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79+, € EXPANDABLE MORTGAGE
<br />~~~a]afb~l Assignment of Rents
<br />Loan No. 50+54-8
<br />KNOt+I ALL MEN BY T4ESE PRESENTS: That whereas 1,orald ll. :".e~,rin~; and Rebecca i. t4ehring,
<br />husband and wife and L. 4iilliam Kelly III, a single per'sen.
<br />{hereinafter called the Mortgagors) by their note of even date herewith are in-
<br />debted in the Sum of One hundred and twenty sever. thousand five hundred dollars and ito/100-----
<br />Dollars, together with interest as provided in said note, do hereby grant, bargain
<br />sell and co:~vey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIATION of Omaha,
<br />Nebraska, (hereinafter called "Commercial"), its successors and assigns, the
<br />following described real estate, situated in the Gounty of, i;all
<br />State of Nebraska, to wit:
<br />---L•ot Six(5) Mehrin and Kelly `'ubdivision to the City of Grand Island, Hali County,
<br />Nebraska.---
<br />Said Mortgagors hereby covenant with said Commercial, it successors and
<br />assigns, that Mortgagors are lawfully seized of said premises, that they ar-e
<br />free from encumbrances, and that they will forever warrant and defend the title
<br />to said premises against the lawful claims of all persons whomsoever.
<br />Provided, nevertheless, these presents are upon the following conditions:
<br />That whereas the said Portgagors as members of Commercial have this date
<br />executed a note evidencing such loan and agreeing to repay said sum of money,
<br />wiCh interest, in payments as set forth in said note and have agreed to abide
<br />by the terms of said note and Charter and By-Laws of Commercial.
<br />That whereas this mortgage shall secure any additional advances, with in-
<br />terest, which may, at the option of Commercial, be made by Commercial to the
<br />undersigned Mortgagors or their successors in title for any purpose, at arty time
<br />before the release and cancellation of this mortgage, but PROVIDED, HOWE`tER, at
<br />no time shall the aggregate principal amount secured by this mortgage, being
<br />the amount due at any time on said original note and any additional advances
<br />made, exceed an amount equal to 120 percent of the amount of the original note,
<br />but in no event shall said note exceed the maxi^um amount permitted by law, and
<br />PROVIDED, HOWEVER, that nothing herein contained sha1T be considered as timit-
<br />in9 the amount that shall be secured hereby when advanced to Drotect the security
<br />ar in accordance with covenants cortt-ined in the mortgage.
<br />Mn,^+aannr. i,erui,~ anren< nnf +n ~nlT .. mnr+_~a~p tFo ~erta1
<br />~'. y..,
<br />equitable title or both legal and equitable-title tonall or any portion of said
<br />premises without the written consent of Commercial.
<br />And whereas the said Mortgagors have executed a Building Laan Agreement
<br />prgyiding for the construction of certain improvements on t_he premises herein
<br />mortgaged and the consideration for this Mortgage and Note is the present and
<br />future advancement of funds to the Mortgagors in accordance with such Building
<br />Loan Agreement.
<br />Now, if the said Mortgagors shall pay or cause to be paid the said sums
<br />of money when due, as set forth in said note, and any other note for additional
<br />advances made until said debt is fully paid with interest, then these presents
<br />Shall bt void ;otherwise, to be and remain in full force and effeCt> but if de-
<br />fault should be made:
<br />(a) In any of the payments due on said note, and any other note for addition-
<br />al advances made, as therein agrees to be made for one month, or
<br />(b) In keeping the improvements en said premises insured against loss by
<br />reason of fire, lightning, and other hazards included in exten~ed cover-
<br />. age insurance in an amount not less than the unsaid balance cf said
<br />mortgage loan, in a company or eampanies acceptable t3 Commmercial, the
<br />oriainat of such policy or policies to be held by Commercial, ane with a
<br />mortgage clause attached to said policy or policies, in favor of
<br />Commercial; or
<br />(c) In the payment of taxes and assessments levied upon said premises, or on
<br />this mortgage, before they are delinquent; or
<br />(d) In making payments as required by the note to anticipate the payment of
<br />such taxes, assessments and insurance; or
<br />(s) By Mortgagor selling, assigning, conveying or mortoaginc the fecal or
<br />egUi table tttie Or both legal and 2gUit3ble title to all OY any ~Ortt~n
<br />o' said premises wi*_hout the written consent cf the 'AOrtgagee; or
<br />CL-1
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