|
U~I~~~Q EXPANDABLE 1ViCJ~TC=AGE
<br />~~` Loan Na.._ 47411-8
<br />ASSIGNMENT OF RENTS
<br />KNO4Y All MEN BY THESE PkESENTS: That Albert h1. Isaacks(he enafier~called the~Mortgaaoes m'co si~ea~inn n~~r,~ c~m~Pf'
<br />avRay-FuiiR Trivii3fiiiu FoiiR HUNDRED ANB N0~1t)0---------------~-_--___Dollars (S44 400.44 )
<br />loaned to Mortgagors, do herebyy grant. bargain, soil and convey unto COMMERCIAL FEDERAL SAViN&S WND LOAN ASSO~lATION of Omaha,
<br />Nztaraska, (hereinafter eal{zd "Commzrcral"), its successors and assigns, the following described real estate, situated in the County of,
<br />Hail State of Nebraska, to-wit:
<br />Lot Five {5) Ross Heights Second Subdivisias, Hall County, Nebraska;
<br />rn NAu£ AND TO hOLQ ??iE SAt:'£, with the ap`vurtr~,anczs thereuntu t>eionging. !mic Commzrr_ia;, i#s successors and assigns, forever..
<br />Said Mortgagors hereby covenant with said Commercial, its successors and assigns, t}rat PA,^,rtgagars are !awfully seized of said premises, that.
<br />they are fizz fray encumbrances, and that they will forever warrant and defend the title to said premises against the lawful claims of ail persons
<br />whcrosnevzr.
<br />Provided. nevertheless, these presents are upon the following conditions:
<br />' That vrhereas the said Mortgagors as members of Cemmerciai have this date executed a note evrdencing such lawn and agreeing to repay said
<br />s~lm 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, vrifh interest, which may. at the option of Cemmerciai, be made by Com•
<br />maciat 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. HOw£VER, at no time shelf 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 t10 percent of the amount of the original note, but in no event shad
<br />said note exceed the maximum amount permitted lay law, and PROVIDED, HOwEVEft, that nothing herein contained shall be considered as limiting
<br />the amount that shall be secured hereby when- advanced to protect the security ar in accordance with covenants contained in the mortgage.
<br />Now, if the said Mortgagors shalt pay o? causo fe be paid the said s!ms of money when due, as set fotifir in said note, and any other note #or
<br />additional advances made until said debt is fully paid with interest. Uaer. these presents shall 6e void; athzrvise, to ~ and remain in foil face and
<br />zf#eck but if default should 6e 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 far three marths, or
<br />fb} In keeping the improvements on said premises insured against lass Cy reason et fire, lightning, and other hazards included in Extended-
<br />coverage insurance in an amount not less than the unpaid balance of said mortgage loan. m a company ar companies acceptable Yo Gom-
<br />mercial, the orfginai 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 Gommztcial; or
<br />c; In the payment of taxes and assessments levied upon said premises, or on this mrrtgage, before they are dzhnquent; or
<br />(tl) if there is any change in the awnersnip of fare real estate mortgaged herein, by sale, either onfright nr by land contract, or try assignment of
<br />any interest thereon or otherwise; -
<br />tfrer;, in any of the- above set-fortlr events, the whole indettedness [rereG~y secured shalt, a€ the option of Commercial, immediately become due ,: rd
<br />payable wiHaout furihzr no5cz, and the amount due under said note and any other note for additional advances made sha11, fmm the date of the ezetcise
<br />of said option, bear interest at the maximum legal rate ~r annum, and bats mortgage may then ~ taecloszd to satisfy the amount due nn sold Holz, -and
<br />an<y other note for additional advances, together with ail sums paid by Com,~,erciai far insurance, tax -, assessments and abstract Pxtznsien charges; -
<br />with interest thereon from the date of payment at Ure maximum legal rate.
<br />PROVIDED that in no event, either before or after default, shall the interest due under said Hate and this mortgage and any ether note for ad-
<br />ditional advances made exceed the maximum lawful interest rate.
<br />PROVIDED, further, that in the event that detaulE occurs in the making of ae payments due en said nets, and cn any etfaer Hate for additimnal
<br />advances, as therein agreed to ha? made, nr in keeping the premises irsured, as atmve provided, a< i# default be made in the payment of the taxes
<br />or assessments levied upon the premises above tlescrit>ed or upon oils mortgage, More they are ty law delinquent. Cnmmerciai shall tae entitled
<br />to the immediate possession of tlae premises above-d~zscribed. together with a!l rm:Es, proceeds and issues arising out of the premises, and may
<br />in i+s d'rscrztion Use the rznG so far as it deems necessa~~ for ihz purpose of making repairs upon the premises and for the payment of insrrance
<br />premiums, faxes and assessments upon such psemises, and fa nzcessarf expenses incurred in ran±ing said premises and collecting rent theretram, and
<br />to apply same en said ante and any Hates evrdencing future advances hzrei'nder until bas indzbtzdnzss secured is fni)y paid: and for such purposes,
<br />ttre undersigned dots hereby sell, assign, set over and transfer unto C ~mmzrciat all of said rents, proceeds and incomes including any land contract
<br />payments due mortgage owners or any other incomes of any type wtratsozvzr from said property to tae applied on the notes above-described; but said
<br />Ccmmcrr:ial shalt ir, ne ease ~ liable far the fai!urz to procure tenants, to ~tlzrt rents. ar tm prosecute actions to recover possession of said premises.
<br />lhz Mortgagors further appoint Cammet_~al of Omaha, Nebraska. their atromc-y in fact, giving said a€torney ewer irrevocably, zither on its own
<br />name or A9ortgagors' names to take ail necessary steps fo; proceedings m court ar otherwise, to cause said premises to Ire vacated. to collect rentals
<br />or other incomes due, and when vacant, to ?e(et the same, to make aft reasonable repairs and pay axis cut cf said rents, profits, contract payments or
<br />incomes and to do all such things zither by its awn officers a by other parties duly authorized and appointed by i#, as ifs agent foi said prrpose, and
<br />to charge or pay a reasonable fez for such services, alt of the above to be dare at such times and ir, such manna? and on such terms as to their said
<br />afiorney may seem best, with full po;vzr of substitution.
<br />The fAortgagcrs hereby agree that if Commercial zither veiuntariiy a iavaiunfariiy becomes or rs made a party to airy suitor proceeding relating
<br />to the hzreinbefore describred real estate, er fo this mortgage or said note er rotes, ether thar, a fazclasure inshhated by Com~~,ertiaf, Mortgagors will
<br />reim~rse Gommzrciaf for ail reasonable costs incurred by Cn?zmerciat i,^, said surf a proceeding. The tAorigagar, further agree that if the herzinbz#are
<br />described real estate or any part thereof tae condemned under *e power of etrrinant darrain, or is otherwise acquired for a pubtit use. the damages
<br />awarded, the proceeds for the taking, and for the ccnsideraticn fa such acac s!tion to the extent of the full amount of the remaining unpaid indebted-
<br />ness szCarzd ty this mortgage, be, and they hereby are, agsigred to Gommer:_:a+. and shalt be paid forthwith to Commercia(to f>° applied on account, f
<br />tlcz last ma}uring installments of such indebtedness.
<br />t)athd hits 3rd ~y of March i4?~ .
<br />H't THE PR£SENG£ OP: ~ ~ ~
<br />A1be,~ H. Is
<br />"se W. Isaacks
<br />STATE pF~i 7C Ftt$$Ql1RI
<br />Cf3tfNTY OF ildCkstyn ss.
<br />' On-this 3Cd .day of _. March, , 1474 ,before [ne, a notary public in and for-said County, personalty came.
<br />gfefftuivr~-nam~t Apart bi, Iasks dad L~et3:~e ?~> is~~ Hu~aud and iJi£e;
<br />tta me well known to 6e the identical person or persons whos°_namz is or names are affixed to the above mortgage as grantor ar grantors and they, he
<br />or slie, severally acknowledge the said ins€dimenkand ttie gxeeution t'ferzc#; to bz their volwrtary act and deed. Cgt~€iEA.!l1d6,It~lyPit6ia
<br />State of 4 S~€mtY oF,tadeiron
<br />WiTN£SS ry hand and Notarial-Seat/ this day and year last aL~ove wrstten. ~ ` -_ ~ '
<br />23rd AU~t:st ~~ ~ Notary Public
<br />My cormnissiun expires on the day oi-______._-_------..--._, t9---_. h1-5~
<br />
|