|
87_. 101430
<br />6. If he /she fails to pay any sum or keep any covenant provided for in this mortgage, the Mortgagee, at
<br />its option, may pay or perform the same, and all expenditures so made shall be added to the principal sum
<br />owing on the above note, shall be secured hereby, and shall bear interest until paid at the rate provided
<br />for in the principal indebtedness.
<br />7. Upon request of the Mortgagee, Mortgagor shall execute and deliver a supplemental note or notes
<br />for the sum or sums advanced by Mortgagee for the alteration, modernization, or improvement made at
<br />the Mortgagor's request; or for maintenance of said premises, or for taxes or assessments against the
<br />same, and for any other purpose elsewhere authorized hereunder. Said note or notes shall be secured
<br />hereby on a parity with and as fully as if the advance evidenced thereby were included in the note first
<br />described above. Said supplemental note or notes shall bear interest at the rate provided for in the prin-
<br />cipal indebtedness and shall be payable in approximately equal monthly payments for such period as may
<br />be agreed upon by the Mortgagee and Mortgagor. Failing to agree on the maturity, the whole of the sum
<br />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
<br />the note and all sums secured hereby in case of a default in the performance of any of the terms and condi-
<br />tions of this mortgage or the said note, all the rents, revenues and income to be derived from the mort-
<br />gaged premises during such time as the mortgage indebtedness shall remain unpaid; and the Mortgagee
<br />shall have power to appoint any agent or agents it may desire for the purpose of renting the same and col -
<br />lecting the rents, revenues and income, and it may pay out of said incomes all necessary commissions and
<br />expenses incurred in renting and managing the same and of collecting rentals therefrom; the balance
<br />remaining, if any, to be applied toward the discharge of said mortgage indebtedness.
<br />9. He /she will continuously maintain hazard insurance, of such type or types and amounts as
<br />Mortgagee may from time to time require, on the improvements now or hereafter on said premises and
<br />except when payment for all such premiums has theretofore been made under (a) of paragraph 2 hereof,
<br />will pay promptly when due any premiums therefor. Upon default thereof, Mortgagee may pay the same.
<br />All insurance shall be carried in companies approved by the Mortgagee and the policies and renewals
<br />thereof shall be held by the Mortgagee and have attached thereto loss payable clauses in favor of and in
<br />form acceptable to the Mortgagee. In event of loss Mortgagor will give immediate notice by mail to the
<br />Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company
<br />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 jointly, and the insurance proceeds, or any part thereof,
<br />may be applied by the Mortgagee at its option either to the reduction of the indebtedness hereby secured
<br />or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage, or other
<br />transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all
<br />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
<br />due under this mortgage, the Mortgagor hereby assigns to the Mortgagee all lease bonuses, profits, reve-
<br />nues, royalties, rights, and other benefits accruing to the Mortgagor under any and all oil and gas leases
<br />now. or during the life of this mortgage, executed on said premises, with the right to receive and receipt
<br />for the same and xppl' them to said indebtedness as well before as after default in the conditions of this
<br />mortgage, and the Nl,wtgagee may demand, sue for and recover any such payments when due and pay-
<br />able, but shall not be r +,tluin =d so to do, This assign. rte ni is to termivate and become null and void upon
<br />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
<br />present, reasonabl := ��-ear a7id tear ,xcupted. Upon any failure to so maintain. 3lortgagee, at its option,
<br />may cause reasonabie maintenance work to be performed at the cost of Mortgagor- Any amounts paid
<br />therefor by Mortgagee shall Bear interest at the rate provided for in the principal indebtedness, shall
<br />thei-eupon hecorne a part of the indebtedness se�cured by this instrument, ratably and on a parity with 311
<br />other indebtedness secured iterebv, and shah be payable thirty (30) days after demand.
<br />12. If the premises, or any part thereof, be condemned under the power of eminent domain, or
<br />acquirtA for a public use, the damages awarded, the proceeds for the taking of, or the consideration for
<br />Stich acquisition, to the extent of the full amount of th +_ remaining unpaid indebtedness secured by this
<br />mortgage, or hereby assigned to the Mortgagee, and shall be paid forthwith to said Mortgagee, to be
<br />applied on account of the last maturing installments of such indebtedness.
<br />13. if the 1Ycu igag, +r fails to make wic payments when due, or to conform to and comply with any
<br />of the conditions or agreements contained in this mortgage, or the notes which it secures, then the
<br />entire principal sum and accrued interest shall at once become due and parable, at the election of the
<br />z „rtraagee: and ti: is t:i`tgage may there -upoii ice ii +re lcsed immedtate'sy for t're izhole of, the indebled-
<br />i.ess hereby srtirrd, ,urhuiing the rust cif extending the abstract of title from the date of this mort-
<br />gage to the time 4, -nimencing such suit. a reasonable attorney's fee, and any sums paid by the Veterans
<br />Administration on account of the guaranty or insurance of the indebtedness secured hereby, all of which
<br />shall be included in the decree of foreclosure.
<br />14, If the indebtedness secured hereb "v be guaranteed or insured under Title 38, United States Code,
<br />ouch Title and Regulations issiioi thereunder and rn elrect on tic,• date hereof shall govern the rights, duties
<br />atria habihties of the parties hereto, anti any provisions of this or other rristruments exoctited in connection
<br />++iih "rid indeliteduess which are inconsistent with said Title or l:egulations are hereby amended to
<br />iunfor °m thereto.
<br />Tlw r „tenants herein (untamed shah hind. and Ili,- benetts rind adi antages shall inure to. the
<br />1,A f.
<br />R
<br />
|