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<br />made shall be added to the principal sum owing on the above
<br />note, shall be secured hercby, and shall bear intl'rest at the rate
<br />set forth in the said note, until paid.
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<br />7. That the Mortgagor hereby assigns, transfers and sets over
<br />to the Mortgagee, to be applied toward the payment of the note
<br />and all sums secured hereby in case of a default in the perfor-
<br />mance of any of the tcrms and conditions of this mortgage or the
<br />said note, all the rents, revenues and income to be derived from
<br />the mortgaged premises during such time as the mortgage in-
<br />debtedness shall remain unpaid, and the Mortgagee shall have
<br />power to appoint any agent or agents it may desire for the pur-
<br />pose of repairing said premises and of renting the same and col-
<br />lecting the rents, revenues and income, and it may payout of
<br />said incomcs all expenses of repairing said premises and necessary
<br />commissions and expenses incurred in renting ar.d managing the
<br />same and of collecting rentals therefrom; the balance remaining,
<br />if any, to bt; applied toward the discharge of said mortgage
<br />indebtedness.
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<br />8, That the Mortgagor will keep the improvements now ex-
<br />isting or hereafter erected on the mortgaged property, insured 3S
<br />may be required from time to time by the Mortgagec against loss
<br />by fire and other hazards, casualties and contingencies in such
<br />amounts and for such periods as may be required by the Mort-
<br />gagee and will pay promptly, when due, any premiums on such
<br />insurance provision for payment of which has not been made
<br />hereinbefore. All insurance shall be carried in companies ap-
<br />proved by the Mortgagee and the policies and renewals thereof
<br />shall be held by the Mortgagee and have attached thereto loss
<br />payable clauses in favor of and in form acceptable to the Mor-
<br />tgagee. In event of loss Mortgagor will give immediate notice by
<br />mail to the Mortgagee, who may make proof of loss if not made
<br />promptly by Mortgagor, and each insurance company concerned
<br />is hereby authorized and directed to make payment for such loss
<br />directly to the Mortgagee instead of to the Mortgagor and the
<br />Mortgagee jointly, and the insurance proceeds, or any part
<br />thereof, may be applied by the Mortgagee at its option either to
<br />the reduction of the indebtedness hereby secured or tc. the
<br />restoration or repair of the property damaged. Ie event of
<br />foreclosure of this mortgage or other transfer of title to the mor-
<br />tgaged property in extinguishment of the indebtedness secured
<br />hereby, all right, title and interest of the Mortgagor in and to
<br />any insurance policies then in force shall pass to the purchaser or
<br />grantee.
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<br />9. That as additional and collateral security for the payment
<br />of the note described, and all sums to become due under this
<br />mortgage, the Mortgagor hereby assigns to thc Mortgagee all
<br />profits, revenues, royalties, rights and benefits accruing to thc
<br />Mortgagor under any and all oil and gas leases on said premises,
<br />with the right to receive and receipt for the same and apply them
<br />to said indebtedness as well before as after default in the condi-
<br />tions of this mortgage, and the Mortgagee may demand, sue for
<br />and recover any such payments when due and payable, but shall
<br />not be required so to do, This assignment is to terminate and
<br />become null and void upon release of this mortgage,
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<br />In witness whereof the Mortgagor(s) ha ve
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<br />hereunto set
<br />
<br />In presence of:
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<br />10. That the Mortgagor will keep the buildings upon said
<br />premises in good repair, and neither commit nor permit waste
<br />upon said land, nor suffer the said premises to be used for any
<br />unlawful purpose.
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<br />II. That if the premises, or any part thereof, be condemned
<br />undcr the power of eminent domain, or acquired for a public
<br />use, the damages awarded, the proceeds for the taking of, or the
<br />consideration for such acquisition, to the extent of the full
<br />amount of indebtedness upon this mortgage and the note which it
<br />is given to secure remaining unpaid, are hereby assigned by the
<br />Mortgagor to the Mortgagee, and shall be paid forthwith to said
<br />Mortgagee to be applied by the latter on account of the next
<br />maturing installments of such indebtedness.
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<br />12. The Mortgagor further agrees that should this mortgage
<br />and the note secured hereby not be eligible for insurance under
<br />the National Housing Act within days
<br />from the date hereof (written statement of any officer of the
<br />Department of Housing and Urban Development or authorized
<br />agent of the Secretary of Housing and Urban Development dated
<br />subsequent to the days' time from the date
<br />of this mortgage, declining to insure said note and this mortgage,
<br />being decmed conclusive proof of such ineligibility), the Mor-
<br />tgagce or holder of the note may, at its option, declare all sums
<br />secured hereby immediately due and payable,
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<br />13. That if the Mortgagor fails to make any payments of
<br />money when the same become due, or fails to conform to and
<br />comply with any of the conditions or agreements contained in
<br />this mortgage, or the note which it secures, then the entire prin-
<br />cipal sum and accrued interest shall at once become due and
<br />payable, at the election of the Mortgagee; and this mortgage may
<br />thereupon be foreclosed immediately for the whole of said
<br />money, interest, monthly payments, costs, ground rents, taxes
<br />and the cost of extending the abstract of title from the date of
<br />this loan to the time of commencing such foreclosure suit, and a
<br />reasonable attorney's fee, all of which shall be included in the
<br />decree of foreclosure; and the contract embodied in this mortgage
<br />and the note secured hereby, shall in all respects be governed,
<br />construed and adjudged by the laws of Nebraska, where the same
<br />is made.
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<br />The covenants herein contained shall bind, and the benefits
<br />and advantages shall inure to, the respective heirs, executors, ad-
<br />ministrators, successors, and assigns of the parties hereto.
<br />Whenever used, the singlllar number shall include the plural, the
<br />plural the singular, and the use of any gender shall include all
<br />genders.
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<br />The foregoing conditions, all and singular, being performed ac-
<br />cording to their natural and legal import, this conveyance shall
<br />be void and said premises released at the expense of the Mort-
<br />gagor; otherwise to be and remain in full force and effect.
<br />
<br />the i r hand(s) the day and year first above written,
<br />
<br />~8(A/~d ~-
<br />~arnes B. Welch, Sr.
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<br />(J~ ~. LJ~
<br />Connie L. Welch
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<br />(Seal)
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