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~9~GE~~~81 EXPANDABLE MORTGAGE 47429-1
<br />ASSIGNMENT OF RENTS Loan No. _
<br />.KNOW ALL MEN BY THESE PRESENTS: That La~'Y H• Schulz, a single person
<br />--_ (hereinafter called the Mortgagors) in consideration of the sum of
<br />Forty-One Thousand and NO/100-------------- Dollars (5 --41,000.00--)
<br />loaned to Mortgagors, do hereby grant, bargain, sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIATION of Omaha,
<br />Nebraska, (hereinafter called "Commercial"), its successors and assrgns, the following described real estate, situated in the County ot,
<br />State of Nebraska, to-wit:
<br />LOT SIXTY-FOUR (64), HOLFE SUBDIVISION IN THE CITY
<br />OF GRAND ISLAND, HALL COUNTY, NEBRASKA
<br />TO NAVE 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 aye lawfully seized of said premises, that
<br />they are hoe 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, those 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 aad 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 anri Bylaws of
<br />Commercial.
<br />That whereas this mortgage shall secure any additional advances, wrth 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 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 m no event shalt
<br />said note exceed the maximum amount permitted 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, it 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 to[
<br />additional advances made until said debt is fully paid with interest, then these presents shall be void; otherwise, to be and remain m full forte and
<br />effect; but if default should Ere made:
<br />{a? In any of the payments due or, said note, and any other note for additional advances made, as therein agreed to be made for three months, or
<br />fb) In keeping qre improvements on said premrses insured against loss by reason of tire, lightning, and other hazards included in extended
<br />coverage inwrance in an amount not less than ttre unpaid balance of said mortgage (Dan, in a company or companies acceptable io 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 favar aE Commercial; or
<br />{c) In the payment of lazes and assessments levied upon said premises, or an this mortgage, before they are delinquent: or
<br />{d) If there is any change in the ownership of the real estate mortgaged herein, by sale, either outright or by land tantract, or by assignment of
<br />any interest thereon or otherwise;
<br />then, in any of the above set-forth events, the whole indebtedness 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 additiona! advances made shalt, from the data of dre exercise
<br />of 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 adier note for additipnai advances, together with all wins paid by Commercial for inwrance. taxes. assessments and abstract eztenswn charges,
<br />with interest thereon from the date of payment at the maximum legal rate.
<br />PROVIDED that in no event, Dither befc;e or attar default, shall the 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, further, that in the event that default occurs in the making of the payments due on card note. and Ori any other note for additional
<br />advances, as p#erein agreed to be made, or in keeping the premises insured, as above pruv#ded, or if default be mado in the payment of the taxes
<br />or assessments tevimft w the premises a~ve decor#t~ ar u thrs md[tgage, ~tdre they aro ~: saw d€irnquerrt. C~r;rereiat s,`raEf ~ o##tiNed
<br />io dre immediate possession of the promises above•descntied, together with alt rents, proceeds and issues ar?srng out of p#e promises, and may
<br />En its Qisctetion use the rents w tar as rt deems necessary for pre purpose of making repairs upon the premises and for the pa;ment of rnwrance
<br />pramiurns, fazes and assessments upon such premises, and for necessary expenses incurred rn renE{ng sa+d prom+ses ar~'soEiecbng rent therefrom, wd
<br />to appEy lama on said note 2nd any notos evirfercing future advances hereunder unt+f pro rndeb*arn#ass s?ck'ed is fi~ii~ ~a,d; 2r#d far s!set# puregs@s,
<br />the unde[signed does hereby sell, assign, sat over and transfer unto Gamrreteial all of said rents, procoeds and rneomnes +ncludrng any rand cariraet
<br />payrm~rts d€e mortgage owners or ~y oa €r in~ni<s ai any type w~frats~ve~ [rom ~a prr~esty th ~ app'_ v# th€ notes a~•:e d~~tri~..; ~;t &;4u
<br />GommarGiat shaN:n no-case t#e liable fc4 tf;€ fa#furz to procure tenants, €a c~ff€€t r~?ts. ~ €F p~zs€'ti~t€ ~ t#~#s to saza~s ,~azs2ss#cn at ;a#d p<°;,~s~s.
<br />The Mortgagors further appoint Cwrrmercial of Omaha, Nebraska, them attorney m tact, givrng said attorney power urevocabfy, either on its own
<br />name or Mort,..agars` names to take aN necessary steps for proceedings n# court or ethe!w~se, to car~se sand premises to be vacated, to car+oti renlal5
<br />or other incomes due, and when vacant, to roles Me same, to make all reasonable repairs and pay lazes out of card roots, profits; contract paymonts or
<br />incomes and to do alt such things either by its own ofhcers or bi` other parties duly authorized and appointed by +t, as its agent for said purpose, artd
<br />to chargo or pay a reasonable fee for such sernces, alt of the above to be done at wch times and m wch manner and on such terms as to their said
<br />atlamey may seem best, with full power of subshfuhon.
<br />The Mortgagors hereby agree that +t Canmercral e#d#er vcluntanty ar ~nvoluniar+iy becomos or .s made a Tarty to any suitor proceodrng relating
<br />to the hereinbefare described real estate, a to this mottgage or sard note or notes, other than a foreclosure ~nshtuted by Gommerc+al, Morigagdrs will
<br />reimburse Gommorcial tar all reasonable costs +ncurred by Ccmmerciat in said surf or proceedrng The Mo+tgagors further agree That if the hereinbefote
<br />described (aal estate 0! any part th@teef txr condemned Under tt!@ poWet of eminent r~ma!n, Ur rS Jthe!wrSe acgU!red ter 3 pubttc USe, tt!e damages
<br />awarded, the proceeds for Ne raking, and (a the cansrderation for such acqu~sibm to the extent of the full amount of the iemaimng unpaid mdebted•
<br />nea3 secured try this mortgage, be, and they hereby are, assigned to Commercial and shaft tie paid forthwith to Commercial to be applied on account of
<br />tho IaSt maturing ins ita ImEnts o! such rndobter~rass
<br />~. i f=
<br />Datedihis. ~.f -4~ ._.__.dayof .~_'~ ....., , t9~~ - ;~-
<br />IN THE RESENCE OF:
<br />STATE OF NEBRASKA
<br />r`
<br />~z'r'y td.r~~hula ~ /
<br />COt1NTY OF Halt ss. ,,y~ ~~ ~% .__. ___._-..._ .._._.___.._._. _.~_. ,
<br />On this ~~ day of ~~~~^"`'"-~ _______ , 14 ~', before me, a notary public in and for said County. tiersarally came
<br />the abova•named
<br />Larxy 8, Schuls, a single person
<br />tq ma wall known to be the idantfeal parson or parsons whose name is a names are affixed to the above mortgage as grantor a grantors and they, he
<br />or she, severally acknbwlr;dge Clio said instrument and the ezecu6on thereof, to be their voluntary act and deed.
<br />~RJLL R9tAAY • SdM M NWr.
<br />WETNESS my hand and Notarial Seat this day and year last ve wlllMapEg tk tlMtsDtaSRG ~~ • ~ ~ /
<br />~}' ~s+. Ei~. lira. 1;. 1633 tf~- F-:.~t :~ '--~ `-l-'>~~~ --~~ -
<br />Netary Public
<br />My commission expires on the.r._____.~~__ day of .__~______-.____.. 19 _ .. M 50
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