79003309 - Laserfiche WebLink

Browse

79_„ U~I~~(~y EXPANDABLE MORTGAGE ASSIGNMENT GF RENTS Loan No. 49415-6 KNOW ALL MEN BY THESE PRESENTS: That Roger M. Volk and La.una R. Volk , husband and wife Thirty-three thousand and NOi I00---------------~?reinafter called the Mortgagors) in consideration of the sum of Dollars (5~-33 000.00-- ) loaned to Mortgagors, do herebyy grant, bargain, self and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIATION of Omaha, Nebraska, (hereinafter caged "Commercial"), its successors and assigns, the following described real estate, situated in the County of, Hall State of Nebraska, to-w,t: Lot Sixteen ii6) Fonner View Subdivision, in the City of Grand Island, Hall County, Nebraska TO HAVE AND TO HOLD THE SAME. with the appurtenances thereunto belonging, unto Commercial, its successors and assigns, forever- $aid Mortgagors hereby covenant with said Commercial, its successors and assigns, that htortgagms are lawful:y se,zed of said premises, that they are free from encumbrances. and that they will forever warrant and defend the tale to said premises aga,nst the lawful clams pf all arsons 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 emdencmg such loan and agreeing to repay sa,d sum of money, with interest, in payments as set forth in said note and have agreed to abide by the terms of said note 2nd Charter and E3y-Laws of Commerciaf. That whereas th,s mortgage shall secure any add,tional advances, with interest, which may. at the ephen of Commercial, be made by Com- mercial to the undersigned Mortgagors or their successors in title for any purpose, ai any lime before the release and cancellat,on of this mortgage, but PROVIDED, HOWEVER, at no Ume shall the aggregate principal amount secured by this mortgage. being the amount due at any time on said original rote and any add,tional advances made. exceed an amount equal to 110 percent of the amount of the erigmat note, but m no event shall said note exceed the maximum amount permitted by law, and PROVIDED, HOWEVER, that nothing herein contained shall be considered as limiting the amount that shall be secured hereby when advanced to protect the security cr in accordance with covenants contained in the mortgage. N,»v, it tare Gin Mnitgagnrs shaft p_ay er cause to be paid the said sums of mency when due: as set forth in said note, ana any other note for arkiibona! advances made until said debt is fully paid with interest, then these presents shall tae void: ntheru,se, to be and remain ir, full force and effect; but if default shbuld be made: 'a2 in any of Lie payments due on said no±e, and any other note for additional advances made. as therein agreed to tae made for three months, or {b? In keeping the improvements on said premises msdred against loss by reason of fire. lightning, and other hazards included in extended covesage insurance in an amount not less than the unpaid balance of sofa :aortgage Ivan, m a company nr companies acceptable to Cam- ,rercial. the original of such policy or policies to be held by Commerciaf. and with a mortgage clause attached to said policy or policies, m favor of Commercial; or i,ci In the payment of fazes and assessments lev,etl upon sold premises, or on th,s mortgage. before they are delinquent; or ?di If there is any change in the ownership of ttae real estate mortgaged herein, by sale. either outnght or fay !and contract, or by assignment of any interest thereon or otherwise; then, in any of the above set-forth events, the whole +ntlebtedness hereby secured shalt, at the opton of Cemmercia!, rnmetliately become due and payable without further notice, and the arnounf due under said note and any other note for additional advances made shall, from the date of the exercise of szid option, hear interest at the maximum legal rate per annum. and this mortgage may then be foreclosed to satisfy the amount due on :;aid note. and any other note for additinnal advances, together with all sums paid by Commercial for insurance. fazes. assessments and abstract extension charges, with interest thereon from the date of payment at the maximum legal rate. PROVIDED that in no event, either before o; after default, shall the ,merest due !ender said note and this mortgage and any other note for ad- ditional advances made exceed the maximum lawful interest race. PROVtDE[%, further, that Irr the erem that default occurs in the making of the payments due an said note. and en any other note for additional advances, as therein agreed to be made, or in keeping the premises insured, as above provided, ar :t default be made .n the payment of the taxes or assessments levied upon the premises above described br upon this mortgage, t~efore They are by law delinquent, Commercial shall be entitled to the immediate possession of Coe premises above-oescribad, together with all rents. proceeds and issues arising out of the premises, and may in its discretion use the rents so far as it deems necessary for Lhe purpose of making repairs upon the premises and for the payment of insurance premiums, lazes and assessments uprn such promises, and ter necessary expenses incurred in renting said premises 2nd collecting rer.; therefrom, and to apply same on said nose and any notes evidencing future advances hereunder until the indebtedness secured rs tally paid; and for such purposes, the urdersigtred does hereby sell, assign. set aver and transfer unia Commercial a!I of said rents. proceeds and incomes including any land contract payments due mortgage owners ar any other incomes of any type w~haisoeves from said properly to be applied on the notes above-described; but said Commercial shelf in no case be liable for the failure io procure tenants. to collect rents. or to prosecute actions to recover possession of said premises. ?he Mortgagors fur#her appoint Gommercial of Ornaha. Nebraska, Cwu attorney in fart. g,v,ng said attorney power irrevocably. either on its own name or Mortgagors' names to take all necessary steps for proceedings +n court or otherwise. to cause sa,d premises to t>e vacated, to collect rentals or other ineornes due, and when va;ant. to relet the same. tb make aIi reasonable repays ana pay taxes out of said rents, profits, contract payments or inwmes and to do all suth Mings either ~ its owm officers or by other parties du'y auLianzed and appointed by it, as its agent for said purpose, and to charge ar pay a reasonable fee tar such serrtes, all of the aMve to t>e done at sich ti .es an0 in such manner and on such terms as to their said attemey may seem hest, with foil power of subshe:t!on. The pAostgagors hereby agree tnat rf Gommercal either veiuntarty or inueiuntanly taecomes or ,s made a party to any suitor proceeding relating to the hereinbefere descrbetl yea! estate, cr le this mertg=_ge or said note er noes. ether than a fcreclcsure ,nstituted by Commercial, Mortgagors will reimburse Canmercial far all reasonable costs iacured 4y Commercial .n said su,t er praeeding The hldrigagors further agree that if Coe herembefore described real estate er any part thereof be condemned under the power ^_f er;inent domain, or is otherwise acquired for a public use, the da2ages awarc~d, the proceeds far the inking, and for the cor;sid?ra2inn far such acquis,tion to Coe extent of the full amount of the remaining unpaid rntlebted- ness Secured try this mortgage, tin, and they hereby are, assigned to Commercal and she!! be paid forthwith to Commercial to be applied on accoum of the tact matrrring installm~ats bf such indebtedness. y Dated this ~/~~ day of ~ 14 %~. tN THE PRESENCE Of: ~J~ ~ -- Roge Volk ~ /'~~~ - - ~ tin i ~ .~! ~_~1-_ Launa R. Volk STATE OF NEt3RASKA S9. - 1iDDNTY DF Hall On this 'L~~ day of _r~~y t9 ~9 before me, a notary public in and for sa,d County. personally came the above-named to me well knavn W he the identical person or persons whose name is ar names are affixed to the above r,ortgage as grantor or grantors and they, he p,~pK acknnwiedorjhp strument and the execution thereof, ±o ~ their voluntary act and deed. iFlBMI rOfAlllf~~feharl~~s f my_t~~~~.~~ ay and year last above wtitfen. `-7~~.1 ~.~'~ ~~`' /~J Notary Puhhc My commission expires on the _ ~`~~~ day of f~i/6US~- __ __ . 19 ~!r . M 50