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79-- t~~L325I EXPANDABLE TvIORTGAGE a2ozau-z
<br />ASSIGNMENT CF RENTS Loan No.
<br />IfNOW ALL MEN BY THESE PRESENTS: That George P. Zahn and Linda L. Zahn, husband and wife
<br />Forty-Eight Thousand Five Hundred and NO/100 (hereinafter called the Mortgagors) in consideration of the sum of
<br />-- Dollars (5--48 500.00--)
<br />!cloned to Mortgagors, do hereby grant, bargain, sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOGIAI:ION of Omaha,
<br />~lagr~ska, (hereinafter called."Commercial"), its successors and assrgns, the following described real estate, situated in the County of,
<br />State of Nebraska, to-wit:
<br />Lot Ten (10), in Block Two (2), in Capital Heights Fourth
<br />Subdivision Hall County, Nebraska
<br />TO HAVE AND TO HOLD THE SAME, with the appurtenances thereunto belonging, unto Commercial, its successors and assigns, forever.
<br />Said Mortgagors hereby covenant with said Commercial, its successors and assigns, that tortgagors 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 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 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, with interest, which may. at the option of Commercial, be made 6y Com-
<br />mercial to the undersigned Mortgagors or their successors in title to: any purpose, at any time before the release and 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 an said
<br />original note and any additional advances made, exceed an amount equal to 110 percent of the amount of the original note, but in no event shalt
<br />said note exceed the maximum amount permitted by law, and PRO'JIDED, HOWEVER, that nothing fierein contained shall be considered as limiting
<br />the amount that shall he secured hereby when advanced to protect the secunty or in accordance with covenants contained in the mortgage.
<br />Now, ii the said Mortgagors shall pay or cause to be paid the said sums of money when due, asset forth in Said note, and any other note for
<br />additmnal advances made until said debt is fully paid with interest, then these presents shall be void; dherwise, to be and remain in full force and
<br />effect; Dut if default should be made: '
<br />(ai In any of the payments due on said note. and any other note for additional advances made, as therein agreed to be made for three months, or
<br />tG) In keeping the rmprovemenis on card prem:ses insured against foss by reason of fire, li~tning, and other hazards included rn extended
<br />coverage insurance in an amount not less than the unpaid Galante of said mortgage loan; in a company or companies acceptable to Gom-
<br />mercial. the original of such policy or policies to Ge held Gy Commercial, and with a mortgage clause attached to said policy or policies,
<br />in facer of G!+rt!mertiai; or
<br />±c) th the payment of taxes and assessments levied upon said premises, or on this mortgage, before they are delinquent; or
<br />!d; If there is any change in the ownership of the real estate mortgaged herein, by sale. either outrigGt or b1 land contract, nr by assignment of
<br />any interest thereon or otherwise:
<br />them, in arty of Me above set-forth events, the whole indebtedness hereby secured shall, at the option of Commerdal, immediately become due and
<br />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
<br />of said option, bear interest of the maximum legal rate pet annum, and this mortgage may then be foreclosed to satisfy Me amount due ce said note, and
<br />arty other note for additional advances, together with all sums paid by wmmercial ter insurance, taxes, assessments and abstract extension charges,
<br />with interest thereon from the date of payment at the maximum Segal rate.
<br />PROVIDED that in ro event, either before or after default, shall the interest due under said note and this mortgage and any other note for ~-
<br />ditionai advances ~?ade exceed the maximum lawful interest rate.
<br />PROVIDED, further, that in the event that dehatt occurs in the making of the eayments due ore said Here, a r_+ x any ether note for additional
<br />advances. as therein agreed to be , wde. or rn keeping the premises insured, as above provided. er if default Ge made m the payment of the thxes
<br />or assessments levied upon the premises air:re described m open th+s mortgage, before they are by law delinquent, Canmertial shall be eniiiled
<br />to the immediate possession of the premises ab3+re-destnbed. together wiY^ all rents. proceeds and issues arising cut of the premises, and may
<br />:n its discretion use the rents so far as it deems necessary for the purpose of making repairs upon Me premises and for the payment df insurance
<br />prafi;~,mc taxes and assessments up,n vzch pran,ses. and for netecUrv expanses Incurred in renting said prar:ises and tol!echng rer.± therefrom, and
<br />is apply sari on said note ar.d any notes evidencing future ~d.antcs herzurrder anti; ttre indebtedness secured is lolly paid; and for such purposes,
<br />the undersigned does hereby sail, assig;:, set ov=r and t;arrsfer unto Ca,~.mertral alt of said rents- proceeds and incomes including any land contract
<br />ruyments due mortgage owners cr any ether incomes at nay type whatsoever from said property to Ge applied on ice notes above-described; clef said
<br />Cartrmertial shall in nd case to liaGle for the failure TQ praare tenants. to toiled rents, or to prosecute actions to recover possession of said premises.
<br />The Mortgagors further appoint Commercial of Dmaha, Nebraska, drain attorney in fact. giving said attorney power irrevocably, either on its own
<br />Warne or tMutgagors' names to fake ail necessary steps for proteed+ngs .n court or otherwise, to taus? sa+d premises to be vacated, to collect rentals
<br />or other incomes due, and when vacant, to relet the same, th make al! reasonable repairs and pay taxes out of said rents, profits, contract payments or
<br />incomes aria ie do ail sucG icings either Gy its own dff,ters or tyv other parties duly audronzad and appointed Gy it, as its agent for said purparse, and
<br />io drarge or pay a reasonable tee for such servrtes ati ci Me above G. Ge ddne at such tames acrd 'n such manner and on such terms as to their said
<br />attomey may Seem be5L with f<LI! pc~w'2' Pf SuGSb'3:ti fin.
<br />The ESortgag~s hereby agrce that .f Crnnmertiat eiMer voicetauly ur involuntarily Getomas or is made a party to any suit or proceeding relating
<br />to the hereinbefore dest?iiw_d real es;ar?. dr t~ Mis ~rtgag= or sa+d not= cr Hates. dt4er Man a foreclosure instituted by C-~mmercial, Mortgagors wail
<br />reimburse Camnercial ter ail reasonable tosfs inr;urred try Commeraal rn sand su+i ur pra:eeding. The Mnrtgagors turMer agree that it Me hereinhefore
<br />destsiGed real estate ar ery part tGe:edf lee condt!?rrn;?d under the power of eminent domain. or is otherwise acquired for a public use. Me damages
<br />awarded, the proceeds fa the thking, and fw the consideration for such acquisition to me extent of the full amount of the remaining unpaid indebted-
<br />rress s~rsad try ffiis saort~ge, hz, and tlrey hereby are, assigned td CD~rmertial and shalt be paid forthwiM to Commercial td be applied on accour.P of
<br />fhe ia5t mafsriing iastafMrents of SutG indebtedness. n
<br />~tedpris ~S~_dayof ,i9~. ~
<br />p9 7HE PRESENCf OF: G ~~~ _
<br />George Zahn
<br />>.nda L. Zahn
<br />ATE flF MfBRASKA
<br />COUNTY OF -Nall ~~
<br />Orr Arts z'~ day of ~' i9 ~ , be#ore me, a notary public in and for said County, personally came
<br />- pre abovenaaed
<br />George P. Zahn and Linda L. Zahn, husband and wife
<br />to me welt known la be Ate idendcai person or persons wfiose name is or names era affixed to Me above mortgage as grantor or grantors and they, he
<br />tCY5r3L1it n°~.,,~' ~~ard ins#rument nerd the execution tlrereof, to be their voluntary act and deed. /~
<br />~tMtMp/--lu~e>ttirlw~bl 1 d ., /1 ~,'~/ /r•2,
<br />Nis day and year cast aGdve written. ~.--,'~1~/(,/f/'/ //r~.l~~
<br />~ ~-,-y J' ~i~ / Notary Public -~
<br />MN commission expires on tGe_! day of ~~~~G~ 190 M-50
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