|
•
<br /> Y
<br /> � ..
<br /> 99 107553
<br /> 6. If he/she fails to pay any sum or keep any covenant provided for in this Mortgage,the Mortgagee, at its option, may pay or
<br /> perform the same,and all expenditures so made shall be added to the principal sum owing on the above note,shall be secured hereby,
<br /> and shall bear interest at the rate provided for in the principal indebtedness until paid.
<br /> 7. Upon request of the Mortgagee, Mortgagor shall execute and deliver a supplemental note or notes for the sum or sums
<br /> advanced by Mortgagee for the alteration,modernization or improvement made at the Mortgagor's request;or for maintenance of said
<br /> premises, or for tares or assessments against the same, and for any other purpose elsewhere authorized hereunder. Said note or notes
<br /> shall be secured hereby on a parity with and as fully as if the advance evidenced thereby were included in the note first described
<br /> above. Said supplemental note or notes shall bear interest at the rate provided for in the principal indebtedness and shall be payable in
<br /> approximately equal monthly payments for such period as may be agreed upon by the Mortgagee and Mortgagor. Failing to agree on
<br /> the maturity,the whole of the sum 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 /> 8. He/she hereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment of the note and all sums
<br /> secured hereby in case of a default in the performance of any of the terms and conditions of this Mortgage or the said note,all the rents,
<br /> revenues and income to be derived from the mortgaged premises during such time as the mortgage indebtedness shall remain unpaid;
<br /> and the Mortgagee shall have power to appoint any agent or agents it may desire for the purpose of renting the same and collecting the
<br /> rents, revenues and income,,and,.it.may pay aut nf said in�qmes all necessary commissions and expenses incurred in renting and
<br /> managing the same and of Qallecting rentals therefrom: ttie balance remaining, if any, to be applied toward the dischazge of said
<br /> mortgage indebtedness. ? , ; _,,_ "
<br /> �t�.-. _. ,. ::,�..�.,.�4 tF , .
<br /> 9. He/she will continu�usl3c: g.g,,,,of such type or types and amounts as the Mortgagee may from time to
<br /> time require,on the improvements now or herea8er on said premises,and except when payment for all such premiums has theretofore
<br /> been made under(a)of paragraph 2 hereof,will pay promptly when due any premiums therefor.Upon default thereof,Mortgagee may
<br /> pay the same.All insurances shall be carried in companies approved by the Mortgagee and the policies and renewals thereof shall be
<br /> held by the Mortgagee and have attached thereto loss payable clauses in favor of and in forrn acceptable to the Mortgagee. In event of
<br /> loss Mortgagor will give immediate notice by mail to the Mortgagee,who may make proof of loss if not made promptly by Mortgagor,
<br /> and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee
<br /> instead of to the Mortgagor and the Mortgagee jointiy, and the insurance proceeds, or any part thereof, may be applied by the
<br /> Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property
<br /> damaged. In event of foreclosure of this mortgage, or other transfer of title to the mortgaged property in extinguishment of the
<br /> indebtedness secured hereby,all right,title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the
<br /> purchaser or grantee.
<br /> 10.As additional and collateral security for the payment of the note described,and all sums to become due under this mortgage,
<br /> the Mortgagor hereby assigns to the Mortgagee all lease bonuses,profits,revenues,royalties,rights and other benefits accruing to the
<br /> Mortgagor under any and all oil and gas leases now, or during the life of this mortgage, executed on said premises, with the right to
<br /> receive and receipt for the same and apply them to said indebtedness as well before as after default in the conditions of this mortgage,
<br /> and the Mortgagee may demand,sue for and recover any such payments when due and payable,but shall not be required so to do.This
<br /> assignment is to terminate and become null and void upon release of this mortgage.
<br /> 11.He/she shall not commit or permit waste;and shall maintain the property in as good condition as at present,reasonable wear
<br /> and tear excepted.Upon any failure to so maintain,Mortgagee,at its option,may cause reasonable maintenance work to be performed
<br /> at the cost of Mortgagor. Any amounts paid therefor by Mortgagee shall bear interest at the rate provided for in the principal
<br /> indebtedness, shall thereupon become a part of the indebtedness secured by this instrument, ratably and on a parity with all other
<br /> indebtedness secured hereby,and shall be payable thirty(30)days after demand.
<br /> 12. He/she will not execute or file of record any instrument which imposes a restriction upon the sale or occupancy of the
<br /> property described herein on the basis of race,color or creed.
<br /> 13. If the premises, or any part thereof, be condemned under the power of eminent domain, or acquired for a public use, the
<br /> damages awazded, the proceeds for the taking of, or the consideration for such acquisition, to the extent of the full amount of the
<br /> remaining unpaid indebtedness secured by this moRgage, are hereby assigned to the Mortgagee, and shall be paid forthwith to said
<br /> Mortgagee,to be applied on account of the last maturing installments of such indebtedness.
<br /> 14. If the Mortgagor fails to make any payments when due, or to conform to and comply with any of the conditions or agree-
<br /> ments contained in this mortgage, or the notes which it secures, or if the Mortgagor be adjudicated bankrupt or made defendant in a
<br /> bankruptcy or receivership proceeding,then the entire principal sum and accrued interest shall at once become due and payable,at the
<br /> election of the Mortgagee; and this mortgage may thereupon be foreclosed immediately for the whole of the indebtedness hereby
<br /> secured, including the cost of extending the abstract of title from the date of this mortgage to the time of commencing such suit. a
<br /> reasonable attorney's fee, and any sums paid by the Department of Veterans Affairs on account of the guaranty or insurance of the
<br /> indebtedness secured hereby,all of which shall be included in the decree of foreclosure.
<br /> 15.Title 38 United State Code,and the Regulations issued thereunder shall govern the rights,duties and liabilities of the parties
<br /> hereto,and any provisions of this or other instruments executed in connection with said indebtedness which are inconsistent with said
<br /> Title or Regulations are hereby amended and supplemented to conform thereto.
<br /> 16.This loan may be declared immediately due and payable upon transfer for the property securing such loan to any transferee,
<br /> unless the acceptability of the assumption of the loan is established pursuant to section 3714 of chapter 37,title 38.United States Code.
<br /> i� t '; �1 �! a'A �re I
<br />
|