|
L
<br />.r: 004695
<br />6. If belshe fills 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 stuns 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 />sun», 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
<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 set& 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, revenugs 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 paragraph 2 hereof,
<br />will pay promptly when due any premiums therefor. Upon default thereof, Mortgagee may pay the same.
<br />All instance shall be carried in com►aruesapproved by the Mortgagee and the policies and renewals
<br />thereof shall be held by the Morttittacied "tereto loss payable clauses in favor of and in
<br />form acceptable to the Mortgagee. In event,of lest Mortgagor will give immediate notice by mail to the
<br />Mortgagee, who may make proof of low 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 />tight, 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 collateral security for the payment of the note described, soil all sums to become
<br />due under this mortgage, the Mortgagor hereby assigns to the Mortgagee all tease bonuses, profits, reve-
<br />nues, royalties, rights. and ;,then Ixnefits accruing to the mortgagor under any and all oil and gas teases
<br />ts
<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 indebtedness as Nvell before as aftav elefault in the conditions of this
<br />mortgage, and the 1lortg,egee stay demand, sue for and recover any such payments when due and pay-
<br />able, but shall not be rc•etuired so to do. This assigntnc•nt is to terminate and become null and void upon
<br />release of this mortgage.
<br />il. Fie /she Mall 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 reasonable maintenance work to be performed at the cost of Mortgagor. Any annount8 paid
<br />therefor by Mortgagee shall iwar interest at the rate provided for in the principal indebtedness, shalt
<br />thereupon become a part 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 premi=ses, or any part thereof, be condemned under the ]rower of eminent domain, or
<br />acquired for a public use, the damages awarded, the proceeds for the taking of, or the consideration for
<br />such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured by this
<br />mortgage, or hereby assigned to the Mortgagee, and shall be. paid forthwith to said Mortgagee, to be
<br />applied on account of the last neaturing installmt ^fits of such indebtedness.
<br />13. If the ,Mortgagor fails to make anti• payments when due, or to c•unform io and comply with any
<br />of the conditionz or agreements contained inn this mortgage, or the notes wi,ich it secures, then the
<br />entire principal sum and accruili •interest shall at once become due and payabl`, at tilt' election of the
<br />Mortgagee: and this mortgage may thereupon be foreclosed immediately for the whole of the indebted.
<br />ness hereby ;uqurei, int'fuding; the cost of extending the abstract of title frorn the date of this mort-
<br />gage to the time of contnnenc ing such suit, a reasonable attorney's fee, and and nrw paid by the Wte+rans
<br />Administration un account of the guaranty or insurance of the d h, r•by, all of which
<br />shall be inctudeli in the decree of foreclosure.
<br />14. If the indebtedness secured hereby M+ guarantied or inau, ed under 'Title :tit, United States Code,
<br />,4wh Title anot Repulationa issued the=reunder and its etfect on the i:tt h re•of shall goNern the right.-;, duties
<br />and liabiiitars of the parttes hereto, and any provisions of this ,w other instruments exe <Vuted in ntnneel,ion
<br />with #rice ndettedness which are inconsistent with said '1it.le or lteglrltations are henhy arnende*rl to
<br />conform thereew.
<br />The ex >vrnante herein e±entainea) shall hind, and the 1wnetita and advantage., --hall iunre tn. the
<br />i1 ,1
<br />
|