79002658 - Laserfiche WebLink

Browse

the property otherwise after default, the Alortgagee shall apply, a# the #ime of the commencemen# of such prbceedinga, or at the time the property is o'herwise acquired, the mno!unt then remainiing to credit of Mortgagor under (a) of paragraph 2 preceding, as a credit on the interest steered and unpaid and the balance to the principal then remaining unpaid on said note. 4. The lien of this instrurrrent shall remain in full force and effect during any postponement or exten- sion of the time of payment of the indebtedness or any part thereof secured hereby. b. He will pay alt ground rents, taxes, assessments, water rates, and other governmental or municipal charges, fines, or impositions, Levied upon said premises and that he wil! pay all taxes levied upon this mortgage, or the debt secured thereby, together with any other taxes or assessments which may be levied under the laws of Nebraska against the Mortgagee; or the legal holder of said principal note, on account of this indebtedness, except when payment for all such items has theretofore been made under (a) of para- ggrraaph 2 hereof, and be will promptly deliver the official receipts therefor to the Mortgagee. In default thereof 13he Mortgagee may pay the same. 6. If he fails to pay any sum or keep any cavenant provided for in this Mortgage, the Mortgagee, at its option, may gay or perform the srsne, and all expenditures so made shall be added to the principal sum owing on the above note, shall be secured hereby, and shall bear interest at the rate provided for in the principal indebtedness until paid. 7. Upon request of the Mortgagee, Mortgagor shall execute and deliver a supplemental note or notes far the sum or sums advanced by Mortgagee for the alteration, modernization or improvement made at the Mortgagor's request; or for maintenance of said premises, or for taxes or assessments against the same, and for any other purpose elsewhere authorized hereunder. Said note or notes shall be secured hereby on a parity with and as fully as if the advance evidenced thereby were included in the note first described above. Said supplemental note or notes shall bear interest at the rate provided for in the principal indebt- edness and shall be payable in approximately equal monthly payments for such period as may be agreed upon by the Mortgagee and Mortgagor. Failing to agree on the maturity, the whole of the sum or sums so advanced shall be due and payable thirty (30) days after demand by the Mortgagee. In no event shall the maturity extend beyond the ultimate maturity of the note first described above. 8. He hereby assigns, transfers and seta over to the Mortgagee, to be applied toward the payment of the note and all sums secured hereby in case of a default in the performance of any of the terms and con- ditions of this Mortgage or the said note, all the rents, revenues and income to be derived from the morlr gaged premises during such time as the mortgage indebtedness shall remain unpaid ; and the Mortgagee shall have power to appoint any agent or agents it may desire for the purpose of renting the same and collecting the rents, revenues and, income, and it may pay out of said incomes all necessary commissions and expenses incurred in renting slid managing the same and of collecting rentals therefrom ;the balance remaining, if any, to be applied toward the discharge of said mortgage indebtedness. 9. He will continuously maintain hazard insurance, of such type or types and amounts as the Mort- gagee may from time to time require, on the improvements now or hereafter on said premises, and except when payment for all such premiums has theretofore been made under (a) of paragraph 2 hereof, witI pay promptly when due any premiums therefor. Upon default thereof, Mortgagee may gay the same. Ail insurance shall be carried in companies approved by the Mortgagee and the policies and renewals thereof shall be held 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 concerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead of to the Mortgagor and the Mortgagee jointly, and the insurance proceeds, or any part thereof, may be applied by the Mortgagee at its option sit er to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this mortgage, or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right, title and interest of the Mortgagor in and to any insurance policies then in force shall pass to the purchaser or grantee. 10. As additional and collateral security for the payment of the note described, and al] sums to become due under this mortgage, the Mortgagor hereby assigns to the Mortgagee all lease bonuses, profits, reve- nues, royalties, rights and other benefits accruing to the Mortgagor under any and all oi! and gas lessee now, or during the life of this mortgage, executed on said premises, with the right to receive and receipt for the same and apply them to said indebtedness as wel! before as after default in the conditions of this mortgage, and the Mortgagee may demand, sue for and recover any such payments when due and payable, but shall not be required so to do. This assignment is to terminate and become null and void upon release of this mortgage. Yl. He shall not commit or permit waste; and shalt maintain the property in as good condition as at present, reasonable wear and tear excepted. Upon any failu*e to so maintain, Mortgagee, at its option, may cause reasonable maintenance work to be performed at the cost of Mortgagor. Any amounts paid therefor by Mortgagee shall bear interest at the rate provided for in the principal indebtedness, shall thereupon become a part of the indebtedness secured by this instrument, ratably and on a parity with all other indebtedness secured hereby, and shall be payable thirty (30) days after demand. 12. He will not execute or file of record any instrument which imposes a restriction upon the sale or occupancy of the property described herein on the basis of race, color or creed. 18. If the premises, or any part thereof, be condemned under the power of eminent domain, or acquired for a public use, the damages awarded, the proceeds for the taking of, or the consideration for such acquis~tron, to the extent of the full amount of the remaining unpaid indebtedness secured by this mortr gage, are hereby assigned to the Mortgagee, and shad be paid forthwith to said Mortgagee, to be applied oa account of the last maturing installments of such indebtedness. 14. If the Mortgagor fails to make any payments when due, or to conform to and comply with any of the conditions or agreements contained in this mortgage, or the notes which it secures, or if the Mort- gagor be adjudscated bankrupt or made defendant in a bankruptcy or receivership proceeding, then the entare prrncipal sum and accrued. interest shall at once become due and payable, at the election of the Mort- gagee; and this mortgage may thereupon be foreclosed immediately for the whole of the indebtedness hereby seemed, including the cost of extending the abstract of title from the date of this mortgage to the time of commencing-such: suit, a reasonable attorney's fee, and any sums paid by the Veterans Administra- tion-on account of the guaranty or insurance of the indebtedness secured hereby, all of which shall be inelttded in the decree of foreclosure. b: Title 38 United States Code, sa.: the Regu}ataona issued thereunder shall govern the rights, duties sad liabilities of the parties hereto, and any provisions of this or other instruments executed in connection with said indebtedness which- are inconsistent with said Title or Regulations are hereby amended and supplemented to conform thereto.