|
~•
<br />
<br />6. if he fails to pay any sum or keep any covenant provided for in this mortgage, the Mortgagee, at
<br />its option, may pay ar perform the same, and all expenditures sa made shall be added to the principal .sum
<br />awing on the above note, shall be secured hereby, and shall bear interest until paid at the rate provided
<br />far in the princigalindebtedness.
<br />7. Upon request of the Mortgagee, Mortgagor shall execute and deliver a supplemental note or notes
<br />fOr the sum Or sums ad 4anCed by i~rtgagee far ube alter dtivn, iiiddet 71i~1tioii, OP ii~iprovemeilt iiiade ai
<br />thz.-''_*~ortgaaor's regx~est; ar for maintenance of cold grRmises, or for taxes or assessment=4 agaar~t the
<br />same, and for any other purpose elsewhere authorized hereunder. Said note or Hates shaII be secured
<br />hereby on a parity with and as fully as if the advance evidenced thereby t+•ere included in the nuts 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 }~ payable in approximately equal monthly payments for such period as may
<br />be agreed upon by the Mot°tgagee and Mortgagor. Failing to agree on the maturity, the x•hale of the sum
<br />ax• sums so advanced shaft be due and payable thirty {30) days after demand by the Mortgagee. In ne
<br />event shall the maturity extend beyond the ultimate maturity of the note first described above.
<br />S. )3e hereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment of
<br />the note and alt sums secured hereby incase of a default in the performance of any of the terms and condi-
<br />tions of this mortgage or ttte said note, ai! 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 !t may pay out of said incomes all necessary commissions and
<br />expenses incurred in renting and managing the same and of eoIlecting x•entais 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 type or types and amounts as Mortgagee
<br />may from time to time require, on the improvements Haw or hereafter on said premises and except when
<br />payment far all such premiums has theretofore been made under {a) of paragraph 2 hereof, wiH-pay
<br />promptly when due any premiums therefor, Upon default thereof, Mortgagee may pay the same: All
<br />insuran.^.e shall be carried in ootilpanies approved by the Mortgagee and the policies and renewals thereof
<br />shalt be held by the l~iortgagee and have attached there±a lass payable clauses in favor of and in form
<br />acceptable to the Mortgages. in event of loss. Mortgagor will give immediate notice by mall 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 loss directlr• to the Mortgagee instead
<br />of to lire Mortgagor and the :tiortgagee 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 indeb~»dness hereby szcur°
<br />ar to the restoration oz° r^pair of the-propzrt<,~ 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 a ~a intorp°* of the l`.Tartgagar i.. and to ny x..~..~a....e pal=sies the.. ,., force s hall pass ba the
<br />purchaser orfgrantee. J4
<br />Z0. As additional and eoltateral security fax• the payment of the note described, and all sums to became
<br />due under this mortgage, the hiortgagar 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 />new,. ar during rite Life of this mortgage, executed on said premises, with the right to receire 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 14iortgagee may demand, sue for and recover any suet: payments when due and pay-
<br />able, but shalt not be required so to do. This assignment is to terminate and become nuts and void upon
<br />release of this mortgage.
<br />11. $e shall not commit ar pex°mit waste; and shalt maintain the property in as goad condition as at
<br />present, reasonable wear and tear excepted. Upon any failure to so 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 shall bear interest at the rate provided for in the principal indebtedness, shall
<br />thereupazi 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 denxand.
<br />12. If the premises, or any part thereof, be condemned under the gaxver of eminent domain, or
<br />acquired far a public use, the damages awarded, the proceeds for the taking of, ar the cansideratian for
<br />such acquisition, to the extent of the full amount of the remaining unpaid indebtedness seeuxed by-this
<br />mortgage, or hereby assigned to the lbiortgagee, and shall be paid forthwith to said Mortgagee, to be
<br />applied on aecattnt of the last maturing installments of such indebtedness.
<br />13. Ff the Mortgagor fails to make any payments when due, ar to conform to and comply with any
<br />of the conditions or agreements contained in this mortgage, or the Hates which it secures, then the
<br />entire principal sum and accrued interest shall at once become due and payable; at the election of the
<br />11•Sartgagee; and this mortgage may thereupon be foreclosed imxncdiatel3: for the vhoie of the indebted-
<br />ness hereby scour€d, including the cast of extending the abstract of title from the .date of this mort-
<br />gage tothe time of eammencing such suit, a reasonabte attorney's fee, and any sums `paid by the Veterans
<br />Administrati~,n on accarxtt of the guaranty or insurance of the indebtedness secured hereby, ail of which
<br />shall be included in the decree of foreclosure.
<br />,24. li' the indebtedn i4eexzx•~t lx€reby L~ ranteAd ar insured under Title 313, Ursit~l Suites G.xde,
<br />-such Title and.ltegulaiions issued thereunder and in effect on the date hereof-shall govern the rights, duties
<br />anti liabilities of lire par`~iea heietx ,sad ang pravls#ates of this ar other instruments caseated in connection
<br />with said i'ndebtetlness which-are in~nsistent with said-Title or Regulations are hereby amended to
<br />conform there.
<br />The eavenartis hex•eixx ` eantained shall -bind, and .the benefits and advantages shall lours to, the
<br />
|