|
__ .
<br />$3- ~~O~+t~~~
<br />~., ,..
<br />3. The Mortgagor will pay all taxes which may be levied upon the Mortgagee's
<br />interest in said real estate and improvements, and which may be levied upon this mortgage
<br />or the debt secured hereby (but only to the extent that such is not prohibited by law and
<br />only to the extent that such will not make this loan usurious), but excluding any income
<br />tax, State or Federal, imposed on Mortgagee, and will file the official receipt showing
<br />such pa~!nent with the Mortgagee. Ugon violation of this undertaking, or if the Mortgagor
<br />is prohibited by any law now or hereafter existing from paying the whole or any portion of
<br />the aforesaid taxes, or upon the rendering of any court decree prohibiting the payment by
<br />the Mortgagor or any such taxes, or if such law or decree provides that any amount so paid by
<br />the Mortgagor shall be credited <m the mortgage debt, the Mortgagee shall have the right to
<br />give ninety days' written notice to the owner of the mortgaged premises, requiring the
<br />payment of the mortgage debt. If such notice be given, the said debt shall become due,
<br />payable and collectible at the expiration of said ninety days.
<br />9. That should he fail to pay any sum or keep any covenant provided for in this
<br />Mortgage, then the Mortgagee, at its option, may pay or perform the same, and all expenditures
<br />so made shall be added to the principal sum owing on the above note, shall be secured hereby,
<br />and shall bear interest at the rate set forth in the said note, until paid.
<br />5, That he hereby assigns, transfers and sets over to the Mortgagee, to be applied
<br />toward the payment of the no*_e and all sums secured hereby in case of a default in the
<br />performance of any of the terms aid conditions of this Mortgage cr the said note, all the
<br />rents, revenues and income to be derived from the mortgaged premises during such time as
<br />the mortgage indebtedness shall remain unpaid; and the Mortgagee shall have power to appoint
<br />any agent or agents it may desire for the purpose of repairing said premises and of renting
<br />the same and collecting the rents, revenues and income, and it may pay out of said incomes
<br />all expenses of repairing said premises and necessary commissions and expenses incurred in
<br />renting and managing the same and of collecting rentals therefrom; the balance remaining, if
<br />any, to be applied toward the discharge of said mortgage indebtedness.
<br />6. That he will keep the improvements now existing or hereafter erected on the
<br />mortgaged property, insured as may be required from time to time by the Mortgagee against
<br />loss by file and other hazards, casualties and contingencies in such amounts and for such
<br />periods as may be required by the Mortgagee and will pay promptly, when due, any premiums
<br />on such insurance provision for payment of which has not been made hereinbefore. All
<br />insurance shall be carried in companies+approved 6y the Mortgagee and the policies and
<br />renewals thereof shall be held by the Mortgagee and have attached thereto loss payable
<br />clauses in favor of and in form acceptable to the Mortgagee. In event of loss Mortgagor
<br />will give immediate notice by mail to the Mortgagee, who may make proof of loss if not
<br />made promptly by Mortgagar, and each insurance company concerned is hereby authorized and
<br />directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor
<br />and the Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied
<br />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
<br />mortgage or other transfer of title to the mortgaged property in extinguishment of the
<br />indebtedness secured hereby, all right, title and interest of the Portgagor in and to any
<br />insurance policies then in force shall pass to the purchaser or grantee.
<br />7. That as additional and collateral security for the payment of the note described,
<br />and all sums to become due under this mortgage, the Mortgagor hereby assigns to the Mortgagee
<br />a12 profits, revenues, royalties, rights and benefits accruing to the Mortgagor under any
<br />and all oil and gas leases on said premises, with the right to receive and receipt for the
<br />same and apply them to said indebtedness as well as after default in the conditions of this
<br />mortgage, and the Mortgagee may demand, sue for and recover any such payments when due and
<br />payable, but shall not be required so to do, This assignment is to terminate and become null
<br />and void upon release of this mortgage.
<br />S, That tha Mortgagor will keep the building upon said premises in good repair,
<br />and neither commit nor permit waste upon said land, nor suffer the said pzunises to be used
<br />for any unlawful purpose.
<br />9, That if the premises, or any part thereof, be condemned under the power of
<br />~t;Rent domain, ar acquired for a public use, the damages awarded, the proceeds for the
<br />taking of, or ttfe consideration for such acquisition, to the extent of the full amount
<br />of indebtedness upon this mortgage and the note which is yiven to secure remaining unpaid,
<br />are hereby assigned by the Mortgagor to the Mortgagee, and shall be paid forthwith to said
<br />Mortgagee tp be applied by the latter on account of the next maturiny installment of such
<br />indebtedness.
<br />
|