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87-M 105830
<br />cIgnissa in favor of and in form acceptable to the Mortgagee. In
<br />evoint of loss Mortgagor will give immediate notice by mail to the
<br />who tatty make proof of loss if not made txomptly
<br />by mad each durance company concerned is hereby
<br />ousbarived toad directed to make payment for such loss directly to
<br />the of to the Mortgagor and the Mortgages
<br />jointly, and the insurance proceeds, or any part thereof, may be
<br />by the Mongol" at its option either to the reduction of
<br />this Indebtedness hereby secured or to the restoration or repair of
<br />the property damaged. in event of foreclosure of this mortgage
<br />or other transfer of title to the said premises in extinguishment of
<br />this indebtedness secured hereby, all right, title and interest of the
<br />Mortgagor in and to any insurance policies then in force shall
<br />pan to the purchaser or grantee.
<br />9. 11t ee additional and collateral security for the payment
<br />of the trots described, and all sums to become due under this
<br />mortgage, the Mortgagor hereby assigns to the Mortgagee all
<br />profits, revenues, royalties, rights and benefits accruing to the
<br />Mortgagor under any and all oil and gas leases on said premises,
<br />with the right to receive ead 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.
<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.
<br />11. That if the premises, or any part thereof, be condemned
<br />under 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 tatter on account of the next
<br />maturing installments of such indebtedness.
<br />to witsese wisereof the Mortgagor(s) he ve hereunto set
<br />In presence of:
<br />L
<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 60 days
<br />from the date hereof (written statement of an officer of the
<br />Department of Housing and Urban Development or autharized
<br />agent of the Secretary of Housing and Urban Development dated
<br />subsequent to the 60 days' time from the dens
<br />of this mortgage, declining to insure said note and this Mortgage,
<br />being deemed conclusive proof of such ineligibility), the Morl-
<br />gagse or holder of the note may, at its option, declare all sums
<br />secured hereby immediately due and payable, Notwithstanding
<br />the foregoing, this option may not be exercises by the holier of
<br />the note when the ineligibility for insurance under the National
<br />Housing Act is due to the Mortgagee's failure to remit the Mort-
<br />gage Insurance Premium to the Department of Housing and
<br />Urban Development.
<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 embodies 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.
<br />The covenants herein contained shall bind, and the benefits
<br />and advantages shall inure to, the respective heirs, executors,
<br />administrators, successors, and assigns of the parties hereto.
<br />Whenever used, the singular number shall include the plural, the
<br />plural the singular, and the use of any gender shall include all
<br />genders.
<br />The foregoing conditions, all and singular, being performed
<br />according 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 />Paps 3 of 4
<br />their hand(s) the day and year first above written.
<br />(Sean
<br />MVILLE REEVES
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<br />WILMA L. REEVES
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