|
<br />84 - 004699
<br />
<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 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 maintenance of said premises, or for taxes or assessments against the
<br />same, 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 theprin-
<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 Mortgagee. In no
<br />event shall the maturity extend beyond the ultimate maturity of the note first described above,
<br />
<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 secllred 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 payout of said incomes all necessary commissions and
<br />expenses incnrred 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/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 ail such premiums has theretofore been made under (a) of paragraph 2 hereof,
<br />will pay promptly when due any premiums therefor, Upon default \ereof, Mortgagee may pay the same,
<br />All insurance shall be carried in compa.'lies approved by'''," 1\1e .agee and the policies and renewals
<br />thereof shall be held by-~4h;~;Jii41 have \lttache<:! f",:eto i~s payable clauses in favor of and in
<br />form acceptable to th~_iM~;;~~evep.t of loss Mortgagor will give immediate notice by mail to the
<br />Mortgagee, who may'~~f~~not made promptly by Mortgagor, and each insurance company
<br />concerned is hereby authorized and directed to make payment for such loss directly w 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 in force shall pass to the
<br />purchaser or grantee,
<br />
<br />10. As additional alld collateral security for the payment of the note described, 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 indebtedness as well before as after default in the conditions of this
<br />mortgage, and the :\lortga!;ee may demand, sue for and recover any such payments when due and pay-
<br />able', but shall not be l'l''-luin'd so to do, This assignment is to terminate and become null and void upon
<br />)'el<case of this mortgage,
<br />
<br />11, He/she shall not eommit or permit waste; and shall maintain the property in as good condition as at
<br />present, reasonable \Vear and tear ,'xc<cpted, Upon any failure to so maintain. Mortgagee, at its option,
<br />may cause reasonable maintt'llance work to be perforlned at the cost of :Mortgagor. Any mnOUllt.s paid
<br />t!;erefor by Mortgag<ce shall heal' interest at the rate provided for in the jJriucipal indebtednl'ss. shall
<br />thereupon beco!lll' a part of the indebiedness secured by this instrnment, l'atably and on a parity with all
<br />othe)' indebtedness secured J\pl'eby, and shall be payable thirty (80) days after demand,
<br />
<br />12, If the premises, or any part thereof, he condemned under the POWl'!' _.f <'Ininent domain, or
<br />aequired for a public liSt', the dmnages awarded. the pro(;l'{~ds for the taking: of. or tlw consideration for
<br />sueh at'quisition, to the l'xtt'Ilt of the full amount of the relnainiug unpaid indebtl'dnes8 Sel'ured Uj" this
<br />mortgage, or hereby assigned to the Mortgagee, and shall be paid forthwith to said Mortgagl'l" to be
<br />applied on account of the last maturing installnwnts of such indebtedness.
<br />
<br />IS. If the )lorlgagl..H' fails to m.akl' HU.\' payments when due. or to cOllforrn to and conlply with any
<br />of the conditions. 01' agl'l~l'mellts l:ontained in this tnurtgage, or the notes whidl it SCCUl't'S, then the
<br />entire priul..:ipal ~urn and accrued intel'pst shaH at once bee,OIlle due and p<lyabll.l, at the pk)ttion uf the
<br />::\1ortgagpe; and thL~ mortgage may therpupon be foreclosed in1!nediately (or the ",hoh) of the indebted-
<br />neSS hereby secul\,d, iJleluding the cost of extending the abstract of title from the dat0 of this mort-
<br />gage to the tin1t~ of comlll('Jl(.'ing such .suit, a reasonable attorney's fee, and an.... ~ums paid by the \'eterans
<br />Adluinistratioll on account of tt1l' guaranty or insurance of the illdt~htt'dn~:ss ;:;e\'lll'l'd Ih:l't.'uJ.', all of which
<br />shall be included in the decree of forp','Lsure,
<br />
<br />14. If the indebtedness secured hereby be guarallt('ed ~'ll' inSlH'{'d undt~r Title ;{8, tTnited Stat.es Codp,
<br />such Title and Regulations issued thereunder and in ~,trect Oil t.ht' dat!.:' lH.'ft'of shaH g-o\'t'rn till! ng-hts. duti{~s
<br />and liabilities of the parties hel'l~to. and any provisions or this or otht,l' instnln1l.'lltg {,xl'ruled in cnlHwL'tlml
<br />with said indebtedness which are inconsistE'llt with ~aid '{'HIe or He-gi.;1ations ar~ hereby anHmded to
<br />conform thereto,
<br />
<br />The covenants herein conlained ghall bind, and the benetlts an,l advantage's ,hall inu!'" to, th,.
<br />
|