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<br /> ��$"UU3269 EXPANDABLE MORTGAGE
<br /> ASSIGNMENT OF RENTS Loan No. �'���'41-4
<br /> I{NOW ALL MEN BYTHESE PRESENTS:That P triCia,9 Preissler a sinqle person, and Jo.�se�p� R Preis�5ler
<br /> �nd Mar ha Pr i ssler hu b n nd w7 te _(hereinafter called the Mortgagors)in consi er tion oi the sum o
<br /> wenty—�ight �housan� an� �0�1�0------------- Dollars(5—_2g Of�O p0--)
<br /> loaned to Mortgagors, do hereby grant,bargain,sell and convey unto COMMERCIAL FEDERAL SAVINGS AND LOAN ASSOCIA�10 ol0maha, �
<br /> Nebraska, (hereinafier cailed "Commerciai"), its successors and assigns. the following described real estate, situated in the County of,
<br /> Hal l State of Nebroska,to-wit:
<br /> Lot two {2), in Block one (1), in Imperial Village
<br /> subdivision being part of the East half of the Southwest Quarter
<br /> (E�S474) of Section eight (8), Township eleven (11) North, P.ange nine
<br /> (9), Hlest of the 6th P. M. , 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 lawfulty seized of saia premises,that
<br /> Ihey are free from encumbrances, and that they will forever warrant and defend the htle to said premises against the lawful claims of all persons
<br /> whomsoever.
<br /> Provided, nevertheless,these presenfs are upon ihe foilowing conditions:
<br /> That whereas the said Mortgagors as members of Commercia� have this date executed a note evidencing such loan and agreeing to repay said
<br /> sum of money, with interest, in paymenls as set forth in said note and have agreed to abide by the terms of said note and Charter and Bylaws of
<br /> CommerciaL
<br /> That whereas this mortgage shall secure any addiUonal advances, with mterest, which may, at Ihe option o(Commercial,be made by Com-
<br /> mercial 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 PROVIDED,HOWEVER,at no time sha�l the aggregate principal amount secured by this mortgage,being the amount due at any time on said
<br /> originai note and any additional advances made,exceed an amount equal to 110 percent of the amount of the o�iginal note,but in no event shall
<br /> said note exceed the maximum amounl permitted by law,and PROVIDEO,HOWEVER,that nothing herein contained shali be considered as limiting
<br /> ihe amount that shall be secured hereby when advanced to protect lhe security or in accordance with coveaants 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 /> additional advances matle until said debt is fuily paid with interest, then these presents shall be void;otherNise.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 Nerein agreed to be made for three months,or
<br /> (b) In keeping the improvements on said premises insured against loss by reason oF fire, lightning, and other hazartls includetl in extended
<br /> coverage insurance in an amount not less tban 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 altached to said policy or policies,
<br /> in fawr o(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 the ownership of the real estate mortgaged herein, by sale,either outright or 6y land contract,or by assignment of
<br /> any interestthereon orotherwise;
<br /> then, in any of the above set-forth evenls, [he whole inaebtedness hereby secured shalt, at the oplion of Commercial,immediately become due and
<br /> payable without further notice.and the amount due under said note and any olher note for addi tional ativances made shali,from the date of the exercise
<br /> o(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 wiN aIl sums paid by Commercial for insurance, taxes,assessments and abstract extension charges, �
<br /> with interest thereon(rom the date of payment at the maximum legal rate.
<br /> PROVIDED that in no event, either 6efore 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 lawful interest rate.
<br /> PROVIDED,further,that in the evenl 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 lo be made, or in keeping the premises insured, as ahove provitled,or if default be made in the payment of the Wxes
<br /> or assessments levied upon Ne premises a6ove described or upon this mortgage, before they are by law delinquent,Commercial shall he entitled ��,,�'
<br /> to the immediate possession o(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 antl for the payment of insurance
<br /> premiums,taxes and assessmenfs 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 /> Ne 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 mortgage owners or any other incomes of any type whatsoever from said property to be applied on the noles above-described;but said
<br /> Commerciatshall in no case be 1ia61e for the failure to 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 attomey in fact, giving said attomey power irrevocably,eithe�on its own
<br /> name or Mortgagors'names to take all necessary steps for proceedings in court or otherwise, lo 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,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 6y it,as its agent for said purpose,and
<br /> lo charge or pay a reasonable fee tor such services,all of the above to he done at such times and in such manner and on such terms as to their said
<br /> attorney may seem best,with full power of substitution.
<br /> The Mortgagors hereby agree that if Commercial either voluntarily or involuntarily becomes or 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 foreclosure instituted by Commercial,Mortgagors will
<br /> reimburse Commerciai for all reasonab�e costs incurred by Commercial in said suit or proceeding.The Mortgagors further agree that it the hereinbefore
<br /> described real esWte or any part thereof be condemned under the power of eminent domain, or is otherwise acquired for a public use, the damages
<br /> awarded, Ihe proceeds for the taking,and for the consideration(or such acquisition to the extent of the full amount of the remaining unpaid indebted-
<br /> ness seeured by this mortgage.be,and they hereby are,assigned to Commercial and shail be paid forthwith to Commercial to be applied on account of
<br /> the last maturing insWllments of such indehtedness.
<br /> I Dated this 26th day of�1s1y ,19.Z$_. �
<br /> �� IN PR C F'/i \\ ,c�J.�-.c.�..a_! C\..`� � a��> ��.u_:� �
<br /> --- --- �--- ---- ------- . .__-___.__._.__---
<br /> P icia A. Pre�ssl
<br /> r
<br /> ose R. Preissler '�'
<br /> STATE OF NEBRASKA �J� �� � � ��' � �
<br /> COUNTY Of Hall ss. -(�-�LfLer�t �i'u'-�^'- �6. I �q
<br /> t4artha Preissler
<br /> � On this 26th day oF Ma�v, _ , 197_8—, before me, a notary public m and for said County,personalry came �:
<br /> the above•named husband and wi fe
<br /> Patricia A. Preissler a single person, and Joseph R. Preis and Martha Preissler/ _.
<br /> to me well known to be the identical erson ar rsons whose name is n �
<br /> Y p pe �g1FlN.Iq�;l� mortgage as granto�or grantors and they,he
<br /> or she,severally acknowledge the said instmmen!�nd the execution the f,toA9M�WY@Fu eed.
<br /> j � Yy famm.EsO.
<br />� � ;f 7
<br /> WITNESS my haaA and Notarial Seal this day and year last above written. ! ;
<br />, ��� �� . �'—�--,-.'--�
<br /> � No(ary Pub ic � �
<br /> My commission expireson the� day of ,1�� M-50
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