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EXPANDABLE MORTGAGE aeall-a
<br />7g~' 4)~~Q~s ASSIGNMENT OF RENT$ Loan No. _
<br />KNOW ALL MEN BY THESE PRESENTS: That James Herbert Spears and Sharon ly. Spears, Husband' and Hife,
<br />(hereinafter called the Mortgagors) in considerztidn of fhe sum of
<br />Thirty e' ht Tho ad E' ht Hund~.~¢ and N / !)ollars(S 38,800.00 )
<br />loaned t8 Mcr~~agors, do h~err granl~~argam, sell ono convey ungo ~~MMERCIAL fEOERAL SAVINGS AND LOAN ASSOCIATION of Omaha,
<br />Nebraska, (hereinafter called ° ommercial"), its successors and assigns, the following described real estate, situated in the County oi,
<br />Hail State of Nebraska, to-wit:
<br />The Southerly Sixty (60) Feet of Lot Eleven (11) in Block Three (3) in Southern Acres
<br />Addition to the City of brand Island, Hall Co,inty, Nebraska;
<br />TO NAVE AND TO HOLD THE SAME, with the appurtmrances thereunto belonging, unto Commercial. its successors and assigns, forever.
<br />Said Morigagnrs hereLry covenant with said Commercial, its successors and assigns, that Mortgagors are lawfully seized of said premises, that
<br />they ate tree from encumbrances, and that they will forever warrant and defend the title to sard 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 Mortgagors as members of Commercial have this date executed a note evidencing such loan and agreeing to repay said
<br />sum of money, with interest, in payments as set forth in said note and Dave agreed to abide by the terms of said note and Charter and By-Laws of
<br />Canmercial.
<br />That whereas this mortgage shalt secure any additional advances, with interest, which may, at the option of Commercial, De made 6y Com-
<br />mercial to ttie undersigned Mortgagors or their successors in title fm any purpose, at any time before the release and cancellation of this mortgage,
<br />Nrt 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 additions! adtartces made, exceed an amount equal to 110 percent of the amount of the origiozi note, but in no overt shall
<br />said note exceed the maximum amount permittod M' law, and PROVIDED. HOWEVER, fiat nothing herein contained shall tie considered as limiting
<br />the amowrt that shall be secured herelry wDen advanced fo protect the security or in accordance with covenants contained in the mortgage.
<br />Now, it the Said Mortgagors shall pay m cause to he paid the sard sums of money w3ten due, as set forth .n coin rare, a„d any nt+~r~io rdr
<br />addrtiatal advances made until said debt is fully paid wrth interest then these presents shall De void; otheveise, to De and remain in full force and
<br />effect; but if default should be made:
<br />(a? in any of the payments due an said note, and any other note for addiGaiat advances made. as therein agreed to be matle #or three months, or
<br />(b) to keeping the improvements on said promises irssured against ions by reason of fire. lightning. and other hazards included in extended
<br />coverage insurance in an amount rat less than tho ixrpaid balance of sard mortgage loan, in a company or companies acceptable to Com-
<br />mercial, fhe originat pf such po,icy m policies to Do Detd try Commercial, and with a mortgage clause aHachetl to said policy er policies,
<br />in favor of Conmrercial; or
<br />ic) to the payment of fazes and assessmarts toned upon sard prerr:ises. or cn this mortgage, before they are delinquent. or
<br />(d) li there is any change in the ownership of the rest estate -~ortgaged heroin, 6y sale, either eubrght ar Dy land contract, or by assignment of
<br />arr,~ interest tliorean or otherxrise:
<br />tfseri, in ary of the above set-forth events the wDale ;ndehf~iess hereby severed sDa1l, a; the option of Canmercial. immediately become duo and
<br />payable withou# further notice, and fhe aiaount due under said note zed airy other role for additions! advances made shall, from the date of the exercise
<br />of said epliorr, hear interest at the maximum !ego! rate per annum, and this mortgage may dren be foreclosed to satisfy the amount due on said note, and
<br />arty ather note for additioial advances, fdgeffrer wrth al! sums paid DY C:,mmercia' for insurance, taxes, assessments and abstratt extension dDarges,
<br />with interest bierent from the date of payment at the maximum Iega! rate.
<br />PROVtOfO that in rid event, Dither before or after default, shall the interest tkre under said note and this mortgage and any other note for ad-
<br />ditimia! advances made exceed the maximum lawful in[erost rate.
<br />P.40VfQED, further, that in tho event tDat default ours in tie making at the paymonts due x, sard note- artd an any other nok tot additional
<br />adiraaces, as Merein agreed to De mado, or in keeping the rNUemises inwred, as above pronded ~ ii default be matle in the payment of fhe taxes
<br />m assesnfs Ievt~ upon foe demises abnvo described ar urn this mortkage. 6eferz tire} are ±~ taw dounquent, Commercial shalt De entitled
<br />to bra immediate possession cf bie penises above-descrat>ed. togotlrer with al; torts, r;ec,?eds aaa issues arts eg out of the premises, and may
<br />in its discn:fimi use tfie roots so tar as ri gems netessary #o; the purse of making repairs urn the promises a,7d tdr the payment of insurance
<br />prernrums, ixxos am ass~smairs ,~r+o!± ~~ ;r~mi~ end for rtw ~ ezperses : u;rev . r~it;ng sard prc°ssos a „acting rent thorefram, and
<br />th ably sage ra; sand riGt2 std any notes eriiiacng fiuh:re a??vant`os~her~rder Kati! +xse indobte~iess SoCared is fulty~paid: and for such purposes,
<br />the reed tkies hereby sell. assign, sal amt gad transfer urta Ca*nnrorz,ai al? of sard rents proceeds ar+d incomes including any land cantratt
<br />~ymerrfs r9re mortgage comers or any other encores at any typo whafsoover from said prq~rty fJ be appl:etl o-n the notes above-described: Dut said
<br />CxomerciatshaHin nc rase be tiahle let the failuro to prnare tenants. tc cdisecl roots. ar to prosecute actrons L recover possession df said premises.
<br />The trbrt~igors hrrttrer appoial Commercial of i}ma±sa. Nebraska, t+ieir atitrnroy in fact. giving said atlrxney power irrewcaDly. either on its own
<br />m~e m liag¢srs' names to take alt ;iec~sarv steps far prAeed,ngs rn ca;rt or oft:frwiso. So carne said ,*.~ises b be vacatert. to collect rpitals
<br />a Dower inttmes due. oral rvgen vacant. to reset the same. to make ail r~s?nable repairs and Day tazos out cf sard rents. profits- enntract paym~ts or
<br />inCDnles arm to do alt sudr bungs either to i$ own of`acers or DY aHier parties duly authorized andappeir•.ted by it. as its aunt for said purpose, grid
<br />fo datgie or pay a reasonaDfe tee tx sacD services. arl of L1e ahaw to be +,ixie at sr;ch r;ma+~ and rn e„rh .,annoy aria ~^ suite ter;-s as t, vheir said
<br />attorney may sett best. wrth fate power of subsf,futix~
<br />~1ae Mortgagors herEf# agrze tit if Camciercia; eartiPr un;;ui~r;~y ar ,nvoi;sitariis Decames cr is mado a ;,arty tc any suitor prr~eetl:rig re3ahng
<br />b the fierrintefore drs~itwz! real os~m. x t-*_~ tills :~ng3gf or sa.. no;e ~ rates, oMOr than a torr,osure :nst=hated DY C:k imerarzl kfortgagors r<i ll
<br />termtzxs~e F~,.rateercrat for aft reasona;iie costs incnrrod Dy ti.~ln?:Rert;zl in saro suit ar p;oreeding. TDe Mo~~gagars furtltcr afire? that :t the heroinhetore
<br />descrrhed real esiato a gay' purl shore` he caidernnod + *_he ~.vver o! en;inorit do.;ain, ar rs otDorwise ~4uired far a public use the damages
<br />the proceex#s for fife fairin; and liar *he corsideratrur. fo! 3urk aaqussifim Ts the extent of #ie full amount of the remerning unpaid indehfed-
<br />ness scsaralf by this rac:t_ De_ a±.1 they tiaroDy are -=ssigi~eL to r~n>•+erciai and steal! he poi: forthwith to Com~rt+a! tv ho appiiEd a+i attaunt of
<br />{re fast pwhrrm a~# of nutty ssbeeht~ress_
<br />Cta~ boa ` .L+_ tsaj at --~ e9 2~ .
<br />iM ' ~ Rf.51=fCf 0F: ~~
<br />3fA7E OF BE~AStSA
<br />~~ ~~ ~
<br />~fi~'` ~ r r If~i~:~
<br />'~ am rt S ----
<br />M. Spears
<br />t:t?UtiTY 0f BALI. /~ ss.
<br />~~3-Cam--- ~ - ~ 19?~ , before me, a notary pulslic in and for said County, personalty camo
<br />Jana flex'bert Spoons and Sharon !!. Spears, Husband and Nife,
<br />t8 tae watt known th fr¢ fhe idsntisal yerscui ar persons whom Wane is rK names are afhxod to the abovo mortgage as granter or grantors and they, he
<br />or zre, stveiaffy acknowf~~ tliesaid ins~weet~,~ bu ~auGar ifreteof, to De lDeir voluntary act and deed.
<br />;kN-lri#llaYs
<br />~'fTtiES.S my hatrd and - -- written. / ,z~-=~ ~ ~ ~e
<br />t ~ Notary Pii,I:C
<br />My commission expires on the~_ Coy of f ---- e9 _ ~y~ M "x
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