|
6. If lie fails to pay any sum or keep any covenant provided for in this mortgage, ' the Mortgagee, at
<br />its optioni-may pay or perform the same, and all expenditures so made sliall be added to the principal sum
<br />owing oil. the above note, sliall be secured hereby, and sliall bear interest until paid at the rate provided
<br />for in the principal indebtedness.
<br />7. Upon request of the Mortgagee, Mortgagor shall execute and deliver a supplemental n1ote.or notes
<br />for the sum or sums advanced by Mortgagee for the alteration, modernization, or improvement made a ' t
<br />the Mortgagor's request; or for maintenance of said premises, 6 . , r for taxes or assessments against the
<br />saille, and 'for any other purpose elsewhere authorized hereunder. Said note or notes sliall be secured
<br />hereby oil it parity Nvith and as fully is if the advance evidenced thereby were included in the note first
<br />described"above. Said supplemental note or notes sliall bear interest at the rate provided for in the prin-
<br />cipal iiide*'btediiess and,sliall be payablein approximately equal monthly payments for such period as may
<br />be agreed,dpon by the Alfortgagee and Mortgagor. Failing to agree oil the maturity, the whole'of the s ' Lim
<br />agee. In 110
<br />or sums so advanced sliall be due and payable thirty (30) days after demand by the Mortg.
<br />event shallUie maturity extend beyond the ultimate maturity of the note first described above.
<br />8. Hel'iereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment of
<br />tile note an - d all suins secured hereby in case of a default in the performance of aily of the terins,and condi-
<br />tions of this'niortgage or the said note,. all the rents, revenues and income to be derived f roin the mort-
<br />gaged' pr I emises during such time as tlie'mortgage indebtednessffiall remain unpaid; and the lKortgagee
<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 inconics all necessary commissions and.
<br />expenses incurred in renting and managing the same and of collecting rentals therefrom;.the balance
<br />reinaining"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'111ortgagee
<br />may from time to time require, oil the improvements now or hereafter oil said premises and -except when
<br />payment for all such premiums has theretofore been made under (a) of paragraph 2 hereof, will pay
<br />promptly when due any premiums therefor. Upon default thereof, Mortgagee !may pay the same. All
<br />insurance sliall be carried in companies approved by the Mortgagee and the policies and renewals thereof
<br />sliall be held by the 1\1ortgagee and have attached thereto loss payable clauses in favor of and in form
<br />acceptable to the 11fortgagee. In event of loss Mortgagor will give immediate notice * by mail to the Mort-
<br />gag-ce, who.inay inake proof of loss if not made promptly by Mortgagor, and each insurance company con-
<br />Eorned is hereby authorized and -directed to make payment for. such loss directly to the Mortgagee instead
<br />of to the . I\Tortgagor and the 'IN'lortgagee jointly, and the insu . rance proceeds, or any part thereof,
<br />may be apl�lied by the Mortgagee at its*optioii either to'the reductiodof the indebtedness hereby secured
<br />or to the restoration or repair of the property damaged.. In event of foreclosure of this mortgage, or other
<br />transfer o1%.title to the mortgaged property in extinguishment of the indebtedness secured hereby, all
<br />right, title -and int . orest of the Mortgagor in and to any insurance policies then in force sliall pass to the
<br />purchaser or. grantee.
<br />10. As . additional and collateml security forthe paynientof the note dose ribed, and al I sums to becom e
<br />due under this mortgage, the -Mortgagor lierebyassigns to the 11fortgageo all lease bonuses, profits, reve-
<br />nues, royalties, rights, and other benefits accruing to the Mortgagor under any and all oil and gas leases
<br />iio\N-' or during tile life of this mortgage, executed on said premises, with the right to receive, and receipt
<br />for �lie saine,and apply them to said indebtedness is well before as -after default in the conditions of this
<br />m6rtgage, and the A,fortgagee may demand, sue for and recover any such payments wheii due and l5ay-
<br />able, but s1mill not be required so to do. This assignment is to terminate and become null and void upon
<br />release of this mortgage.
<br />11. Hesliall not commit or pernii0vaste; and sliall maintain,.the property in as good condition as at
<br />present, rea'sonable wear and tear excepted. Upon any failure to so maintain, Mortgagee, at its option,
<br />may cause'reasonable maintenance work to be performed at the cost of Mortgagor. Any amounts paid
<br />di'erefor by.Mortgagee sliall bear interest at the rate provided for in the principal indebtedness, sliall
<br />thereupon become a part of tile indebtedness secured by this instrument, ratably and oil a parity with all
<br />othe'r. indebtedness secured hereby, and sliall be payable thirty (30.) days af ter demand.
<br />12. If the premises, or any part thereof, be condenine& under the power of eminent domain, or
<br />acquired for, a public use, the damages awarded, the proceeds, for the taking of, or tile consideration for
<br />such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured by this
<br />mortgage, or hereby 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 Mortgagor fails to make any payments when due, or to conform to and comply with any
<br />of the conditions or agreements contained in this mortgage, or the notes which it secures, then tile
<br />entire principal sum and accrued'interest sliall at once become dub and payable, at the election of the
<br />IMor tgagee; and this mortgage may thereupon be foreclosed immediately for'the Nvhole of the indebted-
<br />ness hereby secured, including the cost.of extending the abstrac� of title from the date of this mort-
<br />gage to the time of conimencing such suit, a reasonable attorney's fee, and any S11111S paid by tile, Veterans
<br />Administration oil account of the guaranty or insurance of the indebtedness secured liereby, all of which
<br />sli.�ll be included in the decree of foreclosure.
<br />-1,1. If the indebtedness secured hereby be guaranteed oi� iiisu�ed under Title 38, United States Code,
<br />such.Title and'Regulations issued thereunderand in efrect on the (late hereof shall govern the rights, duties
<br />and liabilities of the parties hereto, and any provisions of this or other instruments executed in connection
<br />with said indebtedness which are incon . sistent with said Title or Regulations �re hereby amended to
<br />conform thereto.
<br />The covenants herein contained, shall bind, and,the benefits'sand advantages sliall inure to, the -
<br />
|