79002597 - Laserfiche WebLink

Browse

- ~, ~'~-- ~~~a~~rTS f A551C,tIN1ENT OF REN75 l~.zc tc ._ ~' ~4%`''",~ _ KNt-NV AL4: MEN BY THESE Pfi£SENTS: That Brent 'i', Ray and Sharon L« ,shay, husband ar:d wiy~"s m,y fhereirtafter caned the Mortgagors) rn consk;eratr n ~; su of Fort-,r-Fight rousand anti ti4~/l~iC------------------------ftoltars [S--4t~3,~iv~i,`.~=t foarred fo tAartgagors, do f~r~y grant, bargain; sell and cartwy urria ~tME!?CtA! F£D£ftAt SAVfNGS AND It;AN ASSt7C1ATf0N of r~mana, Nebraska; (frereinafter rafthd "Commer;,raY ), its successors and assigns, ttre following descrii~d real estate, situated in fife County ot, Hail State of Nebrasta, to-wit: Lot Seven {~), in Block Ore (1 ), in "Capital Heights Suiadivision", being a part of the Southeast Quarter of the Southwest Quarter (SEsSrly} of Section Two (2}, in township F,leven (11) Piarth, Range Ten (in) ~dest of the 6th F,Ni. TO HAVE AND TO HOLD THE SAA",E, with the appurtenances thereunto trlangrog. rmto Commzrcial_ its successors and assigars, fuseter. Said Mortgagors hereby covenant with said Commeraat, its successors and assrgns, that Mortgagors are lawfully seized of said premises, that they are free Fran enwmbrances, and that they wi{( forever warrant and defend the title to said premises against the lawful clams pf alt persais 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 evrdencing such loan and agreeing to repaj said sum of money, with interest, in payments as set forth in said notz and have agreed to abide by the terms of said rntte and Charter and By-Laws of Commercial. That whereas this mortgage shall severe any additional advances. with interest, which may, at the option pf 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 canteHation 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 orr said original note and any additional advances made, exceed an amount equal to 120 percent of the amount of the original note. brrt in no event shaft said note exceed the maximum amount permitted by law, and PROVIDED, HOWEVER, that nothing herein conained shall be considered as limiting the amount that shall be secured hereby when advanced to protect the security or in accordance with covenants contained in the mortgage. Now, if the said Mortgagors shall pay or cause to be paid the said wms of money when due, as set forth in said note, and any other note for additional advances made until said debt is fatty paid with interest, then these presents shall be void; otherwise, to be and remain in full force and effect; but if default should be made: fa) in any of the payments due on said note, and any other note for additional advances made, as therein agreed to r,a .:zde for three months, a (b) In keeping the improvements on said premises insured against loss by reason of fire, lightning, and other hazards included in extended Coverage insurance in an amount not less than the unpaid balance of said mortgage loan, in a company or companies acceptable to Can- merciai, the original of such policy or policies to be held by Commercial, and with a mortgage Clause attached to said policy or policies, in favor of Commercial; pr (c) In the payment of taxes and assessments levied upon said premises, or on this mortgage, before they are delinquent or (4) If there is any Change in the ownership of the real estate mortgaged herein, by safe, either outright or by land contract, or by assignment of any interest thereon or otherwise: - then, ir, any of the above set-forth events, the whole indebtedness hereby secured shall, at the option of Commere(ai, immediately become due and payable without further notice, and the amount due under said note and any other note for additional advances made shall, from the date of the exercise 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 arty other note for additional advances, together with ail sums paid by Commercial for insurance, taxes, assessments and abstract extension charges, with interest therear 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 Cris mortgage and any other note for ad- ditional advances made exceed the maximum lawful interest rate. PROVIDED, further, that in the event that default owwrs 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 keening the premises insured, as above provided; or if default be made in the payment of the taxes or assessments levied upon the premises above described or upon this mortgage, before they are by law delinquent, Commertial shall be entitled to the immediate possession of the premises above-described, together with ail rents, proceeds and issues arising out of the premises, and may in its discretion use the rents so far as it deems necessary for the purpose of making repairs upon the premises and for tt!e payment of insurance premiums, taxes and assessments upon such premises, and for necessary expenses incurred in renting said premises and colleC[ing rent therefrom, and to apply same on said note arid any notes evidencing future advances hereunder until the indebtedness severed is fully paid; and for such purses, the undersigned does hereby sell, assign, set overand transfer unto Commercial all of said rents, proceeds and incomes including any land contract payments thte mortgage owners or any other inwmes of any type whatsoever from said property to be applied on the notes above-descntmd; but said Commercralshailin no case be 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 steps far proceedings in court or otherwise, tp cause said premises to be vacated, to collect rentals a-other incomes due, and when vacant, to relet the same, to make all reasonable repairs and pay taxes cut of said rents, profits, contract payments or incomes and to do all such 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, ail of the above to be done at such times 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 that if Commercial either voluntarily or involuntarily becomes or is n;ade a party to any suitor proceeding relating to the hereinbefore described real estate, or to this mortgage or said note or notes, other than a foreclosure instituted by Commeraal, Mortgagors will reimburse Commercial for all reasonable costs incurred try Commercial in said suitor proceeding. The Mortgagors further agree that if the hereinbefore described real estate or any part thereof be condemned under the power of eminent domain, oris otherwise acquired Far a public use, the damages awarded, the proceeds for the taking, and for the consideration for such acquisition to the ezlent of the full amount of the remaining unpaid indebted- ness secured by this mortgage, be, and they hereby are, assigned to Commercial and shall be paid forthwith to Commercial to be applied an account of the last ma+~rin installments of such inde s. Dathdthis~ day of ~~~, 19~. IN THE P EP E OF: f ~ ~/! ~~~ STATE OF NEBRASKA COUNTY OF Hall ss. On this day of the above-named l1r /`~, .r~~ rettt T ,._~ay = ~T Sharon L. Ray 29~~ before rne, a notary public in and for said County, personally came Brent T, Ray d Sharon L, Ray, husband and wife to me yreit known to be the identical person or persons-whose name is or names are affixed to the above mortgage as grantor or grantors and they, he or she, severalty acknowledge the said instrument and the execution theceaf~ to r t and deed. 6El0EIMftL ~~' ~ ARNOLO ~D. WEDBERG -~ / WITNESS my (rand and Notarial Seai-this day and year iastabpv ~- fq, txr. n, ~av8~,, `~ 1 day of ~~t<.. 19 ~~ Notary Public ~ M.50 MY cpmmission expires on the ! `-