
<br /> any interest thereon or otherwise; S�
<br /> then, in any of the above set•forth events, the whole indebtedness hereby secured shali, at the option oi Commercial,immediately become due and � �^��.
<br /> � payable without further notice,and the amount due under said note and any other note for additional advances made shatl,from the date of ihe exercise �- '���'r
<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 ,.;p„�:r��
<br /> any ofher note fot additional advances,together with all sums paid by Commercial for insurance,taxes,assessments and abstract eztension charges, F
<br /> with interest thereon from the date oi 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- i
<br /> ditional advances made exceed Ne 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(or additional ;
<br /> advances, as 3herein agreed to he made, or in keeping the premises insured, as above provided,or if default be made in the payment of Me taxes
<br /> or assessments levied upon the premises above described or upon this mortgage, before they are by law delinquent,Commercial shall he entitled
<br /> to the immediate possession of the premises above•described, together with aIl rents, proceeds and issues arising out of the premises,and may �;
<br /> in its discreUon use the rents so far as it deems necessary for the purpose otmaking repairs upon the premises and for the paymentafinsurance
<br /> premiums,,taxes and assessments upon such premises,and for necessary expenses incurred in renting said premises and collecting rent therefram,and
<br /> to apply same on said note and any notes evidencing future advances he�eunder until ihe indebtedness secured is(ully paid;and for such purposes, �
<br /> �� tl�e undersigned does hereby sell,assign, set over and trans(er 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;6ut said
<br /> � Commercialshallin 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. 8iving said attorney power irrevocahly,either on its own
<br /> name or Mortgagors'names to take all necessary steps tor proceedings in court or otherwise,to cause said premises to be vacated,to collect 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 its own officers or by other parties duly authorized and appointed by it,as its agent for said purpose,and
<br /> '� to cAarge br pay a reasonable fee for such services,all of the above to be done at wch times and in such manner and oa such terms as to their said
<br /> attomey may seem best,with full power of substihition.
<br /> � The Mortgagors hereby agree that it Commereial either voluntarily or involuntarily becomes or is made a party to any suit or proceeding relating �
<br /> ;�. to fhe hereinbefore described real estate,or to this mortgage ar said note or notes,other than a foreclosure instituted by Commercial,Mortgagors will
<br /> �. reimburse Commercial for all reasonable costs incurred by Commercial in said wit or proceeding.The Mortgagors further agree that if the hereinbefore
<br /> descri6ed real estate or any part thereof be condemned under the power of �ninent domain,or is oNerwise acquired for a public use,the damages
<br /> 'awarded,the proceeds for the haking,and for the consideration for such acquisition to the extent of the full amount of the remaining unpaid indebted-
<br /> ness secured by)his mortgage,be,and they hereby are,assigned to Commercial and shall be paid forthwith to Commercial to be applied on account of
<br /> ;�, U�e�last mah�ring installments of such indebtedness. � x� " ��
<br /> Dated fhis 24th day ot�Y .19 7$ ,
<br /> _M
<br /> �f IN' E R E E F: "I I� � �-r� `
<br /> ,t � � � P_ R. Lee Sensenbach ;
<br /> F'z
<br /> . . . +w����..: '�,• �y�..
<br /> .�STATE Of NEBRASKA .:
<br /> � ��"�
<br /> , �COUNTY9F :3ia7-1 ss. I ,�Y
<br /> �� „ } Vry 'An this 24th ��af �Y � , 19 78, be(ore rne,a notary pu6lic in and for said County,personally came , �Y` f�
<br /> tlie;al�ove�iamed ` ��:.1
<br /> P. R. Lee Sensenbach, a'single person �'; �u�
<br /> ' n�� ��;,
<br /> , , ta me welt knowq.ftr be ltie idenGcal person or persons whose name is or names are affixed to the a0ove mortgage as grantor or grantors and they,he
<br /> � ar she,several�ly acknowiedge the said instrumeni and the execution thereof,to be their+roluntary a t and deed.
<br /> r ' ��.11�d M�Or.' //,�� � �
<br /> � WITNESS my.hand and Notariat Seal this day and y Ia��nW� y / -L/i / —
<br /> ��p�w.6F '�� �t,./
<br /> p day`of- nctotier 19�. Notary Public �
<br /> My comm�ssion ez ires on Ne �7th M-50
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