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79-~'U(t~03~ EXPANDABLE MORTGAGE ASSIGNMENT OF RENTS Lean Nn. 4~4~~6 KNOW ALL MEN BY THESE PRESENTS: That James F. Lentz and Glenna J. Lentz, husband and wife (hereinafter called the Mortgagors) in consideration of the sum of Twenty-Three "_'houband Nine Hundred and 2d0/100---------------------DollarstS--23,900.00--) loaned to Mortgagors, tlo hereby grant bargain, soil and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCiAT!ON of Omaha, Nebraska, (hereinafter called " ommercral"), its successors and assigns, the following described real estate, situated in the County af, Hall State of Nebraska, to-wit: Lot Two C2) in Capitol Hill Addition to the City of Grand Island, Ha11 County, 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 free from encumbrances, and that they will forever warrant and defend the title to said premises against the lawful claims of all persons whomsoever. Provided, nevertheless, these presents are open 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 Ly 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, be made by Com- mercial to-the undersigned Mortgagors or their successors in title for any purpose, at 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 I10 percent of the amount of the original note, but in 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 protec! the security ar m 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 a~±~ibnnal advances made until said debt is tally paid with interest, then these presents shall be void: otherwise, to ~ and remain in full fore^ and effect; but ii default should be 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 in extended coverage insurance in an amount not less than the, unpaid balance of said mortgage lean, m a company or companies acceptable to Com- mercial, the original of such policy or policies to be held by Commercial, and with a mortgage clause attached to said policy or policies, in favor of Commercial; or (c) In the payment of taxes and assessments levied upon said premises, or on this mortgage, before they are delinquent; or (d) 1f there 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; _ then, in any of the above set-forth events, the whole indebtedness hereby secured shall, at the option of Commercial, immediately become due and 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 of said op±iorr, bear interest at the maximum legal rate per 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 or after default, shall the interest due under said note and this mortgage and any other note ter aC- ditionaladvances made exceed the maximum Iawfulinterest rate. PRO`,ADED, further, that in the event that default occurs in the making of the payments due on said note, and on any other note for additional advances, as therein agreed to be made, or in keeping the premises insured. as above provided, or if default to made in the payment of the taxes cr assessments levied upon the premises above described nr upon this mortgage, before they are try law delinqueht, Commercial shall he entitled to the immediate pcssession of She 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 foYthe payment of insurance praniums, taxes and assessments upon such premises, and for necessary expenses incu«ed in renting said premises and collecting rent therefrom, and M apply same on said note and any notes evidencing fiture advances hereunder until the indebtedness secured is fully paid; and far such purposes, -the undersigned does hereby sail, assign, set over and transfer unto Commercial all of said rents, proceeds and incames including any land cantract payments thre mortgage owners nr any other incomes of any type whatsoever from said property to be applied on the notes above-0escnbed; but said Commercial shall in no case be liable fir the failure to procure tenants, to wtlect 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 attorney power irrevocably, either on its own -name or Mort~gors' names to take all necessary steps for proceedings in court or otherwise, to cause said premises to he vacated, to collect rentals or dther incases duo, and when vacant, to relet the same, to make aft reasonable repairs and pay taxes out of said rents, profits, contract payments or incomes acrd td do alt such things either by its own officers or by other parties duly authorized and appointed'oy it. as its agent for said purpose, and to u~rarge or pay a reasonable tee for such seances, all of the above to be done at such times and in such manner and on such terms as to their said attorney may seem best. with foil power of substitution. The Mortgagors hereby agree chat if Commercial either voluntarily or involuntarily lrecomes or is made a party to any swt or proceeding relating to the hereinixfcre descnbed real estate, or to this mortgage or said note or notes. other than a foreclosure instituted by Commercial, Mortgagors will reimburse Commercial far all reasonable costr incurred by Commercial in said wit or proceeding. The tortgagors further agree that if me hereinbefore described rea{ >>sate or any part Thereof tie condemned under the power of eminent domain, or is otherwise acquired for a pub+ic use. the da!.^.ages awarded, me proceeds for the taking, and #or the consideration for such acquisition to the extent of the full amount of the remaining unpaid indebted- ness secured try this mortgage, be, and they hereby are, assigned to Commercal and shall be Data forthwith to Commercial to be applied on account of the tastmahrr[ng installments of such indebtedness. rr~~ Dated this ~~~ y of TUntlE , 191_. IN THE PRESENCE Of ~ ~ - James F. Le z - mil' -' !/ Glenna J. Lentz ~ STATE OF NEBRASKR ss. - C013NTY OF hall t7n .this Z~1~ day of ~ /~~ _ , 19 ~, before me, a notary public in and far said County, personally came @re atiavo-named 3ames F. Lentz-and Glenna J. Lentz, husband and wife So and weft known to be the idetrticaf son or persons whose name is or names are affixed to the above mortgage as grantor nr grantors and they, he instmment and the execuCron thereof, to be then voluntary act and deed. ~ SS ~~I th day and year fast above written. ~~~~~~~'..~5s~- ~..,~..~1 ~J ~ ~ p~ Notary Public My commission expires on the _~~ day of /SZ-- . 14?L.. M 50