|
~~
<br />6. If he fails to pay a,:;,y sum o:r keep a,xty cc>v;rnant pro's-iclesl f'c,,r it, this met°tgage„ the Mortgayyce, at
<br />its option, may pay or perfoornt the s~amte, axrrl a:El. t'+,rxp~nd,,etureat so~ 'm:~~tde wi~ea~ll Il.er;~t ada~,led P:ct the trrtli~icip~gtl sum
<br />owing an the above mote, sl`tall he semure,d }aet•eby, and s}ua11 hear 'irttcsrn st umtil pain at the rata Irrvviaied
<br />for in the principal indebtedness.
<br />7. upon request of the Dortgagee, Mortgagor shall execute and dettcer a supplemental note ar notes
<br />for the sum or sums advanced by Mortgagee far 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 fur any other purpose elsess•here 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 m the note first
<br />described above. Saicl supplemental note or notes shall bear interest at the rate provided far in the prin-
<br />cipal indebtedness and shall be payable in approximately equal monthi}- payments for such period as may
<br />be agreed upon by the ;4iortgagee and Mortgagor. Failing to agree on thr' maturity, the whole of the sum
<br />or sums so advanced shall be due and payable thirty (30) days after demand by the l'Iortgagee. In no
<br />event shall the maturity extend beyond the ultimate maturity of the note first described above.
<br />ii. He hereby assigns, transfers and sets orer to the Mortgagee, to be applied toward the payment of
<br />the note and all sums secured hereby in ease of a default ir. 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 mart-
<br />gaged premises during such time as the mortgage indebtedness shall t•emain unpaid; and the itlortgagee
<br />shall have power to appoint any agent or agents it may desire Per 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 eol[ecting rentals therefrom; the balance
<br />remaining, if any, to be applied toss•ard the discharge of said mortgage indebtedness.
<br />9. He will continuously maintain hazard insurance, of such type or types and amounts as Mortgagee
<br />may from time ti, time require, on the improvements now or hereafter on said premises and except when
<br />payment for all such premiums has theretofore been made under {a) of paragraph 2 hereof, will pay
<br />promptly when due any premiums therefor. Upon default thereof, Mortgagee may pay the same. All
<br />insurance shall be carried in companies approved by the 14tortgagee and the policies and renewals thet•eof
<br />shah be held by the ?vioribagee ar,d have a~cached thereto }oss payable clauses in favor of and in form
<br />acceptable to the Mortgagee. In event of lass Mortgagor will give immediate notice by mail to the Mort-
<br />gagee, svho may- make proof of loss if not made promptly by Mortgagor: and each insurance company can-
<br />cerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead
<br />of to the btortgagot• and the Mortgagee 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 secured
<br />or tit the restoration or repair of the propertiyr 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 ~4lortgagor in and to any insurance policies then in force shall pass to the
<br />purchaser or grantee.
<br />10. As additional and collateral security for the payment of the note described, and all sums to becane
<br />due under this mortgage, the Mortgagor hereby assigns to the Mortgagee all lease bonuses, profits, reve-
<br />nues, royalties, Nights, and other benefits accruing to the itfortgagor under any and all oil and gas }eases
<br />now, ar during the life of this mortgage, executed on said premises, with the right to receive and receipt
<br />for the same and apply them to said indebtedness as well before as after default in the conditions of this
<br />mortgage, incl. the .vortgagee may demand, sue for and recover any such payments when due and pay-
<br />abht, but shall not be required sa to do. This assignment is t« terminate and become null and void upon
<br />release of this mat-tgage.
<br />ii. He sha}i not commit at• permii waste; and shall maintain the prapctrty` in as good condition a"s at
<br />prr~sent, reasariaUlc it-oar and tLar excepted. Upon any failure to so maintain, ~Sartgagee, at its option,
<br />may cause i•easonaltlc maintenance work io be performed at the cost of Mortgagor. Any amounts paid
<br />therefor by Mortgagee shall 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 />I`,;. If the premises, or any part thereof, be condemned under the power of eminent domain, or
<br />acquired far 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 bet
<br />applied an acce,unt of the Iasi maturing installments of such indebtedness.
<br />13. If the liort.gagnr fails td make env payments when due, or to conform to and comply v<•ith any
<br />of the conditions or agreements contained in this mortgage, m• the notes cvhiclt 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 oi' the. indebted-
<br />ness hereby seturcd, includutn the: ;got al` extettcling the abstract of title 1•rom fire i,ate of this mort-
<br />gage to the time of commencing such suit, a reasonable attorney's fear=, and any stuns paid by the ~'eteratts
<br />Administration on account aF the guaranty or insurance of the indebtedness secured hereby, all of svh.ich
<br />shall be included in the decree of foreclosure.
<br />id. If the indebtedness secured- hereby be guaranteed ar insured tinder Tii9e :1&, t7tiited States code,
<br />such Title and }Zegulations issued thee: under and in effect on the bate hereof shall govern the rights, duties
<br />and liabilities of the parties hereto, anti 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 />
|