|
I
<br />~g- ut,3"~85
<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 or perform the same, and all expenditures so made shad 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 Mortgagee for the alteration, modernization, o:- improvement made at
<br />the Mortgagors request; or for maintenance of said premises, or for taxes cn• 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 with and as fully as if the advance evidenced thereby were included in the note first
<br />described above. Said supplemental note or notes shall bear interest at the rate procidecl for in the prin-
<br />cipal indebtedness and shall be payable in approximately equal monthly payments for such period as may
<br />be agreed upon by the Dlortgagee 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 by the Mortgagee. In no
<br />event shall the maturity extend beyond 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 secured hereby in case of a default in the performance of any of the terms and condi-
<br />tims 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 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 it may pay out of said incomes all necessary commissions and
<br />expenses incurred in renting and managing the same and of collecting rentals therefrom; the balance
<br />remaining, if any, to be applied toward the discharge of said mortgage indebtedness.
<br />S. %~e will contint:ausly maintain haz~srd insurance, of such type or types and amounts as Mortgagee
<br />may from time to time require, on the improvements now or hereafter on said premises and except when
<br />payment for all sueh.pt~e;niums has theretofore been made under (a) of paragraph 2 hereof, will pay
<br />promptly when due ang;mums therefor. Upon default thereof, Mortgagee may pay the same. All
<br />insurance shall be cai•ri m companies appr6ved by the Dlortgagee and the policies and renewals thereof
<br />shall be held by the Mortagee and have attached thereto loss payable clauses in favor of and in form
<br />acceptable to the 141ortgagee. In event of •loss Mortgagor will give immediate notice by mail to the Mort-
<br />gagee, Naha may make proof of loss if not made promptly by Mortgagor, and each insurance company con-
<br />cerned is licreb> authorized and directed to make payment for such loss directly- to the Mortgagee instead
<br />of to the 1ortgagor and the \lortgagee 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 indebtedness hereby secw•ed
<br />or to the restoration or repair of the property 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 and interest of the Mortgagor in and to any insurance policies then in force shall pass W the
<br />purchaser or grantee.
<br />10. As additional and collateral security for the payment of the note described, and all sums to become
<br />due under this mortgage, the *TOrtgagor 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 />now, or during the life of this mortgage, executed on said premises, with the right to receive and receipt
<br />for the same and apply them fiA said indebtedness as ~s-ell before as after default in the conditions of this
<br />mortgage, and the \lortgagee may demand, sue for and recover anv such payments when due and pay-
<br />able, but shall not he required so to do. This assignment is to terminate and become null and void upon
<br />release of this mortgage-
<br />11. He shall not commit or permit waste; and shall maintain the property- in as good condition as at
<br />preseni, 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 shat! tzar interest at the rate provided for in the principal indebtedness, shall
<br />thereupon 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 demand.
<br />12. If the premises, or any part thereof, be condemned under the poticer of eminent domain, or
<br />acquired for a public use, the damages awarded, the proceeds for the taking of, or the consideration for
<br />such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured by this
<br />mortgage, or hereby assigned to the Mortgagee, and shall be paid forthwith to said Mortgagee, to be
<br />applied on account of the last maturing installments of such indebtedness.
<br />13. If the _lortgagor fails to make arr- payments when due, or to conform to and comply with any
<br />of the conditions or agreements contained iu this mortgage, or the note; ~chich it secures, then the
<br />entire principal sum and accrued interest shall at once become due and payable, at the election of the
<br />Mortgagee; and this mortgage may thereupon be foreclosed immediately for the whole of the indebted-
<br />ness hereby secured, including the cost of extending the abstract of title from the date of this mm•t-
<br />gage to the time of commencing such 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 />14. If the indebtedness secured hereby be guaranteed or insured under Title 38, United States Code,
<br />such Title and RegittatiUns issued thereunder and in effect on the date hereof shall govern the rights, duties
<br />and liabilities of the parties hereto, and any provisions of this or other instruments executed in connection
<br />with said indebtedness which are inconsistent with said Title or Regulations are hereby amended to
<br />conform thereto.
<br />The covenants herein contained shall bind, and the benefits and advantages shall inure to, the
<br />
|