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~- EXPAI\'DA~BLE IVdURTGAGE 820263-0
<br />Loan Nc..
<br />~9-° ~ ~ ~' ~' ~~~~ ASSIGNMENT OF RENTS
<br />KNOW ALL MEN SY THESE PRESENTS: That Kilburn E. Tirablin and. Hazel N. Timblin husband. and wife,
<br />(.tier matter called the Mortgagors] in consideration of the sum of
<br />TWENTY-FOUR THOUSAND SEVEN HUNDRED FIFTY AND No/~00---------------flollars($24,750.00----}
<br />loaned to Mortgagors, do herebyy grant, bargain, sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOC",ATION of Omaha,
<br />Nebraska, (hereinafter called "'Commerc+al"), its successors and assigns, the following described real estate, situated in the County ot,
<br />Ha11 State of Nebraska, to-wit:
<br />Lot k, block 26, Gilbert's Third Addition to the city of
<br />Grand Island, Hall County, Nebraska
<br />TO HAVE AND TO HOLD THE SAtdE, with the appurtenances thereunto belonging, unto Commercial, its successors and assigns, forever.
<br />Said Mortgagors hereby covenant with said Commercial, +ts successors and assigns, that Mortgagors are lawfully seized of said premises, Nat
<br />they are free from encumbrances, and that they will forayer warrant a~;tl defend the title to said premises against He lawful clams of all persons
<br />whomsoever.
<br />Provided, nevertheless, Hese presents are upon the fallowing conditions:
<br />That whereas the said Mortgagors as members of Commercial have Nis date executed a note evidencing such loan and agraemg to repay said
<br />sum of money, wiN interest, in payments as set forth in said note and have agreed to abide by Ne 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 Ne option of Commercial. be made by Com-
<br />merr_ial to the undersigned Mortgagors or Neir successors in title for any purpose, at any time before the release and cancellation of Nis mortgage,
<br />but PROVIDED, HOWEVER, at no time shall the aggregate pnncipai amount secured by this mortgage, being the amount due at any time on rid
<br />original note and any additional advances made, exceed an amount equal to 110 percent of the amount of He original note, but in no event shaft
<br />said note exceed the maximum amount permitted by law, and PROVIDED. HOWEVER. Nat nothing herein contained shall be considered as limiting
<br />the amount Nat shall be secured hereby when advanced to protect He security or in accordance with covenants contained in Ne mortgage.
<br />Now, if Ne sa+d 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 pa+d will interest, than Nese presents shall be vo+d: otherwise, to be and remain in full force and
<br />effect; but if default should be made:
<br />!ai In any of the payments due on said note. and any other note tar additional advances made, as Herein agreed to be made for three monNs, or
<br />ibi In keeping He improvements on said premises insured against Toss by reason of fire, lightning, and other hazards included in extended
<br />coverage insurance m an amount not less Nan the unpaid balance of sa+d mortgage loan, in a company ar companies acceptable to Com-
<br />meraal, the original of such policy or policies to ho held by Commercial, and with a mortgage clause attached to said policy or poiides,
<br />+n favor of Commercial; or
<br />~~~ in the payment of taxes and assessments levied upon said premises, or an Nis mortgage. bofare Ney are delinquent; ar
<br />id? If Here is any change in the ownership of He real estate mortgaged herein, by sale, ether outright or by land contract, or toy assignment of
<br />aay interest Hereon or atherw+s~;
<br />H?n, in any of He above set-forth events, the whole indebtedness hereby s?aru' shall, at the option of Com;nercia!, immediately t~^^^+_. due and
<br />payable without further notice, and the amount due under said note and any ether note fa• additienai advances made shall, from He date nt the exercise
<br />of said option, bear interest at the maximum legal rate per annum. and Nis mortgage may then be foreclosed fo satisfy the amount due on said note, and
<br />any other note for additional advances, together will all sums paid by Cammerc!aI for insurance, taxes, assessments and abstract extension charges,
<br />with interest thereon from Ne date of payment at He maximum legal rate.
<br />PROVIDED Nat in no event, eiNer before ar afiei default, shall 81e interest due ands; said note and Lhis mortgage and any atfter note for ad~
<br />ditionaV advances made exceed the maximum lawful interest rate.
<br />PROVIDED, further, that in He event that default occurs in the making of the payments due on said note, and on any o#her note for additional
<br />advances, as therein agreeC to he made. or in keeping Ne premises insured, as aL~ave provided, or if default be made in the payment of the taxes
<br />ar assessments levied upon Ne premises above described or upon H!s mortgage, f~fnro they are by law delinquent. Commercial steak be entitled
<br />tc He immediate possession of Ne premises above described, together w;H al! rants, proceeds and issuzs arising o-uE of He premises, and may
<br />in its discretion use Ire rents se far as it deems necessary for the p'~ruase of making repairs upon the premsses 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 an said note and any notes ev+dencing future advances hereunder unlit He indebtedness secured is folly pattl; and far such purposes,
<br />the undersigned does heretry sell, assign. set over and transfer ~!nto Cammercia! a!I of said rents, proceeds and incomes including any land contract
<br />payments due mortgage owners or any other incomes of any type whatsoever fmm said property to be applied en the notes above-described; but said
<br />Commercial shall in ro case be ;!able for the fa+!ure to procure tenants. to collect rents, or to prosecute actions to recover possession of sa+d prem+ses.
<br />The Mortgagors further appo+nt Conimercia! of Omaha. Nebraska. He+r attorney m fact. giving said attorney power irrevocabty, either on its own
<br />,fame ar f,artgagors" rme$ to take a!I necesrry $tPpC f~f f?fn~PPfl;ngS !i fllli(j ar hth4rwi$?, to cause sold premises to rw vacated, to collect rentals
<br />ac ether incomes due, and when vacant. to relet Ne same, tc Take ai reasonable repairs and pay taxes out of sa+d rents. profits. contract payments or
<br />inco;nes an4 to do a!! such Nutgs e+Her by rts own officer cr by other parties duly authorized and appointed by it, as +ts agent for card purpose, and
<br />to charge or pay a reasonable fee for such sere+ces alt df the above to be done at arch times and in such manner and an such terms as to their said
<br />attorney may seem: best. wsN toil power of subshtut;an-
<br />The tAortgagors her>by agree Nat .f Ccmm?cola! e~Ner voluntar+!y or !nvoiunfanly t.>acam=s or ,s made a party to any surf or proceeding relating
<br />to He heremtxefore deseritsed rea! estate nr is th+s mortgage dr said note o. notes. ether than a tareclcsura mstituteo b`J Commercial, Mortgagors wit!
<br />reimburse CaTmerciai for all reasonable costs incur ed try Cemmerc.ai in said so+' o. proceedi^~ The fiartgagers further agree Nat if He hereinbefore
<br />described real estate or any part Herect be condemned under He power of eminent domain. or ~s efherw!se acquired for a public use, the damages
<br />awarded. Ha proceeds for the taking. and for the consideration far such acqu!srt!un to Ne extent of the tut! amount of the remaining unpaid indebted-
<br />ness sou red try this mortgage, he. and Ney hereby are, assigned to Commerc+a! and viall de paid forthwith to Commercial to be applied en account of
<br />the last maturing +nstat!ments of such indebtedness.
<br />ila h!d this 11th day of 24arch ;q79
<br />iN THE PRESENCE OF':
<br />-~
<br />x~rrL....~.~r'~ z,t ,~.~i~.. -
<br />Kiiburn E. Timblin, Q
<br />r Hazel K. Timblin
<br />STATE OF NEBRASKA.
<br />COUNT'y OF ~ ss.
<br />On this ~~ day of .~f~c./'f 19 ~~before me, a notary public in and far said County, personally came
<br />He above-named
<br />Kilburn E. Timblin and Hazel H. Timblin, Hus band and Wife,
<br />to me wet! known to be He identical person or persons whose name is ar names are affixed to He above mortgage as grantor or grantors and Lhey, he
<br />or she, severally acknowledge the said instrument and the execution Hereof, to be Heir voluntary act and deetl.~
<br />WITNESS m hand and Notarial Seat this da and year last above 'tte GEMERatYQfakY-snreofxqur::u c-- t// _~~~
<br />Y Y LAWREraCE E. PEnNER y'
<br />,MY Cuero. ExG ,a: zu :9d1 F'
<br />/ Q Notary PUb!Ic
<br />biy commission expires as the l ' °-u .day of. 1`~>f. M 50
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