|
<br />8. If he fails to pa}• any sum ar keep any covenant provided for in thi mortgage, the Mortgagee, at
<br />i*~ pntinn; may nay nr perinrm the name, and all expenditures so made shah be added to the principal sum
<br />owing on the above no±e, shall be secured hereby, and shall bear interest until paid at the rate prodded
<br />for in the principal indebtedness.
<br />7. Upon request of the Sortgagee, Mortgagor shall execute and deliver a supplemental note or notes
<br />for the sum or sums advanced by Jiortgagee for the alteration, modernization, ox 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 severed
<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 provided for in the prin-
<br />cipal indebtedness and shall be payable in approximately equal monthly pavrrtents 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 by the Mortgagee. In no
<br />"half i he mewl a ~' a ahE ~F'-»^s, .,, •,.,.;},. ,.C ±he ++.+In fir~± rtacrri ahn a
<br />eveno 3 ,ty ~.itE ;.. „eycnu . u,.,...a„, ...a.,,.. ,, ., ..,, "bed v_,
<br />8. He hereby assigns, transfers and sets over to the Mortgagee, to be applied toward the payment of
<br />s the note and all sums severed hereby in case of a default in the performance of any of the terms and condi-
<br />ti+ms of this mortgage or the said note, all the rents, revenues and income to be derived from the mort-
<br />gaged premises during such tune as the mortgage indebtedness shall remain unpaid; and the Mortgagee
<br />shall have power io appoint any agent or agents it may desire for the purpose of renting the same and coi-
<br />Teeting the rents, revenues and income, and it may pay out of said incomes ail necessary cv,;, ~ issi:,rs and
<br />exposes 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 />9. I3e will continuously maintain hazard 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 sii such premiums has theretofore been made under (¢) of paragraph 2 hereof, will pay
<br />promptly when due anp premiums therefor. Upon default thereof, Mortgagee may pay the same. All
<br />insurance shall be carried in vompanies approved by the Mortgagee and the policies and renewals thereof
<br />shall be held by the ;tifortgagee and have attached thereto loss payable clauses in favo:• of ::rd in form
<br />acceptable to the ?riortgagee. In event of loss 3ortgagor will give immediate notice by malt tc the Mort-
<br />gagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance co,r; any con-
<br />cerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead
<br />of to the 3lartgagor and the Mortgagee jointly, and the insurance proceeds, or any part thereof,
<br />~ie~pplied b}_ the M'&rtgagee at its option either to the reduction of the indebtedness hereby secured
<br />or tcrthe resMoralibii or.rcliAir of the property damaged. In event of foreclosure of. this mortgage, or other
<br />_°-- - try-'isfer.9z.Liiti;'in.~.-moagaged property in extingeishneu% of fife iYCdeu%.~rclnes secureu' hereby, all
<br />.- right, title and interest of the Dortgagor in and to any insurance policies then fn forve shall pass tc the
<br />purchaser or grantee.
<br />10. As additional and collateral security for the payment of Lhe note described, and all sums in become
<br />due under this mortgage, the Mortgagor hereby assigns to the Dortgagee all lease bonuses, prafita, reve-
<br />r.:~es, r oy~alti:a, rights, :;nd afner benefits avcruing to the 3ortgagor under any and ail oil and gas leases
<br />now, or during the life of this mortgage; ax_ec,?ted on said premises, with the ::ght to receive and cc^21r,t
<br />far the same and apply them to said indebtedness as well before as after default in the conditions of this
<br />mortgage, and the Rortgagee-may demand, sue fur and recover any such payments when due and pay-
<br />able, but shall not be required so to do. This assignment is to terminate and become null and void upon
<br />release of this mortgage. 1
<br />11. He shall not commit or permit waste; and shall maintain the property in as good 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 shat! bear 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 power of eminent domain, or
<br />acquired for a public use, the damages avrarded, the proceeds for the taking of, or the consideration for
<br />such avquisition, to the extant of the full amount of the remaining unpaid indebtedness secured by this
<br />pr:artaagP, nr hereby assi¢ned 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 />73. If the \iortgsgor fails to make any payments when due, or tc confm•m to and comply with any
<br />of the conditions or agreements contained in this mortgage, or the notes which it secures, then the
<br />entire principal sum and accrued interest shalt at once become due and payable, at the election of the
<br />Mortgagee; and this mortgage n-?y 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 mort-
<br />gage to the time of commencing such suit, a reasonable attorney's fee, and any sums paid by the Veterans
<br />~8ministration on aceount of the guaranty or insurance of the indebtedness secured hereby, all of which
<br />shall be znciuded in the decree of foreclosure.
<br />14. If the indebtedness secured hereby be guaranteed or insured under Ti±le 3$, United Slates Code,
<br />- such Title and Regulations issued thereunder and in effect on the hate hereof shall govern the rights, duties
<br />and Ifaliilities of the parties hereto; and any prodsions of this or other instruments executed in connection
<br />with said- Indebtedness -which a~•e inco.-csislxnt with "said Title or Regulations are hereby amended to
<br />conform thereto.
<br />The ~svenants hereii contained shall-bind, and the benefits attd advantages shall inure to, the
<br />
|