|
..._ . � . �
<br /> SAMortgagor agrees that should the Veterans Adminiatration for any reason not '
<br /> iasue a guaranty under the proviaiona of the Servicemen ' s Readjustment Act of 1944 , as
<br /> amended , and the rules and regulations issued pursuant thereto , within 90 days from
<br /> the date the entire proceeds of the loan secured by this mortgage are disbursed , mortgagee
<br /> may at its option declare all sums secured hereby immediately due and payable _
<br /> 6. If he fails to pay any sum or keep any covenant provided for in thia mortgage, the Mortgagee, at
<br /> its option, may pay or perform the same, and ail expenditures so made ahsll be added to the principsl sum �
<br /> owing on the above note, shall be secured hereby, and shall bear interest until paid at the rate provided ; F
<br /> for in the principal indebtedneas. �
<br />�� 7. Upon requeat of the Mortgagee, Mortgagor ahall execute and deliver a supplemental note ornotes
<br /> fo;,,the sum or aums advanced by Mortgagee for the alteration, modernization, or improvement made at �
<br /> 0 the Mortgagor's request ; or for maintenance of said premisea, or for taxes or assessments againet the }
<br />� same, and for any other purpose elsewhere suthorized hereunder. Said note or notes shall be secured
<br />� hereby on a garity with and as fully as if the advance evidenced thereby w�ere included in the note Rrat
<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 /> or sums so advanced shall be due and payable thirty (30) @ays after demand by the Mortgagee. In no
<br /> 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 ail sums secured hereby in case of a default in the performance of any of the terms and condi-
<br /> tions of thia mortgage or the said note, all the rents, revenues and income to be derived from the mor�
<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 /> lecting the rents, revenues and income, and it may pay out of said incomes all necessary commissions and
<br /> expenses incurred in renting and managing the same and of collecting rentals therefrom ; the balance
<br /> remaining, if any, to be applied toward the discharge of said mortgage indebtedness. E
<br /> 9. He will continuously maintain hazard insurance, of such type or types and amounts as Mortgagee N '
<br /> may from time to time require, on the improvements now or hereafter on said premises and except when `
<br /> payment for all auch premiums has theretofore been made under (a) of paragraph 2 hereof, �vill pay ;.
<br /> promptly when due any premiuma 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 /> shall be held by the Mortgagee and have attached thereto loss }
<br /> payable clauses in facor of and in form
<br /> acceptabie to the Mortgagee. In event of ]oss Mortgagor will give immediate notice by mail to the Mort- f
<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 /> 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 titIe to the moi�tgaged 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 /> ,
<br /> 10. As additional and collatera] security for the payment of the note described, and all sums to become
<br /> due 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 ali oil and gas leasea
<br /> now, or during the life of this mortgage, executed on said premises, �vith the i•ight to receive and receipt
<br /> for the same and apply them to said indebtedness as �vell before as after default in the conditions of this
<br /> mortgage, and the Mortgagee may demand, sue for and recover any such payments �vhen due and pay-
<br /> - able, but shali not be required so to do. This assignment is to terminate and become null And void upon
<br /> release of this mortgage.
<br /> 11. He shall not commit or permit �vaste ; and shali maintain the property in as good condition as at
<br /> present, reasonable �vear 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 purity �vith all
<br /> other indebtednesa 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 paymenta when due, or to conform to and compiy with any
<br /> of the conditions or agreements contained in this mortgage, or the notes which it secures, then the
<br /> entire principal aum and accrued interest shall at once become due and payable, at the election of the
<br /> Mortgagee ; and this mortgage may thereupon be foreclosed immediateIy for the �vhole of the indebted-
<br /> ness hereby secured, including the coat of extending the abstract of title from the date of this mort-
<br /> gage to the time of commencing suck auit, a reasonabie attorney's fee, and any sums paid by the Veterans ""`'� � ;
<br /> Adminiatration on account of the gaaranty or insurance of the indebtedness secured hereby, all of which , „
<br /> shall l�e included in the decree of foreclosure. � � �
<br /> . �4. ,If' the indebtednese aecured hereby be g�aranteed or insured under Title 38, United States Code, �� ^
<br /> such�itle�and Regulations issued' thereunder and in effect on the date hereof shall govern the rights, duties �
<br /> � . . ; '
<br /> and lisbilities of the artiea hereto and' a � � K':' {
<br /> P , ny pravisions of this or other instruments executed in connection .
<br /> with said indehtedneas, -which "are iaconsisteat wfth said Title or Regulations are hereby amended to `� "
<br /> z �� . ,
<br /> conform thereto.
<br /> T'he covenants herein contained shalI bind, and the benefits and advantages shall inure to, the
<br /> _ �
<br />
|