|
i ;:; ;
<br /> � . :�v.f�
<br />; � � �
<br />>
<br /> � b, 003808
<br /> 6. If he fails to pay Any sum or keep any covenant provided for in this mortgage, the Mortgagee, at
<br /> its option, may pay or perform the same, and all expenditurea so mude shall be added to the principal sum
<br /> owing on the above note, shull be secured hereby, and ahall bear intereat until paid at the rate provided
<br /> forinthe principalindebtedness,
<br /> 7. Upon request of the Mortgagee, Mortgagor shall execute ond deliver a supplemental note or notes
<br /> � for the sum or sums advanced by Mortgagee for the alteration, modernizntion, or improveme�it mude at
<br /> ,' the Mortgugor's request ; or for maintenance of said premises, or for taxes or assessments against the
<br /> � anme; and for any other purpose elsewhere authorized hereunder. Said note or notes shull be secured
<br /> , hereby on a parity with and as fully as if the advance evidonced thereby were inciuded in the note first
<br /> described above. Said supplemental note or notes shall bear intereat at the rate provided for in the prin-
<br /> cipul indebtedness and shall be payable in approximately equa! monthly payments for such period as may
<br /> be agreed upon by the ➢Iortgagee und Mortgagor. Failing to agree on the maturity, the �vhole of the sum
<br /> or sums so ndvanced shall be due and payable thirty (30) days after demand by the Mortgagee. In no
<br /> event shall the maturity extend beyond the ultimute maturity of the note first described above.
<br /> 8. He hereby assigns, transFera and sets over to the Mortgagee, to Ue 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 /> gnged premises during such time as the mortgage indebtedness shall remain unpnid ; and the Mortgagee
<br /> shnll huve po«�er to appoint any agent or agents it may desire for the purpose of renting the same and col-
<br /> lecting the renta, revenues and income, and it may pay out of said incomes all necessary commissions and
<br /> expenses incurred in renting and mannging the same and of coAecting rentals therefrom ; the balance
<br /> remaining, if any, to be npplied toward the discharge of said mortgnge indebtedness.
<br /> 9. He wiU continuously maintain hazard insurance, of such type or types and umounts as Afortgagee
<br /> may from 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 par�graph 2 liereof, ���ill pay
<br /> promptly when due any premiums titerefor: Upon default thereof, 17ortgagee may pay the same. All
<br /> insurance shall be carried in companies annroved by the Mortgagee und the policies and rene���als thereof
<br /> shall be held by the Dlortgagee and huve attached thereto loss payable clauses in favor of and in form
<br /> acceptable to the I�Iortgagee: In event of loss Mortgagor �vill give immediate notice by mail to the Mort-
<br /> gagee, ���ho may malce proof of loss if not made promptly by Mortgugor, 1nd each insurance company con-
<br /> � cerned is licreby luthorized and directed to mnke paymenL for such loss directly to the :lim�tgagee instead
<br /> of to the bIortgagor and the N[ortgagee 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 /> trausfer of title to the moi•tgaged property in extinguishment of the indebtedness secured hereby, all
<br /> right, title and interest of the Dlortgagor in and to any insurance policies then in force shail pnss to the
<br /> � purchaser or grantee.
<br /> 10. As ndditionnl and coll�teral security for the payment of the note described, ancl all sums to become
<br /> T due under Chis mortgage, the ➢iortgagor hereby assigns to the �iortgagee all lease bonuses, profits, reve-
<br /> nues, royalties, rights, ancl other benefits accruing to the Mortgagor uuder any and all oil and gas leases
<br /> no�v, or during tne life of this mortgage, executed on said premises, ��•ith the right to receive and receipt
<br /> for khe same and apply them to said indebtedness as ���eli Uefore as after default in the cm�ditions oF this
<br /> mortgage, 1nd tlie 14lortgagee may demand, sue for and recover any sucli payments �ti•lien due and pay-
<br /> ablc, but shall not be i•equired so to do. This assignment is to terminate ancl become null and void upon
<br /> releuse of this mortgage.
<br /> ii
<br /> 11 . He shali not cmnmit or permit waste ; and shall maintain the property in as good cmidition ns at
<br /> present, reasonnbie ���ear and tear escepted. Upon any failure to so maintain, ➢Iortgagee, at its option,
<br /> ma�� cause rcasonablc maintenance ���ork to be performed at the cost of Mortgagor. An�� amounts paid
<br /> therefor b�• Mortgagee shall bear iuterest at the rate provided for in the pi•incipal indebtedness, shall
<br /> thcreupon become 1 p�rt of the indebtedness secured by this instrument, ratablp and on a parity �sith all
<br /> other indebtedness secured liereby, and shall be payable thirty (30) days after demand.
<br /> S: 12. lf the premises, or any part thereof, be condemned under the po���er of eminent domain, or
<br /> acquired for 1 public use, the damages awarded, the proceeds for the talcing of, or the consideration for
<br /> such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured by this
<br /> moi�tgage, or hereby assigned to the Mortgngee, and shall be paid forth���ith to said :�fortgagee, to be
<br /> apE�lied on account of tlie last maturing installments of such indeUtedness.
<br /> 13. If the ➢fortgagor fails to malce anY Pa)�ments �vhen due, or to conform to and comply with any
<br /> of tlte cottditions or agreements contained in this mortgage, or the notes n�hicti it secures, then the
<br /> entire principal sum and nccived interest shall at mice become due and p:�yable, at the election of the
<br /> 1[ortgagee ; and this mortgage may thereupon be foreclosed immediately for the ��•hole of the indebted-
<br /> ness hereby secured, induding the cost of extending the abstract of title from tlie date 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 /> Administration on accomit of the guaranty or insurance of the indebtedness secured hereby, all of which
<br /> shall be included in the decree of foreclosure. ,;_, � . ; �
<br /> 14. If the indebtecness secured hereby be guarantced oi• insuced under Title 38, Uni 'ted States Code, �
<br /> such Title and Regu]ations issued thereunder and in e(fect on tlie date hereof sl�all go��ern the riglits, duties N '
<br /> Land liabilities of the parties hereto, nnd nny provisions of this or other instruments executed in connection �
<br /> with said indebtedness which are inconsistent «�ith said Title or Regulations are hereby amended to a . . .-
<br /> conform thereto. ^ �
<br /> The covenants herein wntained shall bind, and the benefits and ndvantages shall inure to, the
<br /> �
<br />;
<br /> Y
<br />�x � J
<br />:�8f
<br />. t
<br /> ,�
<br />
|