|
<br />84- 005~;oO
<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 indebtednees~
<br />
<br />r
<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 the,prin~
<br />cipal indebtedness and shall be payable in approximately'equal monthly payments for such period"asmay
<br />be agreed upon by the Mortgagee and Mortgagor. Failing to agree on the maturity, the whole of the sum
<br />01' sums so advanced shall L'e due and payable thirty (30) days after demand by the Mortgagee_ Inno
<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 tbepayntet1tof
<br />the note and all sums secured hereby in case of a default in the performance of any of the terms andcondi-
<br />tions of this mortgage or the said note, all the rents, revenues and income to be derived from the IlIDW
<br />gaged premises during such time as the mortgage indebtedness shall remain unpaid ; and the Mortgagee
<br />shall ha\'e 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/she w'ill continuously maintain haza.-d insu.-ance, of such type ortypes~amOW1ta.'!IS-
<br />Mortgagee may from time toQ time require, on the improvements now or hereafter on said p~':and
<br />except when payment for all such premiums has theretofore been made under (a) ofpll1'8ll8pb.2hele()t.
<br />will pay promptly when due any premiums therefor, Upon default thereof, Mortgagee maypayihe.samtt;
<br />/....ll i.n.sill'anc€ i!;.a!l be caa.-n?.i in ;;{h~p.:b"1i~ approved by t.'le M~~e-and the po!ieie!,!mih~~:;
<br />thereof shall be held by the Mortgagee and_have attached "')!'Cto losspavable clllU8e8 inmor-of and:m
<br />form acceptable to the Mortgagee. In _tof 1081;''- 'i'+l~or will ;;tv... immediatenoticebymailto'.tha
<br />Mortgagee, who may make proof of loss If not m8de p.t<lmptly by Mortgagor, and each inaurancecom~:
<br />concerned is hereby authorized and directed to' make payment for such loss directly to the Mort(pipe-
<br />instead of to the Mo~or and the Mortgagee jointly, and the insurance proceedll,oranYRprt~f.
<br />may be applied by the Mortgagee at its option either to the reduction oftheindebtedneaa-henibY~
<br />or to the restoration or repair of the property damaged, In event of foreclosure of tbi$mo~. oroth&l"~
<br />transfer of title to the mortgaged property in extinguishment of the indebtedne8S.securedhereb:v.all
<br />right. title and interest of the Mortgagor in and to any insurance policies then in foree shaiip_tothe,
<br />purchaser or grantee,
<br />
<br />10. As additional and ~,)llateral 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, royaities, rights, HUG other benefits accruing to the Mortgagor under -af'.y- and aU oil -and -gas-"Jea8es-
<br />now, or during the lif!' 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 conditionllofthis
<br />murtgage, and the Mortgag"e may demand, sue for and recover any such payments when due and pay.
<br />able, bUI shaH not be required so to do. This assignment is to terminate and become null and void upon
<br />release of this mortgage,
<br />
<br />11. He/she shall not commit or pennit waste; and shall maintain the property in as good eondition as lit
<br />pn'sent, reasonable wear and tear ,'xcepted. Upon any failure to so maintain, Mortgagee, at its option,
<br />may cause !'<'asonalJle maintl'llauee work to be performed at the cost of Mortgagor. Any amounts paid
<br />th'<,'rt'ior by MOl'tgligee shall b,'llI' interest at the I'ate provided for in the pl'incipal indebtedness, shall
<br />thereupon b<"l'ome a part of the indebtedness set'ur~'<l by this instrument, ratably and on a parity with all
<br />other indebtedness sc'~ured hereby. and shall be payable thirty (30) days after demand.
<br />
<br />12, If the prenHses. 01' any part thereof. be condemned under the powm' of eminent domain, or
<br />acquil'ed for a publie us", tiw damages awarded, the proceeds for the taking of, 01' the considl'ration for
<br />su~h acquisition. to tiw l',;knt of the fnll amount of the remaining unpaid indebtedness s(''Cul'ed by this
<br />llh)l'tgagc'. or hel'c'by assiglH,d to the Mortgagee, and shall be paid forthwith to s/lid Mortgagee. to be
<br />applied on at:t.'O~lnt pf th... last maturing instaJhnents of such indebtedness.
<br />
<br />
<br />13, If tlH' MUl'i!i.ill!"/' fails to make :mv paytJ1l,nts when due. or to confol'm to and comply with any
<br />of the rOlH.hti~Y13 nr agTl't:HWnts ('ontairH~d in this mortgage. or the notes which it secures, then the
<br />,'ntm.. principal sum and accrued lllten'st shall at once become due and payabie. at the elel,tioll of the
<br />)Iortgagee; and thiS !Hurtgag.. may thereupon be foredosed immediately for the whole of the indebted.
<br />IH_~~$ Ih.'reoy ~\.tur\"\.t. l].dudil1){ the t'(i~i ,)f exttllll.iing the abstract of title fl'()IU the datt! uf this nlort-
<br />gagt\ to lht~ tinw ()f t-omm(>nt:mg :-'Ul'h Sllit, a l"t'asunable attUl"lley',$ t\~('. aul! iHIY SHInS paid by th(~ Veterans
<br />Adnllnistl'ation (HI. ai..nlunt "f tll...' guaranty or insurafIL't' (d' the irnlf'btl.1dth''sS ,sl'I.:urt'd hfth.Ly, an of which
<br />shall be included in tilt'> dt1i.'l'et' of fOl'\..'d(lsur(~.
<br />
<br />14, If the indehtl'dllt'8S spellred h..r..by b.. guarallt",'d PI' In:illl't.d \md,'1' Titl.. :IS, \1nitNI States Cod...
<br />.sIH:h Titl~ and H~gulations j'ssuf'd thpt"t'und(~r and in t'Jfpl't oll {b,. ;tall' ht'rl'nf shall )to\'ern tht> I'i)(hts, duth~~
<br />aUfi liabilities of the partit.ls- ht:'r(l{.n. and any provision:;. of nil~ I.W ,lllwr iustnlmr-nts t'xPt:uted iu (,OIlIH'ction
<br />v. ith said indebtp.(hl('~S whkh aft' ifH~tHlgj5t~nt wit.h said Title 01' l'~p~-ulati()ns are lwrehy ametHh_~d t(.l
<br />\:Hufornt thereto.
<br />
<br />Th(o e(~Vt~nant~ h-.:'n.in ('ontaint"'d ~haH bind. fluli tiv' hf-'rlf"tlt..5 ;ind ad\'antaj{f.,r..: ~;hHll inun,~ tn. the
<br />
|