|
R5-=' 002002
<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 Mortgagors 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 poker 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 and
<br />except when payment for all such premiums has theretofore been made under (a) of
<br />will Pay promptly when due any premiums therefor. Upon default thereof, Mortgagee may 2 hereof,
<br />All insurance shall be carried in companies approved by the Mortgagee tBaB Y PaY the setae.
<br />thereof shall be held b the Mortgagee rt8�e and the Policies and renewals
<br />Y rtgagee 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 urance company
<br />Mortgagor, and each ins
<br />concerned is hereby authorized and directed to make payment far such Loss directly s 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 mo rtgage, 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 ass to the
<br />purchaser or grantee, p
<br />10. As additional and collateral security for the payment of the note desc.ribcd, and all sums to become
<br />due under this mortgage, the 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 />now, or during tine life of this mortgage, executed on said premises, with the right to receive and receipt
<br />for the same and apple the►tr to said indebtedness as w,;0 before as after default in the conditions of this
<br />mortgage, and the Mortgagee may demand, sue for and recover any such payments when clue 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 «,ear and tear excepted. tFpon any failure to so maintain, Mortgagee, at its option,
<br />may cause reasunatr {f, maintenance work to be performed at the cost of Mortgagor. Any amounts paid
<br />therefor by Mortgrtt;`eY shall bear interest at the rate provided for in the principal indebtedness, shall
<br />thereupon become a Irar•t 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 lrremise�S, or arty part thereof, IA't condemned under the poorer of eminent domain, or
<br />acquired for a public a -s «�. 4lre, damages awarded, the proceeds for the taking of, or• the consideration for
<br />such acquisition, to the extent of the full amount of tale remaining unpaid indebtedness -secured by this
<br />mortgage, or hereby a:,?sigrle,tl to the Mortgagee and shall be paid forthwith to ;,lid Mortgagee, to be
<br />applied on account (if tit, last maturing instaali►nents of Such indebtedness.
<br />13. If the Dior tg;age�r fails to rtaah�e aarr%• paynaerrts Nvhen dues, or to conl'„rrr► to and comply with ally
<br />of the conditions ur agreenu nts contained in tilis mortgage, err the notes «hick it secures, than the
<br />entire principal -seals arntl accr'tred intere -st Shaall
<br />at once become, duo and payaabie, sit the election of the
<br />Wrtgagee ; and tlliS trt�rtga�*e mazy thereul►tn► bc� forecloSed immediately for f.he whole of the indebteei-
<br />neS heTVlry x Vctar,.d, ra,(hrefil�g th#� e„st of t,xtending the abstract of title from the date of this most- -
<br />gage to the lime of ri,innit'llcin9 Stich stlit, a rea4unable attorney's fee, and arny ;:nmti paid by the Veterrans
<br />Administration o►a :,,,�, ,lint ,if tiro guaranty ear- insuraaeie'e of the in�lelrt� °�ln� v,� ;;ee ran end lae,rchy. all aef which
<br />shall by included it, the dcc°ree of foreclesure.
<br />IT if the indebtedrle ss S#4•ur'ed hereby be guaratrit�,eil Ill in.��ts�E�d rrn,l,�r Titlr :;!i, T'nilr�d
<br />inch `abili and ,f th, tiorls i.sne,ei tbcroundrr and in $.11' �ct l kilt !I,, ,laat1� hf,ri'i,f sliaalI guk ertn the rightw, rliltios
<br />and listlilitic�S of the= leartae•a hr,r,.tn nand any precisions of thi:q ('r .ether i►1.mtr illni'nts o\rcrrted in conuee�t.ioll
<br />motto snit! eretoteclnr =: S whir+ arc, inconsistent %vith %aicl 'Title t,r I,e ula,ti, rank herefry anrenefed tel
<br />< °errrftrra•rr thereto,
<br />Tyr. €r�'e "ne%nt tga,�e,tn rterlt,ulwd shall !rand, and thr, trvlwtiq.+ tMil :idval)td gs ,:.li &a$i iY3rrra' tn, tit +
<br />i
<br />i
<br />
|