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<br /> 78--UU2657 EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loan No. 818932-5
<br /> IfNOW ALL MEN BY THESE PRESENTS:That Steven L_ Fredri ck and Janel l e A. Fredri ck, husband and
<br /> wi f� (hereinafier cal�ed the t.�ortgagors)in corsideratioi of Yhe svm ai
<br /> Twent�y-Four Thousand Six Hundred andno/100------------------------ Dollars(3--24,600.00--)
<br /> � loaned 10 Mortgagors, do hereby grant,bargain, seil and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIATION of Omaha, �
<br /> i Nebraska, (hereinaker cailed "Commercial"), its successors and assigns, the following described real estate, situated in the County of,
<br /> Hal l. State of Nebraska,to-wit:
<br /> Nortb one-half (N�) of the East one-half (E�) of the East two hundred seventy
<br /> " � feet (270') of Lot twelve (12), in Vantine's Subdivision, in part of NWq of
<br /> Section 22, Township 11 North, Range 9 West of the Sixth p.M., Hal1 County,
<br /> ��j Nebraska. � � �
<br /> TO HAVE AND TO HOLD THE SAME, with the appurtenances thereunto belonging, unto Commercial, its successorsandassigns,forever.
<br /> Said Mortgagors hereby covenant with said Commercial, its successors and assigns, that Mortgagors are lawfulty seized of saitl premises,that
<br /> they are free (rom encumbrances, and that they wili forever warrant and defend the title to satd premises against the lawful c�aims of all oersons
<br /> whomsoever.
<br /> Provided,nevertheless,these presents are upon the following conditions:
<br /> ' 4 That whereas the said Mortgagors as members of Commercial have this date exeated 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 8y-Laws of
<br /> CommerciaL
<br /> ; j That whereas this mortgage shall secure any additionai advances, wilh interest,which may,at the option of Commerciai,be made by Com•
<br /> -; mercial to lhe undersigned Mortgagors or their successors in ti tle(or any purpose,at any time 6efore the release and canceilation of this mortgage,
<br /> but PROVIDED,HOWEVER,at no time shali the aggregate principal amount secured by this mortgage,being the amount due at any time on said
<br /> original note and any additional advances made,exceed an amount equal to 110 percent o(the amount of the original note,buLin no event shall
<br /> said note exceed the maximum amount permitted by law,and PROVIDED,HOWEVER,that nothing herein contained shall be considered as limiting
<br /> the amount that shall be secured here6y when advanced to protect the security or in accordance wilh covenants contained in the mortgage.
<br /> Now, if the said Mortgagors shall pay or cause to be paid ihe said sums of money when due,as set forfh in said note,and any other note for �
<br /> additional advances made until said debt is fuliy paid with interest, then these presents shall be void;otherHise,to be and remain in full force and
<br /> effect;but if default should 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 be made(or three months,or �''
<br /> (b) In keeping the improvements on said premises insured against loss by reason ot fire, lightning,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 Commerciai,and with a mortgage clause attached to said policy or policies,
<br /> in fawr 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 /> `r (d) If there is any change in the ownership of the real esiate mortgaged herein, by sale,either outright or by land contract,or hy assignment of
<br /> any interest thereon or otherwise;
<br /> `� then, in any of the above set-forth events, the whole indebtedness hereby secured sha�l, at the option of Commercial, immediately become due and -
<br /> j payable without further notice,and the amount due under said note and any other note for additional advances made shall,from the date ot fhe exercise �
<br /> of said option,bear interest at the maximum legal rate per annum,and ihis mortgage may then be foreclosed to satisfy the amount due on said note,and � t"
<br /> any other note for additional advances,together with all sums paid hy Commercial for insurance, taxes,assessments and abstract extension charges,
<br /> wilh interest thereon from the date of payment at the maximum legal rate.
<br /> � PROVIDED that ia no event, either before or a(ter default, shall the interest due under said note and this mortgage and any other note for ad-
<br /> '1 diGonal advances made exceed the maximum lawful interest rate.
<br /> � PROVIDED,furiher, that in Ne event that default occurs in the making of the payments due on said note,and on any other note(or additional
<br /> advances, as therein agreed to be made, or in keeping the premises insured,as above provided,or if default be made in the payment o(the taxes
<br /> i or assessments levied upon ihe premises above described or upon this mortgage, before they are by faw delinquent, Commercial shall be entitletl
<br /> � to the immediate possession of the premises above-described, together with 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 for the payment of insurance
<br /> j premiums,taxes and assessments upon such premises,and for necessary expenses inarred in renting said premises and collecting rent therefrom,and
<br /> ' s to apply same on said nole and any notes evidencing fuWre advances hereunder until the indebtedness seared is fully paid;and for such purposes,
<br /> '; the undersigned does hereby sell,assign, set over and transfer unto Commerciai all of said rents,proceeds and incomes including any land coMract
<br /> J payments due mortgage owners or any otl�er incomes of any type whatsoever from said property to be applied on the notes above•descnbed;but said
<br /> � Commercial shall in no case be liable for the failure to procure tenants,to collect rents,or to prasecute actions to recover possession of said premises.
<br /> ,� The Mortgagors further appoint Commercial of Omaha, Nebraska,their attorney in fact, giving said attamey power irrevocably,either on its own
<br /> name or Mortgagors'names to take all necessary steps for proceedings in court or otherwise, to cause said premises to be vacated,to collect rentals
<br /> or other incomes due,and when vacant,to relet the same,to make all reasonable repairs and pay taxes out of said rents,p�ofits,contraet 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 fee tor such services,all of the above to be done at such times and in such manner and ort such terms as to their said
<br /> { altorney may seem best,with full power of substitution.
<br /> + The Mongagors hereby agree that if Commercial either voluntarily or involuntarily becomes ar is made a party to any suit or proceeding relating
<br /> �, to the hereinbefore described real estate,or to this mortgage or said note or notes,other than a foreciosure instituted by Commercial,Mortgagors will
<br /> reimburse Commercial for all reasonable costs incurred by Commercial in said wit or proceeding.The Martgagors further agree that if the herembefore
<br /> ` 3 described real estate or any part thereof be condemned under the power of eminent domain. or is otherwise acpuired for a public use,the damages
<br /> I awarded, the proceeds for the taking,and(or the consideration for such acquisi�ion to the extent of the tull amount of the remaining unpaid indebted-
<br /> ness secuted by ihis mortgage,be,and they hereby are,assigned to Commercial and shall be paid torthwith to Commercial to be applied on account of
<br /> , � the last maturing installments of such indebtedness. ��1I
<br /> � Dated this 3rd day of dy ,19��. Y /
<br /> j � � �
<br /> in E PR E �teven L. Fredrick 2 �
<br /> ��� - � �.
<br /> ,, J e 7 e A. Fredri "'*�"" ,� `;
<br /> t STATE OF NEBRASKA 9'`�'.� �. ,` � °
<br /> � �. . �
<br /> "`I �COUNTY OF Hdl l ss. f �J.� yg, � �� ,
<br /> � On this 3Pd day of �y , 19�$,betote me, a notary public in and for �t y,personally came �'
<br /> the above�named �' •V� ;,�+ '
<br /> .� . Steven L. F re d r i c k a n d Jane t le A. Fre dric k, hus ban d an d w i fe ��a � -" �`
<br /> to me well known to be the identical person o(persons whose name is or names are affixed to the above mortgage as grar+tor o 61o�nd they,he
<br /> ? or she,severalry acknowfedge the said instrument and the execution thereof,to be their voluntary act and deed. 9�
<br /> � WITNESS my hand and Notariat Seai this day and year last above written. s�����4G��
<br />� � � � � � � � Notary Pu61ic � �
<br /> My wmmission expires on the 17th day of �1Ctphpr ,19�. M-50
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