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<br /> Z$'-� OO1S92 EXPANDABLE MORTGAGE �oanNo. 44641-2
<br /> ASSIGNMENT OF RENTS
<br /> KNOW ALL MEN 8Y THESE PRESENTS:That Gerald L. Reimers and Janice K. Reimers husband.and wife
<br /> (hereinafter called the Mortgagorsi in consideraUon of the sum of
<br /> Sixty—Pive Thousand Six Hundred and nol100—.----------------------- oouars(5-65 600.00---)
<br /> loaned to Mortgagors,do hereby grant, bargain, sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCI�TION of Omaha.
<br /> Nepr ska, (hereinafter calied "Commerc�al"), its successors and assigns, the following described reai estate, situated in the County of,
<br /> Hdl� State of Nebraska,to-wit:
<br /> Lot Thirty-one (31) Block One (1) Brentwood Subdivisiort, in the City of
<br /> 6rand Island, Ha11 Cou�ty, Nebraska.
<br /> TO HAVE AND TO HOLD THE SAME, with the appurtenances thereunto belonging, unlo Commercial, its successors and assigns,forever.
<br /> Said Mortgagors here6y covenaat with said Commercial, its successors and assigns, that Mortgagors are Iawfully seized ot said premises, that
<br /> they are free from encumbrances, and that they will forever warrant and defend the title to said premises against the lawfui claims of all persons
<br /> whomsoever.
<br /> Provided, nevertheless, these presents are upon the following condi tions:
<br /> That whereas the said Mortgagors as members of Commerciai 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 /> Commerciai.
<br /> That whereas lhis morigage shall secure any additional advances,with interest,which may,at the aption of Commercial,be made by Com•
<br /> mercial to the undersigned Mortgagors or their successors in title for any purpose,�t any time before the release and cancellation of this mortgage,
<br /> but PROVIDED, HOWEVER,at no time shall the aggregate principal amount secured by ihis mortgage,being the amount due atany time on said
<br /> original note and any additional advances made,exceed an amaunt equal to 110 percent of the amount of the original note,but in no event sha�l
<br /> said note exceed the maximum amount permitted by law,and PROVIDED,HOWEVER,that nothing herein conWined shali be considered as IimiNng
<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, ii the said Mortgagors shall pay or cause to he paid lhe said sums of money when due,as set forth in said note,and any ofher note for
<br /> additional advances made until said debt is fully paid with interest, then'these presents shall be void;otherNise,to be and remain in fufl force and
<br /> effect;but if default shoutd be made:
<br /> (a) In any of the payments due on said note, and any other note for additional advances made, as therein agreed to 6e made for three months,or
<br /> (b) In keeping lhe impravements on said premises insured against loss by reason of fire, tightning, 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 ihe ownership of the real estate mortgaged herein,by sale,either outright or by land contract,�r by assignment ot
<br /> any interest t�ereon or oiherwise;
<br /> then, in any of the above set-forth events, the whoie inde6tedness hereby secured shall, at the option of Commercial,immediately become due and
<br /> payable without furtMer notice,and the amount due under said note and any olher note for additional advances made shall,from the date of the exercise F
<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 aIl sums paid by Commercial for insurance,faxes,assessments and abstract extension charges,
<br /> with interest Nereon from the date of payment at the maximum legal rate.
<br /> PROVIOED that in no event,either before or after default, shall the interest due under said note and this mortgage and any other note for ad-
<br /> ditional advances made exceed the maximum lawfui interest rate.
<br /> PROVIDED,further,that in the event that default occurs in the making of the payments due on said note,and on any other note for additional
<br /> advances, as Yherein agreed to be made, or in keeping the premises insured, as a6ove provided,or if default be made in the payment of fhe taxes
<br /> or assessments levied upon the premises above described or upon this mortgage, before they are by law delinquent, Commercial shall 6e entitled
<br /> to the immediate possession of the premises above-descri6ed, together wilh all rents, proceeds and issues arising out of the premises,and may
<br /> in its discretion use the rents so far as it deems necessary for the purpose of making repairs upon the premises and tor the payment of insurance
<br /> premiums,taxes and assessments upon such premises,and for necessary expenses incurred in renting said premises and collecting rent therefrom,and
<br /> to apply same on said note and any notes evidencing future advances hereunder until the indebtedness secured is fully paid;and for such purposes,
<br /> the undersigned does hereby sell,assign, set over and transfer unto Commercial all of said rents,proceeds and incomes including any land contract
<br /> payments due martgage owners or any other incomes of any type whatsoever from said property to be applied on the notes above•described;but said
<br /> Commercial shail in no case be liable for the(ailure to proare tenants,to collect rents,or to prosecute actions to recover possession of said pcemises.
<br /> The Mortgagors further appoint Commercial of Omaha, Nebraska, their attorney in(act, giving said attorney power i«evocably,either on its own
<br /> name or Mortgagors'names to take all necessary steps far proceedings in court or otherwise, to cause said premises to be vacateG,to collect renfals
<br /> or oiher incomes due,and when vacant,to relet the same, to make ail reasonable repairs and pay laxes out of said rents,profits,contract payments or
<br /> incomes and to do all such things either by its own officers or by other parties duly authorized and appointed by it,as its agent for said purpose,and
<br /> to charge or pay a reasonable tee for such services,ali of the above to be done at such times and in such manner and on such terms as to lheir said
<br /> attomey may seem best,with full power of substitution.
<br /> The Mortgagars herehy agree that if Commercial either voluntarily or involuntarily becomes or is made a party to any suit or proceeding relating
<br /> to the herein6efore described real estate,or to this mortgage or said note or notes,other than a foreclosure instituted by Commercial,Mortgagors will
<br /> reimburse Commercial for ali reasonable cosis incurred by Commercial in said suit or proceeding.The Mortgagors further agree that if the hereinbefore .
<br /> described real estate or any part thereof 6e condemned under the power of eminent domain, or is otherwise acpuired for a public use,the damages
<br /> awarded, the proceeds for the taking,and for the consideration for such acquisition to the extent of the full amount of the remaining unpaid indebted-
<br /> ness secured by'this mortgage,be,and they hereby are,assigned to Commercial and shall be paid(orthwith to Commercial to be applied on account of
<br /> the last maturing installmenLs of such indebtedness. . -
<br /> Dated this 22nd day of �►'�h ,19 78.
<br /> !N THE PR C OF:; �'�� `� �� `
<br /> �. � /����� Ger d L. Reimers
<br /> nice K. mer .�r--�_ y3 `
<br /> STATEOFNEBRASKA � :�` ":� ;
<br /> COUNTY OF �III�1 �.
<br /> . On this 22nd da of March f
<br /> the a6ove•named y . 19�—, b�fore me, a notary public in and for said County,petsonally wme � :
<br /> 6ecald L. Reimers and Janice K_ Reimers, husband and wife 2�,�r xx�
<br /> to me.wetl known lo be the identicai pe�son or persons whose name is or names are atfixed to the above mortgage as graator or granlors and they,he
<br /> or she,severally acknowiedge the said instrumentand the execution thereof,to be their voluntary act and deed.
<br /> � �:. � . � �. . . � � �� �� 6ENERAt NOTARY•SLh M IhOr / �
<br /> WITNESS my hand and Notarial Seal this day and year IasYa wriAtiMow c.wEveERG� /, /� //���
<br /> Mr comm.Fso.oa.n.� ��,�.�L� iC�GT/ ���- t
<br /> ��th Notary Pubtic J
<br /> My commission expires on the day of OCtObEI' , 19 Z�. M 50
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