First Federal Savings & Loan Ass'n v. Cal-Neb Land Co.

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 of Receiver; Lender in Possession”:

Upon acceleration under paragraph 18 hereof or abandonment of the Property, Lender, in person, by agent or by…