Laserfiche WebLink
<br /> <br />S. If he fails to pay any sum or keep any covenant provided for in this mortgage, the Martgagee, at <br />its option, may pay or perform the same, and all expenditures so made shall be added to the principal sum <br />o;wing 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 />?. Upon request of tlxe 11lortgagee, Mortgagor shall execute and deliver a supplemental note or notes <br />for the sum ax° sums advanced by Mortgagee s'or the aiteraiion, modernization, or improvement made at <br />the s~.artgaggi°s r@yusst; or for maintenance of said prxmiSas, or for taxes ar assessments against the <br />same, and far any other purpose elsewhere authorized hereunder. -Said pate or notes shall be secured <br />hereby an a parity 'with and as fully as if-the advance evidenced thereby were included in -the Hate first <br />described above. Said supplemental note or notes shall bear interest at the rate provided for fn the prin- <br />cipal indebtedness and shall be gayable in approximately equal montl;ly payments for such period a.9 may <br />be agreed upon by the Mortgagee and Mortgagor. Failing to agree on the maturity, the whole of the sum <br />ox• sums so advanced shall be doe and payable thirty (34) 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 />$. I-Ie hereby assigns, transfers and sets over to the Martgagee, to be appiied toward the payment of <br />the note and all sums secured 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 Martgagee <br />shall have power to appoint any agent or agents it may desire for the purlxrse of renting the same and col- <br />lecting the rents, revenues and income, and it may pay out of said incomes alt necessary commissions and <br />expenses insurrecl in renting and managing the same and of collecting renta}s therefrom; the balarxce <br />remaining, if any, to be applied toward the discharge of said mortgage indebtedness. <br />9. He will continuously maintain hazard insurance, of such type or types and amounts as Mortgagee <br />nxay from time to time require, on the improvements now or hereafter on said premises and except when <br />payment far all such premiums has theretofore been made under (¢) of paragraph 2 hereof, will peg <br />prompiiy when due any premiums therefor. Upon default thereof, Martgagee may pay the same. All <br />insurance shall be carried in companies approved by the lartgagee and the po}icies and renewals thereof <br />shall be held by }.he Mortgagee and have attached thereto loss payable clauses in favor of and in form <br />acceptable to the Mortgagee. In event of Lass bortgagor will give immediate notice by mail to the Mort- <br />gagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company con- <br />cerned is hereby authorized and directed to make payment far such lass directly to the 3loxtgagee instead <br />of to the Mortgagor and the Mortgagee saintly, and the insurance proceeds, or any part thereof, <br />may be applied by the Mortgagee at its option eitlxer to the reduction of tie indebtedness hereby secure' <br />or to tie restoration or ~•^o~ir of the property damaged. In event of foreclosure oi' this mortgage, or ether <br />'transfer of title to the mortgaged property- in extinguishment of tlxe indebtedness secured hereby, all <br />right, title and irrteresi of i're i~iax=xgagar in and iv airy insirrarice pviii:irs iFieii iii fa ~e Shah paces to file <br />purchaser ar grantee. <br />I£r. As additional and collateral security far tlxe pa}-meat of the note described, and aL 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 leas <br />no:;-, ar during the life of this mortgage, executed an said premises, with the right to roc€iv2 and receipt <br />for the same and apply them to said indebtedness as well before as after default ir. the conditions of this <br />mortgage, and the Mortgagee may demand, sue for and recover any such payments when due and pay- <br />able, but shall not be required so to do. 'T'his assignment is to te__*•minate and became null and void open <br />release of this mortgage. <br />Zl. IIe shall not commit or permit waste; and shall maintain the property in as goad condition as at <br />gresert, reasonable wear and tsar excepted. Upon any failure to so maintain, Mortgagee, at its option, <br />may cause reasonable maintenance wank to be performed at the cost of Mortgagor. Any amounts paid <br />therefor by Martgagee shall bear interest at the rate provided for in the principal indebtedness, shall <br />thereupon. become a part of the indebtedness seemed by this instrument, ratably and on a parity with all <br />ether indebtedness secured hereby, and shall be payable thirty (30} days after demand. <br />i2. If the premises, or any part thereof, be condemned under tie porti•er of eminent domain, or <br />acquired far a public use, the damages awarded, the proceeds for the taking af, or the consideration far <br />such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured b3 tlxis <br />mortgage, or hereby assigned to the Mortgagee, and shall be paid forthwith to said Mortgagee, to be <br />appiied on account of the last maturing installments of such indebtedness. <br />I3. If the Mortgagor fails to make any payments Frhen due, or to conform to and comply with any <br />of the conditions or agreements contained in this mortgage, or the notes which it secures, then the <br />entire pr7ncipal suxn and accrued interest shah at once become due and payable, at the election of the <br />Mortgages; and this mortgage may thereupon be foreclosed imnxediately for the whole of the indebted- <br />ness hereby secured, including the cost of extending the abstract of title from the date of this morn <br />gage.totlre-time of commencing ouch suit, a reasonable attorney's fee, and any sums paid by the Veterans <br />Administration on account of the guaranty or insurance of the indebtedness secured hereby, all of which <br />shall be included in the decree of foreclosure. <br />?~. 3f ~~i:rd~'tness.arred h~r~b,~l~ guarant~d ar insured under Title 38, United-States-Code, <br />si~elr `Title an~fi Itegrriations issued thereunder a~ird in effect ern the date hereof shall govern the rights, duties <br />and l~abiIities of tt;e parties hereto, anii atry pro~isiohs of this ar other instruments executed in connection <br />. with said indehtedrers which are ineiiusistent-with said Title or Regulations are hereby amended to <br />conform t~xe.~to. <br />The covetrants herein contained shall hind; and the benefits and advantages shall inure to, the <br />