rl
<br />the property otherwise after deiauit, the Mortgagee shall apply, at the time of the commencement of suds
<br />proceedings, or at the time the property is otherwise acquired, the amount then remaining to credit of
<br />Mortgagor under (a) of paragraph 2 preceding. as a credit on the interest W,:rued and unpaid and the
<br />balance to the principal then remaining unpaid on said note.
<br />4. The lien of this instrument shall remain in full force and effect during any postponement or exten-
<br />sion of the time of payment of the indebtedness or any part thereof secured hereby.
<br />5. He will pay all ground rents, taxes, assessments, water rates, and other governmental or municipal
<br />charges, fines, or impositions, levied upon said premises and that he will pay all taxes levied upon this
<br />mortgage, or the debt secured thereby, together with any other taxes or assessments which may be levied
<br />under the laws of Nebraska against the Mortgagee, or the legal holder of said principal note, on account of
<br />this indebtedness, except when payment for all such items has theretofore been made under (a) of para-
<br />graph e the Mortgagee will promptly
<br />thelaamewer the official receipts therefor to the Mortgagee. In default
<br />6. If he 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 at the rate provided for in the
<br />principal indebtedness until paid.
<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 the
<br />Mortgagor's request; or for maintenance of said premises, or for taxes or assessments against the same,
<br />and for any other purpose elsewhere authorized hereunder. Said note or notes shall be secured hereby
<br />on a parity with and as fully as if the advance evidenced thereby were included in the note first described
<br />above. Said supplemental note or notes shall bear interest at the rate provided for in the principal indebt-
<br />edness and shall be payable in approximately equal monthly payments for such period as may be agreed
<br />upon by the Mortgagee and Mortgagor. Failing to agree on the maturity, the whole of the sum or sums
<br />so advanced shall be due and payable thirty (30) days after demand by the Mortgagee. In no event shall
<br />the maturity extend beyond the ultimate maturity of the note first described above.
<br />8. He 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 con-
<br />ditions 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
<br />collecting the rents, revenues and income, and it may pay out of said incomes all necessary commissions
<br />and 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 will continuously maintain hazard insurance, of such type or types and amour;ts as the Mort-
<br />gagee may from time to time require, on the improvements now or hereafter on said Premises, and except .
<br />when payment for all such premiums has theretofore been made under (a) of paragraph 2 hereof, will pay
<br />promptly when due any premiums therefor. Upon default thereof, Mortgagee may pay the same. Ail
<br />insurance shall be carried in companies approved by the Mortgagee and the policies and renewals thereof
<br />shall be held by the Mortgagee and have attached thereto loss payable- clauses 511 Sacor of and in form
<br />acceptable to the Mortgagee. In event of loss Mortgagor will give immediat( w hr mail to the Mort-
<br />gagee, 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 Morigagee
<br />instead of to the Mortgagor and the Mortgagee jointly, and the insurance proceeds, or any part thereof.
<br />map be applied by the Mortgagee at its option either to the redn_tion of the indebtedness hereby secured
<br />or to the restoration or repair of the property damaged. In event of foreclosure of tliis 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 not(• 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 apply them to said indebtedness as well before as after default in the conditions of this
<br />mortgage, and the Mortgagee may demand, sue for and recover any such payments when due and payable,
<br />but shall not be required so to do. This .assignment is to terminate and become null and void upon release
<br />of this mortgage.
<br />11. He shall not commit or permit waste; and shall maintain the property in as good condition as at
<br />present, reasonable wear and tear excepted. Upon any failure to so maintain, Mortgagee, at its opticnn,
<br />may cause reasonable 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 />thereupon become a part of the indebtedness secured by this instrument, ratably and on a parity with all
<br />Other indebtedness secured hereby, and shall be payable thirty (30) days after demand.
<br />12. He will not execute or file of record any instrument which imposes a restriction upon the sale or
<br />occupancy of the property, described herein on the basis of race, color or creed.
<br />13, if the premises, or any part thereof, be condemned under the power of eminent domain, ur acquired
<br />for a public use, the damages awarded. the prareds for the taking of, or the consideration for such
<br />acquisition, to the extent. Of the full amount of the remaining unpaid indebtedness secured by this mort-
<br />gage, are hereby assigned to the Mortgagee, and shall be paid forthwith to said Mortgagee, to be aot)lied
<br />on account of the last maturing installments of such indebtedness.
<br />14. If the Mortgagor fails to make any paymenLs when due, or to conform to and comph with any
<br />of the conditions or agreements contained in this mortgage, or the notes which it secures. !,r if the M(wt-
<br />gagor be adjudicated bankrupt or made defendant ire a bankruptcy or receivership proceeding, then the
<br />entire principal sum and accrued interest shall at once become due and payable. at ttoe election or the Mort-
<br />gagee; and this mortgage may thcreulwn be foreclosed immediately for the whole of the in+tehtr.•dnesc
<br />L hereby secured, including the cost of extending the abtitravt of Iitlo from the d ntr of thi nlor•t9agc the
<br />time of commencing ouch suit, a reasonable atlorney's fee, and any gums paid by the Veterans rans Adnnunistra-
<br />tion on account of the $uaranty or insurance of the indebtedness secured hereby, all o£ which shall he
<br />included in the decree of foreclosure.
<br />4D
<br />15. Title. Stn United States t'cnle, and they Iteguiatrons Issued thereunder shall govern the rr)r'hts, duties
<br />and liabilities Of the parties heretre, and any provisions of this or other instr-ternents "v-vtuted in r. >nnek con
<br />vilTn Maid indebtedne..sx which are Ili :,aid with ..aid '1'rtb• ,,r liegulation are h• ros>> anieodehi , {o +i
<br />muVPlrrnente(I Gr conforne thereto
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