|
<br />83- fJOI1L2
<br />
<br />6, If he faila,topay any sum or keep any covenant provided for in this mortgage, the Mortg~,at
<br />it&oJJtiol1; may pay or perform the same, and all expenditures so made; shall be added to the principal sum
<br />owiUgontbe above note, shall be secured hereby, and shall bear interest until paid at the rate provided
<br />fOl'in:tlie pdneipal indebtedness.
<br />7: Upon request of the Mortgagee, Mortgagor shall execute and deliver a supplemental note or notes
<br />for. thecsumor Sllms advanced by Mortgagee for the alteration, modernization, or improvement made at
<br />the,:Mortgagqr's request; or for maintenance of said premises, or for taxes or assessments against the
<br />same,dlndf()r,a.ny other purpose elsewhere authorized hereunder, Said note or. notes shalIbe secured
<br />heri$y on'aparity 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 ilgreedupon by the Mortgagee and Mortgagqr, Failing to agree on the maturity, the whole of the sum
<br />or sun1Bsoadvanced 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 />
<br />8. He hereby /lBlligns, 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 nny of the terms and condi-
<br />tions of this mortgage; or the said note, all the rents, re,,-enues 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 payout 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 />
<br />9. He will continuously maintain hazard insurance, of such type or types and amounts as Mortgagee
<br />may from time to time rajtlire, on the improvements now or hereafter on said premises and except when
<br />payment for all such premiums has theretofore been made under (a) of paragraph 2 hereof, will pay
<br />promptly when due any premiums therefor, Upon default thereof, Mortgagee may pay the same. All
<br />insurance shall be carried in companies approved by the Mortgagee and the policies and renewals thereof
<br />shall be held by the Mortgagee and have attached thereto loss payable clauses in favor of and in form
<br />acceptable to the Mortga~,'ee. In event of loss Mortgagor will give immediate notice by mail to the Mort-
<br />ga~, who may malle proof of loss if not made promptly. by Mortgagor, and each insurance company con.
<br />cerned is hereby authorized and directeclte make payment for such loss directly to the Mortgagee instead
<br />of to the :\lortgagqr and the Mortgagee jointl~', and the insurance proceeds, or any part thereof,
<br />roa)' be applied by the Mortgagee at its option either to the reduction of the indebtedness hereby secured
<br />or to the l"('storation or repair of the property damaged, In e\'ent of foreclosure of this mortgage, or other
<br />transfer of title to the ll1ol'tgaged property in extinguishment of the indebtedness secured hel'eby, all
<br />right, title and intert'St of the Mortgagor in and to any insurance polici,'s then in force shall pass to the
<br />lmrehaser or grantee,
<br />
<br />10. As additional and (o!lateral secul'ity for the payment of the note described, amI all sums to become
<br />due under this mortgage, the l\fortgagor hereby assigns to the ~Iortgagee all lease bonuses, profits, reve-
<br />nues, royalties, rights, and other benefits accruing to the Mortgagqr under an)' 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 indebtedness as welllx-foM' as after default in the conditions of this
<br />mortgage, and the MOl'tgagee may d.emand. sue for and recover all}' such pa.Yments when due and pay-
<br />able. but shall not be 1'('Quired so to do, This assignment is to terminate and become null and void upon
<br />release of this mortgage,
<br />
<br />11. He shall not commit or permit waste; and shull maintain the property in as good condition 118 at
<br />present, reasonable wear and tear excepted. Upon any failure to so maintain, Mortgagee, at its option,
<br />may c.ause reasonable maintenance work to be performed at the cost of Mortgagqr, Any amounts paid
<br />therefor b)' Mortgagee shall bear interest at the rate pro\'ided for in the principal indebtedness, shall
<br />thel'eupon u.!come a part of the indebtedness secured by this instrument, ratably and on a parity with all
<br />othel' indebtedness secured hereby, and shall be payable thirty (30) days after demand.
<br />
<br />12. If the premises, or any part thereof, be condemned undel' the power of eminent domain, or
<br />acquired for a public use, the damages awarded, the proceeds for the taking of, 01' t.he consideration for
<br />such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured by this
<br />mortpge, or hereby /lBlligned to the Mortgagee, and shall be paid forthwith to said Mortgagee, to be
<br />applied on aecount oJ the last maturing installments of such indebtedness.
<br />
<br />13. If the Mortgagor fails to make all.\' pa)'ments when due. or to <."onform to and comply with any
<br />of the conditions or agreements contained in this mortgage. or the !lotes which it secures, then the
<br />en"!"!! p!'incipaJ slim and accrued int~st shall at o'<<."e become due and payable, at the "'cction of the
<br />Mortgagee; and thia mortgage may thereupon be foreclosed immediately for the whole of the indebted-
<br />nesIIhereby seeured. including the <."ost of extending the abstract of title from the dute of this mort-
<br />ppt,othe iin:Iecof cmumenciug- sllch suit, a reasonable attorney's fee, and any sums paid by the Veterallll
<br />Administration on account of the guaranty or insurance of the indebtedness secured hen'by, all of which
<br />st!aU~ indnded in the decree of foreeJoaure.
<br />
<br />14. ..lt~ i~ 8e\lIlred ~ be guarant~l or inaured under'l'itIe 38. United States Code,
<br />litldt"'an4:~IatIona~thereuMeI' and in "Heet on the date nen"Of shall gqvel'll the rights, duties
<br />...~...f:the~ ~l'\lto,andlUlY provisions of this or other inlltrument.~ ,'x,'Cuted in conneetion
<br />~~:'~:IJId.n__,wlrich are lnoona.istllJtt with Mid Title or Hegulations are hereby amended to
<br />~..~
<br />
<br />...... ~ta. ~ e<mt.ail1ed shall bind. and the benclits and advantages shall inure to. the
<br />
<br />
|