78008138 - Laserfiche WebLink

Browse

6. If he fails to pay any sum or keep any covenant provided for in this mortgage, the Mortgagee, at its option, may pay ar perform the same, and all expenditures ao made shalt be added to the principal sum awing on the above note, shall be secured hereby, anti shall bear interest until paid at the rate provided far in the principal indebtedness. ~ 7, -Upon request of the Mortgagee, Mortgagor shall execute and deliver a supplemental Hate ar noted far the sum-ar susr~s-advanced by Mortgagee for the alteration, modernization, or improvement madz f the =Mortgagor's request; or far maintenance of said premises, or far texas ar assessments agaxnat w' same, and for any other purpose elsewhere authorized hereunder. Said note or notes shaA be sec hereby an a parity ~nith and as fully as if the advance evidenced thereby were included in the ~ate- described above. laid supplen~ntal Hate sr titites shall bear interest at the rate provided for in the p~n- eipal indebtedness and shall be payable in approximately equal monthly payments for such period as may be agreed upon by the 14lortgagee and Mortgagor. Failing to agree an the maturity, the whole of the sum ar sams sa advanced shall be due and payable thirty (30} days after demand by the 3iortgagee. In no event shall the maturity extend beyond the ultimate maturity of the note first described above_ S. He hereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment of L tape note and all sums secured hereby in ease of a default in the performance of any of the terms and condi- tions of this mortgage or the said note, aII the rents, revenues and income to be derived from the morb gaged premises during s•-^h time as the mortgage indebtedness shall remain unpaid; and the Mortgagee shall have power to apps. f any agent or agents itmay desire far the purpose of renting the same andcol- Iectiag the rents, revenues and income, and it may pay cut of said incomes all necessary commissions and- expenses incurred in renting and managing the same and of ealIeeting rentals therefrom; the balance- . remaining, if any, to be applied tmvard the discharge of said mortgage indebtedness. 9. He will continuously maintain hazard insurance, of such type or types and amounts as Mortgagee may from time. to time require, on the improvements now or hereafter on said premises and except when payment for alt gi•emiums has theretofore been made under (¢} of paragraph 2 hereof, wilt pay promptly when ~ any premiums therefor. €,'pon default thereof, Mortgagee may pay the same. All insurance shad be carried in companies approved by the Mortgagee and the policies and renewals thereof shall beheld by the Mortgagee and have attached thereto loss payable clauses in favor of and in form acceptable to the :Mortgagee. In event of loss Mortgagor will give immediate notice by mail to the Mort- gagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company Aan- cerned is hereby authorizeu and directed m make paymznt for such lass directly to the Mortgagee instead of to the &iortgagor and the Mortgagee jointly, and the insurance proceeds, or any part `~•^*~of, may be applied by the Mortgagee at its option either to the reduction of the indebtedness hereby set-ured ar to the restoration ar repair of the property damaged. In event of foreclosure of this mortgage, or ether transfer of title to the rxartgaged property in extinguishment of the indebtedness secured hereby,- all right, title and interesi of the Mort-gagor in-and to any insurance policies 'then in force sltail pass tU the puxehaser or grantee, 10. As additional and collateral security far the pa3unent of the Hate described, and all suxsas to became due under this mortgage, the Bortgagor hereby assigns to the Mortgagee all lease bonuses,-profits, reve- nues, royalties, rights, and other benefits accruing to the Mortgagor under any and alI oil and gas leases nocv, ar during the life of this mortgage, executed an said premises, with the right t© receir:e and ree:eipt far the same and apply them to said indebtedness as well before as after default in the conditiaus of this mortgage, and the 3ortgagee mav- demand, sue far and recover any such pati~nents where due and pay able, but shall not be required so to do. this assignment is to terminate and become null cad void upon release of this mortgage. i1. He shall not commit or permit waste; and shall maintain the property in as good condition as at present, reasonable wear and tear exoepted. i:ipon any failure to so maintain, Mortgagee, at its option, may cruse reasonable maintenance work to be performed at the cost of Mortgagor. Any amounts paid tlierefar by Mortgagee shall bear interest at the rate provided for in the principa} indebtedness, shall thereupon become a part of the indebtedness secured by this instrument, ratably and an a parity with all other indebtedness secured hereby, and shall be payable thirty (30} daps after demand. I2. If the premises, ar any part thereof, be condemned under the power of eminent domain, ar acquired for a public use, the damages awarded, the proceeds for the taking of, or the consideration for such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured by this xxxortgage, or hereby assigned to the Mortgagee, and shall be paid forthwith to said Mortgagee, ~ be applied on aeeaunt of the Iast maturing instalLnxents of such indebtedness. I3. If tht, ~iartgagor fails to make any payments when due, or to conform to and comply wltix say of the canditians ar agreements contained in this mortgage, or the notes which- it secures, -then the entire principal sum and accrued interest shall at once Ir~i3me due and payable, at the election of the Mortgagee; and this max•tgage may *,hex°?upon be foreclcaed in318€diately far the: whale of the ind~ted- ness hereby secured, i zcluding the cost a€ extending the abstract of bile from -the date of this mor`~ gage tti'=the time of commencing such suit, a reasonable attorney's fee, anct any sums yard by the Yeterane Administration an account of the guaranty or insurance of the indebtedness secured hereby, aU of which shall be included in the decree of foreclosure. ?.~. If the t::deytec'a:s.,o ~cur~ "haraw~ ba-gua-sitt~~d sr insured under ~tIe~, Uniti~3 Stag Code, ss~~h TitlE cad Regulations isisued tiietYad+?rand[ ~tefS`eetc~n ~e date hereof shall govern therightsfdutiea a~ liabtiities of the parties Ezhreto;-anti"stty.praeisions"of this sir either instruments executedin connection 'faith. said indetxtedx~as vvliinli ar+e f~stent-v~itt saiid'l~tie or Regeitians ale hereby amended to et€n-lh~"reta. The «~renanta herein :oontsinexl skail -hind, and`the:benefits -and advaaiages shall inure to, -the