|
F
<br />890 100498
<br />0. If he /she 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 owing
<br />on the above note, shall be secured hereby, and shall bear interest until paid at the rate provided for in the prin-
<br />cipal indebtedness.
<br />7. Upon request of the Mortgagee, Mortgagor shall execute and deliver a supplemental note or notes for
<br />the sum or sums advanced by Mortgagee for the alteration, modernization, or improvement made at the Mort-
<br />gagor's request; or for maintenance of said premises, or for taxes or assessments against the same, and for any
<br />other purpose elsewhere authorized hereunder. Said note or notes shall be secured hereby on a parity with and
<br />as fully as if the advance evidenced thereby were included in the note first described above. Said supplemental
<br />note or notes shall bear interest at the rate provided for in the principal indebtedness and shall be payable in
<br />approximately equal monthly payments for such period as may be agreed upon by the Mortgagee and Mortgagor.
<br />Failing to agree on the maturity, the whole of the sum or sums so advanced shall be due and payable thirty (30)
<br />days after demand by the Mortgagee. In no event shall the maturity extend beyond the ultimate maturity of the
<br />note first described above.
<br />8. He /she 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 conditions
<br />of this mortgage or the said note, all the rents, revenues and income to be derived from the mortgaged premises
<br />during such time as the mortgage indebtedness shall remain unpaid; and the Mortgagee shalt have power to ap-
<br />point any agent or agents it may desire for the purpose of renting the same and collecting the rents, revenues
<br />and income,, and it may pay out of said incomes all necessary commissions and expenses incurred in re JJ4 and
<br />wnagimlg; the same and of collecdag aenta ls:therefrom; the balance remaining, if mny,.to b�r applied io*Ud the
<br />dcschartev said ratirtg_ne indizb.edness.
<br />9. He/+ to will cowdnuously maintain hazard insurwiw. of 96ch tyre or tybu—_-� and ainounts as Mortgagee,
<br />may from dine to time nnurire, c: the improvements ndw or _hereafter, on said Wemtises and except when pay-
<br />ment for all such prew.t=ns has dnretofore been made under ea) of wkvWh _ t*ereof, will pay promptly when
<br />due any pretrxittrrts tttemfor. Upwra default thereof, Mortpx&= may puy}r 21ae same. !r►ll insurance shall be carried
<br />in companies approved by the ?'Mortgagee and the policies and renewals thercvs shall be het 4 by the Mortgagee
<br />and have attached thereto loss payable clauses in favor of and in form acceptibRe'to the Mortgagee. In event
<br />of loss Mortgagor will give immediate notice by mail to the Mortgagee, who may make proof of loss if not made
<br />promptly by Mortgagor, and each insurance company concerned is hereby authorized and directed to make pay- + .
<br />ment for such loss directly to the Mortgagee instead of to the Mortgagor and the Mortgagee jointly, and the ;
<br />insurance proceeds, or any part thereof may be applied by the Mortgagee at its option either to the reduction
<br />of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure
<br />of this mortgage. or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured
<br />hereby, all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass
<br />to the purchaser or grantee.
<br />10. As additional and collateral 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, revenues,
<br />royalties, rights, and other benefits accruing to the Mortgagor under any and all oil and gas leases now, or dur-
<br />ing the life of this mortgage, executed on said premises, with the right to receive and receipt for the same and
<br />apply them to said indebtedness as well before as after default in the �oadidoms of this mortgage, and the Mort-
<br />gagee may demand, suer for and: raziaver any such payments when ,d e.and payable, but shall not be required
<br />so to do. This assigxwste i 'Y tp.tea=faate and become null and void upon release of this mortgage.
<br />11. He /she shall: zi6t camixft. ar permit waste; and shall maiaea a. the property in as gotui condition as at '
<br />present, reasonable wear and tew .excepted. Upon any faEtire to so maintain, Mc tgagee, at its, option, may cause
<br />reasonable maintenance work ra be performed at the cost of Mortgagor. Any ai%aunts paid therefor by Mort- ;.;�►".
<br />ggree shall bear interest at the rate provided for in the principal iridebredness.,�51W) thereupon become a part a'
<br />of the indebtedness semired.bythis irtstxument; ratably and on a parityWith. all other ladebtedness secured hereby,
<br />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 acquired
<br />for a public use, the damages awarded, the proceeds for the taking of, or the consideration for such acquisition,
<br />to the extent of the full amount of the remaining unpaid indebtedness secured by this mortgage, or hereby assign-
<br />ed to the Mortgagee, and shall be paid forthwith to said Mortgagee, to be applied on account of the last maturing
<br />installments of such indebtedness.
<br />13. If the Mortgagor fails to make any payments when due, or to conform to and comply with any of the
<br />conditions or agreements contained in this mortgage, or the notes which it secures, then the entire principal sum
<br />and accrued interest shall at once become due and payable, at the election of the Mortgagee; and this mortgage
<br />may thereupon be foreclosed immediately for the whole of the indebtedness hereby secured, including the cost
<br />of extending the abstract of title from the date of this mortgage to the time of commencing such suit, a reasonable
<br />attorney's fee, and any sums paid by the Veterans Administration on account of the guaranty or insurance of
<br />the indebtedness secured hereby, all of which shall be included in the decree of foreclosure.
<br />14. ti= the indebtedness secured hereby be guaranteed or insured under Title 38, United States Code, such
<br />Title ana. Regulations issued thereurAer and in effect on tl:'e date hereof shall govern the rights, duties and liabilities
<br />of the parties hereto, and any provisions of tiffs or bthai instruments executed in connection with; said indebtedness
<br />which are inconsistent with said. Title, or Regulari6ns are hereby amended to conform thereto'.
<br />. w1
<br />The covenants herein conta,lrzed shall bind, and the benefits and advantages shall inure fo, the respective
<br />' t`
<br />W
<br />- an
<br />K,
<br />
|