|
_ � �
<br /> �8-� UU2426
<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 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 /> ' 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 aum ar sums advanced by Mortgagee for the alteration, modernization, or improvement made at '
<br /> ' i the Mortgagor's request ; or for mttintenance of said premises, or for taxes or assessments against the t;
<br /> � ; same, and for any other purpose elsewhere authorized hereunder. Said note or notes shall be aecured �
<br /> � hereby on a parity �vith and as fully as if the advance evidenced thereby were included in the note first
<br /> ° y 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 /> `, i or sums so advanced shall be due and payable thirty (30) days after demand by the Mortgagee. In no ;;.. "
<br /> ,; '-; event shali the maturity extend beyond the ultimate maturity of the note first described above.
<br /> a �:
<br /> 4 8. He hereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment of � '
<br /> , ; the note and alt sums secux•ed hereby in case of a default in the performance of 1ny of the terrns and condi-
<br /> < tions of this 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 indebtednesa 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 r� , : , `�
<br /> ' 3 expenses incurred in renting and managing the same and of collecting rentals therefrom ; the balance :'
<br /> E remaining, if any, to be applied to�vard 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 from time to time i•e�ttire, 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 �vhen 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 /> � shall be held by the Mortgagee and have attached thereto loss payable clauses in favor of and in form j; �''
<br /> :; acceptable to the Mortgagee. In event of loss Mortgagor will give immediate notice by mail to the Mort- ;"`
<br /> � gugee, �vho 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 /> - i of to the Mortgagor and the Mortgagee jointly, and the insurance proceeds, or any part thereof, , ,''
<br /> i may be apPlied by the Mortgagee at its option either to the reduction of the indebtedness hereby secured , `
<br /> _. j or to the restoration or i•epair 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 uny insurance policies then in force shall pass to the ` =
<br /> ; purchaser or grantee. ' �
<br /> r
<br /> ( 10. As additional and collateral security for the payment of the note described, and ali sums to become r�'�^ �
<br /> due under this mortgage, the Mortgagor hereby assigns to the Mortgagee all ]ease bonuses, profits, reve- ' "
<br /> ; nues, royalties, rights, and other benefits accruing to the Mortgagor under any and all oil and gas leases
<br /> � no�v, or during tne life of this mortgage, executed o n said premises, �vith the right to receive and receipt
<br /> �
<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 due and pay-
<br /> � able, but shal] not be required so to do. This assignment is to terminate and become null and void upon
<br /> ' a release of this mortgage.
<br /> � 11. He shall not commit or permit waste ; and shall maintain the property in as good condition as at
<br /> i present, reasonable ��ear 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 /> i 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 po«�er of eminent domain, or
<br /> � acquired for a public use, the darnages 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 pttid forthwith to said Mortgagee, to be
<br /> � applied on account of the last maturing installments of such indebtedness.
<br /> ; 13. If the Moi•tgagor fails to make any payments when due, or to confoi•m to and comply with any
<br /> � of the conditions or agreements contained in this mortgage, or the notes �;�hich it secures, then the
<br /> . „� entire principal sum and accrued interest shall at once become due and payable, at the election of the
<br /> 3 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 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 account of the guaranty or insurance of the indebtedness secured hereby, all of which
<br /> ' � i shall be included in the decree of foreclosure. ; .�
<br /> � �� 14. If the indebtedness secured hereby be guaranteed or insm•ed under Title 38. United States Code, ��` '
<br /> � - '� such Title and Regulations issued thereunder and in effect on the date hereof shall govern the rights, duties - "
<br /> ;, i� and.liabilities of the parties hereto, and ang provisions of this or other instruments executed in connection > :��
<br /> with ,said � indebtedness which are iaconsistent with said Title or Regulations are hereby nmended to
<br /> � ;: :
<br /> + t�` conforrn thereto. �,
<br /> � � . . . . . . . . . . . i . .
<br /> ` ; The covenants herein contained ahall bind, and the benefits and advantages shall inure to, the '` � � "���
<br /> _'....Y . .. .. . . . . . . . ' . . � . . . . . . .✓ - .(�':..��::✓`
<br /> �
<br /> (('C-i
<br /> �
<br />
|