|
011W
<br />6. If lie fails to pay any sum or lc�ep�
<br />any coVenant provided for,in thismortgage, the Mortgagee, at
<br />hall be added to the principal sum
<br />its option, may pay or perform the same, a,nd all expenditures so n ade s
<br />oNving oil the above note, shall be secured liereb�, and sh M be�r inteilesli until'paid at the rate 'provided
<br />for in the principal iiidebtddiiess.
<br />7. Upon request of the '111ortgagee,mortgagor shall execut6 iid* deliver a supplemental no'te.or notes
<br />for the slim or sums advanced by Mortgagee for the altel��tion; Ynodernization, or improvemoid made at
<br />the Mortgagor's request; or for mainten.1-Ince of said premises' 16r to
<br />1- taxes or assessments against the
<br />same, and for any other. purpose elsewhere authorized lie'reunder. �aid note or notes sliall,be secured
<br />'hereby oil a parity with and as fully as if the advance evidenced hereby' were lillcluded in the' note first
<br />I lie
<br />described above. Said supplemental note or notes shall bear int6i, st at the ra e.proYided for in -the prin-
<br />cipal indebtedness and sh all be payable in I approximately equal in I c)ntlily I payments . for such period as may
<br />be agreed upon by the Mortgagee and Mortgagor. Failing,to agr ' e oil the maturity, the whole; of the slim
<br />or sums so advanced shall be due and pay ble thirty (30) days �a fter deniand by the Mortgakee. In no
<br />event,shall tile maturity:extend beyond the ultimate maturity of Ule;notle first described above.''
<br />8. He hereby assign's, transfers and I sets over to the Mortga it I o e applied, toward the'l)ayment. of
<br />the note and all sums secured hereby in case of a default in the porrormance of .1113, of tile te'rins and condi-
<br />tions of this mortgage or the said note, al I I the rents, reveliues ir d inc4 on.ie to be! derived f roni tile mort-
<br />gaged promises during such time as the mortgage i.ndebtediiesg: hall remain unjimid; and the'lMortgagee
<br />shall have power to appoint any agent or agents it may desire fo� lie purpose o renting the same and col-
<br />lecting the rents, revenues and income, and it may pay out, of sa i(111166me's,all ii�Lcessary commissions and
<br />expenses incurred in renting and managing the sAme and of 'cc Ilecting rentajs� therefrom; Llid-balance
<br />remaining, if any, to be.fj)i)lied toward tli� discliargeW said iiioi-t'�ag!'a�iii(lebte(iii6ss.
<br />9. He will continuously maintain hazard insurance, of such yp6 or�types andainountsas� Mortgagee
<br />may f roni time to time r'boui re, oil the implroveme45 now'�or liei'-da'ft6'r oil said premises and except when
<br />payinent'for all such pi"c'miunis has theretofore been ma�de uii I d r a) of par� I igraph 2 hereof will pay
<br />1)roiiil)tlywlieiidtieaii3,1)1-eiiiiiiiiistlici-efor. UpondefauWthereol :may. pay the;sanie.
<br />I I � I or a ee
<br />insurance shall be carried in companies approved by. the Mortgalg e nd die policies and rene%irals thereof
<br />shall be held by the 111ortgagee and have attached thereto loss pi3 a e; cillitises 1h. favor of and in form
<br />acceptable to the kfortgaj��ce. In event of, loss IMortgagorAVill gil e iiniediate notice by mail to the Mort-
<br />gagee, Nvlio may make proof of loss if not made promptly by Mortf �agor, in(] each insurance company con-
<br />cerned is hereby authorized and directed to make paYlnent� foi, s�i� h los's directly,, to the Mortgagee instead
<br />of to the iNfortgagor and the 1Vlortgagee jointly, -and the inst rance proceeds, or any part thereofl
<br />may be applied by the Mortgagee at its option either. to th6.redulc ioiiio�f 'tile inde , btediiess lier6by.secured
<br />or to the restoration or rbpair of the property damaged. In' event, � f foreclosure 6ftli is mortgage, or other
<br />transfer of title to tile mortgaged property in extinguishment W tll:e�� indebtedness secured'hereby
<br />all
<br />a
<br />bl
<br />ii
<br />right, title and interest of the Mortgagor in and to any ip'suraii(e policies then in force shall pass to the
<br />purchaser or grantee.
<br />10. As additional in(] collateral Security for tlie:paym6nt oft] �e note escribed, and all sums to become
<br />due under this mortgage, the Mortgagor hereby assigns to the 1110 -tgAgee all lease bonuses, pr6fits, reve-
<br />nues, royalties, rights, afid other benerits accruing to the Mortg.". or luider,any,alid all oil and gas leases
<br />now, or during tile life of this mortgage, executed oil saidr,prenii., es, with tile right to receive and receipt
<br />for the same and appl.y them to said indAtedliess as well before!, s aiter default in tile condit'ions of this
<br />mortgage, and the Mortgagee may dcmaii�l
<br />sue for'and recover 11y:such payments when di'ie; 'and pay'
<br />able, but shall not be require(] so to do. This assignment is to tellinin a�te andlecome null and v6id upon
<br />release of this mortgage...
<br />11. He shall not conimit or permit; Nwiste; in(] Oiall nlaintai 11 the property i,i i as good con dition as at
<br />present, reasonable weav ail(] tear excepte I d. Upoi�-any failure,� 1.
<br />t s6 maintain,' Mortgagee, aL- its option,
<br />may cause reasonable in intenance work to be performed at thd ost; of flklortg,
<br />i�or. Any amounts paid
<br />th*crefor by Mortgagee �Jiall bear interest at the rate provide&Zr in the principal indebtedness, shall
<br />thereupon become a part of the indebtedness secured by this instrumentl i'atablvand oil a pailityWith h1l
<br />other indebtedness securbd hereby, and shall be payable thirty (31 ) cl,�yg after4eniand.
<br />12. If the premises:,* or any, part thell-cof, be condemned under thei polvei- 'of eminent 'domain, or
<br />acquired for a public use, the damages a)�rarded, the proceeds for tlic�Wking of, oi- the consi(�cration for
<br />such acquisition, to the extent of the full aniount of the remainn g unpaid indebtedness SeCdred by this
<br />mortgage, or liereby assigned to the Mortgagee, and shall be:paid: N� to said Mortgagee, to be
<br />01, th
<br />applied oil account of tile last maturing installments of such in�(Ute'dndss.
<br />13. If the Mortgagor fails to make any payments when due, or:to c6nforni,to and comply with any
<br />of the conditions or agreements contain9d in this - mortgage, oil tlle:,� notes which it secur�.S, then the
<br />entire principal slim and accrued interest shall at 6nce bqcoiiiei- ue I ail( li payable, at the e)ec'tioii . of the
<br />3'r fo'l- tj 0 whole of tile indebted-
<br />i1fortgagee; and this mortgage may thereupon be foreclosed imill dia�tel I
<br />ness hereby SeCure(j, ill '. JU(Jillg
<br />U tile cost 0� extending the abstril(k of tide from the (late of this Mort -
<br />and 111y SuljjS paid by the Veterans
<br />gage to the time of commencing such suit, a reasonable attor'ney'� I ee,'
<br />ty or insurance of the Ill I debiedi I less secured hereby, ail
<br />Administration oil accodilt of the guaran' of IvIliCh
<br />shall be included in the decree of foreclosure.
<br />14. If the indebtedness secure(] hereby be guaranteed oil ilis'lled u,nder Title 38, United Stiates Code,
<br />such Title and regulations issued thereunderand in effect oil the'dilte her6of shall govern the rights, duties
<br />and liabi.lities of tile pal -ties hereto, and any provisions of this or'016ier ins,trumelits executed iA connection
<br />Nvith said ifidebtedness �wliicli are inconsistent with said Tit] are hereby amended to
<br />e )r Regulations
<br />conform thereto.
<br />Tile covenants herein contained shall bind, and the bell e�f ts' 'a i'i d advautages shall inure to, tile
<br />
|