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79-~-'~i£3~6~1 EXPANDABLE MORTGAGE
<br />ASSIGNMENT OF RENTS Loan No.-. 504F.1-4 __
<br />KNOW ALL MEN BY THESE PRESENTS: That Marvin F. Luebbe and Martha Luebbe, husband and wife
<br />(hereinafter called the Mortgagors) in consideration of the sum of
<br />Twent•-Five Thousa d Six Hundred a d 1v'0/100-----------------------Dollars(3__25 6 0.00--)
<br />loaned t~Mortgagors, do here~y grant, bargain, sell andnconvey 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 />Hall State of Nebraska, to-wit:
<br />A Tract of land comprising the Southerly Sixteen (16.0) feet of
<br />Lot Seven (7), and The Ngrtherly Forty-four (44,0) feet of Lot
<br />Eight (8), Block Thirteen (13), WeGt Fark fidditior. to the City of
<br />Grand Island, Hall County, Nebraska
<br />TO NAVE AND TO HOLD THE SAME, with the appurtenances thereunto belonging, unto Commercial, its successors and assigns, forever.
<br />Said htprtgagors 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 />whom;oever-
<br />Prowded. nevertheless, these presents are upon the following conoiiions:
<br />' That whereas the said Mortgagors as members of Cmnmerciai have this date executed a note evidencing such loan and agreeing to repay said
<br />sum of money. with interest, m payments as set forth m said note and have agreed to chide by the terms of said note and Charter and By-Laws of
<br />Commercial.
<br />?hat ;whereas th;s mortgage shall sem,:re any addihena! advances, with interest, wlu~h may, zt the option of Cnmmerrial, tie made by Com•
<br />menial to the undersigned FAodgagors or their successors in Mlle for any purpose, at any time before the release and cancellation o(this mortgage,
<br />but PROVIDED. HOWEVER. at no time shall the aggregate principal amount secured 4y this mortgage, being the amount due at any time on said
<br />original note and any atldihonal advances made, exceed an amount equal (0 110 percent of the amount of the or.ginal note, but in no event shall
<br />said note exceed the maximum amount permitted by law, and PROVIDED. HOWEVER, that nodnng herein contained shall be considered as hmibng
<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 be paid the said sums of money when due. as set forth in said note, and any other note for
<br />addtional advances made until said debt is fully paid with interest. then these presents shall be void: olhereise, to be and remain m fuI( farce and
<br />eifeci: but ii defauii should be made:
<br />(ai In any of the payments due on said note, and any other note for additional advances made, as therein agreed td be made for three months, or
<br />ib) In keeping the improvements on card premises insured against loss by reason of 'ire. hghtmng. and other hazards included in extended
<br />coverage !rsurance in an amount not less than the unpaid balance of said mortgage loan, in a company or companies acceptable to Com~
<br />merc~al. the original of such policy or policies to tx held !>r Commercial. and a~th a mortgage clause attached to said policy or policies,
<br />m favor of Cammeraai: or
<br />c. In the payment of taxes and assessments leveed upon said preen;see, w on this mortgage. before they are dehnqueni; or
<br />d? li mere is cry change m the ownership of d;e real estate mortgaged herein, by sale. either autnght or by land contract, or by assignment of
<br />any interest thereon or otherwise:
<br />then, m any of the above set-forth events. the whole mdebmdness hereby secured shall. at the option df Commercial, immediately become due and
<br />payable without further notice, and the amount due under said note and any other noes tee addibanai advances made shat!, from the date a[ the exercise
<br />et said option, bear interest at the maximum legal rata per annum. and this mortgage may then be foreclosed to satisfy the amount due on said note, and
<br />any other note tar adddionai advances, together with a!I sums paid by Commercial for insurance. taxes. assessments and abstract extension charges,
<br />wiBi interest thereon fcom the dale of payment at ate maximum legal rate.
<br />PROVIDED d:at .r. no even[, either before ar after default, she'! the ;nterest due ands; Sara note and this mortgage and any other note for ad~
<br />dihonal advances made exceed the maximum lawful interest rate.
<br />PROVIDED, further, that m B+e event the! default occurs m the making of the !;ayments doe un said note, and on any other note for additional
<br />advances, as thereci agreed to be made. or in keeping the premises insured, as aouve provided, or if default be made ~n the Ravment of the taxes
<br />nss~ss ~ e ~ v tf~ premises above described or upon ih!s mortgage, her re .hey are by :aw de!inquenL Cammereiat shall be entitled
<br />. the in,ied:..,e p ~.se , -,frr at i"o premises af:aYe described, together w,rttr ail runt.- p~oCeeps and issues arising cut et the ;uem+ses and may
<br />.n its discrcucn use the ants so far as +! deems necessary for U+e px;rpose of making rap~,rs u;ri,r~ the premises acrd for the payment of insurariCe
<br />d as .ts u c sa€h prtl"' s~ rid t~ e e cry r _ o~Er- t _,.t g ~ ,~ -Sa a;r ca e^[ ~rg teat urvret€+'w., ~3tl
<br />o app!yJsarie on said na!e and env notes evidencng future. advances t+ereu der uhi~i Ne r dehianness mac,:;€~ s r~ ly ~~, ~r t,~ ~;,';A ~r~,
<br />the undersigned does here; soli, assign. set aver and transfer uwto Con+merCrat ail of Sara roots. proceeds one roues inctudmg any IarHl caHrac!
<br />payments due mortgage owners of any other incomes of any type whatsoever from said property tc be applied en the notes afuve-described; but card
<br />Commercial shall ur no case be iiahle for the failure to procure tenants. to Collect rents. or to prosecute achavs to recover possessrOn of said premises.
<br />The Mortgagors further appoint Commercial of Cmmaha. Nebraska. !het: attorney m fact. giving said attorney rawer irrevocably, other nn rls awn
<br />nano or Mortgagors' na:ees td take all necessary stops for pwceetlings rn Court or atherw~se to cause r,,rd prey+ses +.u h¢ vacated, to colleCttentais
<br />Cr other a;rmnes due, a rd when vacant, to relel the sa:he !o make art reasonable <€par>s a sir ray taros vrro'said coats profits, contract payments or
<br />incones end Io do all such things eitlrer try ifs own afhcers or by other parties duly aothnned and appointed by •t. as rCS agent for said purpose, and
<br />to charge ar pay a reascnabie fee for such services. all of the above to be dace al such tsmas and .o such ;manner and ~~ Such terms as to Meu card
<br />attu+ney may seem best with full power of subsbtuhon.
<br />Thc M1kxtt,arm- h~iebv agree that if CcmmerCial eilhur volurtati!y o m wnt3n v ik ,r cs ar re a ~arP t cry suet or prdceedmg relating
<br />!o the hereinMtnra d.,;t;ibee real seats dr td dos incdga~ cr said ware - e> 31h mau ~ tart s e ors r,tec to c~merCraf, Mortgagors wilt
<br />reimtnrse CumrnerCial h-r all reasonable casts incurred %' Commercial m Sind sw' a piheedrng T e Mu tgagt~,s wrtirr.• sgree thahf rho he,omheiore
<br />tlescnbed real estate ni any part thereof be condemned under the power of yrn+nent ihyararn ;fi ,s etheiwise ar~.virrn +nr a pribhC use. Mo damages
<br />awarded, deer proceeds for the taking, and for the ecnsitleratr~r to, &ch rcqursrtron to the oxtamr f the !- it cry hW ewr;ar;3sng unpaid indebted
<br />Hess secured by flies mortgage. Ge and Moy hereby are. assigned to Cmnr,.a+c+a! and Shari ne paW ferhhwrd± s, tk,a ei _, ~ ±o ~ ,ppped on account of
<br />the last mahuigg installments of such indebtedness.
<br />Dated this - '~~?'`-e;~--.__ daY of __1~fdie.tal'2'__----- - . 19 ~ ,
<br />1.~ 1 _ ~,~` .r
<br />IN THE PRESENC~ 5~~~ ~ ~ c ~t ~+ t , .,c ~ ~ _. c~,„_--~
<br />Mar t.fl 1' f.ueb::e
<br />tom. ~ fi=r.' ~,~ _
<br />---------_____._ _...-_~_____._ Marta Luebbe
<br />STATE OF NEBRASKA
<br />!tall ~.---____.___.__ _-..__ _ ._.__._ ,._.__._-- ....._~__...
<br />GOUNTY OF ss.
<br />On this ___~P'!`!f ... day of -->~l~r~Ti "_ _- ..... , 13 LI ,before me, a notary pnhh< ;nand for sago County. personal'y Came
<br />the above named
<br />Marvin F. Luebbe and Martha Luebbe, husband and wife
<br />to me well known (o be the identical person or parsons whose nano is or names are affixed to the above !!iortgage as grantor dr grantors and they, he
<br />or she, severally acknowledge the card instrument and the execution thereof, td tee thou ve!u~ntary act and naetl. S
<br />fillfif~A4 t->f+ alter //
<br />,ITNE~~ _ i this day artl year last above :rntt.n. ;
<br />tNy ~ br-. Au0. ti. iMt
<br />- L /f _ (,'/ Natar; Public
<br />My commission expires on the_..._~ , __ day of _f1Y~1~~~,.. __.... 19 . M 5L
<br />C/
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