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79-o'uU416$ EXPANDABLE 1VIGRTGAGE
<br />ASSIGNMENT OF RENTS Loan No _ &21393-0
<br />KNOW ALL MEN BY THESE PRESENTS: That Jack L. Butner and Joan M. Butner, husband and wife
<br />hereinafter called the Mortgagors} in consideration of the sum of
<br />Forty-Eight Thousand One Hundred Fifty and NO/~00-----------------6oliars(5--48,15O.OO--}
<br />loaned io Mortgagors, do hereby grant, bargain, self and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIATION of Omaha.
<br />Nebraska, (hereinafter called "Commercial"), its successors and assigns. the following described real estate, situated In the County of,
<br />Halt State of Nebraska, to-wit:
<br />Lot Forty-Five C45}, Westwood Park Subdivision,
<br />Hall County, Nebraska
<br />TO HAVE AND TO HOLD THE SAME, with the appurtenances thereunto belonging. unto Commercial, its successors 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 against the lawful claims of all persons
<br />whomsoever.
<br />Provided, nevertheless, these presents are upon the fallowing co~ditiors:
<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 abide by the terms of said note and Charter and By-Laws of
<br />Commercial.
<br />That whereas this mortgage shall secure any additional advances. with interest, which may, al the option of Commercial, be made b! Com-
<br />mercial to the undersigned Mortgagors or their successors m 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 110 percent of the amount of the original note, but in na event shall
<br />said note exceed the maximum amount permitted by law. and PROVIDED. HOWEVER, that nothing herein contained shall be considered as limiting
<br />the amount that shall be secured hereby when advanced to protect the security or in accordance with covenants contained in the mortgage.
<br />Now, if the said Mortgagors shall pay or cause to tre paid the said sums of money when due, as set forth in said note, and any other note for
<br />auYri`uariat "advcuces a. ;e ueti3 ;a debt i, ~ufly poi„ ..~~, ,nterast. than these presents shall ~ v'aid; atharaise, t „~ and remain in felt ~arca „,~~
<br />affect; but if default should be made:
<br />(al In any of the payments due on said note, and any other note for additional ?dvances made, as therein agreed to be made for three months, or
<br />(bj _ in 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 or companies acceptable to Com-
<br />mercial, the original of such policy or policies to be held by Commercial, and with a mortgage clause attached to said policy or policies,
<br />in favor of Commercial: or
<br />(c) In the payment of taxes and assessments levied upon said premises, or on this mortgage, before they are delinquent or
<br />(d) If 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
<br />any interest thereon or otherwise;
<br />then, in arty of the above set-forth events. the whale indebtedness hereby secured shall, at the option of Commercial, immediately Income due and
<br />payable without further notice, an6 ma 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 at the maximum legal rata per annum; and this mortgage may then tre foreclosed to satisfy the amount due on said note, and
<br />any other note for additional advances, together with all sums paid 6y Commercial for insurance, taxes. assessments and abstract extension charges,
<br />with interest thereon from the date of payment at the maximum legal rata.
<br />PROVIDED the! in no event, either before or after default, shall the interest due under said note and this mortgage and any ether note for ad-
<br />ditional advances made exceed the maximum lawful interest rate.
<br />PRDVlDED, further, that in the event that de#ault occurs in the making of the payments due an said note, and on any ether Hate for additional
<br />advances, as Urerein agreed to r>e made, or ;n keeping the premises insured, as above provided, or if default he made in the payment of the taxes
<br />or assessments levied upon the premrses above `described or upon this mortgage, before they ara by taw delinquent. Commercial shall be entitled
<br />to the immediate possession of the premises abore-described, together with all rents; proceeds and issues arising out of the premise<_, and may
<br />In its discretion use the rents sp far 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 such premises, and for necessary expenses incurred ~n renting said Dremises and collecting rent therefrom, and
<br />io apply same on said note and any notes evidencing future advances hereunder until the indebtedness secured is sully paid; and for such purposes.
<br />the undersigned does hereby se;!. assi~r. set over and transfer unto Commercial aI! of said rents. proceeds and ind~±mes includ;ng any land cmrtract
<br />payments r4re mortgage awrsers ar ary ether rncpmes of any type wrfratsoever from said property to be applied on the notes above-described; but said
<br />Commercial shallin na case be liable for the failure to procure tenants, fo collect rents. or to prosecute actwns io recover possession of said premises.
<br />The Mortgagors further appoint Cammeruai of Omaha. Nebraska. then attorney in fact giwng said attorney power urewcabty. either on ds own
<br />name or Mortgagors' names tp take a!! nedessary steps fa proceedings .n carat or otherwise, tp cause said premises to be vacated, to col;edi rentals
<br />or other incomes due, and when vacant, fa reset the same. L make a.l reasonable repairs and pay taxes out pf said rants, profits, contract payments or
<br />incomes and tp do aH such things either by its own off;cers ar by pCner parties duly authonzed and appointed by il. as its agent for said purpose, and
<br />to charge ar pay a reasonably tae for such sarvrcas ar; of the apav~a to he done at such times and m such manner and on such terms as fa then said
<br />attorney may seem best, with tut! power of wbst,t~t~an
<br />The Mortgagors hereby agrt'z that ~f Crn^~eacrai e.hyr vo~w~tanty or mvaluntarily bermes or is made a party to any swt or proceeding rotating
<br />W tlse trereinbefore described real esfia±e. ;: L this ^rortgage cr sain nvta or Hates. parer t'nan a foreclosure instih;!?d by C:,mme«:;ai. Mortgagors wilt
<br />teimtxrrse Commercial for atf reasonable costs mccrryd ~ Co-s+myrc~a rn said suit ar proceeding. Tha f>tortgagors furrh=r agree that if the h2reinberore
<br />described real estate or any past Ihyrecf tre cpndemny3 under *,hy power of eminent domain, oris otherwise acquired ter a pub!~c use. the damages
<br />awarded, the proceeds for the taking, and for Lhy cons+darzLan for such acquisition to the extant of the full amount of the remaining unpaid indebted-
<br />ness secured by this mortgage, be, and th hereby ere ass+gned tp Commerr!al and shall be paid Forthwith to Commernal tp be applied an account of
<br />Use last matrring instatfinents pf such lode tydness-
<br />Dated ttrfs ~~ day pf ` _--- . ;9 ~~.
<br />/ n
<br />/ 1 EN(CE Of: A -1.1~~F.• ,CS r,%//_I?~ -'7 --
<br />t ~~~+,~e~ - Jackt L. Butner : ---.f ._~y~
<br />n M. Butner
<br />STATE OF NEBRASKA
<br />CDtfNTY OF ss. ____--
<br />Ha q
<br />On this ~~-day of . ,.~. , 19 ~-`, before rne. a notary mrbhc m and far said County, personally came
<br />the above-named 7
<br />Jack L. Bit $nd Joan M. Butner, husband and wife
<br />to pse Weil known to 6a the idenficaF person pr persons widse name is a names are affixed to the above mortgage as grantor or grantors and they, he
<br />or she, severalty acknowttttga the said instrument acrd the execution thereof, td oe their voluntary act and deed-
<br />091ERAt M6UAfY• IIYk d Mohr.
<br />WITNESS my hand and Notarial Seat this day and yea v Q Mr~BEHG
<br />Notary Public
<br />My commission expires on the 1 ~ day of _ e5t 19 _~~ M 50
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