86104332 - Laserfiche WebLink

Browse

8s- 104332 6. If he /she fails to pay any sum or ;seep any covenant provided for in this mortgage, the Mortgagee, at its option, may pay or perform the same, and all expenditures so made shall be added to the principal sum owing on the above note, shall be secured hereby, and shall bear interest until paid at the rate provided I for in the principal indebtedness. 7. upon request of the Mortgagee, Mortgagor shall execute and deliver a supplemental note or notes for the sum or sums advanced by Mortgagee for the alteration, modernization, or improvement made at the Mortgagor's request; or for maintenance of said premises, or for taxes or assessments against the same, and for any other purpose elsewhere authorized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the advance evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear interest at the rate provided for in the prin- cipal indebtedness and shall be payable in approximately equal monthly payments for such period as may be agreed upon by the :Mortgagee and :Mortgagor. Failing to agree on the maturity, the whole of the sum or sums so advanced shall be due and payable thirty (30) days after demand by the Mortgagee. In no event shall the maturity extend beyond the ultimate maturity of the note first described above. 8. He/she hereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment of the note and all sums secured hereby in case of a default in the performance of any of the terms and condi- tions of this mortgage or the said note, all the rents, revenues and income to be derived from the mort- gaged premises during such time as the mortgage indebtedness shall remain unpaid; and the Mortgagee shall have power to appoint any agent or agents it may desire for the purpose of renting the same and col- lecting the rents, revenues and income, and it may pay out of said incomes all necessary commissions and expenses incurred in renting and managing the same and of collecting rentals therefrom; the balance remaining, if any, to be applied toward the discharge of said mortgage indebtedness. 9. He /she will continuously maintain hazard insurance, of such type or types and amounts as Mortgagee may from time to time require, on the improvements now or hereafter on said premises and except when payment for all such premiums has theretofore been made under (a) of paragraph 2 hereof, will pay promptly when due any premiums therefor. Upon default thereof, Mortgagee may pay the same. All insurance shall be carried in companies approved by the Mortgagee and the policies and renewals thereof shall be held by the Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the Mortgagee. In event of loss Mortgagor will give immediate notice by mail to the Mortgagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor and the Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by the Mortgagee at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage, or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 10. As additional and collateral security for the payment of the note described, and all sums to become due under this mortgage, the Mortgagor hereby assigns to the Mortgagee all lease bonuses, profits, reve- nues, royalties, rights, and other benefits accruing to the Mortgagor under any and all oil and gas leases nosy, or during the life of this mortgage, executed on said premises, with the. right to receive and receipt for the same and apply them to said indebtedness as well before as after default in the conditions of this Mortgage, and the 'Mortgagee may demand, sue file and recover any such payments when due and pay- able, but shall not be required so to do. This assignment is to terminate and become null and void upon release of this mortgage. 11. He /she shall not commit or permit waste; and shall maintain the property in as good condition as at present, reasonable wear snil tear excepted. Upon any failure to so maintain, Mortgagee, at its option, may cause reasonable maintenance work to be performed at the cost of Mortgagor. Any amounts paid therefor by Mortgagee shall blur interest at the rate provided for in the principal indebtedness, shall thereupon beconne a part of the indebtedness secured by this instrument, ratablY and on a parity Nyith ail other indebtedness .secured hereby, and shall be payable thirty (30) days after demand. 12. If the premises, or any part thereof, be condemned under the power of eminent domain, or acquin"d for a public list-, the ,iamages awarded, the proceeds for the taking of, or the consideration for S1141-11 acquisition, to the ext,•nt of the full amount of the remaining unpaid indebtedness secured by this mortgage, or hereby assigned to the Mortgagee, and shall be paid forthwith to said Mortgagee, to be applied on account of the ]ast maturing instalhnonts of such indebtedness. 1:1. If tit,- JMortgagor fails to make anv paynunts when due, or to conform to and Comply with ally of the conditions or contained in this mortgage, or the notes which it secures, then the entire principal sum and accrued interest shall at once become dui- and payablc, at the election of the .Ilortgagev: arld this iriorigage may ;hereupon be foreclosed immediately for the �%hoh- of the indebted- ness hereby srcur, d, iiu haling the cost of cXt,•ndilig the abstract of title from the date of this nnort- gage to the tiro-4 +, 11inier.cing su, h suit, it reasonable attorney's fee, and any: sums paid by the Veterans ;administration on aunuut of the guaranty or ittsurans of th,� m,i,d,trdnoss s,�, tired herobv, all of which shall be include,! ni the riecrcc of foreclosure. 14. 11 the indobto,iness secur,•d hereby 1,c- fittarar,t,•„? „r ire ;111",1 ender "title ':�, 1'nited States Cottle, Lsuch Titl, rtd Regulations issued thee, un,ier.rrd in , m a to n,•r, , f shah t ,rrru the rig hi 'kit Its and 11:11,110 w., of the purges hrroto,:m<t any, plo%, >ioo nt 11,;. r !h v•twi,i in ,.nnrrtu,n ill svi,l naiei,t, �tne >,s wtrrii ,,rc ItWon <istet:t tikllh .aid Till,, or Ce gulxtions ,lie bench} nrnended to ,r.foren thcrrt,r. "T`1:,, , "%-, it; 171 ii, „"in , nIaI 11 .I 1 atui th,- i _ !its :rid ad%antav < shall ir,ul t,,, t.h, n` r.