|
0
<br />60 002098
<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 stem 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 put-pose 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 A oagagec. In r1o,
<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 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. In event of loss Mortgagor will give immediate notice by mail to e
<br />Mortgagee, who'may make proof of loss if not made promptly by Mortgagor, and each insurance company
<br />concerned is hereby authorized Pnd 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 it. force shall pass
<br />purchaser or grantee, to the
<br />10. As additional and collateral security for the payment of the note describcd' 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 other benefits accruing to the Mortgagor under any and 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 apply them to said illciebt.eciness as «•ell before as after default in the conditions of this
<br />mortgage, and the Motgagee may demand, sue for and recover any such payments when due 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 wear and tear excepted. Upon any failure to so maintain, Mortgagee, at its option,
<br />may cause reaso►1a11Ie Illaintenanee «'ork to be performed at the COSt of �1o1't}?'agol'. AtIS' t1tT1UUI1tS
<br />therefor by Mortgagee shall 1:►ear interest at the rate provided for in the �rinci tai indt btedness hall
<br />I ! ,s
<br />thcrellpon beco►ne a part of the indebtedness secured by this i list rument, ratably and on a parity vfrith all
<br />other indebtedness secured hereby, and shall be payable thirty (30) days after ciclnand.
<br />ll. If the pl'e nlises, or any part thereof, be condemned under the po%ver of eminent dcnnain, or
<br />acquired for a public use, the damages awarclecl, tite proceeds for the taking of, or then axensieleratioll for
<br />such acquisition, to the eXtc -nt of the full amount of the remaining unpaid secured I) this
<br />mortgage, or hereby assigned to the Mortgagee, 111d shall 1w paid fortim-ill) to s:ue9 '�tnrit, *,tgee', to is
<br />applied on account of the last n►at.11ring installtnelits of such indebtedrle ss.
<br />13. If the M1lortgagor fails to make a ►1\' payments when due, of to cmnfoinl to anel comply «ith any
<br />of the conditions of .tg1.(.emellts conttined in this mortgage, or the it secures, then the
<br />entil'e principal su►ll and accrued interest Shall at once become due. .11111 pa\ahlt., at the elcction of the
<br />Nle;rtgagee; and this 111ort.gage 11lay thelretipelit he foreclosed immediately felt then (if the indebted -
<br />ness hereit)y Keclin'd, i 'lichiding, thca cost of, extending t.ho abstract, elf title t'r„111 t11c elate of this nlort-
<br />gage to the time of c('1nluericing such suit, a reasonable at- Am'lley's fec, ,reel ales :.tltn;; paid by the, Veterans
<br />Administ.ratie.ln 011 .0 t o >tlret mf tit,! 1�11.11'.11lty or i list] r.ulce. eIf the indeletedut�s,� ,�e�e 111'e1d lit rt�hy, all eft' t,Olieh
<br />shall be included in the t1(�crev of forecic,sIre.
<br />14. If the indebtedness secured hereby he guara►ehood mr in,.;iire d nndrr 'I'itle : >�. 1'11ited Mtatrs ( "e,dr,
<br />such Title alnd ltegulatimnw issued thereunder and in e-tfect on tilt- flat«' gor,,r'li the rights, elutirs
<br />,ltd 1151h;lities of the partite „s heretee,.tnd any provisiolls mf, this eel' nthol, inste'u11L'ntS e`xec'uted ill t'onlice'tle,ll
<br />with said indebtedness which are inconsistent with said 'Title or I;eg"ulatioll "; rtre hercht. '111lended le.
<br />conform thereto.
<br />The cov('n '1nts hervpirt contailed shall hind, atrld Ow botlelits '11111 "ll"tll iriiare tee, tilt
<br />r
<br />t
<br />
|