|
<br />6. If he fails to pa}- any sum or keep any cotenant provided for in this mortgage, the Mortgagee, at
<br />its option, may pay or perform the same, and all expenditures so made shat! 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 sum or sums advanced by Aiortgagee for the alteration, modernization, or improvement made at
<br />the Mortgagor's request; or for maintenance of said premises, or for taxes or assessments against the
<br />same, and for any other purpose elsewhere authorized hereunder. Said note or notes shall be secured
<br />hereby on a parity \vith and as fully as if the adcanee evidenced thereby «-ere included in the note first
<br />described above. Said supplemental note or .,Dies shall bear interest at the rate pra\;ded for in the prim-
<br />cipal indebtedness and shall be payable in approximately equal monthly payments for such period as may
<br />be agreed upon by the Mortgagee 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 b}• the Aiortgagee. in no
<br />event shall the maturity extend becond 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 all sums securcv3 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 lime as the mortgage Indebtedness shall remain unpaid; and the Aiortgagee
<br />shall hate po\ver to appoint any agent or agents it may desire for the purpose of renting the same and col-
<br />lecting the rents, recenurs and income, and it ma3- pay out of said incomes all necessar•}- commissions and
<br />expenses incurred in renting and managing the same and of collecting re.ntats therefrom; the balance
<br />remaining, if env, Lo be applied ietrard the discharge of said mortgage indebtedness.
<br />9- He \vill continnousl~' maintain hazard insurance, of such h•pe or t`-lres and amounts :u Aiortgagee
<br />Play from time to time rtv~',riR'. on the lfmnY`ittement~ r1QN- Qr lrereaPtpr nn caul lrr.>nti~c,c aP~ nxretit u•heP
<br />pag-ment for all such pr,•miunts has theretofore been made under (a) of paragraph '? hereof, n•ill pay
<br />promptly \c•hen due any premiums tlrercior. Upton default thereof, Aiortgagee may pap the s:xme. Ail
<br />insurance shall tx carried in companies apprv\°ed b}- the Mortgagee and the policies anti rene\vats thereof
<br />shall fx heId by the Aiortgagee and have attached thereto ions pa>•able clauses in favor of and in form
<br />atreptab}e io the Martgag«- In eceat of lass Aortgagor u-ill give immediate notice by mail to the Mort-
<br />gagee, \vho nta}- make pt~tof of loss if not made promptly by'-liortgagor, and each insurance company con-
<br />cerned is hereby autltoriz~l and .iirected to make yeti ment for such lc~.ss direr±l}- to the Altar*•ggree instead
<br />of is the Aortgagor anti the Aiortgagee jointly, wind the insurance lirvreeds, or any p-art thereof,
<br />may be applied ba- tlae Aiartgag~ at its option eithti r to the reduction of the inilt•btedn<:,s hereby secured
<br />ur to tyre ri~storatiorr or ri~pair of the property damaged. in etent of foreclosure of this mortgage. or other
<br />transfer of title tv flee mc,rtgaged property im extinguishment of the indebteclne;; ;ecureai hereby, all
<br />right, title aril interest of the Mortgagor in and to acv insurance p<licies then in force shall peas to the
<br />tour chaser or grantee.
<br />Z0. ?~s additional and collateral sorority- far the pa~'ment of the to+te d<•scr~ ita, d..and all sums to become
<br />due under this mortgage, the 3iorigagor hereby assigns to the Aiortgagee :t11 lease bonuses, profits, reve-
<br />nues, royaifies, rights, anti other benefits accruing tv the Mortgagor under an}- and all oil and gas leases
<br />nee-, or during the life of this mortgage, exc-cured oa ,aid premisE~, n ith tho t ;g! t to ec~ei\e and recoipt
<br />for the sanxe and apple them tea said indebtedness as we13 before a; after default in lh_ ~_onditions of this
<br />mortgage, and the Aiortgagee mac demand. sue for and recvicer arp such pad nrerts ~\hen due and pay-
<br />able, but shall not be r•quirrd so to do• This assignmeat is to terminate and bercme null and void upon
<br />re-lease of this mortgage.
<br />11. He shall not conxrniL e.r Perrmix \vasir•; and ,hall maintain the psuprrtp ;n as good condition as at
<br />present, reasonable :+ear and Lear excepteri. L•pon an>- failure to so maintain, Aiortgagee, at its option,
<br />may cause r~asona'oi<~ maint<-Hance worn w be performed at the cost of Mortgagor. 3n}- amounts paid
<br />therefor by Mortgagor shall Fear interest at th<s rate pracided for in tlrr principal indebtedness, shalt
<br />thereupon become a part of the indebtedness st~ured by this insrrumetrt. ratably and vn a parity u-ith all
<br />other indebtedness sc~t•ured hereby, and shall be pa}stale thirty (;it?? da}-s after demand.
<br />1?. If the premise;, or app part thereof, i,o etandemn~d under the I-\c,~rer of eminent domain, :ar
<br />acquired fc,r a puhhc use• th.= da-m~agns 3u-ar;i~?, *,I.e pr~>i•~~~:ls for the taki:tg t.f, c,r the consiiieration for
<br />such arquisitixan. to the ext<:.- of the full a.~riount of the remaining unpaid indebtedness secured b}• this
<br />mortgage, or herela5• assigned tta the Altartgag<~, and shall rte q,aid iorthtvith to said Aiortgagee, to be
<br />applied on account t,f the last maturing ir>.;tallments vi such indebtedness.
<br />13. If the Alort~;agt,r fails tc+ ma'_e any pa}-m€~nts x•l:en due, or to ctarfr,-t•m to and t-ompiv a-ith any
<br />o*" the cronditicns or agreements comtained in ?his mortgage, or tlv~ notes \vhich it secures, then the
<br />entire principa3 sum and aecru~d interest shall at vctee bet•ome duty and pa}ably-, at the election of the
<br />34tartgagagee; and this mor•rg-age ma}• thereupon br lot°c~clo~d immediately for the \jhvlc~ ,,f the inde~ted-
<br />ness hereby securt~ci, irrluding the cost of exteraling the abstract of title from the date of this mort-
<br />gage tta the time of ccmrmencing suet: suit, a reasonable attorney's fee, and an~~ sums paid by the Coterans
<br />Administration on account of the guarani}° yr insurance of the indebtedness scoured hereby, ail of a•hieh
<br />shall be included in i.tte decree of foreclosure.
<br />i4• if the indebtedness secured hereby be guaranteed or insrr±Kl under Title 38, Lnited States Ctxle,
<br />such Title and Regaiatiens issued t}ret-eunder and in effect on thc~ :late hertuf shall gri\•ern the rights, duties
<br />and Iiabiiities of the parties hereto, and any provisions of this or other instr±tments executed in connection
<br />w°rt3s sand rndebtcdness which are ixraansistent with said Title or P.egulatians are hereby amended to
<br />conform thereto.
<br />The covenants herein contained shall bind, and the benefits and advantages shall inure to, the
<br />
|