|
6. If lie fails.to is an sum or keep an covenant provided for m this mortgage,the Morn a ee at
<br />i pay Y P Y P' i, � �. ,
<br />its option; may pay or perform the same, and all expenditures so made shall be added to the principal sum
<br />owing oil the above note, shall be secured here y,'an, d shall bear interest until paid at the rate provided
<br />' for in the principal indebtedness.
<br />7. Upon'request of.the Mortgagee, Mor=tgagor sliall execute and deliver a sdpplemental note.or notes
<br />for the sum or.sums advanced by Mortgagee for the alteration, mode"rnizatioft, or improvemeiif made at
<br />the Mortgagor's request; or for maintenance .of said premises, or for taxes or assessments against the
<br />same, and for any other purpose elseNyltere authorized hereunder..Said no: te.or notes shall be'secured
<br />hereby oil a parity with and as fully as if the, advance evidenced thereby were' included in the note first
<br />described above. Said supplemental note or: notes shall bear interest at�the rate provided for in. the grin
<br />cipal indebtedness and shall be payable in approximately equal'niontlily payments for such, period as may.
<br />be agreed upon by tlhe Mortgagee and Mortgagor. Failint to agree oii:tlie matarity, the whole of the sum
<br />or sums so advanced sllall. be due and payable thirty' (30) days'after 'demand'; by the Mortgagee.,'. In no-
<br />event sllall the inatu ty 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 pa'ihent of
<br />the note and all sums secured hereby *in case;of a default in the performance'oi 'airy of the terms'and'condi-
<br />tions of this mortgage or the said note, all .the rents,: revenues and income' to' be derived from the; most-
<br />gaged premises during such time as the riiortgage indebtedness sllall: emaiit;inlpaid; 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'ap necessary commissions aiid
<br />expenses incurred in -renting and managing the same and of collecting Dentals therefrom; the balance
<br />remaining, if any, to be applied toward 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 require, on the improvements now or hereafter on said premises and except when ,
<br />payment for all such; premiums has theretofore been made under (ci); of par agraph 2 hereof,: will pay
<br />promptly when due aiiy pi?emiums tlherefoi. Upon default thereof, Mortgagee may pay the 'same.• All
<br />insurance small be carried' in companies approved by the Mortgagee aiid- the policies and renewals'tll.ereof
<br />sllall be held by the llertgagee and have attached thereto loss :payable] clauses; in favor of and in form
<br />acceptable to.tlle Mortgagee. In event of-'loss Mortgagor will give iininediate notice by mail to the Mort-
<br />gagee, who may inahe;proof of loss:if not made promptly by Mortgagor, and each insurance coni any con-
<br />cerned is hereby authorized and directed to hake:payment for such loss directlyto the Mortgagee•:inistead
<br />of to the Mortgagor; and the -Mortgagee' jointly, and the insurance proceeds, or any. Bart; thereof, '
<br />may be applied by the Mortgagee`at its option either to the reduction' of the:ii debtedness hereby-secured
<br />or to the restoration of repair of the property damaged. In event of foreclosure of this mortgage, or-other
<br />transfer of title to the mortgaged property in'extinguislhihlent of the indebtedness secured: lnereliy; , all
<br />right, title and interest of the lIol•tgagq"r.ill and to any insurance p011cles then in force sllall'pass to the
<br />purchaser or grantee. o
<br />10. As additional and collateral security for the payment of the note described, and all sums 6 become
<br />due under this mortgage, the -Mortgagor Hereby assigns to the Mortgagee all, lease bonuses, pr'oftts, rove-
<br />nues, royalties,rigltts and other benefits, accruing to the Mortgagor 'under�any'and all oil and gas leases
<br />now, or during the life of this inortgage,. executed- on said premises-; i,itll the right to.receive and receipt
<br />for the same and apply them to said indebtedness as well before as after defai►lt iii the.conditions:of this
<br />mortgage, and the l.Iortgagee may demalid,.sue for. and recover any, such ptynheilts Avinen due, and pay-
<br />able, but shall not be required so to do. •Tlhis'assignment is to terminate and become mull and void upon .
<br />release of this mortgage.':
<br />11. He shall not commit or permit waste, and shall maintain tlte.�proper ty=ro as good condition as at
<br />present, reasoiiable.wpar'and tear excepted. Upon any failure to sq maiiitaiti Mortgagee, at its option,
<br />may cause reasonable] maintenance work to be performed at'tlhe cost of Moi-t6, Moi-t6,gor.. Any ailiounts paid
<br />therefor by Mortgagee sllall bear interest at the rate provided foie: iii the principal indebtedness, shall
<br />thereupon Become a part of the indebtedness secured by this instrument, rata Uly and oil a parity 'with all
<br />other indebtedness secured hereby, and sllall be payable thirty (30) days after demand.;
<br />12..If the premises; or any part.tlie'reof, be condemned, under the ponder of eminnent 'domain, or '.
<br />acquired£Or'a publicso, the damages awarded, the proceed-s for.tlie talcing:of, or the eonsicicration for
<br />such acquisition, to the extent of the full amount of the r•emaining.,unpaid- indebtedness seclil•ed by this
<br />mortgage, or hereby;assigned to the Mortgagee, and slhall be paid forthwith to said Mortgaggee, to'be
<br />applied on account of the last nlaturiitg installments of such. indebtedness.
<br />13. I£ the Mortgagor fails to matte anly:paymenhts when due,. or to confol•111 to and.comply•with any
<br />of the condltldits or agreements cointained in this :mortgage, or the notes v.hich it secures,'. then the
<br />entire principal suns and accrued.inte'rest sllall at once become due;alld payable, at.the °election' of the
<br />Mortgagee; and this mortgage may thereupon be foreclosed immediately for ;the whole of tire-indebted-
<br />ness hereby secured, including tlle.cost'of extending the abstract of title from tihe'date of"this mort-
<br />gage to the time of commencing such suit, a reasonable attorney's fee,, and,anysums paid by the' Veterans
<br />Administration on .account of the guaranty or insurance of.'the indebtedness 'secures- hereby; all of which
<br />shall be included in the decree of foreclosure.
<br />14. If the indebtediiess secured hei•eby,be guaranteed oi•-insur&1 under,Title 38, United* States 'Code, .
<br />such Title and Regulations issued thereunder and in effect on the date- ereof shall govern the rights, duties
<br />and liabilities of the parties lhereto, and any provisions of this or otliel; instruments executed in connection
<br />with said .indebtedness `which are inconsistent with said Title or Regulations are liereby amended to .
<br />conform thereto.
<br />Tile covenants herein contained shall bind, and the benefits and advantages shall inure to, the
<br />
|