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7~,~„ ®~tOaUf? E~PA1®iDA~LE 1l~IC~RT~AGE a2o2sl-4
<br />ASSIGNMENT OF RENTS Loan No _.___-._.___
<br />KNOW ALL h9EN BY TNESE PRESENTS: That Jack D. Scott , a single person
<br />(hereinafter called the Mortgagors) in conslderafion of the sum of
<br />TVdENTY-THitEE THOUSAND EIGHT HUNDRED FIFTY AND NO/100---------------Dollars (523,850.00 )
<br />1oared to Morgagors, da herebq grant, bargain, sett and convey unto COMMERCIAL FEDERAL SAVINGS ANO LOAN ASSOCIATION of Omaha,
<br />Nebraska, {hereinafter called "Commercial"), its successors and assigns. the following described real estate, situated in the County ofi,
<br />p,#},>•,y State of Nebraska, to-wit:
<br />Fractional Lot Six (5J in Fractional Block Four (4), in Evans' Addition to the City of
<br />Grand Island, Hall County, Nebraska;
<br />TO HAVE AND TO HOLD THE SAf1E, with ±he appurtenances thereento belonging, unto Commercial, its successors and assigns, forever.
<br />Said Piartgagors hereby covenant with said Cnmmorcia!. its successors 2nd assigns, tha± h!artgagms are lavifu!!y seized of said premises, that
<br />they are free from encumbrances. and that they will forever warrant anc defend the title to said premises against the lawful claims of all persons
<br />whomsoever.
<br />Provided, nevertheless, these presents are upon the following conditions:
<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 sot forth in said note and have agreed to abide Ly thu terms cf said note and Charter and Bylaws of
<br />Commerciat.
<br />That whereas this mortgage shall secure any additional advances, with interest, which may, at the option of Commercial, t>E made by Com-
<br />mercial to the underslgnrtl tdartgagors or their successors m title for any purpose, at any time before the release and cancellation of this mortgage,
<br />but PROVIDED. HOWEVER. at no lime shall the aggregate principal amount secured by this mortgage. being the amount due at any time on Bard
<br />original note and any adtlitiona! advances made, exceed an amount equal to 110 percent of Ne amount of the angina. Hate, but in ne event shall
<br />said note exceed the maximum amount permitteC bf' law. and PROVIDED, HOWEVER. That nothing herein contained shall be rensidered as limiting
<br />the amount that shall be secured hereby when advanced to protect the security or in accordance with covenants contained in the murtgage-
<br />Now. if the said Mortgagors shat) pay or cause to be paid dze said sums of ;Honey when due, as set forth in said note, and any other Hate for
<br />additional advances made until said debt is fully paid with interest, then these presents shall be void: otherwise, to be and remain in full force and
<br />effect; but if default should bo made:
<br />ta} In any of the payments due on said note, and any other note fur additicnat advances made, as therein agreed to be made far three months, or
<br />fb? !n keeping the improvements on said premises insured against Toss by reason of fire. lightning, and other hazards tnciuded in extended
<br />coverage insurance in an amount not less Phan the unpaid balance of said mortgage !.oan, in a company or companies acceptable to Com-
<br />mercial the original ei such policy er policies to he hole by C~mmercia!, and with a mortgage clause attached to said policy or policies,
<br />in Laver cf Commerciat; or
<br />(ci in the payment of taxes and assessments levied upon said premises, or on this mortgage. before they are delinquent: or
<br />(d1 if there is any change in the ownership of > e real estate mortgaged herein, fry sa'rz. Zither outright or by land contract. or by assi~ment of
<br />any interest thereon or otherwise;
<br />then, in any et the above set furL`i events, the whole indebtedness hereby secured steall, at he op5cn of Commerciat, immediately be dse and
<br />payable without further notire, and the amount due under said note aid any other note for additional advances made shall, from the Cate of the exercise
<br />of said option, bear interest at the maximum legal rata per annum, and this mortgage may Chen ,e foreclosed to satisfy the amount due on said note, and
<br />any other note for additional advances, together with all sums paid Ly Onmmercial for insurance, taxes, assessments and abstract extension charge;,
<br />with interest thereon from the date of payment at the maximum !egaE rate.
<br />PROVIDED that in no event, either More or after default, steal! the interest due under said note and this mortgage and any other note for ad-
<br />ditisnal advances made exceed the maximum lawful interest rate.
<br />PROVIDED, further, that ir, the event that default occurs in the making of the pay~„ents due cn said note, and en any other note for additional
<br />advances, as therein agreed to be Wade, er in keeping Lie premises insured. as above provided. or if default be made in the payment of the taxes
<br />cc assessments levied upon the premises above described or upon Ibis mortgage, before they are by law delinquent. Commerciat shaft ba entitled
<br />to Cho 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 discreticr. use the rents se far as it deems necessary far the purpose of making repairs upon the premises and fdr the payment of insurance
<br />premiums, fates and assessments open such premises, and for necessary expenses incurraC i renting said premises anC collecting rent therefrom, and
<br />to apply same on sa,d ante anal any notes evidencing future advances hereunder anti! the mdebteCness secured is fully paid; and for such purposes,
<br />the undersigned does hereby sell. assign, set ever and transfer unto Commercial ail of said rants, proceeds and incomes irctuding any land contract
<br />paym€ats due mortgage •^,wners o any other ince ~zs of any type w`;<atsceve! from saiC pr;;porty fc be applieC cn the notes a~ve-desc;ibed; but said
<br />Crr:^erclai s^.ai! in no case be !fable for the failure to proara terarts, tc collect rents. cr to prosecute actions to recover possession of said premrses.
<br />The fkortgagors further appoint Gemmercial of Omaha, Nebraska. their attorney in fact, giving said attorney power irrevecabiy, either on rfs own
<br />name nr tdnrtgagars' names to take all necessary steps for proceedings Io court or otherwise, to cause said premises to Le vzcated, to collect rentals
<br />cr ocher incor.:es due. anal when vacant. to relet the same, to make a!! reasonable repairs and pay faxes out of said rents, profits; contract paymens or
<br />incomes and to da aI! such things either by its own officers or by ether parties duly authorized and appointed by it, as its agent for said purpose, and
<br />;: charge or ray a reasonable fee for such services, a!! of the above to 6e done at such times and in such manner and an suefi terms as to thou said
<br />attorney may seem best, with foil power of substir~,~bon.
<br />The Mortgagors hereby agree that if Commercial either voluntarily or involuntarily becomes or is made a party to any suitor proceeding retaking
<br />td the hereinbefore descnbeC real estate, or to this mortgage or said Hate ar notes. oilier than a foreclosure InstituteC by Commeraal, h'ortgagors wi"I
<br />reimburse Commerciat far alt reasonable costs incurred by Cammercia! in said suit or aroceeding. The Mortgagors furLier agree that if Lie hereinbefore
<br />described coal estate or any part thereof be cnndemneG under the power of eminent domain, ar is otherwise acquirod tar a public use, Lie damages
<br />awarded, the proceeds for the taking, and for the consideration for such acgwsition to the extent of the (all amount of the remaining unpaid iadebted•
<br />Hess secured trj Lhis mortgage, 6e, and they hereby are. assigned to Commerciat and shat! be paid forthwith to Commercial to 6e applied on account of
<br />the Last maturing insfall~ents of suet! indebtedness.
<br />Dated this ~ ~ cK day of Deoember ig 78
<br />~ ~,~y~-
<br />fN f'~SENCE OF' _ ~li'.~i-- ~-~ t-~`'2'?`
<br />Jack D. Scot
<br />STATE OF NEBRASKA
<br />CDONTY Of HALL ss.
<br />a r~ C_.
<br />' On this day of .~b~~~mb8r _
<br />the above-named
<br />i5 78 ,before me, a notary public in and for said County, personalty came
<br />Jaek D. Scott, a single person
<br />to me wet! known to be the identical person or persons whose name is or names are afhxed to the above mortgage as grantor or grantors and they, he
<br />or she, sevecall acknow;ed a the said instrument and the a ec r r tar act end deed
<br />y g ~'~ P~ea~1re drY9dHP y
<br />ARNOA.D d. V4EDEIERG ('; ~ ,~
<br />WITNESS my hand and Notarial Seat this day and year f j~mm. Exp. occ. s~, r~za ~ ~' ;~
<br />My commission expire; on the _ f._7 __. day of ~"~"er"~"''- _ . 19 _~ f d ,~J
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