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<br />(6) That in the event any awards are made to the Mortgagors or their successors in interest for taking or damaging
<br />by the exercise of eminent domain the whole or any part of the mortgaged premises or any easement -therein, the said.
<br />awards are hereby assigned to the Mortgagee;.thesMortgagee is hereby authorized to collect, receive, and receipt'
<br />therefor and -to apply the same in payment of 'any indebtedness, matured of',.uumatured, secured by: this.,mortgage.
<br />(7) That in the event Mortgagors default.in..the payment of said principal sum, or of any irsr.allrnen Cthereof, or
<br />of any interest thereon, at the time when the same shall :be due, or with respect to any covenant or condition here-
<br />of, then, at the option of Mortgagee, the entire indebtedness secured hereby shall forthwith become due and payable,
<br />shall bear interest at the rate of ten percent per annum, and the Mortgagee may,. Immediately foreclose this mortgage°
<br />'or pursue any other available legal remedy.
<br />(6) That in the event action is brought to foreclose this mortgage, the Mortgagee shall be entitled to immediate
<br />possession of the mortgaged premises, and the, court may appoint a receiver. to take possession of said premises, with
<br />the usual pourers of receivers in like.cases.
<br />,(J) That failure or delay of Mortgagee to -exercise -any of its rights or privileges shall not be construed as a
<br />.(valver thereof;, that any act of Mortgagee .*valving any specific default of I•lortgagor•s shall not be construed:as a
<br />walver of any future defaults; that in case of default in the payment of. any amortization Installments. or interest,
<br />.or in case ,of payment by Mortgagee of any lien, judgment, tax, Insurance,'cost or expanse, or rents, fees or charges,
<br />said I'lortgagee shall have the privilege, without declaring the whole indebtedness due and payable, to -foreclose on
<br />account.of such specific default for such sums as are in default and such foreclosure proceedings may, be had and
<br />the land described herein may be sold, subject to the unpaid indebtedness hereby secured, and this .mortgage shall
<br />i continue as a lien for any unpaid balance.
<br />;(10) That the Mortgagee may -extend and defer the maturity of and rene:v and reamortize said indebtedness, release
<br />from -liability any party liable thereon, and release :from the lien hereof portions of the property covered hereby,;
<br />vrithout affecting the priority hereof, or the. liability of Mortgagors or any other party for the payment of.,said
<br />Indebtedness, all such extensions, deferments; renewals, and reamortizations to be secured hereby.
<br />(11) Transfer of Security. It is agreed'b m,'ieen the parties hereto, their Heirs, legal representatives and assigns,
<br />that 'the integrity and responsibility of the Mortgagors constitutes a part of the consideratlon for the note secured
<br />hereby, and that In the event the I•fortgagors shall sell, transfer, or convey the property described Herein, the
<br />Mortgagee may at its option declare the entire indebtedness immediatelydue and payable and may proceed in the en- `
<br />forcement of its rights as on any other default in the terms of the note and mortgage.
<br />(12) Assignment of Proceeds..of Mineral Lease. Mortgagors hereby transfer, set over, and convey to. Mortgagee all
<br />rents, royalties, bonuses, and delay moneys that may from time to time become due and payable under any oil, gas,
<br />+ or other mineral lease of any kind now existing or that may hereafter come into existence, covering the above land
<br />i or any part thereof. All such sums so received by Mortgagee shall be applied to the indebtedness secured hereby; or
<br />said Mortgagee may at its option turn over and deliver to the Mortgagors or their successors in interest, arty or all
<br />of such sums without prejudice to any of Mortgageels rights to take and retain future sums, and ,without prejudice
<br />i to any of Its other rights under this mortgage. The transfer and conveyance hereunder to Mortgagee of said rents,
<br />j royalties, bonuses, and delay moneys shall be construed to be a provision for the payment or reduction of the mort=
<br />Ij gage debt, subject to the Mor.tgageels option -as hereinbefore provided, independent of the mortgage lien, on saW real
<br />estate. Upon payment in Lull'of the mortgage debt and the release of this mortgage of. record, this' conveyance shall
<br />Y -:become inoperative and of no;further force and effect: ;
<br />(j( (n'ords and Phrases herein, including the ac know ledgrent hereof` shall be construed+as in the singular.or Plurall
<br />nicabers and as ai¢uline, "erinire, or neuter gentler, according to the context.)
<br />(SEAL) -(SEAL) i
<br />ice:
<br />—Al Marvin G lty
<br />( SEAL) ' � !! ! /�� � /<' �� e -(SEAL)
<br />Alice tdelty
<br />_ C-P(SEAL) (SEAL)
<br />ro ,
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<br />c E i u:(SEAL) (SEAL)
<br />CP G7C7�eu
<br />STATE OF DONALD K. WADELL
<br />My Gfl I
<br />ss.cea=.�tP(etx:
<br />1 .COUNTY OF Hale Mstch 11, 8975
<br />l 74
<br />On this day of �/��"/ A.D., 13 fir, before me, a Notary Public in and for. said County arid
<br />State, personally appeared Marvin G. Welty and -Alice M. Welty (also known as Alice Marie
<br />Welty), husband and wife;
<br />to'me knovin to be the persons named In and who executed the foregoing instrument, and ack=,.*ledged that they executed
<br />the same as their voluntary act and deed.
<br />My commission expires /�%Ji !�/ // fy7b�' Gt! ci/��Y/G�, i ?
<br />7-
<br />SOJA., 0 VC
<br />{ (Type or print name under signature)
<br />Notary Public in and for said County.and State
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