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.-f.;R.t3216 EXPANDABLE MORTGAGE 82ozes-o
<br />7g ASSIGNMENT OF RENTS Loan M1o.
<br />KNOW ALL MEN BY THESE PRESENTS: That Mark Joseph Malmer and Kim Lea Rich Malmer, Husband and Wife,
<br />(hereinafter called the Mortgagors) in consideration of the sum of
<br />Forty-four Thousand Hine Hundred and No11OO-----------------------Dol{ars(S Ors 900.00 )
<br />loaned to Mortgagors, do herebyy grant, bargain, self and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOG~ATION of Omaha,
<br />Nebraskz, (hereinafter called "Commereral"), its successors and assigns, the following described real estate, situated in the County of,
<br />Hail State of Nebraska, to-wit:
<br />Lot Five (5?, Block Four {4) Olde Miil Subdivision; city of Grand Island, Hall County,
<br />Nebraska;
<br />1D HAVE AND TO HOLD THE SAME, wish the appurtenances thereunto belonging. unto Commercal. +ts successors and assigns, forever.
<br />Said Mortgagors hereby covenant with said Commercial, its successors and ass+gns. that Mortgagors are lawfully seized of said premises, that
<br />they are free horn encumbrances, and that they will forever warrant and defend the title tc satd 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 Phis date executed a nose evidencing such loan and agreeing tc repay said
<br />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 Bylaws of
<br />Commercial.
<br />That whereas this mortgage shall secure any additional advances, wifi interest wh+ch may. at the option of Commercial, be made by Com-
<br />merna! to the undersigned Mortgagors or their successors in title for any purpose, at arty time before the release and cancellation of this mortgage,
<br />brrt PROVIDED. HOWEVER. at no time shall the aggregate principal amount secured try this mortgage, being the amount due at any time on said
<br />origlnat note and any additional advances made, exceed an amount equal to 110 percent of the amount of the original note. but in no event shall
<br />said Hate exceed the maximum amount permitted try law, and PROVIDED. HOWEVER, that nothing herein contained shall be considered as limiting
<br />the amount rY,at gall 6e secured hereby when advanced !o protect the security or in accordance with covenants contained in the mortgage,
<br />Now, if the said Mortgagors shall pay ar cause tc be pa+d the sa+d sums of money canon due, as set form irr said note, and any other note mr
<br />arMitional advances made until said debt is fully paid wtth interest, then these presents shall be void; otherwise, to be and remain in full force and
<br />effect; but it defaidt should be made:
<br />(a) In arty of the payments due on said note. and any other note for addrtionai advances made, as therein agreed r^. be made fo+ three months, or
<br />+,b) In keeping the improvements on said premises insured against loss by reason of fire, lightn+ng. and other hazards included in extended
<br />covera~ insurance in an amami not less -than the unpaid balance of sa+d mortgage loan, in a company er companies acceptable tc Com-
<br />mercial, the origlnat of such policy ar policies to b2 held 's/ Commercial, and wrth a mortgage clause attached to said policy or policies,
<br />in fawr of Commercial; or
<br />c) to the payment of taxes and assessments ievi~ upon said premises, or un th+s mortgage, before they are delinquent; or
<br />id) 1f there is arty drange in the ownership of the real estate mortgaged herein, ey sale, either outright or try land contract, er by assignment of
<br />any interest thereon or otherwise: -
<br />tlten, in arty of the above set-forth events, the whole indebtedness hereby secured shall. at the option of Commercial, immediately become due and
<br />payable without farther notice, and the amamt due under said note and any other note for additiena! advances made shall, from the date of the exercise
<br />of said option, hear interest at the maximum legal rate per annum, and this mortgage may the,. be foreclosed to satisfy the amount due or, said note, and
<br />arty other note for additions! advances, together with all cams mid by Commercial for insurance. taxes. assessments and abstract extension charges.
<br />with interest thereon tram the date of payment at the maximum legal rate.
<br />PRDVIOEO that in no evmrt. either before or after defauH, shall the interest a:e under sa+d note and th+s mortgage and any other note for ad-
<br />ditional advances made exceed the maximum ;awful interest rate.
<br />PROVIOEO. further. that in the event that default xcrrs in the making of the payments due on said note, and on any other Hate far add+t+orral
<br />adw,ices; as ~iere+n agreed to be made, or in keeping the premises insured, as above provided, or if default k jade in the payment o`. the taxes
<br />or assess;nents !erred upon the premises above described or upor. this mortgage, before they are Ly law delinquent. Commercial shalt he entrtfed
<br />to the immediate possession of the premises above-descrided, together wiEh all rents, proceeds and issues arising out of the premises, and may
<br />ir. its distrebor, use the rer;ts so far as it deems necessary ter the purpose of asking repairs upon the premises and fier the payment ct insurance
<br />pr~,m!s, taxes and assessmra?ts upLn such premises, and far necessary expenses incurred +n renting said premises and cci!ecting rent theref:om< and
<br />a apply same on said note and any notes evidencing fuhure advances hereunder until Lhe indebtedness secured is fully paid; and for such purposes,
<br />gee undersigned does hereby sell, assign, set over and transfer unto Commercial a!i of said rents, proceeds and Incomes mciud+ng,my rand contract
<br />paymorr#s tale mortgage owners ar any other incames of any type whatsoever from said property to be applied on the notes above-de__r;:+eC: tut said
<br />Comme~ciatshatlin:m case be liable for the failure to pracure tenants. to collect rents, or t7 prosecute actions to recover possession of Baru premises.
<br />The iAort~gors #urther appoint Commercial of Omaha, Nebraska, tfre+r attorney in fact, giving satd attorney power +« ewcab!y. either on ,ts awn
<br />rsorae or I~tgagors' names ib take alt necessary steps for prxeedings in court ar otherwise, to cause said premises to tie ~racated to collect rentals
<br />or artier incames due, and cation vacm;t, to rotor the same, to make al I reasonable repairs and pay taxes out of card rents, pref:ts. contract payments or
<br />incames and to rb all such things either by its own ofhcers or hY other patties duly authorized and appo+nted by ii. as +ts agent for said purpose, and
<br />io charge or pay a reasonable fee [or suchh services. ail of the slave tc t>E done ai such times and in such runner and orr sech terms as ro itseir card
<br />arty may best, w;fir th~ti power cf su~bb,°ti~;.
<br />Tire kSartgagors hereby agree Graf +f Commercial either vctunWriiy ar +nvciuntarly becomes or is mad=_ a patty .;c any sort cr prxeeding refacing
<br />to the hereinbefore described real esthte. ar to this norigage or said Hate or notes, other than a fcreciosure rnsUtutad by Commercial. fortgagors will
<br />seimbrrrs= Commercial for a1! reasarah!e costs +ncurred by Commercial in said suitor prxeed{ng. The fAatgagcrs further agree That if the hereinbefore
<br />described rest estate nr any part. thereof be condemned unoer the power of eminent domain, or rs otherwise acquired for a public use, die damages
<br />awarded, ttce proceeds for ffie taking. and for the consitterabor•: for such acquisttron io hhe extent of the full amount of the remaining unpaid indebted
<br />rress serried by this rrmrtga~, Ire, and ttrey trerel~r are, assigned to Commercal and shat) be 1a+d forthwith to Commercial to ba applied on account of
<br />~ fast re-atrrrng irrsthtfmgsis rrf s~rclr irrtthbtethress.
<br />Drag iris ~~~ day of ~Y . i9 79 "~
<br />>~7 THEPttESEi~iCE~O~F7 / ,
<br />~~!~ I4~,
<br />STATE of= NE>~l1StA
<br />eciuNrv ot: BALL ~.
<br />4n fAis ~~~ day of May
<br />lire above-named
<br />Mark Josep~i Ma r
<br />.~ ~ y /~
<br />m 'Lea Rich 'Malmer
<br />19 79 . before me, a notary public in and for said Caunty, personalty came
<br />Aark Josegh Malteer and Kim Lea Rich Mal~+cr, Husband and Wife,
<br />ter me well known to be the identical person or perswrs wtrose name is or names are affixed to the zbove mortgage as grantor or grantors and they, he
<br />or sbe, severally ackndwtedge the said instrumeart amt the execution thereat, to be them voluntary act and deed.
<br />iYi~i~isY~ii{it- t this day and year fast above written. .~
<br />~,~y ~,~,, ~, ~,t~ - ttu~rary Putd,c.
<br />ZS~~ daY of ~~U`--T _ . 19 ~~ . M 50
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