|
<br />I
<br />In
<br />r
<br />I
<br />~
<br />t
<br />,
<br />,
<br />1:,'
<br />,
<br />
<br />L
<br />
<br />I
<br />
<br />83~OLJ6553
<br />
<br />6. If he fails to pay any sum or keep any covenant provided for in this mortgage, the Mortgagee,at
<br />its option, may payor 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 />
<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 Mortgagor's request; or for maintelUUlce of said premises, or for taxes or assessments against the
<br />sanw, andf01"anyother purpose elsewhere authorized hereunder. Said note or notes shallbesecured
<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 inthe prin-
<br />cipaLindebtedness and shall be payable in approximately equal monthly payments for such period asmay
<br />be agreed upon by the Mortgagee and ?tlortgagor, 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 />
<br />8. He hereby assigns. transfers and sets over to the Mortgagee, to be applied towiml the payment of
<br />the note and all sums secured hereby in ease of a default in the performance of any of the terms and condi~
<br />tions of this mortgage or the said note, aU the renis, revenues and income to be derived from the mort-
<br />gaged p~emises 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 inCOIll". all necessary commissions and
<br />expenses incurred in renting and managing the same and of collect.. mtals 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 insur~:lCf of such type or types and amounts as Mortgagee
<br />may from time to time !'",wire. on the improvements now or hercafter on said premises and except when
<br />payment for all such p...'miums 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 />shllll be held by the Mortgagee and have attached thereto loss payable c1allses in favor of and in fo~m
<br />aceepUilile to the Mortgall'ee. In event of loss Mortgagor will give immediate notice uy mail to the Mort-
<br />gagee. who may make proof of 1()8.~ if not made promptly by Mortgagor, and each insurance company con-
<br />ct'l'lled is hereby authorized and diret'tM to make payment fo,' slleh loss din'ttly to the Mortgagee instead
<br />of to the Mortjfagor and the ~l(lrtgagee jointly, and the insurance proceeds. or any part thereof,
<br />may be applied by th.. MortlOlgl'e at it.s option either to the reduction of lhe indebtedness hereby secured
<br />01' to the restoration or repa.r of the property damaRed. In event of foreclosure of this mortgage, or other
<br />transfer of title to thl' rnortlOlged property in l'xtinguishm''Ilt of the indt'iltl'(llwss secure" 'reby, all
<br />right, title and inter..st of the M'1rtgagor in and to any insurance policies th('n ill forcc shall pass to the
<br />purchaser or grantee,
<br />
<br />10. As additional and \:uHateral security for the payment of the note dest'rIbed. alld all sums to become
<br />due under this mortgagt:', the Mortgagor ht'loreby assigns to the l\fortgaRT't' all h'ase bonuses. profits, I'pVe-
<br />nucst roy--alties.. rights. and other bt":'ntlfits aceruinS{ to the :Mortgagor UUdl'l" nny and all oil and gas leases
<br />now, or during the lift' of this mortgage-, (>x('eut(~d on said premises, with the right to reepive and receipt
<br />for the same and appi,c tlwm to said ind,'btedness as well before as after default in the conditions of this
<br />mortgage. and Il.e MOl'tga!(,~' may demand, sue for and n>eovet. an)' sUt'h payments when due and pay-
<br />abk'. but shalln,)t be .."tulrf'd so to do. This aSilignment is to terminate and become null and void upon
<br />r";"lI",e of this mortgage.
<br />
<br />1 1. He shaH Hut cl)mnlit n1' permit waste; and shall maintain the property in as ~ood tnudition as at
<br />pr(~Sent, reasonable wear and ti.'ar pxcepted. Upon any failure to so maintain. Mortg-ugce, at its option,
<br />may cause j'eaS()nab,,' mainletl1illC" work to be performed at the cost of Mo"tRag-or. An)' amounts )laid
<br />tl.."ret'or l>y MOl'tgag,~ shall bear interest at the rate provided for in the print'ipal indebtedness, shall
<br />thereupon l>.,<:ome a part of the indt.btedness se<:ured b)' this instrument, ratably and on a parity with all
<br />othH indebtedness secUI'l'tl hen'by, and shall be payal>le thirty (30) days aft"" demand,
<br />
<br />12. If the premises. or any part thereof. be ctlndemned under the power of pmluent domain, or
<br />al"luired for a pulllie use. the damages awarded, the proc""..ts for Uw t1lking of. 01' the t'onsidel'ation for
<br />su"h acquisition, 10 the extl'nt of the fnll amount of the I'emainin~ unpaid indebtedness secured by this
<br />mortgage, or hereby R.o;sign,'tl to the Mortgage<>, and shall be paid forthwith to said Mortgagee.' to be
<br />appli",l on aceQunt of the hlSl maturing installments of such indebtedness.
<br />
<br />13, If the Mortgagor fails to make any paym.~nts when due, or to conform to and .:omply with any
<br />of the conditions or agl'l",ments contained in lhis mortlOlg.." or the notes ",hlch it seetin's, then the
<br />t;ntire prineipal BUrll and accrued interest shall at once lx>eorne due and payahh.', at the eJl'ct.ion of the
<br />Mortgagee; and this mort "age may thereupon 1)<> foreclosed immediately for the wholl' of ttw indebted-
<br />n~ hereby seeu,."". including the cost of extending the abstract of title from the dute of this mort-
<br />gage to the tnn., or <commencing such suit, a reSSllllable attorney's fee, ami any sums paid by th" Veterans
<br />Adntinia.t.t'atiotl on account of the guaranty or in$uraw,~t! of the ind('bt.edllt.'S~ sf.."t:ured lh'}'eby, aU of which
<br />shall be included in the deer"", of foreclosure,
<br />
<br />H. It the IndClbtedlW$ 8{'(ul....i hereby lx. guarant,,;'(1 or insured tIndel' Title :lll, I'nited Stab-s eml."
<br />suclt Title and RClllUlatlom is$lIed thereunder and In dfedon Uw date ht'l",(lf shall go"",'n th., rights, dutil'S
<br />and li.blll~ of tll,; partw.. h"l'<'tO,lIll6 any provisions 'l( this (II' oth.,,. instnltlll'nls executed ill eonll.'cUon
<br />with .!Iaid imiebttdtlll. whiCh Ill'<! i1WOnllilltent with lIaid Titl.. 0" H"ll'lllations are he,,,,by ;ul,..."ie<l to
<br />.'6ftftmn t~.
<br />
<br />'f'b<:> OO\'!!IIAAUI """'In contain",l al>.atl bind. and the ben..lits aflll ll.jYll.fll.I\Il1.s .hall 1m,,',. to. lh"
<br />
|