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<br /> � ( 9) That Sn the event any awarQs are made to the Mortgagors or their successors in interest for taking or damaging �! . . � �
<br /> � by the exercise of eminent domain the whole or aqy Dai't of the mortgaged Dremises or eayy easement therein , the sa1Q }�
<br /> � awarGs are hereby asslgneQ Co the Mortgagee ; the Mortgagee is hereby authorized to collect , receive , and recelpt �i
<br /> therefor and to BPPiy the same in pQyment of acLv SnCebtedness , matureQ or unmatureG , securel by thls mortgage . ��
<br /> � f7) That in the event Mortgagors default in the payment ot said DrinclDal sum , or of any installment thereof , or +; .
<br /> ' of ar�y interest thereon , at the time � when the same shall Ce due , or with respect to aqy covenant or conQltion here- 1 �
<br /> � � � oI, then ; at the optlon ot Mortgagee , the entire Sndebtedness secured hereby shall forthwith become dve a.nd payable, ii
<br /> r �� shall � bear interest at the defavlt rate described 1n said note , anG the Mortgagee may SrtuneQlately foreclose thla '
<br /> Y �. mortgage or pursue any other avallable legal remeqy . � � �i �
<br /> �
<br /> i �. ( 8) That in the evenL action � is brought to foreclose this mortgage , the tlortgagee shall be encltled to immediate �; �
<br /> � possesslon of the mortgaged premises , and tLe court may appoint a receiver to take possesslon of said premises , with ;1
<br /> � � the usual powers oS recetvers Sn 11ke cases .
<br /> � ;'
<br /> � � ( 9) � � That SaSlure or delay of Mortgagee to exerc1se any of Sts rlghts or Drivileges shall noc be construed as a �
<br /> vraiver thereof • that any act of Mortgagee waiving any speciSic detault o2 Mortgagors shall not be construed as a ��
<br /> ! walver of any future defaults : Chat in case of default Sn the payment of any amortlzation instailments or Snterest �
<br /> � � . � or in. case of payment Dy Mortgagee of aqy 11en , �udgment , tax , insurance , cost or exDense , or rencs , tees or charges � �� �
<br /> � sa1Q Mortgagee shall have the prlvilege , wlthout Qeclaring the whole Sndebtedness Gue and payable , to foreciose on� i '
<br /> account of auch spec121c default far such sums as are in defaulc and such foreclosure proceedings may be had and '�
<br /> �� the land descrlbed hereln may be sold , sub� ect co the unpaid SnGebtedness hereDy secured , and this mortgage shall ' � -
<br /> continue as a 12en for any unpaid balance . ��
<br /> �; I ( 10) That tAe Mortgagee may extend and defer the maturity oi and renew and reamortlze sa1Q SnQebteQness , releasG �- �
<br /> •` from Ilability any yarty I1able thereon , and release Srom the lien hereot portions of the property covered hereby �� � �
<br /> -; without affecting the prlorlty hereof or the liabilicy oi nortgagors or any other party far the payment of sa1G fl
<br /> �1 lndebtedness , all sucri excensions , deferments , renewais , anG reamortlzatlons to be secured hereby . � � �
<br /> 11 ) Transfer of Securit IL is a parties -hereco , their heirs , legal reDresentatives anC assi�s , E;
<br /> 3 ( y . �eed Detween the
<br /> �{ chaC the integrity and responsiDility of the Mortgagors constltuces a part of the consideration for the note secured ? i ' �
<br /> a hereby , and that in the event the Mortgagors shall sell , Lran� fer , or convey the property describea herein , the r�
<br /> ; Hortgagee may at Sts oDtlon declare the entSre Sndebteaness SmmeQlately due anG payable and may proceeQ Sn the en- �� � � �
<br /> {t forcement of its rights as on aqy ocher Aefault Sn the terms of the note and mortgage . � � � �.
<br /> 5 � F .`
<br /> .q ( 12 ) Assigiment ot Proceeds oi Mlneral Lease . Mortgagors hereby transfer , set over , and convey to MorLgagee all ; t
<br /> f rents , royalties , bonuses , and delay moneys chat may trom time to time become due and payaLle under any oil , gas , '
<br /> �.i or other mineral lease of any kina now existing or Lhat may hereafter come into existence , covering the above land ji .
<br /> �,� or aqy part thereot . All such sums .so received by Mortgagee sha11 be applied co the SndeOtedness secured hereby : or ,; � �
<br /> � �sald Mortgagee may at its optlon turn over a^_� deliver to the Yortgagors or their successors in interest , aqy or ail �
<br /> ';1 oS such sums wlthout preJudlce to any of Mortgagee � s rlghts to teKe and recain future sums , and without preJutlice i !
<br /> ., to any of Sts other rights under thls mortgage . The transfer anG conveyance hereunder to Mortgagee of said rents � ! ���
<br /> .� royalties , bonuses , and delay moneys shall be construed to be a provision Sor tne payment or reductlon oi Lhe mort- '" � ,�
<br /> i gage debt , subJect to the Mortgagee � s opcion as hereinbefore provldee . Snaependent of the mortgage 11en on said real ' F - +^�
<br /> estate . UDon payment in full of the mortgage debt and Lhe release af this rnortgage of record , this conveyance shall 4t � �
<br /> ��; Decome Snoperative and of no further force and effect . �' 4 �
<br /> � �d
<br /> F'osds and h+ases herein , incLudin the acknawled +aent hereo �'
<br /> f� � ( 4 g g f , sha2Z be construed as in the singuiar or qlural ;�{ �,,
<br /> � nwnDers and as masculine, fenirzine , or neuter ge+u3er , accoTding to the context . J �
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<br /> ,�. ( SEAL 1 �� ' �garet D .�PiE 30II ( SEAL ) ft i :
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<br /> � I SEAL ) � L �—� CL=� � ( SEAL ) �� � �"'.
<br /> Edwin K . Pier on�r . � ;t
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<br /> STATE OF ���l � �k%i S �f"��f �;
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<br /> courix�r oF •l/�•�� « E�
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<br /> jOn � tnls �-f� Qay of � ��'�� , A . D . . 19 �.� , 0¢SOI'e me , a Not 5� -. '
<br /> j ary Publlc in ana for sald County and +�
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<br /> 'i scace , personally apyearee Maraaret D . Pierson and Edwin K . Pierson . Jr . wife and hnsband
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<br /> ; � to me knaven toDe the persons nameQ in and who executed Lhe foregoing inst:ument , ana acknowledged that Lhey executed , � � .
<br /> the same as the voluntar act anG deed .
<br /> � �CY J. � �� �
<br /> ' � � � �ENAL NOTARY ot N�M.. _ ' 7 , �j
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<br /> � �� MARCH $. ��s / ! Type or pe_Iwf neme u der /ignature 1 ,C.. !i � .
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<br /> `1 Nocary Publlc in and tor said County anC State ;� � �
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