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<br />EXPANDABi~E MQRTGA~E
<br />~9~ ~ ~ V ~ ~ ~ 5 ASSIGNMENT OF REN i S loan No. __du3~S~__
<br />KNOW ALL MEN BY THESE PRESENTS: That Jim L. Lovelady and Marilynne J. i.ovelady, husba~d ~~d wifef
<br />(herema r called the tdortgagors in cons!dera !ono a sum o
<br />Fifty-Three Thousand Five Hundred and NO/100----------------------Dollars(5--53,500.00--)
<br />loaned to Mortgagors, do herebyy grant, bargain, sell and convey unto COMMERCIAL FEDERAL SP,VINGS AND LOAN ASSOCIATION of Omaha,
<br />Nebraska, (hereinafter called "Commercia!"}, its successors and assigns, the following described tool estate, situated in the County of,
<br />Hall State of Nebraska, to-wit:
<br />Lot Three (3) in Block Two (2) in West Bel Air Fourth
<br />Addition to the City of Grand Island, Hail County,
<br />Nebraska
<br />TO HAVE AND TO HOLD THE SAME, with the appurie•rances thereunto belonging, unto Commercia!, rts successors and assigns, forever.
<br />Said Mortgagors hereby covenant with said Commercia!, !ls successos 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 card premises against the lawful claims of al! persons
<br />whomsoever.
<br />Provided. nevertl!eless. these presents are upon the following mnditians:
<br />That whereas the said Mortgagnrs as members of Commercial have th!s date executed a ante evidencing such loan and agreeing to repay said
<br />sum of money, with interest, in payments as set forth in said note anC have agreed is abide try ?he terms of said note and Charter and By-Laws of
<br />Commercial.
<br />That whereas this mortgage shat! secure any additional advances. with !nter?st. wn!ch ,zay. at the ophon of Commercial, 6e made by Com-
<br />mercial to the undersigned Mortgagors ar their successcrs m title for env purpose. zt ary tame bePora the release and canreffabcn of this mortgage,
<br />but PRO'IDED. HOWEVER, at no lime shall the aggregate pnnnPa~ amount secwed 6y thrs c crtgage, being the amount due at any time on said
<br />original note and any addihona! advances made. exceee an z^ount equa~ to lli percent .~I the amount of the ar!ginal note. Gut in no event shat!
<br />said note exceed the maximum amaunl ,,-rmitted Irv iaw~. and PROVIDEC. HCy~EVER that r=.oth!ng hzrem contained shalt b? considered as !inviting
<br />!ne amfl„nf mat shat! he secured herehv whet, advanced Pre?ec the seer:;y or rn accordance with covenants contained in the mortgage.
<br />Now, rf the said Mortgagors shat! ray er czese t: be paid the sold sn^s of mane} .vhen duf. as set forth m said note, an6 any other note for
<br />additional advances made unL•! sa:C debt ~s fully pacd w!t" ,merest. th?n these Presents she!: be vc:d: ahr?rHise, to t'e and remain in fulr force and
<br />ef#etf; but ii default shoul6 be made:
<br />!a fn env at the paym~!ts due on said note. and am ether hate for additional advances mzd?- as therein agreed in be made far three months, or
<br />~b~ fr keep!ng the 4mprovements an said prer,!ses insured against loss 6y reason of f!re, bghtmng. and other hazards indudz3 in extended
<br />covarag? !nsararce !n an amoun? roe less than fh? unpaid balance of said ^artgzge loan. in z company or companies acceptable to Com-
<br />merc+zs the angmaf of such poi!n. ar x!!c!es to b? fieio by Commercial, and w!th a mortgage douse atached to said policy or policies.
<br />in fauor at [;,-m~t,al: ,r
<br />c fn the payment at thx?s and zss?ssments ievied upon said pren:sec, or on this mortgage. before they are delinquent; or
<br />:d:~ !f there is any change in the ownersh!p of the real estate mortgaged herein, by sale. either eutr!ght or !ar land contract, or b}~ assignment of
<br />a.v !athrest thereon or ctherw!s?:
<br />ttae.:n any cf trre atvve set-ford! events. the whole indebtedness hereby secured shall, at the option of Commerciai.:mm?diatefy became due and
<br />pava5!e w.thaut further notice, anG the amount due under said note and any other note far addihona! advances made st!ail. from the date of the exerc!se
<br />of sand aptix. bear interest zt tkz maximum toga! rate per annum, and this mortgage may then be foreclosed fa sat!sfy the amaunl due on said note, and
<br />env c~!er note for additional advances. together with ail sums paid by Commercal for insurance. taxes. assessments and abstract extension charges,
<br />w{* !nterest thereon ham the dot? of payment at the maximum 'ego! rave.
<br />PROVIDED Lhat .n na event, either before er after default. she!! the interest arre under said note and thrs mortgage and any other note for atl-
<br />lihanal adreces ;;,ode exceed the maximum !awh.i interest rat?.
<br />Pi~wVfOED furC!er, Ghat in the event fiat d?taufi xcu;s +n ., -ak+ng o, tf? payments d!;e an said note. and cn ~.y other note for additional
<br />advances. as therein agreed to b? mad°. er !r: keep!ng the cre,::ises ~nsurzc' as aheve prev!ded, v ;f defavit be mad:.n the payment of the taxes
<br />ar assessments ievied upon the ar?r=!ses shove bescri~d v ^. this ~ertgage, before they are CY izw deinGuent. Cammerciat shall be entitled
<br />io "e immedizte ;~ssess!an of ire ~ muses abr,re-d?sa:b?C ~tati?e! wnh a!! rents pr-,needs and issues ar,sing out,:f the premises, and tray
<br />in its discret!w use the rents so tar as !t ^wems necessary ?x the r~:r,as? of mz~~ng !epasrs open the premrsas and for the payment of insurance
<br />premiur'RS, taxes and assessments upon s ch crem!ses ana for necessary expens?s !ntur;ed ,~ ;entice said premses and co!lectinx rent therefrom. and
<br />th a,~-fy carne an said not? and a.^.y not?s ev!dent:ng^,,.... aCs~nces i?ra,ntl?; unt!I t*e ~.nC?bF?^n?ss s?':ureC,s t~Hy mid: and far s;;ch p!:rpo;es.
<br />the v_nt~rsigned does heretry set!. ass:~±, set orre ~! :arsfe nt ~ a ail ^? so d rents. prar_eeds and mcrmes including any land contract
<br />payrrems th;e mortgage owners er any other !names ;f am type w'ratsu?ve• hoe, sa~C e!eperty to be apoi;ed on the notes ahov?-described; but sold
<br />Camme,c!al shall in na case to !;able for the taii;:re to praC~~sc tenants rJ collect :e:~ts .: t_ pr;;secute aehOns :^ recover oossess!an of said premises.
<br />The tlartgagors Fu: ii!^r a pa:rlt Co^smerc!ai et O:;z`a ti?rrzs;a. the ! a*.tomey r, `ac' g,r~ng sage a'fi!rey power :rrevecaD:y, ether on !ts nwn
<br />name or Nkr~gars' names to take ail necessary steps for proceeC!ngs m court ar oih?rw~se- ?o cause sa,o premises to be ~iacated. to collect rentals
<br />or ofhes inCa'cPS due, and when varaai. to r?rat 7a same- t-~ °a~e ,!~ ~easonab!e rzaans and pay Lazes sa of >aid rents. arotas. canhad payments ar
<br />rn~raes a,•~ to do al suth things ?itlwr to its awn ot:cers o! ay c±her rar;;es Cu':y authnrizeC ono a^_c~^;?^ by ,t as'G zgent tar said purpose, and
<br />t3 charge ar pzy a reasanaa!e tee tar sack s?n-ces z at the a'rcve tc x don? at Gtn t: ees a-c !r. suer ..ant.?; ono ^r, such terms as to then said
<br />attamey r>Lxy s°e`; best. w!th ta',! F~wzr ° ?_:nsttubon.
<br />Ttse klc.' s ,'ce z :re the, r Cr-.me.c:a: e diet ... ,., _ --~, ~~ ;nti. -:. -! !y bz..~. - .__? a c_-: .. .} w!t er p!veed:ng refatin~
<br />'~~ r~ g- - r z~ _
<br />to the Irereinbe#are desrrbed tone ?szzre- ar to the mortgage or sale note a! hat?s ether than a fw?ci>er? cos;Muted ~ Ca~^`i+ercial. !dorigagers will
<br />rxi~.!b!:;se Lamm°rmai far al". reaso,:abte casts Incurred tg G Tine*c~a' :r sz;n snit cr p.ace,o,ng The Gte„b,,.rs `urther air?? thzt it the !!er?;nbeiare
<br />desritred riot es'ata ar an' par+• thereof be wodemne+ under the xw?r of eminent do ,sin. ar ~s at^e nice zcecrred =ur z cub!.c us? the damages
<br />awarded, tte psace~s for the taking, and for the cans;deratian for such acGU;si?iu, to the ?xt?,nt of the w!! amount o' the semain~ng unpa!d indebteC-
<br />aess secured by }his ;aartgaga, be. and thej herety are. asvgned to Commercia! and shat! ae paid torthw!th i_ Con moron! to be zep!:ed an account of
<br />the fast mainr!n insfa`imenfs of cud! indeb e
<br />ttathri thisday of i9~. _ -~ ~ , `' ~ -t-'.!
<br />tti 7HE PRESENCE OF: .~.-. --
<br />~ ~ ~~~y _ -
<br />STATE OF NEBRASKA
<br />,T m v~ ~' -
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<br />j ~ it ,e J . Lzi lady
<br />ss. -
<br />CDUNTY OF Hall
<br />On Wis __~^~ day of _-__ , 29 ~ before me, a notary public in and for said County, personalty came
<br />the above-named
<br />Jim L. Lovely and liariiynne J. Lovelady, husband and wife
<br />ifl me web known to 6e the sdenc~at person or parsmrs whose name is or names are affixed to ilia above mortgage as grantor cr granters and they, he
<br />or she, severally acknoaledge the said irstrumert and the execution ttrereoi y~yylnpLand de?d.
<br />ARN01D D. y~pgERG
<br />WITNESS my hand and Notarial Seal hits day and year last shave yyComm. Esp. o~ t~• tp79 ~
<br />- Notarr Public ~-
<br />My commission expires on the ~~ day of . ___ . 19 _Z.Y M-56
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