|
6. If lie falls to pay any sum or keep any covenant provided fdr"in this mortgage, the' Mortgagee, at
<br />its option, may pay or perform the same, and all expenditures so made 'shall be added to theprincipal sum
<br />owing on the above note, shall be secured hereby, and shall bear ifitdrest until pitid at the rate. provided
<br />for in the* principal indebtedness.
<br />7. -'Upon request of the Mortgagee, Mort
<br />gagor shall execute and deliver a supplemental note or -notes
<br />for the suni or. sums advanced by Mortgagee for the alteration, modernization, or improvement made at
<br />the Mortgagor's request; or for maintenantee of said premises, or.f6r taxes'or assessments against the,
<br />same, and for any otlier purpose elsewhere authorized hereunder. : Said note or notes shall be secured
<br />hereby ozi a pari ' Ly mith 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 prin-
<br />cipal iii(lebtediibss and shall be payable in ap*proximately equal monthly payments for such period as.may
<br />beagreed upon.bythe-Mortgagee.and Mortgagor. Failing to agree onthe maturity, the whole.oftlie.sum
<br />or sums so advanced shall be due and payable thirty (30) days after demand bytheMortgagee... Inno
<br />event shall the-ematurity extend beyond the ultimate maturity of the note first described above:
<br />S. lie hereby assigns,* transfers and sets over to tile 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 condi-
<br />tions of this mortgage or the said note, all the rents, revenues and inconic to be derived from the.mort-
<br />gaged premises. during such time as the mortgage indebtedness shall remain unpaid; and the itfo�rtgagee
<br />shall have power to appoint any agent or agents it may desire for the purpose of renting the same and Col-
<br />lecting tile rents, revenues and income, and it may pay out of said incomes all necessary commissions and
<br />expenses incuKr6d in renting and managing the same and of collec ' ting rentals 'therefrom; tile -balance
<br />remaining, if aily, to be applied toward the discharge of said mortgage indebtedness.
<br />9. He will COntillUOUSly maintain hazard insurance, of such typd'or types and alTIOUnts as Mortgagee
<br />niay f roni timeAo, time require, oil the improvements now or hereafter oil said premises and e , xcept when
<br />paynient for all' such premiums has theretofore been made under (a) of paragraph 2 liereof, will pay
<br />promptly when, due any premiums tllerefor.� " 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'diere6f
<br />shall be held by'the 11-lortgagee and have.attaclied thereto loss payable'.clauses in favor of and, in form
<br />acceptable to thellfortgagee. In event of Ioss Mortgagor will give immediate notice by mail to the Mort-
<br />gagee, who inaS,, inake proof of loss if not made promptly by Mortgagqr, and each insurance company con-
<br />-cerned is hereby authorized and directed to:iiiake payment for such loss directly to the Mortgagee instead
<br />gagee jointly, and the insurance proceeds, or any part -thereof,
<br />of to tile MoKtgagor and the IN'lort.
<br />may be applied, by the Mortgagee at its option either to the reductioii.1of tile indebtedness hereby secured
<br />or to the restoration or repair of the property damaged. In event of foi�eclosurc of this, mortgage, or other
<br />transfer of title to the mortgaged property:in extingiiisliment of the *indebtedness secured hereby, all
<br />right, title and. interest of the Mortgagor in and to any insurance policies then in force slial.1 pass to the
<br />purchaser or grantee.
<br />10. As additional and collateral security for the payment of the note describe(], all(] all sums to become
<br />clue under this mortgage, the Mortgagor hereby assigns to the Mortgagee all lease bonuses, profits, reve-
<br />nues, royalties,.riglits, and other benefits accruing to the Mortgagor under any and all oil and gas leases
<br />now, or during tile life of this mortgage, executed on. said premises, with the ri.-lit to receive and, receipt
<br />for the saine:and apply theni to said indebtedness as well before as after default in the conditions of this
<br />-me a
<br />mortgage, and the Mortgagee may demand, sue for and recover any such pa3, nts when due ind pay-
<br />able, but shall not be required so to do. This assignment is to terminate and become mill and void upon
<br />-lortgage.
<br />releas6.of this ii
<br />11. He shall not commit or permit waste; and sli4ll maintain the property in as good condition as at
<br />present, reasonable.wear and tear excepted.. Upon'any failure to so maintain, Mortgagee, at its option,
<br />may cause reasonable maintenance Nvork to be performed at the cost of Mortgagor. Any amounts paid
<br />therefor by Mortgagee shall bear interest at the rate provided for in the principal indebtediiess, shall
<br />thereupon become a part of the indebtedness secured by this instrument, ratably and oil a parity with all
<br />other iiidebtednVss secured hereby, 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
<br />acquired for a public use, the dainages aw"'Irded, the proceeds for th'e-taking of, 'or the consideration for
<br />such acquisitioil,�.'to the extent of the full amount of the remaining ullpaid indebtedness secured by this*
<br />mortgage, or hie'reby assigned to the Mortgagee, and shall be paid forthwith to said Mortgagee, to be
<br />applied oil account of the last maturing installments of such indebtedness.
<br />13. If the 111ortgagor fails to make any payinents when due, or'.to'conforni to and comply with any
<br />of the conditiolis or agreements contained in this mortgage, or the I notes which it secures, then tile
<br />entire principal.'suni and accrued interest shall tit once become due a hd payable, at the election of the
<br />Mortgagee; and. this mortgage may tliereup6ii be foreclosed� immediately for the whole of the indebted-
<br />ness hereby secured, including tile cost of e%tending the abstract of -title from the (late of this Mort-
<br />gage to the tinic,of commencing such suit, a reasonable attoriiey's:fee, and any slims paid by the Veterans
<br />Administration oil . account of the *guaranty or insurance of the indebtedness secured hereby, all of which
<br />shall be included in the decree of foreclosure.
<br />14. If the indebtedness secured hereby be guaranteed or insured u ii(ler Title 38, United States Code,
<br />such Title and Regulations issued thereunder and in effect oil the (late lie.rbof shall govern the rights, duties
<br />and liabilities of tile parties liereto, and any provisions of. this oi- other instruments executed in connection
<br />with siid indebtedness' wh ich are inconsistent with said Title or, Regulations are hereby amended to
<br />conform thereto..
<br />Tile covenants herein contained shall bind, and the benefits and advantages shall inure to, the
<br />
|