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79--~~~171~ EXPANDABLE MORTGAGE 4~rals-z
<br />ASSIGNMENT OF RENTS Loan No.
<br />KNOW ALL MEN BY THESE PRESENTS: That Robert C. Orendorff and Patricia A. Orendorff, Husband and
<br />Wife (hereinafter called the Mortgagors) in considerafien of the sum of
<br />~'HIRTY-ONE THOUSAND AND NO/100------------------------------------Do[lars(S 31 000.00 )
<br />paned to Mortgagors, do herebyy grant, bargain, sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN AS50C~AT;ON of Omaha,
<br />Nebraska, (hereinafter called "Commercral"), its successors and assigns, the following described real estate, situated in the County of,
<br />HALL State of Nebraska, to-wit:
<br />Lot Eleven (11), Heritage Acres Subdivision in the City of Grand Island, Hall County,
<br />Nebraska;
<br />i0 HAVE AND TO HOLD THE SAME, with the appurtenances thereunto belonging, unto Commercial, its successors and assigns, forever.
<br />;aid Mortgagors hereby covenant with said Commercial, its successors and assigns, that Mortgagors are law!u!ly seized of said premises, that
<br />they are free from encumbrances, and that they will forever warrant and 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 kbrtgagors as members of Commercial have this date executed a note evidencing such loan and agreeing to repay said
<br />sum of money, wish interest, in payments as set forth in said note and have agreed to abide by the terms of said note and Charter and Dy-Laws 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 />but PROVIDED, HOWEVER., at no time shall the aggregate principal amount secured by this mortgage, being the amount hue at any time on said
<br />original note and any additional advances made, exceed ao amount equal to 110 percent or the amount of the original note, but in no event shall
<br />said note exceed the maximum amount permitted try 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 tc 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 these presents shall 6e void; otherwise, to be and remain in full force and
<br />effect; but if default should be made:
<br />!at 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 inwrance in an amount not less than the unpaid balance of said mortgage loan, in a company or companies acceptable to Can-
<br />mercial, the original of such policy or policies to 6e held by Commercial, and with a mortgage clause attached to said policy or policies,
<br />in favor of Commercral; ar
<br />(c) to the payment of fazes and assessments levied upon sand premises, or on this mortgage, before they are delinquent; or
<br />td; If there is any thange in the ownership of the real estate mortgaged herein, by sale, either outright or try land contract, or by assignment of
<br />any interest thereon or otherwise:
<br />then, in arry of the above set-forth events, the whole indebteMess hereby secured shall, at the option of Commercial, immediately become due and
<br />payable withou# further notice, and the amoun±due under said note and any other note for additional advances made shall, from the date of the exercise
<br />of said option, bear interest at the maximum legal rate per annum, and this mortgage may then 6e foreclosed to satisfy the amount due on said note, and
<br />arty other note for ~ditiona! advances, together with all sums paid by Commercial for insurance. fazes, assessments and abstract extension charges,
<br />with interest thereon from the date of payment of 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-
<br />diconai advances made exceed the maximum tawfulinterest rake.
<br />PROVIDED, further, that in the event that default occurs in the making of the payments due on said note, and an any other note for additimat
<br />advances, as therein agreed to be made, or in keeping the premises insured, as above provided. or if default be made in the payment of the taxes
<br />a assessments leered upon the premises above described w upon this mortgage, before they are by law dehrquent, Commercial shall be entiHed
<br />to the immoediate possession of the premises above-described, together with alt rents, proceeds and issues arising out of the premises, and may
<br />ir, its discretion use the rents so far as it deems necessary for the purpose of making repairs upon the premises and for the payment of mwrance
<br />prerniums. taxes and assessments upon such premises, and for necessary expenses incurred in renting s'.id premises and collecting rent therefrom, and
<br />rn apply sane on said nox and any notes evidencing future advances hereunder until the indeb±edness secured rs fully paid; and for such pr:rpses,
<br />the umtersigned does hereby soli. assign, set over and transfer unto Commercial ail of said rents, proceeds and incomes including any land contract
<br />payararts due mortgage owners or any otirer incomes of any type wtratscever from said property to ~ applied on the notes above-described; but said
<br />Coasmerciaf shag in no case be liable for the failure to procure tenants, to collect rants, or to prosecute actions to recover possession of said premises.
<br />Ttre Mortgagors #urther appoint Commertiai of Omaha, Nebraska, their attorney in fact, giving said attomey power i« evorably, either on its own
<br />name at Mortgagors' names to take all necessary steps for proceedings in court or otherwise; to cause said pcemises to be vacated, !e collect rentals
<br />or other incooes due, and when vacant, to relet the same, to make ail reasonable :epairs and pay fazes out of said rents, profits. contract payments or
<br />incomes arW to do all such ttrings either by its own officers or ~ other parties duly authorized and appointed by it, as its agent for said purpose. and
<br />to Charge w pay a reasonable fee for wch services, a!i of the above #o be done at wch times and ~n such manner and on such terms as to their said
<br />attorney may seem hest, with full power of whsbtution-
<br />The Martga$Dts hereby agree that if Commercial either vo!;.w+~rity or rnvoluntarr!y ~cerrres or is made a party to any wit or prweedrng relating
<br />!o the hereinbefore desa!bed real estate, or io thrs mortgage er said note cr Hates, ether than a fareclesure rnsbriuted try Commercral. Mortgagors will
<br />reimNrrse Commercial for at! reasonable cons mcurret! by Commercral ir, said wit ar proceeding. The Mortgagors further agree that if Ghe here+nbefore
<br />desuibed real estate ar arty part tnerenf oe condemned under the power of eminent domain. or is atlrerw!se acqurrcd for a public use. the damages
<br />awarded, th proceeds fw the taking, and for the consideratiar for such acqursibon to the extent of the hrll amount of the remaining unpaid indebted-
<br />ness serarred by this mo ge, 6e, and tirQy ireretry are, assignee to Commercial and shall be paid forthwith to Commert:a! to be applied mr account of
<br />ttw fast mab:rin r ~~ts of wch indebteibiess,
<br />Dated dris ~~s day of K$~h , 19 79 . !' f
<br />
<br />r, ~ ~ ~~ '
<br />-~.. ~.~~~i.~i-c.~..u- (,! :.~[.r' 3~G~~R~S~ Lam.,
<br />Patricia A. Orendorff
<br />STATE Of N€Bt1A~tA
<br />Ct#t~:Y Oi= BALL / ss.
<br />Asa ~?~ -day of K~b , 14 79 , t!efore me, a notary public in and for card County, personalty came
<br />Rc3~ert C. Oreadorff a~i Patricia A. Oreadorff, Husband and Wife,
<br />th me welt kntnwi th be the idenbpt person or persons whose name is or names are affixed to the above mortgage as grantor or granters and they, he
<br />or she, severally acknowledge the said instrumextt and the ez uti~~ t~v~lry act and/deed.
<br />AMt01,b D. 1Nt~t3EA6 / y -~• ~
<br />N7TNESS my hand and Notarial Seal this day and year tae . t3~. fit. t~, ta79 j f J _ / )~~`-
<br />~ -~~i Notary Pr;bhc~a
<br />My commission expires 7n the ~~ ~ day of ` , l9 ~~ M 50
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