|
F_
<br />S. lit he /she falls to pay any sum or keep any covenant provided for in this mortgage, the Mortgagee, at
<br />its option, may pay or perform the same, and all expenditures so made shall be added to t he principal sum
<br />owing on the above note, shall be secured hereby, and shall bear interest until paid at the rate provided
<br />for In the principal indebtedness.
<br />7. Upon request of the Mortgagee, bortgagor shall execute and deliver a supplemental note or notes
<br />for the sum or sumo advanced by Mortgagee for the alteration, modernization, or improvement made at
<br />i the Mortgagor's request; or for maintenance of said premises, or for taxes or assessments against the
<br />same, and for any other purpose elsewhere authorized hereunder. Said note or notes shall be secured
<br />hereby on a parity with and as fully an if the advance evidenced thereby were included in the note brat
<br />described above. Said supplemental note or notes shall bear interest at the rate providol for in the prin-
<br />cipal indebtedness and shall be payable in approximately equal monthly payments for such period as may
<br />be agreed upon by the Mortgagee and Mortgagor. Failing to agree on the maturity. the Whole of the sum
<br />or sums so advanced shall be due and payable thirty (30) days after demand by the Mortgagee. In no
<br />event shall the maturity extend beyond the ultimate maturity of the note first described above.
<br />fie He/she hereby assigns„ transfers and seta over to the Mortgagee, to be applied toward the payment of
<br />the note and all sums secuveA hereby incase of a default in the performance of any of the terms and colidi-
<br />tious of this mortgage or the said mote, all the rents, revenues and income to be 4erived from the nlurt-
<br />gaged premises during such time as the mortgage indebtedness shall remain unpaid; and the Mortga>ee
<br />ahall have power to appoint any agent or agents it may desire for the purpose of renting the some and Colt.
<br />leering the rents, revenues and income, and it iray pay out of said incomes all necessary commissions and
<br />expenses incurred in renting and managting the same and of collecting rentals therefrom: the balart:-e
<br />remaining, if any, to be applied toward the discharge of said mortgage indebtedness.
<br />9. He /she will continuously maintain hazard insurance, of such type or types and amounts as
<br />Mortgagee may from tinge to time require, on the improvements now or hereafter on said premises and
<br />imcept when payruent for all such premiums hat: theretofore been made under & 1 of paragraph 2 heftof,
<br />wM psiy promptly when due any puerraiunu therefor. Upon default thereof, Mortgagee may pay the same.
<br />AU insurance rhaU be carried in t minpaunies approved by the Mortgagee and Whi a policies and renewais
<br />thereof shall be held by the Mortgtlglee and have attached thereto loss payable clauses in favor of and in
<br />form acceptable to the Mortgagee. In event or, loss Mortgagor will give immediate notice• kv gnarl to the
<br />Mortgagee, who may make proof of lass if not made promptly by Mortgagor, and each insurance company
<br />concerned is hereby authorized and directed to make payment for such loss directly to the Mongageee
<br />instead of to the Mortgagor and tlae !liostgagee jointly, and the insurance proceeds, or any part thereof,
<br />may be applied by the Alortgagee at its option either to the reduction of the indebtedness hereby secured
<br />or to the restoriation or repair of the property damaged. In event of Comlosure of this mortgage, or other
<br />transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all
<br />right, title wad interest of the Mang,,agor in and to any Owurance policies then in force shall pass to the
<br />purchawr or grantee.
<br />10. As additional and collateral security for the payment of the note described, a nd all ouun a to become
<br />due under this mortgage, the Mortgagor hereby assigns to the Mortgagee all lease borlusell, profits, reve-
<br />nues, royalties, rights, and other benefits accruing to the Mortgagor under any and all oil and gas leas
<br />now, or during the life of this mortgage, executed on said premises, with the right to receive and rectr�Vc
<br />for the same and apply them to said indebtedness as well before as after default in the conditions of this
<br />mortgage, and the 11iertgagee may demand, sue for and recover any such payments when due and pay-
<br />able, but shall not be required so to do. This assignment is to terminate and become null and void upon
<br />release of this mortgage.
<br />11. He /she shell not commit or permit waste; and shall maintain the property in as good condition as at
<br />present, reasonable wear and tear excepted. tlpon any failure to so maintain. Mortgagee. sit its option,
<br />may cause reasonable maintenance work to be performed at the cost of Mortgagor. Any amounts paid
<br />therefor by Mortgagee shall [tear interest at the rate provided for in the In incipal indebtedness. Shall
<br />thereupon become a part of the indebtedness secured by this instrument, ratably and on a parity w ►th self
<br />other indebtedness secured hereby. and shall be playable t w rty Erse• trays atter demand.
<br />12. It the premises. or any part thereof. he eI+rwkmmwd under the power of eminent domain, or
<br />acquired tar a public use, the damages awarded. the pmew-e ds for the taking of. or the consideration for
<br />such acquisition. to the extent of the full amount of the remaining unpaid indAitedness secured by this
<br />mor Bade. Vr nr[ru) waarKta�t w taC Call It gttu noose ur irwru ranatnann to ..uu cgarttgagar. av ur
<br />applied on account of the last maturing installments of such indebtedness.
<br />13. If the Mortgagor fails to make anv payments when due, or to ronftwIn to and comply N-ith any
<br />of the conditions or agret-ments contained in this mortgage, ttr the notes %%hleh it s ruirs, then the
<br />entire principal sun► and accrued interest shall at once b -citme due and payablt-, at tilt- elt-ctlon of the
<br />Mortgagee; and this inortgage may then upon be foreclused immediately for the- mhttle of tilt- indebted -
<br />neas hereby macured. ipa•luding the cost of extending the abstract of title from the date- t1f this mort-
<br />gage to the time of raanlnencing such.-quit, a reasonable attorney's fee, and an% .unl� lom-1 h} the Vuterarlh
<br />Administration on account of the guaranty or insurance of the unielttednes. st -t fit t-d he-rt 1y, all t1f %%hteh
<br />shall be included in the dect•ty of foreclosure.
<br />L 14. If the indebteilraess smurtrl belrllybe gtiarantre•tl e11 111 '.111 -A III lilt TItIt• av, I'll IIvil titan.. 4'11114•,
<br />stieh Title anti ileglilati ins iSS11141 therelltl der and in t -tle-t t ,•It Ih,• .lat,• ile'1. I 'hall gaete-I It the, 1 ,ght', 4111119 %
<br />and liabilities of the parties heret/e. and ally i ►rn11.Iotis 4 11, 1, •,1- ..1 1. 1 111•t t'1111,'111, a 1 Ui.•.1 i11 a ..11114'. 11• It
<br />with said indebteihless which :11.4- Iilt'1111:31ste-llt Hith .alt) 71116. - -I I:t- 1;111,111,•l1, .ell 11t $Oil, .011.11,14•.1 1.•
<br />conform theretm
<br />The l'4lweltants hert -Ili t-ttlttaitirtl shall blurt, awl tha• l,t•Ilrhl•• .111,1 toil. , +
<br />1
<br />1�
<br />L•
<br />dirt_
<br />
|