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FIRST FEDERAL SAV. & LOAN v. CAL-NEB LAND CO.

Nos. 84-248, 84-285.

367 N.W.2d 136 (1985)

219 Neb. 887

FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF LINCOLN, a United States Corporation, Appellant, v. CAL-NEB LAND CO., a Partnership, et al., Appellees.

Supreme Court of Nebraska.

May 10, 1985.

Attorney(s) appearing for the Case

R. Kent Radke of Badami & Radke, Lincoln, for appellant.

Wright & Sorenson, Scottsbluff, for appellees.

KRIVOSHA, C.J., and BOSLAUGH, WHITE, CAPORALE, SHANAHAN, and GRANT, JJ.

BOSLAUGH, Justice.

This appeal arises out of an action by the plaintiff-appellant, First Federal Savings and Loan Association of Lincoln (First Federal), to foreclose its mortgage on property of the defendant-appellee Cal-Neb Land Co. (Cal-Neb).

On April 21, 1980, Cal-Neb mortgaged property in Box Butte County, Nebraska, to First Federal for $390,000. The mortgage, insofar as is relevant here, provided in paragraph 20, entitled "Assignment of Rents; Appointment...

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