Laserfiche WebLink
80-. <br />6. If he fails to pay any st!m or keep any covenant provided for in this mortgage, the Mortgagee, at <br />its option, may pay or perform the same, and alt 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 Mortgagee, Mortgagor shall execute and deliver a supplemental note or notes <br />for the sum or sums advanced by Mortgagee for the alteration, modentization, or improvement made at <br />the bfortgagor'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 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 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 he 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 />S. 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 mm•tgage 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 />espeltses incurred in renting and managing the same and of collecting rentals Therefrom; the balance <br />remaining, if an}-, to be applied toward the discharge of said mortgage indebtedness. <br />9. He will emrtinuously 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 />pa}•ment 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 Mortgagee and the policies and renewals thereof <br />shall be held by the Mortgagee and have attached thereto loss payable clauses in favor of and in form <br />acceptable to the Mortgagee. In event of loss Mortgagor kill give immediate notice by mail to the Mort- <br />gagee, who may make proof of loss if not made promptly by Mortgagor, and each insurance company rnn- <br />cerned is hereby authorized and directed to make payment for such loss directly to the Mortgagee instead <br />of to the ilortgagor 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 to the restoration ur repair oC 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 to the <br />purchaser or grantee. <br />10. Aa additroua] and collateral security for the payment of rhE_ tttde descr•ibcd, stud a!1 sums to become <br />due under this mortgage, the Mortgagor hereby assigns to the ;4lortgagec .!Il lease bonuses, profits, reve- <br />nues, royalties, rights, zuui other benefits accruing to the Mortgagor under any and a!1 oil and gas leases <br />now, or during the life of this mortgage, c!xecuted on sait~l premises, with thc_ right to resxive and rc~•eipt <br />for the same and appl>~ them to said utdebtedneas as well before .!s after .lci'ault in the conditions of this <br />mortgage, and the 3lortgagee !nay demand, sue for and recover any such payyments when due and pay- <br />able, but shall not be rryuired su to do. This assignment is to terminate and become null and void upon <br />release of this mortgage. <br />11. He shall nut commit ur permit waste; and shall maintain the property in zw grxrd condition as at <br />present, reasonable gear and tear excepted. l?pmt any failure to so maintain, Mortgagee, at its option, <br />may cause reasonable maintenance work to be performed at the cost uC Mcrtgagur. Auy amounts paid <br />therefot• by Mortgagee shall bear interest at the rate provided Coe in the hriosipal indebtedness, shall <br />Lhereulwu become a part of the indebtedness secured by this iustrumeut, ratably and un a parity with all <br />other indeb4xlness secured hereby, and shall be payable thirty (30) da1•s afG~r demand. <br />1'?. If the Premises, ur any part thereof, lxt cnndenu!ed tenter ibe power of emiumrt domain, nr <br />acquired for a public uso, the danutgos atvarded, thr pruceo,ls for tht• hd~u!g of, ur the cousi~!eration for <br />such aeyuisitiun, to the extent of Uur full amount oC the rernahting uupai~( indehtedncsti secured by this <br />taurtgetge, or Iwr•eby assigned to the Murtgstgee. and shall hr paid forlht+'ith to said Mcrrtgagce, to 6e <br />applied on account ul' the last maturing installnteuts of such indebtedness. <br />13. If the Mor!gagor fa!Is to make :tu}' payn!euts when due, ur to conform lu and comply wrf.h nuy <br />of tho eunditious or agre.•menta i~ontained it! this narrtgage, or the notes wbu'h it socures, chw! U!e <br />entire principal sure and accrued interest sludl at oure ite<<,n!v due owl payabk~, a[ tht• elerlwn of the <br />Mortgagee; and this mortgage may thrtrupou he foreclosed in!ruvdiately for the whole of Un• indobted- <br />ness hereby svcnred, n~cludiuE; thr cost of estendiug the abstract ,~t' title from the date of this morl_ <br />gaffe to the time uC conunenrir!g such suit, a reasonable attun!ey's fee; and ;u!}~ soma paid b}- the A'eterana <br />Administration on arcuunt of the guaranty ..r nisuraua• uC tho iodcblydu,~sa xcured hcr.•b} • all ~~i wh!rh <br />shalt be included in the decree oC fwrctosurr, <br />IA. If the indebtedness secured hcrrby Ix• gnarant~•rd •n' :usured under 'f!tle ati, 1 tnitevl ~Gt tra ('ogle. <br />xueh Title sold kegtdations issued thereunder and w e!foc[ ~a, tb,~ date i!rr,•~~t shall govern Iht• r!ght:r, duties <br />and liabilities of the parties hereto, and any proei<ums ..I' ih~., .n' „ih~•r irt.;trunu•nts ~•xcv~utrd m :~onuocu~m <br />with said indebtedness which ar'e incimsistent wdth ,aid •Prtle ..r ltegulatnms :u'v hrri~il!}~ .uw•ude,i ~~~ <br />conform thereto, <br />"Elie rs,vwtants harei^ contained shall bind, and th,: I,q•nr!ity :utd advantages steal! :n,:ro t:,. <br />