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<br /> 78— U0330� EXPANDABLE MORTGAGE LoanNo. II78943-0
<br /> ASSIGNMENT OF RENTS
<br /> KNOW ALL MEN BY THESE PRESENTS:That Daniel M. Zach and SHarc�n K Zac� husband aodd �ife�
<br /> (hereina er called the ortgagors)m consi era ion o the sum of
<br /> Thirt Three Thousand Seven Hundred Fift and No/IOQ--------------Dollars(�_33�75 p ) �
<br /> loaned to Mortgagors,do hereby grant,bargain, sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCiATIQN oi��maha,
<br /> Nebraska, (hereinafter cailed "Commercial"), its successors and assigns, the followi�g described rea� estate, situated in the County of,
<br /> Hal l State of Nebraska,to-wit:
<br /> Southerly Sixty-one (61) feet of Lot one (1) in Block
<br /> eleven (11) in Schirrener's Addition to the City of
<br /> 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 of said premises,that
<br /> they are lree lrom encumbrances, and that they will forever warrant and defend the title to satd premises against!he lawful claims of all persans
<br /> whomsoever.
<br /> Provided, nevertheless, these presenls are upon the foilowing conditions:
<br /> That whereas the said Mortgagors as members of Commercial have this date execuled a note evidencing such loan and agreeing ro repay said
<br /> sum of money, with interest, in paymenls as set (orth in said note and have agreed to abide by the 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 the release and cancellation of this mortgage,
<br /> 6ut 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 permilted by law, and PROVIDED,HOWEVER, that nothing herein contained shall be considered as limiting
<br /> the amount that shall be secured hereby when advanced to protect the security or in accordance 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 lhese presents shall be void;otherNise,to be and remain in full force and
<br /> effect;but if detault 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 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, the original of such policy or policies to be 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 of taxes and assessments levied upon said premises,or on this mortgage,6efore they are delinquent:or
<br /> (d) If there is any change in the ownership of the real eslate mortgaged herein, by sale,either outright ar by land contract,or by assignment of .
<br /> any interest thereon or otherwise;
<br /> then, in any of the a6ove setdorth events, the whole inde6tedness hereby secured shall, at the option of 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 shall,from the date o(the exercise
<br /> o(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
<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 legal rate.
<br /> PROVIDED that in no event, either before or after default, shall lhe 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,furiher,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 therein agreed to be made, or in keeping tfie premises insured, as above provided,oc if default be made in the payment of the taxes
<br /> or assessments levied upon the premises above described or upon this mortgage, before they are by law delinquent,Commercial shatl be entitled
<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 tar as it deems necessary for the purpose o(making repairs upon the premises and for the payment of insurance
<br /> premiums,taxes and assessments upon such premises,and for necessary expenses incuered 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 for such purposes,
<br /> the undersigned does hereby sCll,assign, set over and transter 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-descnbed;but 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, giving said attorney power irrevocably,either on its own
<br /> name or Mortgagors'names to take ali necessary steps for pwceedings in court or otherwise, to cause said premises lo 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 outof said rents,profits,contracl 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 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 /> attorney may seem 6est,with full power of suhstitution.
<br /> The Mattgagors hereby agree that if Commercial either valuntariiy or involuntarily becomes or is made a party to any suit or proceeding relating
<br /> to the hereinbefore described real estale,or to Nis mortgage or said note or notes,other than a foreclosure institute0 by Commercial,Martgagors will
<br /> reimburse Commercial for all reasonable costs inarred by Commercial in said suit or proceeding.The Mortgago�s further agree that if the hereinbefore
<br /> described real estate or any part thereof be condemned under the power o� eminenl domain,or is otherwise acquired tor a public use,the damages
<br /> awarded, the proceeds(or the taking,and for the consideration for such acquisition to the extent of the full amount of the remaining unpaid inde6ted•
<br /> ness secured by this mortgage,be,and they hereby are,assigned to Commercial and shall be paid forthwith to Commercial to be applied on account of
<br /> the last mah�ring installments of such indebtedness.
<br /> Daffid this 30th day of Ma� _, 19.7$__.
<br /> IN THE PRESENCE 0f: � 4/ii� ��• ��
<br /> ' Q�� f ! 1� Daniel M. Zach '
<br /> ai�.f�t!
<br /> : �P��� /r ��., � -� .
<br /> Sharon K. Zach ;
<br /> 1�` ' S F
<br /> STATE Of NEBRASKA �
<br /> - ; couNrv oF Ha11 ss. + �
<br /> On this 30th day of May , 19�8, before me, a notary public in and for said Coun y came ��
<br /> the aboVe-named ry,personall "� .
<br /> Daniel M. Zach and Sharon K. I.ach, husband and wife ' *�- "
<br /> to me weli known to be the identical person or persons whose name is or names are affixed to Ne above mortgage as grantor or grantors and they,he
<br /> or she,severally acknowtedge the said instrument and the execution thereof to be their volunta�y act and deed.
<br /> �}q��.71�M d M�4r.
<br /> WITNESS my hand and Notarial Seai this day and year la v fl' p��,�g�
<br /> ..���.* G:���!-�.s:,��- --- �
<br /> ��/ ��� Notary Public
<br /> My commissian expires on the �7 � day ot ��^�"'— `� ,19�� M-50
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