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79-~~2$95 EXPANDABLE 1~IQR,TGAGE
<br />ASSIGNMENT QF RENTS Loan No. _ 820278-~
<br />KNOW ALL MEN BY THESE PRESENTS: That Ronald E. Schutmner and Hama Schutamer Husb nd, and Wife,
<br />(hereinafter called the Mortgagors in consideration of the sum of
<br />Forty-one Thousand Four Hundred and No/100------------------------Dcllars(S 41 400.00 1
<br />loaned to Mortgagors, do herebyy grant, bargain, sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIATION of rJmaha,
<br />Nebraska {hereinafter called "Cemmercral"), its successors and assigns, the following descnhed real estate, situated in the County oi,
<br />HALL State of Nebraska, to-wit:
<br />Lot Seven (7), in Block Fifteen (l5} in Scarff's Addition to West Lawn, in the City of
<br />brand Island, Hall County, Nebraska;
<br />TO HAVE AND TO BOLD THE SAME, with the app!atenances thereunto belonging, unto Commercial, its successors and assigns, forever.
<br />Said Mortgagors hereby. covenant with said Commercial, its successors and assigns, that Mortgagors are lawfully 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 alt persons
<br />whomsoever.
<br />Provided, nei2rtheless, these presents are upon the following conditions:
<br />That whereas the said Mortgagors as members of Commercial ha~,•e this date executed a note evidencing such lean and agreeing to repay said
<br />sum of money, with interest. in payments as set forth in said rote and have agreed to abide try the terms of said note and Charter and Bylaws of
<br />Commercial.
<br />That whereas this mortgage shall secure any additional advances, with interest, which may, at the option of Commercial, he made by Com-
<br />mercial to the undersigned Mortgagors or their successors in title for any purpose. at any time before the release antl 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 origins! note, but in ne event shall
<br />said note exceed the maximum amount permitted 6y law, and PROVIDED, HOWEVER. that nothing herei!i contained shall be considered as limiting
<br />the amount that shall be secured hereby when advanced to prefect the security or in accordance with covenants contained in the mortgage.
<br />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
<br />additional advances made until said debt is fully paid with interest, then these presents shall be void; otherwise, to be and remain in furl force and
<br />of ~,^t; ~t if defov'ft sh ~'fd'ri. aN °:
<br />(a) le any of the payments due on said note, and any other note far additional advances made, as therein agreed to tie made for three months, or
<br />(b) In keeping th? improvements on said premises insured against loss by reason of fire, lightning, antl other hazards included in extended
<br />coverage insurance in an amount not lass than the unpaid balance of said mortgage loan. in a company or companies acceptable to Com-
<br />mercial. the original of such policy or policies to be held ;,y Commercial, and with a mortgage clause attached to said policy or policies,
<br />in favor of Commercial: or
<br />(c) in the payment of taxes and assessments levied open said premises. or on this mortgage, before they are delinquent; or
<br />(d) l# there is any change in the ownership of the real estate mortgaged herein, b5t sate, either outright or by land contract, or by assignment of
<br />any interest thereon ar otherwise; -
<br />then, in arty of the atmve set-fiorth events. the whole indebtedness hereby secured shall, at the option sf Commercial, immediately become due and
<br />payable without htrther notice, a^^ the amount 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 G're maximum regal rate per annum. and this mortgage may then be foreclosed to satisfy the amount due on said note, and
<br />any other Hate for additirxtal advanres, together with aft sums paid by Commercial for insurance, taxes. assessments and abstract extension charges,
<br />with interest thereon from the date of payment at the maximum legal rate.
<br />PROVIDEC that in no event, either before or a`, ter default, shall the interest due under said note and this mortgage and any other note for ad-
<br />ditional advances made exceed the mazim~m lawful interest rate.
<br />PROVIDED, further, That in the event ttui default OCCUrS m the making of the payments due on said note, and on any other note for additional
<br />advances, as therein agreed to be made, of in keeping the premises insured, as above provided, or if default be made in the payment of the taxes
<br />or assessments ferieil upon the premises above tescribed or upon this mortgage, before they are by law tlefinquent. Commercial shall be entitled
<br />to the immediate possession of the premises shove-described. together with all ants, proceeds antl issues arisin; out of the premises, and may
<br />in its discretion use the rents sd far as it deems necessary for the purpose of making repairs upor, the aremises and for the payment of insurance
<br />premiums, taxes and assessments upon such pranises, and for necessary expenses incurred in renting said pte,,.ises and collecting rent therefrom, and
<br />to apply sane on said note and any notes evidencing suture advances hereur•--der unfit the indebtedness secured is fully paid: and for such purposes,
<br />the tmdersi~,revt does hereth; sell, assign, set oar and transfer un±c Commercial al! cf sa:d ren±s, proceeds and incomes including arty ta:x' contract
<br />payments dre mart~ge owners or any other incornes of arty type whatsoever from said property th be applied on the notes above-described; but said
<br />C~nmercia! shall in na case be liable for the fatiure fti arocure tenants, to ruHect rents, ct to prosecute actions to recover possession or said premises.
<br />The Mort~gors further appoint Cmnmercial of Omaha, Nebraska, their attorney in fact. ginng said attorney #x;wer irrevocably. either on its own
<br />name or hbrigagors' names to take a!1 necessary steps for proceedings in court or otherwise. to tause said premises to be vacated, to collect rentals
<br />rn other incomes due, a, ~ wtretr vacant, to relet the same, to make al! reasonable repairs and pay taxes cut of sattl rents. profits, contract payments or
<br />incomes and to do all such things either by its own officers or !n~ othe+ parties duly authorized and appointed try it, as its agent for said purpose, and
<br />to charge or pay a reasonable fee for such services, all of the above to be dace at such times a*~d an such manner and on such terms as !o their said
<br />attorney may seen best, with full power of suQsiiHttton.
<br />The tdorigagers hereby zgr~ t;,at if Comr`rercia! either u;,luntar+.y cr involuaian;y becr~;,es or is made a party to any suitor proceeding relating
<br />to the hereiabetora described rest esfate_ or to th{s mortgage or said note ct notes, other than a foreclosure irsi~tute~J by Conrmert~al, Mortgagors wit!
<br />reimhrrse Commercial fa ail reaswtabfe casts mratrred try Commercial to card sort or proceeding. The htcrtgagors fuidter agree Ghat if the herembefore
<br />tleserited reef estate or qty par! thereof be condarened urrder the p+3vrer of emirren± domain, or is otherwise acquired for a public use, the damages
<br />awarded, the proceeds for the taking, amt #or the consideratrat tot weir acquisition to the extent of Yoe full amount of the remaining unpaid indebted-
<br />ness secured try this mortgage, ue, arrd they heretry are. ass;ga~ to C~n~terua! and shat! be paid forthwtLh to Commercial to be applied on account of
<br />the Iasi insuring instal is of such indebtet#ness-
<br />~thrt this l~ day of t'taY . 19 79
<br />i'
<br />~1~ Ronald E. Schuz;aer
<br />~' i 1~~ ,~,~C L~ ~ ~kt.LL~IC'IITC
<br />Marcia Schw~rer
<br />STATE OF Nfi~ltA9(A
<br />Ct31NiTY Of ~' ---- -- --
<br />~ flnrs___~i`_-__ day af,._ Y~_.~__ . 19 ~9 ,before ine, a notary Wb!ic in and for said County, peronatiy came
<br />Ronald E. Schuwaer sad Marcia Schutamer, Husband and Wifa,
<br />Ht tae weft iuravn to ba the idpitical pasnn ru persona. whose nine is a names are affixed Ea the above :nort~ga as grantor or granWts and they, he
<br />or sire, severally acknowledge fire said instrument and ffie ex ti~j~c>~ err winnary act and deed.
<br />AlMrDt,p D. VYE~,1g q ~' r
<br />WITNESS my hand mrd Notarial Seal thrs day and year fa ilbrCoraro. Eap, oa- t~ t ' f
<br />FAy LOmmiSSiOn expires 4n the _~-e daY Of ~--- i5 ~.,~ M SJ
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