|
$s_ 108388
<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 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 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, transfer 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 tlse 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 rentingthe 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 r,rntutg and managing the same and of collecting rentals therefrom; the balance
<br />remaining, if any, to be applied timard the discharge of said mortgage indebtedness.
<br />9. He /she will continuously maintain hazard insurance, of such type or types and amounts s
<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 thereof,
<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 lms3i`f 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 pans to the
<br />purchaser or grantee.
<br />10. As additional and collateral security fort If(, 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. sold other benefits accruing to the Mortgagor under any and all oil and gas leases
<br />now, or during the life of this mortgage, ex,cuted on said premises, with the right to receive and receipt
<br />for the same and apply th,•rlt to said indebtedness as well before as after default in the conditions of this
<br />mortgage. and the Mnrtg9,19 -e rr,ay demand, sue for and recover any such payments when due and pay -
<br />able, but shall not be r<•c,u.rt I 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 i% ear and tear excepted. Upon any failure to so maintain, Mortgagee, at its option,
<br />may cause reasonabi • - arnt,-rance work to be performed at the cost of Mortgagor. Any amounts paid
<br />therefor by Mortgay.e•c shall hear 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 s,, tired hereby, and shall be payable thirty (30) days after demand.
<br />12. If the preen: <vs. or any Part thereof. be condemned under the power of eminent domain, or
<br />acquired for a public +:se, the damages awarded, the proceeds for the taking of, or the consideration for
<br />such acquisitiorr. to tho e•xtt•nt of the full amount of the remaining unpaid indebtedness secured by this
<br />mortgage, or hereb' as. w
<br />rgne,I to the Mortgagee, and shall be paid forthith to said Mortgagee, to be
<br />applied on account „f the last maturing installments of such indebtedness.
<br />13. If tit*, Molts;. =gor falls to make anc payments when due, or to conform to and comply with any
<br />of the conditions m agr,-,,nirnts contained in this mortgage, or the notes which it secures, then the
<br />entire printip:ral srtnt and actrutrl trster,st shall at once become due and payable, at the election of the
<br />Mortgagee: and rh:. m•:,rtgago may theremum be foreclosed immediately for the whole of the indebted -
<br />nt,s heretic cct;r. ri. r, ludrng th,r cost of ext,•nding the abstract of title from the .late of this mort-
<br />gage to the rim,• „f c,xnine-nc:ng such suit, i reasonable attorney's fee. and an "N sunis paid by the Veterans
<br />Administration on a,_count „f the guaranty or insurance of the indebtedness secured hereby, ail of which
<br />shall be included fit the decree of foreclosure.
<br />IC If the indehtedness sevurcKi hereby be guaranteed or rnauref? under Title 3S, United States Code,
<br />ssit,lt Tlt.le and ItewalatIorts V— u,rd therell It dt'r a ota rt vITect ort i I w late hereof shall govern the rights. duties
<br />and liahtlitr, s of the par it°s hereto, and ant• p.ov,, wns of this =w ,tther- mstrummwits executed in connection
<br />urth :aid ride >ttcc ?n �e �ehir?, are inconsistent Nvith said 1'rtle ,,r Regulations are hen by rm,adtti in
<br />„nforrn thereto?.
<br />Tlw cwveriAWs h,,rem vontailwtl shah brad. and the henvhts, still advantages shall Inure to. the
<br />
|