|
86-- 102706
<br />B. I1 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 shaii be due and payable thirty (30) days after demand by the Mortgagee. Iu 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 />S. '.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 />exceptwhenr 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 attacled thereto loss payable clauses in favor of and in
<br />form acceptable to the Mortgagee. In event of'loss,Mcirtgagor will give immediate notice by mail to the
<br />Mortgagee, who may make proof of loss it notmade.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 cr,ltatrrai saclhrity for the paynlentof the note descr;I)cd, aril all sums to become '
<br />due under this mortgage, the Mortgagor hereby assigns to the Mortgagor all !ease bonuses, profits, reve-
<br />nues, royalties, rights, and other hetaefrts accruing to the Mortgagor under any anti 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 appls tlicnh to said indebtedness as well before as after default in the conditions of this =!
<br />mortgage.. an.l the Mortg;lgs -o may demand, sue for and recover any -wh payments when due and pay-
<br />able, but shall not be requited 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. tIpxnl any failure to so maintain. Mortgagee, at its option,
<br />may cause reasonable maintenance work to tie 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, ratable and an a parity with all
<br />other indebtedness secured hereby, and shall be payable thirty (30) days after demand.
<br />12. If the premises, of any part thereof, be condemned under the power of eminent domain, or
<br />actpuired for a public use, th,� damages awarded, the proceeds for the taking of, or the consideration fop.
<br />such acquisition, to the este•t,t. of the full amount of the reinalnnlg unpaid indebtedness secured by this
<br />mortgage, or hereby asslgnod to the Mortgagee, and shall he paid forthwith to said Mortgagee, to bee
<br />applied on account of the last rnatunng installments of such indebtedness.
<br />13. if the Mortgagor fails to make ary payme tits when due, or to conforni to and comply with any
<br />of the conditions or agreements contained in this mortgage, or the not; s N+hich it secures. £lien the
<br />entire principal sum and acer,;cd interest shall at once become due and pay;OA;' at the election of the
<br />ytortgagce; and this 17u,rtgage play thereupon be forecic>,,sed Immediately for the whole of the indebted.
<br />nests haareby secured. '!w1 :
<br />uiing the c-st ,f extewiing the abstract of title t'tonl the date of this mort-
<br />gage to the tirne of "oniniencing such suit, a reasonable attorney's tee. an,l :tin stirs paud by the Voterhnrs
<br />Administ.rtation on acomint of the guaranh or insurance of tfW u;.iebtedmess ,; -e ure;I hvr' +%, a ?I of which
<br />anal! be inelude tf in the decree of forvulost
<br />14. if the indebtedness secured hereby b. lease :tilt i r lisure<I ! Id, r ! i e s, t r ltrd 5rates Cod'..
<br />sut.h'Fitte_ tiny tcegijation, issu.vl tihrreunder and ire ff , , tie. �Ixte h l'-! .t,.!.t rr the lights. dutte:s
<br />anal Gabihtwe , of the parties hereto. and any provisions of !ties or ;.thcr marom ^!ts art re,nneOwn
<br />-with said nldebtArtnµxs which are im- risistent with :ud hilr nr ii =gulati:xl� air h,rebv :tin. =oiled tr
<br />;.:onforrn thereto.
<br />The evecaxnanY lwrtirtm rumt,r, „«t ?heall 4,;nd, elld tl!.� t„•strn'.� n•;;i ad, l.e�:ea�:. :e,nli �,; �r. h;•
<br />
|