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79-- UU3~UU EXPANDABLE MO]R,TGAGE
<br />ASSIGNMENT OF RENTS Loan No.. 821388-3 _
<br />KNOW ALL MEN BY THESE PRESENTS: That Bruce A. Kottwitz and Peggy J. lCottwitz, husband and wife
<br />(hereinafter called the Mortgagors) in consideratioc of the sum of
<br />Thirty-Eight Thousand Seven Hundred and NO/1o~--------------------Dollars (5-_. p0. 0--)
<br />loaned td Mortgagors, do hereby grant, bavgain, set{ and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIATION of ©maha,
<br />Nebraska, (bara~.after called "Commercial"), its successors and assigns, the to!lowing described real estate, situated in the County of,
<br />Hall State ofi Nebraska, to-wit: Fractional Lot Four (4) of the County Subdivision of Lots
<br />Thirteen (13) and Sixteen (16) and part of Lots Eight (8), Eleven (11), Twelve (121 and
<br />Fourteen (14) of County Subdivision of the Southeast Quarter of the Southwest Quarter
<br />of Section 16, Toxnship 11 North, Range 9 Ttest of the 6th P.F7., and its complement, to wit:
<br />Fractional Lot Five (6) in Fractional Block Eight (8) in Elm Place Addition to the City
<br />of Grand Island, Ha11 County, Nebraska
<br />TO HAVE AND TO ROLD THE SAME, with the appurtenances thereunto belonging. unto Commeraal, its successors and assigns, forever.
<br />Said Mortgagors hereby covenant with card Commercial, its successors and assigns, that Mortgagors are lawfui!y seized of said premises, that
<br />they are free from e„cumbrances, and that they will forgive; 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 />Ttrat whereas the said Mortgagors as members of Commercia~ have this date executed a note evidencing soon 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 cf said nose 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 by Com-
<br />mercial to the undersigned Mortgagors 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 thrs mortgage. being the amount due at any time on said
<br />original note and any additional advances made, exceed an amount equal to t2O percent of the amount of the original note, but in no event shall
<br />said note exceed the maximum amount permitted by law, and PROVIDED. HOWEVER. that nothing herein contained s;rall be considered as limiting
<br />the amount that shall be secured hereby when advanced to protect the serunty or in accordance with covenants contained in the mortgage.
<br />Nave, if the said Mortgagors shall pay or cause to he paid the said sums of money wren due. as set forth in said note, and any other note for
<br />audiiiurr5; advances Trade N~YI ;aid debt is fully pain with ~„~erest, thy„ tf,ese pros=^ts she!! be vu,d: afherise. ,n w and remarn in full force and
<br />effect; but if default should be made:
<br />ta) to any of the payments due on said note, and any other note for additional advances made. as therein agreed to he made for three months, or
<br />ib) !n keeping the improvements on said premises insured against loss 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 er companies acceptable to Com-
<br />mercial, the original of such policy or policies to tx held try Commercrai. and with a mortgage clause attached to said policy or yoti[ies,
<br />in favor of Commercial; or
<br />tci In the payment of taxes and cssessments levied upon said premises, or on this mortgage, before they are delinquent; or
<br />td) If there is any change in the ownerhip of the Tea! estate mutgaged herein. by sale, either outright or by !and contract, or by assignment of
<br />any interest thereon or otherw+s°;
<br />then, in arty of the a~ve set-forth events. the whole indebtedness hereby secured shall, at the option of Commercial, immediately L>ecome 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 ai the maximum legal rate per annum, and this mortgage may then be foreclosed to satisfy the amount due on said note, and
<br />any other note for additional advances, together with all sums paid by Commercial far 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 nn event, either before or after default, shall the interes! 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 on said note, and nn aiy other note far additional
<br />advances, as therein agreed to 1>e made, or in keeping the premises insured, as above provided, or if default be made in the payment of the faxes
<br />or assessments levied upon the premises above described at !upon this mortgage, before they are q' law delinquent Commercial shall be entitled
<br />to the immediate possession cF the premises above-described, together with all rents, proceeds and issues arising out of the premises, and may
<br />in its discretion use the rents so far as it deems necessary for the purpose of making repairs upon the premises and for the payment of insurance
<br />premiums, fazes and assessments upon suti premises, and for necessary expenses incu« ed in renting said premises and collecting rent therefrom, and
<br />to apply same on said note and any notes evidencing future advances hereunder until the indebiev'ness secutd is fully paid; and for such purposes,
<br />the undersigned does hereby sell, assign, set aver and transfer unto Commercial a!I of said rents, proceeds and incomes including any land contract
<br />payments due mort~ge owners or any other incomes of any type whatsoever from said property to be applied an the notes above-described; but said
<br />Commercalshal!in no case be liable for the failure to procure tenants, to collect rents. or to prosecute actions to recover possession of said premises.
<br />The Mortgagors further appoint Commercial of Omaha, Nebraska, their attorney in fact, giving wid attem?y power irrevocably, either on its own
<br />name or Mortgagors' names to take elf necessary steps for proceedings in court or otherwise, fn cause said premises to be vacated, to collect rentals
<br />or other incomes due, and when vacant. to reset the same. to make all reasonable repairs and pay taxes nut of said rents, profits, contract payments or
<br />incomes and to do ail such things either by its own officers ar try other parties duly authorized 2nd appointed by rt, as its agent for said purpose, and
<br />to charge or pay a reasonable fee for such services, al! of the atwve to be done at such times and in such manner and on such terms as to their said
<br />attorney may seem best, with fuH power of substih;tion.
<br />The Mortgagors hereby agree that if Commercial either voluntarily or involuntarily becomes or is made a -ry to any suitor proceeding relating
<br />to the ttereinbe,me described real estate. er to ibis mortgage or said note or Totes, other than a foreclosure instituted by Commercial, Mortgagors will
<br />rer.nburse Commercrai fa aH easorable posts incurred by Commercial in card suitor proceeding. The lortgagors further agree that if the hereinbefcre
<br />described real estate or any part (hereof tre condernnad under the power of aninent domain, or is otherwise acgwred for a public use, the damages
<br />awarded, the proceeds for the taking, and for the consideration for such acquisition to the extent of the full amount of the remaining unpaid indebted-
<br />ness severed yf this mortgage, be, and they hereby are, assigned to Commercial and shall be paid forthwith tc Commer to be applied on account of
<br />the 3ast ma>vring irts 1ta Innis of sr!th rode tedrress.
<br />Gated this~~ KKK day of , 19
<br />tN THE P ESENCE OF:
<br />B'SruZ'q A. F.ottwit3t __
<br />~~ h ~ >~) ~ L~~~
<br />°eg r / " ttrr'`' 2 /
<br />i . ~__.
<br />-SjeTE OF NEBRASKA
<br />CODNTY OF Hall ~ ~-
<br />- On tltis l ~ day of 19 ~, before me, a notary public in and far Bard County, personally Dame
<br />the alcove-named
<br />Bruce A. Kottwi x and Peggy J. Kottwitz, husband and wife
<br />to me well known fe be the identical person ^c persons whose name is ar names are affixed to the above mortgage as grantor or grantors and they, he
<br />or she, severalty acknowledge the said instrument and the xe>Ip.t~giytOdanfary act and deed.
<br />96iG
<br />WITNESS my hand and Notarial Seal this day and year t~'~R ~ '~ n6ri
<br />Nota~ubli~
<br />MY commission expires an the ~a ~ _day of t9 ~ M-50
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