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<br />RYAN AND RYAN, P.A. I
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<br />ATTORN[YS AT LAW
<br />P.O. BOX 205
<br />509 COURT STREET
<br />CLAY CENTER. XS 67432
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<br />19131 632,5666
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<br />88-100317
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<br />7. FUTURE ADVANCES FOR TAXES, ASSESSMENTS, HAZARD, MORTGAGE
<br />AND OTHER INSURANCE PREMIUMS.
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<br />Mortgagor hereby grants to Mortgagee at its option, the
<br />right and authority, in lieu of the fund method for payment of
<br />real estate taxes, assessments, hazard, mortgage and other
<br />insurance premiums under Section 4 of this mortgage to advance
<br />any and all amounts required for the payment of real estate
<br />taxes, assessments, hazard, mortgage and other insurance
<br />premiums when the same become due and payable. In the event of
<br />such future advances by Mortgagee, then and in that event, all
<br />sums so advanced and paid by Mortgagee shall be added to the
<br />principal fo the debt evidenced by said note secured by this
<br />mortgage as a futyre advance and shall bear interest from the
<br />date of payment at the rate specified in said note. In the
<br />event that Mortgagee elects to require payment of real estate
<br />taxes, assessments, hazard, mortgage and other insurance
<br />premiums by this future advance method, then, and in that
<br />event, Mortgagee shall notify Mortgagor in writing as to the
<br />modification, if any, of the monthly installments to be paid
<br />by Mortgagor each month to repay the principal and interest
<br />thereon evidenced by said note secured by this mortgage,
<br />including the amounts so advanced under this future
<br />authorization. All monthly installments paid by Mortgagor
<br />thereafter shall be applied by Mortgagee as payment of
<br />principal and interest on the indebtedness evidenced by said
<br />note, including said future advance payments. Mortgagor agrees
<br />to pay all sums advanced for real estate taxes, assessments,
<br />hazard, mortgage and other insurance premiums in excess of the
<br />original amount of the note.
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<br />8. CONDEMNATION.
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<br />(a) The Mortgagor hereby assigns to the Mortgagee all
<br />compensation, awards and other pa}~ents or relief, direct or
<br />consequential, resulting from any condemnation of all or any
<br />part of the Mortgaged Property and, in addition, authorizes the
<br />Mortgagee, at its option, to commence, appear in and prosecute,
<br />in its own name or that of the Mortgagor, any action or
<br />proceeding relating to any condemnation and to settle or
<br />compromise any claim in connection therewith.
<br />(b) The Mortgagee shall apply all such compensations,
<br />awards and other payments, after deducting therefrom all its
<br />expenses in connection with such condemnation, to the sums
<br />secured by this mortgage with the excess, if any, paid to the
<br />Mortgagor. The Mortgagee may release any monies so received by
<br />it to the Mortgagor without affecting the lien of this
<br />mortgage.
<br />(c) The Mortgagor agrees to execute any further
<br />assignments of any compensations, awards, damages, claims,
<br />rights of action and proceeds as the Mortgagee may require.
<br />(d) At the option of the Mortgagee, the entire
<br />indebtedness secured by this mortgage shall become immediately
<br />due and payable if any condemnation of all or part of the
<br />Mortgaged Property results in significant impairment of its
<br />value.
<br />(e) As used in this section, the term "condemnation"
<br />shall include any damage or taking by any governmental
<br />authority and any transfer by private sale in lieu thereof.
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