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~'9- ~~~~~t EXPA1'~tDABLE -~"VIC)R`TGAGE ASSIGNMENT OP RENTS Laan tie- $202b$-0 KNOW ALL MEN BY THESE PRESENTS: Thal Johan B. Arnold, a single person, (hero=natter ral~d the Mortgagors) in scnsid tin f the sum of Thirty-five Thousand Nine Hundred and Ho/100----------------------~oi!ars(S ~5~,~0~•00 ' loaned to Mortgagors, do herebbyy grant. bargain, sell and convey unto COMbfERCIAL FEDERAL SAVINGS AND LDAN ASSOCIATION of Draha, Nebraska, {hereinafter called "Commercral"), its successors anal assigns, the fallawi~g described real estate, situated in the County of, HALL State of Nebraska, to-wit: Lot Seven {7) and the Northerly one half of Lot dine (9) in Block Seventeen (17) in University Place, an Addition to the City of Grand Island, Hall County, Alebraska; TO HAVE AND TO HOLD THE SAME. with the appurtenances thereunto belongin¢. unto Commercai its successors and assigns, forever. Said Mortgagors hereby covenant with said Commercial, its successors and assigns. that Mortgagors are lawfully seized of said premises, that they ere free from encumbrances, and that they will forever warrant and dofend the Title to said premises agarnst the iawful claims of all persons whomsoever. Provided, nevertheless, these presents are upon the following conditions: That whereas the said Mortgagors as members of Commercial have this date executed a note evidencing such loan and agreeing to repzy said sum 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 Commercial. Thzt whereas this mortgage shall secure any additional advances, with interest, which may, at the option of Commercial, be made by Com- mercial to the undersigned Mortgagors or their successors in title for any purpose, at any time before the release and cancellation of this mortgage, but PROVIDED. HOWEVER, at no time shall the aggregate principal amount secured by this mortgage, being the amount due at any time on said original note and any additional advances made, exceed an amount equal to I10 percent of the amount of the original note, but in no overt shall said note exceed the maximum amount permitted by law, and PROVIDED, HOWEVER, that nothing herein contained steal! be considered as limiting the amount that shall be secured hereby when advanced to protect the security or in accordance with covenants contained fn the mortgage. Now, if 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 for additional advances made until said debt is fully paid with interest, then These presents shall be void: atfiereise, to tx and remain in full torte and effect; twt if default should be made: (a} In any of the payments due nn said note, and any other note for additional advances made, as therein agreed to be made for three maiths, a ib} in keeping the improvements or, said promises insured against loss by reason of fire, lightning, and other hazards included in extended coverage insuranco in an amount not less than the unpaid balance of said mortgage loan, in a company or companies accepfabfe to Com- menial, the original of such policy or policies to be hold by Commercial, and with a mortgage clause attached to card policy or policies, in favor of Commercial; or (cl In the payment of taxes and assessments levied upon said premises, or on this mortgage, before they are delinquent; or (d) If there is any change in the ownership of the real estate mortgaged herein, by sale, either outright or try land contract, or by assignment of any interest thereon or otherwise; - then, in any of the above set-forth events, the whole indebtedness hereby secured shall, at the opton of Cemmercizf, immediately become due and payable without further notice, and the amount due under said dote and any other note for additional advances made shall, irom the date of the exercise of said epticn, bear interest at the maximum legal rate per annum, and this mortgage may then tie foreclosed io satisfy the amount due on said note, and any other note for additional advances, together with alt sums paid by Commercial for insurance; taxes, assessments and abstract extension charges, with interest thereon from the date of payment at the maximum legal rate. 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- ditional advances made exceed the maximum lawful interest rate. ' PROVIDED, further, that in the event that default occurs in the making of the payments due on said note, and on any other note for additional - advances, as therein agreed to be made, or in keeping the premises insured, as above provided, a if default be made in the payment of the taxes or assessments levied upon the premises above described or upon this mortgage, More they are by law delinquent, Commercial shall be entitled to the immediate possession of the premises above-0escribed, together with all roots, proceeds and issues arising out of the premises, and may in its discretion use the rants so far as it dooms necessary for the purpose of making repairs upon the premises and for the paymont of insurance premiums, taxes and assessments upon such premises, and for necessary expenses incurred in renting said premises and cofiecting rent therefrom, and __ to apply same on said note and 2ny rotor evidencing tutors advances hereundor anti! the irdeb±edness secured is fully paid: and far such lx;rposes, the undersigned does hereby sell, assign, set over and transfer unto Commercial all of said rents, proceeds and incomes including any land contract payments due mortgago owners or any ocher incomes of any type whatsoever from said property to be applied on the notes above-described; trot said Commercial shall in no case tie liable for the failure to procure tenants, to collect rents, or to prosecute actions to recover possession of said premises. The Mortgagors further appoint Commercial of Omaha, Nebraska, their attorney in fact. giving said attorney power irrevocably, either on its own name or Mortgagors' names to take all necessary stops for proceedings in court or otherwise, to cause said premises to be vacated, to collect rentals or other incomes due, and when vacant, to relet the same, to make all reasonable repairs and pay taxes out of said rents, profits, contract payments or incomes and to do off sucfi things either by its own officers or by other parties duly authorized and appointed by it, as its agent for said purpose, and to charge or pay a reasonable fee for such services, all of the above to be done at such limos and in such manner and on such terms as to their said attorney may seem best, with full power of substitution. The Mortgagors hereby agree Shat if Commercial either voluntarily or involuntarily becomes or is made a party to any suitor proceeding relating to the hereinbefae described real estate, or to this mortgage or said note or notes, other than a foreclosure instituted by Commercial, Mortgagors wfii reimburse Commercial for all reasonable costs incurred by Commercial in said suitor proceeding. The Mortgagors further agree that rf the herembefore described real estate or any part thereof be condemned under the power of eminent domain, or is otherwise acquired for a public use, the damages awarded, the proceeds for the taking, and for the consideration for such acquisitiwr to the extent of the full amount of the remaining unpatd :ndebted- ness secured by this mortgago, be, and they hereby are, assigned to Commercial and shall be paid forthwith to Commercial to he applied on account of the-last maturing installmgnts of such indebtedness. -dated this ~„~ day of April , 19 T9.. J~ IN THE P EN OF' ..(- ~ /"%~-~y~'~ _ ohnn B. Arnold ~„ STATE OF NEBRASKA ss. COUNTY OF ~+L ' On this _._aS~_.~day of April 1g7S ,before me, a notary public in and for said County, personalty came the atave•named Johan B. Arnold.., a single person to me weft known to ix tha iAentiCal person or arsons whose name is or names are affixed to the strove mortgage as grantor cr grantors and they, he or she, severa8y acknowledge-rho said instrument and the ezecuhon thereof, to be their volunkary act and deed. - Ali mn~ • t%'~s o1 t~Of. WITNESS my hand and Notarial Seal this day and year last strove writ ~Di,p p, WED ~ ~ ~~ ~ 41rt Comm. Esp. ~'-"p"~ Notary Pubic My commission expires on the j ~ day of , 19 ~~ M-50