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86- 104184
<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 per; i;rm 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 />?. 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 clue and payable thirty (30) days after demand by the Mortgagee. In no
<br />event shall the maturity extend beyond the ultimate
<br />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 in([ all sums securer] 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 app,rn lit any agent or agents it may desire for the purpose of renting the same and col-
<br />lecting the rents, revenues anti income, and it may pay out of said incomes all necessary commissions and
<br />expenses incurred in :•outing and managing the same and of collecting rentals therefrom; the balance
<br />remaining, if any, to he 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. Irz 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 c,)tlateral security for the payment of the note described, and all sums to become
<br />due under this mortgage, th,� Mortgagor hereby assigns to the Mortgagee all lease bonuses, profits, reve-
<br />nues, royalties, rights, and ether benefits accruing to the Mortgagor under any and all oil and gas leases
<br />noxv, or during the tiff, of this mortgage, executed on said premises, with the right to receive and receipt
<br />for the same and apple t1wm to said indebtedness as well before as after default in the conditions of this
<br />mortgage, and the Mortgag, may demand, sue for and recover any such payments when due and pay-
<br />able, but shall not be reyuir�d 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 shrill maintain the property in as good condition as at
<br />present, reasonable ,%car al!d tear excepted. Upon any failure to so maintain. Mortgagee, at its option,
<br />may cause reasonabir m ;titer nance work to be performed at the cost of Mortgagor. Any amounts paid
<br />therefor be MottgagSec shall heal. interest at the rate provided for in the principal indebtedness, shall
<br />thereuponl hccome a hart of the Mdebtedn,ss secured be this instrument, ratahly and on a parity with all
<br />other indebtedness z, ill ..1 ht-reh y. and shall be payable thirty (:30) days after demand.
<br />1'd. If the menu >,� ;, „r :nth- paint thereof, be condemned wider the ])0%VCr of eminent domain, or
<br />acquired tilt a pubh ; Ow damages a«arded, the proceeds for the taking of, or the consideration for
<br />such acquisition, to 'I. llt of the fill] amount of the remaining unpaid indebtedness secured b_v this
<br />mortgage, or 1) ,•r,- , ;ass.gnc,i to the Mortgagee, and shall be paid forth%%ith to said :llnr4M,9Ve> to be
<br />apph"d on account .,f the last matte ing installments of such indebtedness.
<br />13. If Ure 31,•, r fails to mike ally Iayments ,then due, or to conform tp aulrl comply n'it11 an}
<br />of Ure rontlltions or <t11r,, m,-nts contained in this mortgage, nr the notes �chich it secures. then the
<br />entire pri lit ipaI ,um d int,•rost slndl at once bco)"It' du at the c1, tion of the
<br />Nit'llgagee; and tills inn tgag, mat: thereupon be foreclosed immediately for the %\ hole of the indebtcd-
<br />lwss brrebc s,cun I. n�itut ih, cost of extending the abstract "I title faun the ,late of this mort-
<br />gage to the time . , a,ml� ncing such suit, a n;uuuable attnrlw�'s 1.c. alld :rrn st:ms paid hr the Veterans
<br />Adnimistratit'll :ill ;,� m „f the guarantc or insurant'e of the llld,•Lt, dllrs., ..,, nred h, ;, bc, all of N% hick
<br />shall be included in the �iocre, - of f,,rotlostu'e-
<br />11. If tilt indeb , h, ., n d h lo-oc ho gll;U*;tllt(,,i . and« ?. AIL :'S, l'nl[ed States t Ir.
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