Laserfiche WebLink
<br /> <br />t4. It he fails to pay any sum or keep any covenant provided for in this mortgage, the Mortgagee, at <br />its option, may pay or 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 />7. Upon request of the Mortgagee, Mortgagor shall execute and deliver a supplemental note or notes <br />for the stun or stixns advanced by Mortgagee for the alteration, modernization, ur improvement made at <br />the Mortgagor's request; or for maintenance of said premises, or for taxes or assessments against the <br />same, and fo'r 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 as may <br />be agreed upon by the 14tortgagee 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 />8. He hereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment of <br />the note and ail sums secured hereby incase of a default in the performance of any ot• 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 />gagsd premises during such time as the mortgage indebtedness shall remain unpaid; and the iViortgagee <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 pay out 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 />9. He will continuously maintain hazard insurance, of such tope or types and amounts as Mortgagee <br />may from time to time require, on the improvements nocv or hereafter on said premises and except when <br />payment for all such premiums has theretofore been made under (n) of paragraph 2 hereof, tvilk pay <br />promptly when dire 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 renear•ais thereof <br />shall be held by the 1ortgagee and-have attached thereto loss payable clauses in favor of and in form <br />acceptable to the Mortgagee. In event of loss lortgagor will give immediate notice by mail to the Mort- <br />gagee, who may make proof of loss if not made promptly by 3ortgagor, and each insurance company con• <br />cerned is hereby authorized and directed to make payment for such loss directly to the rlIortgagee instead <br />of to the Mortgagor and the i~lortgagee jointly, and the insurance proceeds, ur 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. [n 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 Corte shall pass to the <br />purchaser or grantee. <br />10. As additional and collateral security for the payment of the uote iiescribert, and all sums to become <br />due under this mortgage, the Biortgagar hereby assigns to-the tiiortgagee all lease bwtuses, 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 file life of this mortgage, executed on said premises, kith the right to receive and receipt <br />for-the same and apply them to said indebtedness as well before as otter default in the conditions of this <br />mortgage, and the M1tm•tgagee may demand, sue for and recover any such payments when due and pay- <br />able, but shall not be required so to tlo. This assignment is to terminate and becorte null and void upou <br />release of this mortgage. <br />11. He shall not commit or perritit waste; and shalt maintain the property in as gaud condition as at <br />present, reasonable wear and tear excepted. Upon any failure to sa maintain, Mortgagee, at its option, <br />may cause reasonable maintenance work to be performed at the cost of Mortgagor. Any amounts paid <br />therefor by_Mortgagee shalt beat interest at the rate provided for in the principal indebtedness, shall <br />thereupon become a part of the indebtedness secured by this instrument; ratably and on a parity with all <br />other indebtedness secured hereby, and shall be payable thirty (30) days after demand. <br />Y2. If the premises, or any part thereof, be condemned under the power of eminent domain, or <br />auluired for a public use, the damages awarded, the proceeds fur the taking of, or the consideration for <br />such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured by-this <br />mortgage, or hereby assigned to the Mortgagee, and shall be paid forthwith to said Mortgagee, to be <br />applied an acctrunt of the last maturing instaUmentsuf such indebtedness. <br />I3. If the ~Iortgagur fails to make any payments when due, or to cmrform to and comply with any <br />of the enrtrlitiarrs ar age€~mbnGs contained in this mortgage, or the notes «'Irieh it secures, then the <br />entire principal sum and accrued interest shall at once become clue and payable, at the election of the <br />a6:urtgagne; attd thes"s mr,rtgagb may thereulx>n Ix foreclosed immediately for the whole of the indebted- <br />rra~s h,vt'~y aaecured, including fhb cost ref extending the abstrxr;t of title fr•t;m the elate of this mort- <br />to thtl finer ^f curttttarr+~~ing such suit, a reasonat~ie attoeney's teb, and any sums paid by the Geterans <br />Adutiaisia•atioa+ rNr acu.uut uC the guaranty or ituturartcr, of the indebte<htr~ss sr.~curc-rI hereby, all of which <br />~r#I be irtchrciod in flea rircr of f<er,~closure. <br />lid, ft' n ascur«±# kt£reby ltrr gnaraart€y'd +',r irtsur::d under 'Citle $!3, L'nitMl :Mates Code, <br />!~~+'~' ~ ~ ist ttr~rburcrler' seal in ekIerrt r;n thr~late hrr,ti;f shall govern ; t~~ s,hts, duties <br />uE ~ f~ Eeet, apd stag lurrvi+~uss ut thin rir utk~r in~arana;utx exr~ ut.•,t ,,a =xrnrteraion <br />~!+~ + ~ w#it'~ aw ietra~uiieteeai with ~.id 'title rr Rtytulati*catrr ;are hyrrby rarnrndrxi tr, <br />t~elrea <br />1!t_9e -:.a~arFj~ lie+~ +tWel sAiyl iy~. at~t SiL.F tr«ssa-~BiRr a~i ake•auita~ + ~hal1 tnurr• tn, tit•. <br />