|
86-100511
<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 this principal indebtedness. supplemental note or notes
<br />7. Upon'request of the Mortgagee, Mortgagor shall execute and deliver a s
<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 an,
<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 Mo= *agee 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 thl, 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 pay-
<br />able, but shall not be required so to do. This assignment is to terminate 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, reasonable wear and tear excepted. Upon any failure to so maintain, Mortgagee, at its option,
<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. if the premises, or any part thereof, be condemned under the power of eminent domain, or
<br />acquired for a public use, the damages awarded, the proceeds for the taking of, or the consideration for
<br />such acquisition, to the extent of the full amount of the 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 Mortgagor fails to make ativ 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 slim and accrued interest shall at once become due and vayablv, at the election of the
<br />Nim-tgagee; a.id this mortgage may thereupon be foreclosed immediately for the whole of the indebted -
<br />ness hereby Welly 1, i1kcludilig the cost of extending the abstract of title from the (late of this mort-
<br />gage to the time of commencing such suit, a reasonable attorney's fee, and any xums 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 it, the decree of foreclosure.
<br />14. if the indebtedness mectired hereby be guaranteed or illsayt,ll under riilv:19, United States Code,
<br />thereunder and in effect oil the date hereof Shall govern the rights, 1111tit's
<br />such Title and Regulatioll-A i.1;SU4?d (114,
<br />and liabilities of the parties hereto, and any provision-4 of this or other instruments executed in connection
<br />with said indebtedness which are inconsistent with Said Title lot. Regulations are hereby aill vntled to
<br />conform thereto),
<br />The covenants herein Contained ,hall hind, ,in(] the 1-liefits :11111 advantages Shall inure to, Ow
<br />R
<br />
|