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79-~ uU3923 E~£.PANDAB~.E MORTGAGE ASSIGNMENT OF RENTS Loan lac. 48436-,~ KNOW ALL MEN BY THESE PRESENTS: That William E. Arthur and Janice C. Arthur, }:usband and wife (hereinafter called the Mortgagors) in cansiderahon of the sum of Twenty-Seven Thousand Five Hundred and N4/100-------------------- Dollars{5--27 500.00--? loaned to Mortgagors, do harebpp grant, bargain, sell and convey unto COMMERCIAL fEOERAL SAVINGS AND LOAN ASSOC(A~ION of Omaha, Nebraska, (hereinafter called "Commercral"), ifs successors and assigns, the following described real estate, situated in the County of, Hall State of Nebraska, to-wit: The Southerly Eighty-One (81) feet of Lot Five (5) in Fractional Black Twenty-One (21) of Palmer's Subdivision of Lot Seven (7} of the County Subdivision of the SEl/4SN1/4 of Section Sixteen (16}, in Township eleven (11) North, Range Nine (9) Nest of the 6th Principle Meriden in Grand Island, Nebraska TO HAVE AND TO HOLD THE SAME, with the appurtenances thereunto belonging, unto Commercial, its successors and assigns, forever. Said Mortgagors hereby covenant with said Commercial, its successors and assigns, that Mortgagors are lawfully seized of said premises, that they are flee from encumbrances, and that they wilt forever warrant and defend the title to said premises against the lawful claims of all persons 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 evidencing such loan and agreeing to repay said 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 By-Laws of Commercial. That whereas this mortgage shall secure any additional advances. with interest, which may. at the option of Commercial, br; made by Com- mercial to the undersigned Mortgagors or their successors in title fcr any purpose, of any time before the release and cancellation of this mortgage, but PROVIDED, HOWEVER, at no time shall the aggregate principal amount secured by this mortgage, being the amount due at any time on said 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 shall said note excel 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 or in accordance with covenants contained in the mortgage. Now, if the said Mortgagors shall pay or cause to be paid the said sums of money when due, as set forth in said note, and any other note for addiharal advances made until said debt is fully paid with interest, then these presents shall be void; otherwise, to be and remain in full force and effect; trot it default should tie made: {a) 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 (b) In keeping the improvements on said premises insured against loss by reason of fire, lightning, and other hazards included is extended coverage insurance in an amount not less than the unpaid balance of said mortgage loan, in a company or companies acceptably to Com- mercial, the original of such policy or policies to ten held try Commercial, and with a mortgage clause attached to said policy or policies, in favor of Commercial; or {c) !n the payment of taxes and assessments levied upon said premises, or on this mortgage, before they are delinquent; or (d) If theta is any change in the ownership of the real estate mortgaged herein, by sale, either outright or by land contract, or by assignment of any interest thereon or otherwise; - t}ren, in any of the above set-forth events, the whole mdebtednes hereby secured shall, at the option of Commercial, immediately f>ecome due and payable without further notice, and the amount due under said note and any other note ter additional advances made shall, from the date of the exercise of said option, bear interest at the maximum legal rate Her annum, and this mortgage may then be foreclosed to satisfy the amount due on said note, and any other note for additional advances, together with all sums paid by Commercial for insurance, taxes, 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 ar after default, shall the interest due under said note and this mortgage and any other note far ad- ditional advances made exceed the maximum lawful interest rate. PROVIDED, further, that in the event that default occurs in the making of the payments due on said dote, and on any ocher note far additional advances, as therein agreed to 6e-made, or m keeping the premises insured, as above providzd, or rf default be made in Lhe payment of the taxes :.• assessments levied open the premises above described or upon this mortgage, before they are by taw delinquent, Commercial shall be entitled to th: immediate possession of the premises above-described, 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 the purpose of making repairs upon the premises and fc; the payment of insurance premiums taxes and assessments upon such premises, and for necessary expenses incurred in renting said premises and collecbog rent therefrom, and to apply same on said note and any notes evidencing future advances hereunder until the indebtedness secured is fully paid; and for such purposes, the undersigned does hereby sell, assign, set over and transfer unto Commercial all of said rents, proceeds and incomes including any land contract payments thre mortgage owners or any other incomes of ary type whatsoevrer from said property to be applied or, the notes above-described; but said Commercial shall in no case f>e liable for the failure to procure tenants, to collect rents, or to prosecute actions to recover possession of said premises. The Mortgagors further appoint Commercial of Omaha. Nebraska, their attorney in fact, giving said attomey power irrevocably, either on its own name nr Mortgagors' names to take aN necessary steps for proceedings in court or otherwise, to cause said premises to 6e vacated, to collect rentals dr ethersncomes due, and when vacant, to reset the same, to make all reasonable repairs and pay taxes out of said rents, profits, contract payments or incomes ar>fl to do all such things either by its own officers or by other parties duly authorized and appointed by it, as its agent for said purpose, and to charge or pay a reasonable fee for such services, all of the above to he done ai such times and fn such manner and cn such terms as to their said attorney may seem best, with foil power of substitution. The Mortgagors hereby agree that if Commercial either vuluntanty or involuntarily becomes or is made a party to any suitor proceeding relating to the hereinbefore 6escribed real estate, or to this mortgage ar said note or notes, other than a foreclosure instituted b`/ Commercial. Mortgagors will reimburse Commercial for all reasonable costs recurred by Commercial in said wit ar proceeding. The tdortgagms further agree chat if the hereinbefore descibed real estate or any part thereof bn condemned under the power of eminent domain, or is otherwise acquired for a public use. the damages awarded, the proceeds for the taking, and for the consideration for such acquisition to the extent of the tali amount of the remaining unpaid indebted- tress secured try this mortgage, be, and they hereby are, assigned to Commercial and shall be paid forthwith to Commercial to be applied on account of the last maturing installments of such indebtedness. Dathd this /Sf1J day of ~.Uai , 191. , }N THE PRESENCE +G 11,,x`' " -STATE OF NEBRASKA Nilliam E. Arthur l ~ 3 e C. Arthur ss. COt1NTY OF Hall On this ,/S~ day of 7~.~J'ET~ , 14 ~, before me, a notary public in and for said County. persanaliy came the above-named Nilliam E. Arthur and Janice C. Arthur, husband and wife to me well known to be the identical rson nr persons whose name is or names ern affiixed to the above mortgage as grantor or gran!ars and they, he stmment and Lhe execution thereof, to be then voluntary act and deed. 1!lOIA~t/L!l~Mi ay and ear fast above written. r' ~ ::nary Public My commission expires on the ~-S~ day of ~~ _ -__ , 194L.. M-50