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Mgr ut~3658 EXPANDABLE MORTGAGE
<br />dSSIGNMENT OE RENTS Loan No.._-____
<br />KNOW ALL MEN 9V THESE PRESENTS: That Howard L. Bray*_on and Kathryn A. Brayton; husband and wife
<br />(( e einafter called the Mortgagors) in consideration of the sum of
<br />FORTY-TWO THOUSAND SEVEN HUNDRED FIFTY AND NO/I b-----------------Dollars ($ 42,750.00----)
<br />loaned to Mortgagors, da hereby grant, bargain, self and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIATION of Omaha,
<br />Nebraska, (hereinafter caged "Commercial"), its successors and assigns, the following described real estate, situated in the County of.
<br />Hall State of Nebraska, to-wit:
<br />Lot Three (3) in Block Two (2) in Westerhoff's
<br />Second Subdivision, Being a Resubdivision of
<br />the South Half of Blocks Three (3) and Four (4)
<br />and the North Half of Blocks Five (5) and Six (67, Westerhoff's
<br />First Subdivision, in the City of Grand Island, Hall County, Nebraska.
<br />TO HAVE AND TO HOLD THE SAME, with the appurtenances thereunto belcngmg, ante Commercial, its =_uceessnrs and assigns, forever.
<br />Said Mortgagors hereby covenant with said Commercial, its successors and assigns. that Mortgagors 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 aga!nst 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 zbide by the terms of said note and Charter and By-Laws cf
<br />C..,nmercial.
<br />That whereas this mortgage shall secure any additional advances, with mferest, which may, a' the option of Commercial, be made try Com-
<br />mercial to the undersigned Idortgagors or their successors in title for 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 on said
<br />original note and any additional advances made. exceed an amount equal to :t0 percent of the amount of the original note, but in no event shall
<br />said note exceed the maximum amount permitted by law, and PROVIDEDI. HOWEVER, that nothing herein contained shall be considered as limiting
<br />the amount that shalt be secured hereby when advanced to protect the security or m accordance with covenants contained in the mortgage.
<br />Now, if the said Mortgagors shall pay or cause to be paid the said sums cf money when due, as set forth in said note, and any other note for
<br />additional advances made unfit said debt is fully paid with interest, [hen these presents shall ce void: otherwise. to ce and remain in full force and
<br />effect: but if default should be made:
<br />(a? In any of the payments due on said note, and any other note far additional advances made, as therein agreed to 6e made for three months, or
<br />(b) In keeping the improvements on said premises insured against Ions by reason of fire, lightning, and other hazards included in extended
<br />coverage insurance in an amount not less than the' unpaid Balance of said mortgage loan, in a company or companies actepiable to Cam-
<br />merdal, the original of such potty cr policies fa be held by Commercial, and with a mortgage clause attached to said policy or policies.
<br />in fairor of Commercial: or
<br />ic} in the payment of taxes and assessments levretl upon said premises, or on this mortgage, before they are delinquent: or
<br />;di If here is any change in the ownership of the real estate mortgaged hereto, by sale, either outright or by land contract. or 6y assrgnmeni of
<br />any interest thereon or otherwise:
<br />then, in arty of the above set-forth events, the whole indebtedness hereby secured shall. at the option of Canmercial, immediately become due arM
<br />payable without further notice, and the amount due under said note and any other note for additional advances mztle shall, from the date of the exercise
<br />of said option, bear interest at the maximum legal rate per annum, and this mortgage may then Ire fareclcsed to satisfy the amount due on said note. and
<br />any other note for additional advances, together with all sums paid by Commercial for insurance, taxes, assessments and abstract extension charges,
<br />with interest thereon from the date of payment at the maximum legal rate.
<br />PROVIDED that in no event, either before ar after default, shalt the interest due under said note and this mortgage and any other note for ad-
<br />ditional advances made exceed the maximum lawful interest rate.
<br />PROVIDED, further, that in the event that default occurs in the making of the payments due nn said note. and on any other note ter additional
<br />advances, as therein agreed to be made. ar in keeping the premises insured, as above provided. er if default ~ :rode in the payment of the taxes
<br />or assessments levied upon the premises above described or upon this mortgage, before they are by law delinquent, Commercial shall be entitled
<br />to the immediate possession of the premises above-descnBetl. together with al! rents, proceeds and issues arising out of the premises, and may
<br />in Its discretiorii use the rents se tar as it deems necessary for the purpose of making repairs upon the premises and for the payment of insurance
<br />premiums, taxes and assessments upon Bach premises. and for necessary expenses incurred m renting said premises and coi!ecting rent therefrom, and
<br />th apply same rar said note and zny gates evitlerc,ng fuhrre advances hereunder until the indebtedness =_ecured is fully paid; and for sutft purposes.
<br />the undersidxred does hereby self. assign. set rarer and transfer unto Cammorcia ail cf said rents, proceeds and incomes including any land contract
<br />payments dre mortgage owners or any other incomes of any type whatsoever tram sold property to be applied nn the notes above-described: tut said
<br />Commercial shall in ne case tre liable Fer the failure to procure tenants. to collect rents. ar to prosecute att:ons to recover possession of said premises-
<br />The Mortgagors further appoint Commercial of Omaha. Nebraska, their attorney m fact, giving said attorney power irrevocably, either on its own
<br />name or A~ortgagors' names to take all necessary steps for proceedings in court or otherwise. to cause said premises to 6e vacated, is collect rentals
<br />or other incomes due, and when vacant, to re!et the same, to make all reasonable repairs and pay fazes out of said rents, profits. contract payments or
<br />incomes and to do all such things either by its own officers or by other parties duly authorized and appanted by it. as its agent for said purpose, and
<br />to charge or pay a reasonable fee for such services, all cf the above to be done at such times and m such manner and on such terms as to then said
<br />attorney may seem best, with full power of subshtutrnn.
<br />The Mortgagors hereby agree that .f Commertial either vcluntanly nr nn~alunran!y becomes ar ~s made a parCy to any suit ar prcceetling re!at!ng
<br />to the hereinbefare described real estate, or to this mortgage or said note sr notes. other Lhan a toreuasure mshtuted by Commercral, Mortgagors will
<br />reimburse Commercial far alt reasonable costs incurred by Gammerc!ai ~n sard suitor proceedieg. The rdnrtgagnrs further agree that rf the here~nbefore
<br />described real estate or ary part thereof 6e condemned under the power ai enr:nent domain. or ~s atherw~se acgmred fa a public use. the damages
<br />awarded, fire proceeds far the +aking, and for the cansiderai~an for such acgcrsdinn to the extent of the full araunf of the remaining unpaid indebted-
<br />ness secured fry this mortgage, ire, and they hereby are. assigned to Cammeraa! and shat! be paid forthwrth to Commeruai to be applred cn actmmt of
<br />the fast mahrring ins -meats of such Ind tedness.
<br />Dated this day of 15~- ;' ~,
<br />-l
<br />IN THE PRESENCE OF: ~"`~ = T ~ '~~"` "`-~ `
<br />Y.oward L. Brayton "~~-_
<br />-- Kathryn A. Brayton m,
<br />STATEOFlriipllelRe,5z~2tTit 1~A15a%/•J --_.`xy ~._,
<br />cDUNTx of 7(z f f°P ss. ',s r ~ ,' .~ ;' '
<br />On this q day of -!~-~^-~ 19'~ ,before me, a notary public in and for said County, personally came
<br />the above-named Howard L. Br 'on and Kathryn A. Brayton; husband and wife
<br />to me weft known to f>e the idenGraf person or persons whose name is ar names are affixed to the above mer'.gage as gianin~ or grantors and They, he
<br />or she, severally acknowledge the said instrument and the execution thereof, to be their voluntary grief and deed.
<br />WITNESS my hand and Notarial Seal this day and year last above written. 1` ; ~ y
<br />__ -- _
<br />/- NoLr~ r h i'.
<br />My rnmmission expires nn the ~_ day of r^ T~,~ti , f5 ~~ M Su
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