|
<br />79-~ u ll q 4 57
<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 perfot•m the same, and all expenditures so made shall 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 lYlortgagee, Mortgagor shall execute and deliver a supplemental note or notes
<br />for the sum or sums advanced by Mortgagee 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 />;ame, and for any other purpose elsewhere authorized hereunder. Said note or notes shall be secured
<br />hereby on a parity kith and as fully as if the advance evidenced thereby ecere included in the note 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 be payable in approximately equal monthly payments for such period as may
<br />be agreed upon by the :liortgagee 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 ttie 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 />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 Mortgagee
<br />shall hate pon-er to appoint any agent or agents it may desire for the purpose of renting the same and col-
<br />lec±ing 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 ti?erefi•om; the balance
<br />remaining, if any, to be applied ta?vard the discharge of said mortgage indebtedness.
<br />9. He will continuously maintain hazard insm•ance, of such h•pe or types and amounts as Mortgagee
<br />ma}- from time to time require, on the improvements now or hereafter on said premises and except when
<br />pa>ment for all such.ptemiums has theretofore been made under (a) of paragraph 2 hereof, R-31I'iay
<br />promptly when due ant premiums therefor. Upon default thereof, Mortgagee may pay the same. Al!
<br />insurance shall be cariied in companies approc-ed by toe :lortgagee and the policies and renewals thereof
<br />shall be held by the \iortgagee and have attached thereto loss payable clauses in favor of and in form
<br />acceptable to the Iliortgagee. In event of loss _liortgagor will give immediate notice by mail to the Mort-
<br />gagee, who may make proof of loss if not made promptly by Alortgagor, and each insurance company con-
<br />cerned is hereby authorized and directed to make payment for such loss directly to the 3ortgagee instead
<br />of to the 3iortgagor and the '~ior*.gagee jointly, and the insurance proceeds, or any part thereof,
<br />mac be applied by the Mortgagee at its option either to the reduction of the indebtedness hereby secured
<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, tide and interest of the :liortgagor in and to any insurance policies then in force shall pass to the
<br />purchaser or grantee-
<br />20. As additional and collateral sect: ity for the payment of the rcte described, and all sums to become
<br />due under this mo; tgage, 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 ail oil and gas leases
<br />nox-, or during the life of this mortgage, executed or. said premises, ?c-ith the right to rctieice and receipt
<br />for the same and appl>• them io said indebtedness as well before as after default ir. the conditions of this
<br />mortgage, and the _lortgagee mar demand, sue for and recover anc such pa}-menu .then due and pay-
<br />sble, but shall not be required so to do. This assignment is to terminate and becorie Holt and void upon
<br />release of this mortgage.
<br />12. He shall not commit or permit waste; and shall maintain the propert}- in as good condition as at
<br />present, reasonable ~cear an<t tear excepted. Upon any failure to so mairtair,, Mortgagee, at its option,
<br />ma>- cause reasonable maintenance work to be performed at the cost of liortgagor. Any amounts paid
<br />therefor be Mortgagee shall bear interest at the rate pro~ded for in the principal indebtedness, shall
<br />thereupon become a kart of the indebtedness secured Uy this instrument, ratabl}- and on a parity with all
<br />other indebtedness secured hereby, and shall be payable thirty (30) days after demand.
<br />i2. If the premises, or r-m- part thereof, be condemned under H?e power of eminent domain, or
<br />acquired for a public use, t;,e damages awarded, the proceeds for the taking of, er the consideration for
<br />such aeauisition, to tl~e extent of the full amount of the remaining unpaid indebtedness secured by this
<br />mortgage, or heretic assigned to the Mortgagee, and shall be paid forth?vith io said Mortgagee, to be
<br />applied an account of "the last maturing installments of such indebtedness.
<br />13. If the \iortgagor fails to make ary payments u-hen due, or to conform to and comply with any
<br />of the conditions or agreements contained In this mortgage, or the notes a-hich it secures, then the
<br />entire principa3 sum and acen;ed interest shall at once become due and paya6lc, at the election of the
<br />9ortgagee; and this mortgage may thereupon be foreclosed immediately for the ~choie of the indebted-
<br />ness hereby secured, including the cost of extending the abstract of title from the date of this mort-
<br />gage to the time of eommencirg such suit, a reasonable attorney's fee, and anc 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 Regulations 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 a~a inconsistent with sea 'I7tle or Regulatiors are hereby amended to
<br />conform thereto.
<br />The covenants herein contained shall bind, and the benefits and advantages shall inure to, the
<br />
|