|
- . . . .
<br /> 1
<br /> 1
<br /> :i
<br /> ,.
<br /> it
<br /> 76 000886
<br /> •
<br /> '' 6. If he fails to pay any sum or keep any covenant provided for in this mortgage, the Mortgagee, at
<br /> j`
<br /> its option, may pay or perform the same, and all expenditures so made shall be added to the principal sum
<br /> owing on the above note, shall be secured hereby, and shall bear interest until paid at the rate provided
<br /> f for in the principal indebtedness,
<br /> 7. Upon request of the Mortgagee, Mortgagor shall execute and deliver a supplemental note or notes •
<br /> ' , for the sumor sums advanced by Mortgagee for the alteration, modernization , or improvement made at
<br /> `i the Mortgagor's request ; or formaintenance of said premises, or for taxes or assessments against the
<br /> f
<br /> same; and for any other purpose elsewhere authorized hereunder. Said note or notes shall be secured
<br /> hereby on a parity with and as fully as if the advance evidenced thereby were included in the note first
<br /> described above. Said supplemental note or notes shall bear interest at the rate provided for in the prin-
<br /> ? cipal'indebtedness and shall be payable in approximately equal monthly payments for such period as may
<br /> be agreed upon by the Mortgagee and Mortgagor. Failing to agree on the maturity , the whole of the sum
<br /> kg or sums so advanced shall be due and payable thirty (30 ) days after demand by the Mortgagee. In no
<br /> t' event shall the maturity extend beyond the ultimate maturity of the note first described above.
<br /> 8. He hereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment of
<br /> the note and all sums secured hereby in case of a default in the performance of any of the terms and condi-
<br /> tions of this mortgage or the said note, all the rents, revenues and income to be derived from the mort-
<br /> .gaged premises during such time as the mortgage indebtedness shall remain unpaid ; and the Mortgagee
<br /> shall have power to' appoint any agent or agents it may desire for the purpose of renting the same and col-
<br /> Jecting the rents, revenues and income, and it may pay out of said incomes all necessary commissions and •
<br /> expenses ' ineurvud in renting and managing the same and of collecting rentals therefrom ; the balance
<br /> c' remaining„ if any, to be applied toward the discharge of said mortgage indebtedness.
<br /> 9.. He will continuously maintain hazard insurance, of such type or types and amounts as Mortgagee
<br /> may front time to time require, on the improvements now or hereafter on said premises and except when
<br /> payment for all such premiums has theretofore been made under (a ) of paragraph 2 hereof, will pay
<br /> promptly when due any premiums therefor. Upon default thereof, Mortgagee may pay the same. All
<br /> insurance shall be carried in companies approved by the Mortgagee and the policies and renewals thereof
<br /> rt
<br /> shall be held by the Mortgagee and have attached thereto loss payable clauses in favor of and in form
<br /> acceptable to the Mortgagee. In event of loss Mortgagor will give immediate notice by mail to the Mort-
<br /> gagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company con-
<br /> ' cerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead
<br /> r of to the Mortgagor and the Mortgagee jointly, and the insurance proceeds, or any part thereof,
<br /> may be applied by the Mortgagee at its option either to the reduction of the indebtedness hereby secured
<br /> or to the restoration or repair of the property damaged . In event of foreclosure of this mortgage, or other
<br /> transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all
<br /> right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the
<br /> purchaser or grantee.
<br /> 10. As additional and collateral security for the payment of the note described, and all sums to become
<br /> clue under this mortgage, the Mortgagor hereby assigns to the Mortgagee all lease bonuses, profits, reve-
<br /> nues, royalties, rights, and other benefits accruing to the Mortgagor under any and all oil and gas leases
<br /> now, or during the life of this mortgage, executed on said premises, with the right to receive and receipt
<br /> for the same and apply them to said indebtedness as well before as after default in the conditions of this
<br /> ” mortgage, and the Mortgagee may demand , sue for and recover any such payments when clue and pay-
<br /> able, but shall not be required so to do. This assignment is to terminate and become null and void upon
<br /> release of this mortgage.
<br /> 1. 1 . He shall not commit or permit waste ; and shall maintain the property in as good condition as at
<br /> present, reasonable wear and tear excepted . Upon any failure to so maintain, Mortgagee, at its option ,
<br /> may cause reasonable maintenance work to be performed at the cost of Mortgagor. Any amounts paid
<br /> therefor by Mortgagee shall bear interest at the rate provided for in the principal indebtedness, shall
<br /> thereupon become a part of the indebtedness secured by this instrument, ratably and on a parity with all
<br /> other indebtedness secured hereby, and shall be payable thirty ( 30 ) days after demand.
<br /> 12. If the premises, or any part thereof, be condemned under the power of eminent domain , or
<br /> acquired for a public use , the damages awarded, the proceeds for the taking of, or the consideration for
<br /> such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured by this
<br /> mortgage, or hereby assigned to the Mortgagee, and shall be paid forthwith to said Mortgagee, to be
<br /> applied on account of the last maturing installments of such indebtedness.
<br /> 13. If the Mortgagor fails to make any payments when due, or to conform to and comply with any
<br /> of the conditions or agreements contained in this mortgage, or the notes which it secures, then the
<br /> entire principal sum and accrued interest shall at once become due and payable , at the election of the
<br /> Mortgagee ; and this mortgage may thereupon be foreclosed immediately for the whole of the indebted-
<br /> ness hereby secured, including the cost of extending the abstract of title from the elate of this mort-
<br /> .. gage to the time of commencing such suit, a reasonable attorney's fee, and any sums paid by the Veterans
<br /> v. Administration on account of the guaranty or insurance of the indebtedness secured hereby, all of which
<br /> shall be included in the decree of foreclosure.
<br /> 13
<br /> y;i 19 . If the indebtedness secured hereby be guaranteed or insured under Title 38, United States Code,
<br /> 4 ; such Title and Regulations issued thereunder and in effect on the date hereof shall govern the rights, duties
<br /> 15 f
<br /> CI E and liabilities of the parties hereto, and any provisions of this or other instruments executed in connection
<br /> with said indebtedness which are inconsistent with said Title or Regulations are hereby amended to
<br /> conform thereto.
<br /> si
<br /> 3 The covenants herein contained shall bind, and the benefits and advantages shall inure to , the
<br /> :.7
<br /> S
<br />
|