|
200802951
<br />b. 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 lire same, and all expenditures so made shall he added to the principal sum owing on the above note, shall be secured hereby,
<br />and shall hear interest at the rate provided for in the principal indebtedness until paid.
<br />7. I lion requcs't of the Mortgagee, Mortgagor shall execute and deliver a supplemental now or notes for the sum or sums advanced
<br />by Mortgagee for the alteration, modernization or improvement made at the Mortgagor's request; or for maintenance of said premises,
<br />or for taxes or assessments against the seine, and for any other purpose elsewhere authorized hereunder. Said note or notes shall be
<br />secured hereliy on a parity with and as fully as if the advance evidenced thereby were included in the note first described above. Said
<br />supplemental rate or notes shall bear interest ut the rate provided for in the principal indebtedness and shall be payable in approximately
<br />equal monthly payments fn such period as may be agreed upon by the Mortgagee and Mortgagor. Failing to agree on the maturity, the
<br />whole of the Sam or sums so advanced shall be due and payable thirty (30) days after demand by the Mortgagee. In no event shall the
<br />maturity extend beyond the ultimate maturity ofthe note first described above.
<br />8. He /she hereby assigns, transfers and sets over to the Mortgagee, to he applied inward the payment of the note and all sums
<br />secured hereby in case of a default in the performance of uny ofthe 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 offending the same and collecting the
<br />rents, revenues mid income, and it may pay out of said incomes all necessary commis's'ions and expenses incurred in renting and
<br />impinging the same and of collecting rentals therefrom: the balance remaining, if any, to he applied toward the discharge of said
<br />mortgage indebtedness.
<br />9. He /she will continuously maintain hazard insurance, ofsuch type or types and amounts as the Mortgagee may from time to time
<br />require, on the improvements now or hereafter on said premises, and except when payment for all such premiums has theretofore been
<br />made under (a) of paragraph 2 hereof, will pay promptly when due any premiums therefor. Upon default thereof, Mortgagee may pay
<br />the same. All insurances shall be carried in companies approved by the Mortgagee and the policies and renewals thereof shall be held by
<br />the Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee. In event of loss
<br />Mortgagor will give immediate notice by mail to the Mortgagee, who may make proof of loss Wood made promptly by Mortgagor, and
<br />each insurance company concerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead
<br />of to the Mortgagor and the Mortgagee jointly, and the insurance proceeds, or any part thereof, may he applied by the Morvgagcc at its
<br />option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. fn event of
<br />foreclosure of this mortgage, or other transfer of title to the mortgaged property In extinguishment of the indebtedness secured hereby,
<br />all right, title and interest ofthe Mortgagor in and to any insurance policies Mien im force shall pass to the purchaser or grantee.
<br />10. As additional and collateral security for (lie payment ofthe 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 unit gas leases now, or during the life of this mortgage, executed an said premises, with the right to
<br />receive and receipt for the same and apply them to said indebtedness us 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 W do. This
<br />assignment is to terminate and become null and void upon release ofthis mortgage.
<br />11. I le /sire shall nor uonmil 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 perforated
<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 pan 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 property
<br />described herein on the basis of race, color or creed.
<br />13. If the premises, or any par[ thereof, be condemned under the power of eminent domain, or acquired for a public use, the
<br />damages awarded, lire 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 murlguge, are hereby assigned to the Mortgagee, and shall be paid forthwith to said
<br />Mortgagee, to be applied on account ofthe last manning installments ofsuch indebtedness.
<br />14. If the Mortgagor fails to make any payments when dues or to conform to and comply with any of the conditions or agreements
<br />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, (hen the entire principal sum and accrued interest shall at once becume 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 my sums paid by the Department of Veterans Affairs on account of the guaranty or insurance of the
<br />indebtedness secured hereby, all ofwhich shall be included in the decree oftorcclosurc.
<br />15. Title 3rd (noted 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 />IG. This loan may he declared immediately due and payable upon rrmufer for the property securing such loan to any transferee,
<br />unless the acceptability ofthe assumption ofthe low is established pursuant to section 3714 ofchupter 37, title 38. United Slates Code.
<br />V
<br />
|