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79-- ~,~~~a~ EXP`ANDABLE 'NfQR'TGAGE stela-+~
<br />ASSIGNMENT OF RENTS Loan No. __-~___.__-_
<br />KNOW ALL MEN 13Y THESE PRESENTS: That Henry M• Showalter and The]ana M. Showalter, husband and wife.
<br />(hereinafter called the Mortgagors) in consideration of the sum of
<br />Fifty SeveA tho a ii Five huadred do lets and Dollars (5e~57 500.OQ'~*)
<br />IoarTed to Mortgagors,~o r~erebyy grant, bargain, sell and convey unto i:~k1~CIAL-FEDERAL~SAVINGS AND LOAN ASSOCIA~IDN ofi Omaha,
<br />Nebraska, (hereinafter called "Commeraal"), its successors and assrgns, the following described real estate, situated in the County of,
<br />HALL State of Nebraska, to-wit:
<br />---Lot Cyae (1) in Spalts-Schultz Addition to the City of Grand Island, Hall County,
<br />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 IawfuNy seized of said premises, that
<br />they are free from encumbrances, and that they will forever v+arrant and defend the title to said premises against the lawful claims of all persons
<br />whomsoeve{.
<br />provided, nevertheless, these presents are upon the following contlr6ons:
<br />Tlrat whereas the said Mortgagors as members of Commercial have this date executed a note evidencing such loan and agreeing to repay said
<br />swn of money, with interest, in payments as set forth in said note and have agreed to abide by the terms of said note and Charier and By~Laws of
<br />Commercial.
<br />That whereas this !norgage shall secure any additional advances, with interest, which may, at the option of Commercial, be made by Com-
<br />mercral to the undersigned Mortgagors or their successors in title for any purpose, at any time before the release and cancellation of this mortgage,
<br />but PROUIOED, HOWEVER, at no time ;hall the aggregate principal amount secured by this mortgage, being the amount due at any time on said
<br />ongu,al note and any additional advances made, exceed an amount equal to I10 percent of the amount of the original note, but in no event shalt
<br />,Said note exceed the maximum amount permitted by taw, 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 fhe mortgage.
<br />Now, r( thu said Mortgagors shall pay or cause to Ire (x7id the said sums of money when due, as set forth m said note, and any other note for
<br />addrtional advances made until said debt is fully paid with interest, then these presents shall be void; otherwise, to be and remain in full force and
<br />effect; but if default should be made:
<br />ta) In any of the payments due on said note, and any other note for additional advances made, as therein agreed to tin made for three months, or
<br />(b) in keeping the improvements en said premises insured against toss by reason of fire, lightning, and Omer hazards included in extwzded
<br />coverage insurance in an amount not less than the unpaid balance of said mortgage loan, in a company or companies acceptable '.: Com-
<br />mercial, the original of such policy or pollees to be held by Commercial, and with a mortgage clause attached to said policy ar ,x; ..cues,
<br />;n favor of ~'~=mmercial; or
<br />tc? In the payn~en{ of taxes and assessments levied upon said premises, or nn this mortgage, before they are delinquent: or
<br />(dl If there is any change in the ownership of the real estate mortgaged herein, 6y sale, either outright or 6y !and contract, or by assignment of
<br />any interest thereon or otherwise:
<br />then, .n any of the above set-forth events, the whole indebtedness hereby secured shall, at the option of Commercial. immedratety become due and
<br />payable withnu! further notice, and the 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 rate per annum, and this mortgage may then be foreclosed to satisfy the amount due on said note, and
<br />any other note for additional advances, together with all sums paid by Commercial for insurance, taxes, assessments and abstract extension charges,
<br />with interest thereon from the date of payment at the maximum legal rate.
<br />PROVIDED that in no event, either before or otter default, steal! the interest due undo: sa!d note and this mortgage and any other nato for ad-
<br />ditional advances made exceed the maximum lawful inferest rate.
<br />PROVIDED, former, that in ore event that default occurs iu the Ticking ,~. the payments due on sari unto, and un any tither note fur additional
<br />advanc€s, a.. t+erein agreed tc ~ made, o ,. keeping the pcernrses ;nsuret+, as aLwve provided, cr sf defa?:!t ~ "=ad° :^ x;e payment cf the bx€s
<br />ar assessments lowed upon the premises above described nr upon this mort~ge, before they era try law delinquent, Commercial strap he er!titWd
<br />to the immediate possession of the premises above described, together with all rettis, proceeds and issues arising out of the premises, and may
<br />in its discretion use the rants so tar as it deems necessary for the Iwrpose of making repairs open me premises and for the p~ymeat of insurance
<br />~rem!t!mg 1,}xo~ and assessnl~?rs upon vrG~ eternises; and for necessary eXpensas incurred in renting Laid premises and collecting rent tlterefrnru ;nd
<br />to apply same on said note acrd any rotas eviderteing fLturo advances hereunder until the indebtednoss secured is fut;y paid; and for such purposes,
<br />dte and2rstgr;2tl dues h€re~y s€;, assi;r, set u+~t and transfer unto CommorCiat afs f said rants. proceeds and iueq.~a2s inelY~drng ~.y r ~=tract
<br />u a~C
<br />_ - - --i?aym~nts c~ n:crtgago awr;ers or any atE:er inennres cl any type whatsoever #ron? ~sd pr~~rty ro ~appliedon Lh~n~~a~vg-?~~; #Nt~1-
<br />Commercial shall in no case be liable for the faifine W procure tenants, to collect rents, or to prosecute actions to recover possession of said premises.
<br />The Mortgagors further appoint Commercial of Omaha, Nebraska, their attorney in fact, giving said attorney power irrevocably, erther on its awn
<br />name nr Mortgagors' names to take all necessary steps for proceedings m court or otherwise, to cause said premrses to tae vacated, to cdllect rentals
<br />or other incomes due, and when vacant, to relet the same, to make all reasonable repairs and pay taxis out of sand rents, profits, contract payments qr
<br />incomes and to do all such things eimer by ifs own officers or by other parties duty authorized and appointed by rt, as its agent for said purpose, and
<br />to chargo or pay a reasonable fee for such services, all of the above to be done at such times and m such manner and an such terms as to them said
<br />attorney may seam best. with full power of substitution.
<br />The Mortgagors hereby agree that if Commercial either voluntarily or involuntarily becomes or ~s made a party to any suit ar proceeding relafrng
<br />to the hereiobefore described real est~nte, or to this mortgage or said note or notes. other than a foreclosure instituted by Commerpal, Mortgagors w+u
<br />reimtxuse Comn:ercr2l for all reasonable costs incurred by Commercial in said swt ar proCeetl~ng. The Mortgagors furthe! agree that rf dre herernbefore
<br />descnbed real estate or any part thereof tae condemned under the power of eminent domain, or is otherwise acquued for a public use, the damages
<br />awarded, the pioceetls for the taking, and for the consideration for such acquisition to the extent of the full amount of the remaining unpaid rndebted-
<br />ness secured by this mortgage, Ste, and they hereby are. assigned to Commercrat and shall be pard forthwith to Conm;erCrat to be appt+ed rat aCzorrnt of
<br />fhe last maWring installments of such ~adet~tness.
<br />Dated this _ ~~ _______day of _- LQ~Iu~,~y..~19!r~. ,
<br />f f .
<br />fN_ TH -PRESENCE OF; __~ ~~~,~ ~_zL~ `l `*,~¢ _°~~----
<br />Hear~M, Showalter
<br />STATE OF NEBRASKA Thelma M. Showalter
<br />ss. ~-_.~-...__~.._ .~----________..._..~-._,___------
<br />000NTY OF MALL
<br />On this ___ let v--_ day of .- Dseem~r ~._- , 19 ?9 ,before me, a notary public in and for said County, personalty came
<br />the above-named
<br />Henzy M. Showalter and Thelma M. Showalter, husband and wife.
<br />to me well known io be the identical person or persons whose name is or names era affixed to me above mortgage as grantor er grantors and they, he
<br />or she, severally acknowledge the said instrument and the ec~ttlipn,tlle,~eat ,tp bet them yo~untary act and deed,
<br />c~ercwe * ~ _ 3,e o nr r.
<br />FITNESS ...y hand and Notarial Sea! this day and ;ear k~ .:>t~r x . ,b •d~~ ~ ~ `~ 1
<br />_ -~- ~!S L_- ..
<br />~Q Notary Public
<br />My commission expires an the.____ y ~ °°t V
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