88101632 - Laserfiche WebLink

Browse

88-ul1632 made shall be added to the principal slim owing on the above note, shall be secured hereby, and shall bear int("rest at the rate set forth in the said note, until paid. 7. That the Mortgagor hereby assigns, lransfel~ and sets over to the Mortgagee, to be applied toward the paymelll of the note and all sums secured hereby in case of a default in the perfor- mance of any of the terms and conditions of this mortgage or the said note. all the rents, revenues and income to be derived from the mortgaged premises during such time as the mortgage in- debtedness shall remain unpaid, and the Mortgagee shall have power to aPP<lint any agent or agents it may desire for the pur- pose of repairing said premises and of renting the same and col- lecting the rents, revenues and income. and It may pay OUI of said incomes all expenses of repairing said premises and necessary commissions and expenses incurred in renting and managing the same and of collecting rentals therefrom; the balance remaining. if any. to be applied toward the discharge of said mortgage indebtedness. 8. That the Mortgagor will keep the improvements now ex- isting or hereafter erected on the mortgaged property, insured as may be required from time to time by the Mortgagee against loss by fire and other hazards, casualties and contingencies in such amounts and for such periods as may be required by the Mort- gagee and ....ill pay promptly. when due. any premiums on such insurance provision for payment of which has nOl been made hereinbefore. All insurance shall be carried in companies ap- proved by the Mortgagee and the policies and renewals thereof shan be held by tbe Mortgagee and have attached thereto loss payable clauses in fa\'or of and in form acceptable to the Mor- tgagee. In event of loss Mortgagor will give immediate notice by mail to the Mortgagee. who may make proof of loss if nOl made promptly by Mortgagor, and each insurance company concerned is hereb)' authorized and directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor and the Mortgagee jOintly, and the insurance proceeds, or any pan thereof. may be applied by the Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the re!itoration or repair of the propeny damaged. In event of foreclosure of this mortgage or other uan5fer of title to the mor- tgaged property in extinguishment of the indebtedness secured hereby. ail right. title and interest of the Mortgagor in and to any insurance po!icie!i then in force shall pass to the purchaser or grantee. 9. ThaI as additional and collateral security for the payment of the note described. and all sums to become due under this mortgage, the Mortgagor hereby assigns to the Mortgagee all profits. revenues. r(l~a1ties, rights and benefits accruing to the Mortgagor under any and all oil and gas leases on said premises. with the right to rettive clDd receipt for the same and apply them to said indebtedness as well before as after default in the condi. tiom of this mortgage. and the Mongag~ may demand, sue for and recover any such payments .....hen due and payable, but shall not be required so to do. This assignment is to terminate and become null and void upon release of this mortgage. In ,.itum ,,'t'~reor the Mortgagor(s) ha hereunto set In presence of: 10. That the Mortgagor will keep the buildings upon said premises in good repair, and neither commit nor permit waste upon said land. nor suffer the said premises to be used for any unlawful purpose. 11. That if the premises, or any part thereof, be condemned under the power of eminent domain, or acquired for a public use, the damages awarded, the proceeds for the taking of, or the consideration for such acquisition. to the extent of the full amount of indebtedness upon this mortgage and the note which it is given to secure remaining unpaid. are ,hereby assigned by the Mortgagor to the Mortgagee, and shall be paid forthwith to said Mortgagee to be applied by the latter on account of the next maturing installments of such indebtedness. 12. The Mortgagor further agrees that should this mortgage and the note secured hereby not be eligible for insurance under the National Housing Act within days from the date hereof (written statement of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Housing and Urban Development dated subsequent to the days' time frcm the date of this mortgage. declining to insure said note and this mortgage, being deemed conclusive proof of such ineligibility). the Mor- Igagee or holder of the note may' at its option. declare all sums secured hereby immediately due and payable. 13. That if the Mortgagor fails to make any payments of money when the same become due. or fails to conform to and comply with an) of the conditions or agreements contained in this mongagc. or the note which it secures. then the entire prin- CIpal sum and accrued interest shall at once become due and pal"able. al the election of the Mortgagee; and this mortgage may thereupon be foreclosed immediately for the whole of said money. interest. monthly payments. costs. ground rents, taxes and the CO!! of extending the abstract of title from the date of this loan to the time of commencing such foreclosure suit, and a rCa!.onable attorney's fee. all of which shall be included in the decree of foreclosure; and the contract embodied in this mortgage and the note secured hereby, shall in all respects be guverned. constru~ and adjUdged by the laws of Nebraska. where the same is made. The covenants herein contained shall bind. and the benefits and advantages shall inure to, the respective heirs, executors, ad. ministrators, successors, and assigns of the parties hereto. Whenever used. the singular number shall include the plural. the plural the singular. and the use of any gender shail include all genders. The foregOing conditions. all and singular. being performed ac- cording to their natural and legal import, this conveyance shall be void and said premises released at the expense of the Mort- gagor; otherwise to be and remain in full force and effect. nd year first above written. ( SuI) I Seal) (Seal) (Seal) ISeaI' Page 3 of 4 L -1 L