|
7g"' U1~3462 EXPANDABLE MORTGAGE
<br />821384-1
<br />ASSIGNMENT OF RENTS Loan No. ____
<br />KNOW ALL MEN BY THESE PRESENTS: That Gary M. Burris and Sandra S. Burris, Husband and Wife,
<br />(hereinafter called the Mortgagors) in consideration of the sum of
<br />Thirty-six Thousand Four Hundred Fiftv and N ~ 0 --------- - Dollars (5 6 00 )
<br />loaned to Mortgagors, do hereby grant, bargain, sell and corsvey unto CBPd~~RCIAL FEDERAL SAVINGS AND LOAN ASSOC1A~Ot'(of Omaha,
<br />Nebraska, (hereinafter called "commercial"), its successors and assigns, the following described real estate, situated in the County of,
<br />Hall State of Nebraska, to-wit:
<br />Lot Four (4) ir. Block One (1), in Morris Addition to the City of Grand Island, Hall County,
<br />Nebraska;
<br />TO HAVE AND TO NOLD THE SAh1E, with the appurtenances thereunto belonging. unto Commercial. +ts successors and assigns. forever.
<br />Said fdortgagers hereby covenant with said Commercial, its sue~essnrs and assigns, that Mortgagors are lawfully se!zed of said premises, that
<br />they are free from encumbrances, and that they will forever warrant and defend the Uile to said premises aga+nst the lawfu! claims of all pe+sons
<br />whomsoever.
<br />Provided, nevertheless, these pr?rents are upon the following wndrt!ons:
<br />That whereas the said Mortgagors as members of Commercial have this date executed a note evidencing such lean and agreeing to repay said
<br />sum of money, with interest, in payments as set forth is said nett and have agreed td abide by the terms df said note ar,d Charter and By-Laws of
<br />Commercial.
<br />That whereas this mortgage shall secure any additional advances, with mt?rest. wh+ch may. at the option of Commercial. 6e made by Com
<br />inertial to the undersigned fdertgagors or their successors in title fcr any purpose. at any time before the release and cancellation of this mortgage,
<br />but PROVIDED. HOWEVER. at nn lime shall the aggregate onncipal amount secured by this mortgage. being the amount due ai any time on said
<br />origina! note and any additional advances made, exceed an amount equal to 110 percent df the amount of the original note; but in no event shall
<br />said ncte axteeG the max+~rwm amouN permrtt?d by law. and PROVIDED. H019EVER. that nothing herein coniainetl steal! be considered as limiting
<br />the amount that shall be secured hereby when advanc2G to protect the security or in atcordante with covenants contained in the mortgage.
<br />Now. if the said Mortgagors sham pay or cause to 6e paid Lh? said sums of money when due, as set forth in said note, and any other note for
<br />ary_fr t!nnal advzntes made until said debt is fully nail wr Lh interest, then iheS? ores?nth shall bg v4i d: n}ff!fNi ge, to he and remajn in frill fnrra anA
<br />effect; but rf Gefault shocld be made:
<br />+'a1 In any of the payments due en said note. anG any ether note fcr additional advances made, as therein agreed to be made for three months, or
<br />fD) In keeping the impmv?menu e,? said premaes insured against loss 6y reason of fire, lightning. and other hazards Included in extended
<br />coverage insurance m an amount not !ess than the urcaid balance of said mortgage loan, :n a company or companies acceptable to Com-
<br />meraal, the original cf such ooh=y or polities to bz held by Commercial, and with a mortgage tfause attached to said pclicy or pa:icies.
<br />in favor of Commercial: or
<br />c? In tfie payment of taxes anC assessments I?vieG e!pon said pr?muses, or on. this mdrigage, "afore th?y are delinquenC or
<br />(d) If there rs any change in the owr,ersh!p of the rea! ?state -c=tgaged herein, by sale, either outright or ey land contract. or by assignment of
<br />any inter?st thereon or otherwise:
<br />then, in any of the above set-forth events. the whole indebtedness hereby secured steal;. ai the cpiicn df Comm2rciai, immed!ately become due and
<br />payable withcui further notice. and the amount due under said Wale ant any other note fa additional advances made shall from the date df the exercise
<br />of said option. mar inter?scat the maximum Legal rate per annum. and this mortgage may u en be fcr?closed to satisfy the amount tlu° on said note, and
<br />any other note fcr additional advances. together with ai! sur^ paid ky Commerna' for ,ns!uanc2 taxes, assessments and abstract extension Charges.
<br />wifi interest thereon from the date cf payment at the maximum legal rate.
<br />PROVIDED that m rid event, ether before or after defauR shah Lh? inter?st du? u.^.der sa~G note and t!;is mortgage and any other note for atl-
<br />Gibonal advances made exceed the maximum lawful interest rat?.
<br />PROVIDED, further, that ir, the went :hat default cs curs in the Waking `; the payments due" .,7 said note. and dr. any other note for additional
<br />adrnc?s, as therein agreed fo be rode, dr in i?ep~ng th? prem,ses insured. as above prdv+ded. cr if defa!~it he r;a_e !n the payment of the fazes
<br />or assessments levied upon the premises above destr:`rec or !;~^ ris mortgag?, before they are by law deiinqueni Commercial shall be entitled
<br />to the !mm?diate possession of the premises above-described. together w!th ail rents. prpte?ds and issues 2rising cut of tae ~r?mise>, and may
<br />!n its distretien use the rents so far as a deems ne,cessary fcr ti? pvraas? d ^ak~ng repairs upon the premises and for the payment of insurance
<br />prem:ams- Lx?s and assessments upon such premises. and fcr necessary ?xpenses incurred +n renting sa+d prem+s2s and ~or!etiing rent therefrom, and
<br />td apply same INr said not? and any notes ?vidwnt!ng fut;:re zGVGnces hereund?r anti? Lhe !ndebtetlness s?cured ;s f;ll}' polo; and far such purposes,
<br />the undersigned does hereby s?~! aSS=gn s=_t evzr and transfer a ire rTmerc,a! ail of ~~tl renrs. croc?ads an~± :nco~nes ;r,t!ud{ng any land contract
<br />payments due mortgage owners ur any the ~ ernes ar any Hp? whats~?ver 'r ^ sold rcperty tc be a;p1!ed do the notes aLMV?-describeG; hit said
<br />Ddinmeitidl i6aili^ no case t12 habl? ie. Lhe railure id p'atb'2 tenons V tot 2Ct eni5, df Iv ptppeCLte ati!dnS io loco Yer pdSS?SS!Gn of Sald premises.
<br />The Mortgagrors fudl:er appoint Conrxrta; of Omaha. Nebraka- Ilfeir attorney m fact. g!vmg sa!G attorney power irrevocaD+y, ether do its own
<br />name or Mortgagors' names '~ take a . tessary steps for proceed:^,gs :n ca;:rt r ou~erw;se, t•~ cause said pr?m+ses is be °ratated, to collect rentals
<br />Or dtrief InLCrn?5 du?. 2nd wh?n Y2Ca^t ~td re let Lhe same ZO mak? a" r?a5dn2t;? repairs and pay taxes out Cf Sa!G rents. nrCfifS, ienltaCt payments er
<br />m~-es and id d¢ ai: such thongs ?ether by is own otfuers dr by ether panes duly auLndnz?d and apDm.r.~,+ by ;t as !is agent for sold purpose, and
<br />td ch2rge dr pay a *easo^ab!e fee for y ~ s?ru!tes ail of he at~v? tc be tlcne at suite tim?S and +~i such manner and on such t?tins as to their said
<br />attorney may se?!^ b?st witlr fu: pow~'r c' suest;c;t.e:,.
<br />The 44;rtgagcrs f!ereby agr?? that =rea; ? thes vo1„n a v o :nv ricer bee e> s -ad ;arty ,car, suit o~ pro-ceeGmg relating
<br />m
<br />to the he;einbe!„,e destntred rea esthie t~ this ^ongage or >a+e o;..,r r„te>. ,,,t•?r ";~, a , et s~ - : st~tvted trY ,,. ~. ertia+ Mortgagms wilt
<br />reimburse Corrr.n?rcrai for ail reassnas1? tarts mairt?d by G mmercial in said s:it dr prot?etling The 64ortgagcrs forme; agree Lhat !f the herernb?fore
<br />destntrd real ?stale 'r any part rerecf be ronGemned under the power of c!inent dora+n. or s otherw!s? acquired ter a public use. Lhe Gareages
<br />awarded, the proc?Pas for the tak+ng and for the cdnsidera?ion for sorb atqu!sifion [o the eat?nt .of the full aouni of fh? rema!n;rig unpa+d indebted-
<br />ness seturaf Lg~ this m i~gage, tie, and they hereby are. ass!gn?d to Cs„merc{ai aad shay'. be Ga+tl forL+!n{"s to Corm=rt+ai to be app!2d on account of
<br />the last m2turin enis of snCr indebtedness-
<br />Dated this-~~ day of 3une 15 79 .
<br />IN TH- E P~tESENCE OF:
<br />Sandra S. Burris
<br />~~ ; .d ~ -
<br />i~ L%'. '
<br />G K. +ris
<br />SPATE OF NfBRASKA
<br />COUNTY OF HALL 55.
<br />On Utis __~~ day of June 1?7_S-_ ,before !ne, a notary public in and for said County. personally came
<br />the above-Warned
<br />Gary !!. Burris and Sandra S. Burris, Husband and Wife,
<br />to me well known td be the ide:rtital ~ersen or persons w*ose name rs or nacres ar? affixed to the above mortgage as grantor nr grantors and they, he
<br />or she, several{y acknowledge the said instrvrnent aM the ezecub r,pw~Fl~t and deed.
<br />ARNOED O. WEDBERia
<br />WITNESS my hand and Notarial Seal this bay and year last a4a ~flt:°°'°C EYR A°- 17, t~ ~ n , ' ~~
<br />~.vvu.r`~ ,o!`..
<br />~ .~y Notary Public
<br />My commission expires on the 1~, day al ~~j,B~.___ , 19 Z~! M 50
<br />
|