|
80-= ~s~~ .fit
<br />6. If he fails to pay any suns or keep any covenant provided for in this mortgage, the Mortgagce, 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 m• sums advanced by lortgagee for the alteration; modernization, or improvement made at
<br />the Mortgagor's request; ar for maintenance of said premises, or for taxes m• assessments against the
<br />same, and for any othet• 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 />k;e agreed upon by the Jortgagee and Mortgagor. Failing ±o 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 />tions of this mortgage ar 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 necessars• commissions and
<br />expenses incurred in renting and managing the same and of collecting rentals thea-efrom; the balance
<br />remaining, if any, to he applied toward the discharge of said mortgage indebtedness.
<br />9. He swill 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 all such premiums has theretoforn been made under {a) of paragraph 3 hereof, will pay
<br />promptly when due anv 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 he held by the Mortgagee and have attached thereto toss payable clauses in favor of and in form
<br />acceptable to the llurtgagee. In event of loss Mortgagor still give immediate notice by mail to the Mort-
<br />gagee, who may rnake proof of loss if not made promptly by'Sloetgagor, and each insurance company con-
<br />cerned is hereby auihorizeci and directed to make payment for such lose directly to the :,'fortgagee instead
<br />of to the yortgagor 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 />ur to the restoration ur repair of the property damaged. In Brent of Corcalosure of this mortgage, or other
<br />transfer of title to the mortgaged property in extinguishment of the indabtedness secured hereby, all
<br />right, title and interest oP the ~Tortgagor in and to any insurance 1'rolicies then in force shall pass to the
<br />purchaser or grantee.
<br />1 ir. As additional not'. ~ uthtteral security fnt• ! he payment. of the note descriitrd, anti all sums t..:,ecoenc
<br />clue under this morf ga ge, thc• JTortgagur hereby nssig ns to the R'inrt~ugsx• aa!1 !tease b*;nuses, ;_ all±s, r•_sa-
<br />nues, royalties, rights, and other benefits accruing to titc 3lortgagot• under any amt all uii and gas leases
<br />sow, ~~r durirt; t-- -. this [na?tt,_age, executed on saki prcanises, stint thc~ right t., rceE~ive and receipt
<br />far ihr sa:re ane{~•uppl~- them to said indebtedness as ,, cil i;ofnre xs after defautt in the rtniditiotrs of this
<br />mortgage, and the :llurtg.~goe may demand, sue fm• and recoter any such payments o~hen due and pay-
<br />able, but shall nut be required su to do. 'I'bis assignmcnC is to terminate and hea~me null and said upon
<br />release of this mortgage.
<br />11. He shall not cumrnit ..r permit stastr, xnd shall maintai^ the prupcrh- i^ as gaud condition as at
<br />present, rcasunable wear and tear excepted. upon au} failure to su muuttain, 3Tortgagce, nt its option,
<br />may cause reasonabic maintcnanca work to be performed at the cost oC :1lcrtgagur. .1ny :unuunts ptsid
<br />therefor by Mortgages shun bear interest ut the rate pravidecl tar m the pruu:ipal indebtedness, nhall
<br />thereupon become a part at the indebtedness secured by this instrument, ratable and un a parity with all
<br />other indebtedness secured hereby, and shalt be payable. thirty (0) days al'tc~r demand.
<br />t2. If the premises, or any part thureuf, be eundumued uudor ihr pu~eer of ~•mineut domain, nr
<br />acquired for a public use, (hc dautalus awarded, the proceeds fur the taluug ef. ,n' the c~acsidorattan for
<br />such acquisition, to the extent, of tha Cull amount oC the rem>uning uupsid indc•bh~dness socur~-d b_v this
<br />rrux'tgage, or hereby assigned to the 6Torlgagee, trod shall bu paid forthstuh uc said 9lortgagce, ttz be
<br />applied cn account ui tlrc last maturing instalhncnts of such indebtedness.
<br />1'3, If the ylurtgagur fails trr rnake any payments whine due, ur to conCorcn to soot cutnpl-• with .;ary
<br />of the conditinna ur agrcrmoius cunta,ained m this mort~agc, ~n• the uutes ~~ hn•h ,~ ;,•curea, tarn the
<br />eadire principal Burn and accrued iniet•est shall at Duce hecorue due nod pelyaLlr, nt the olrchuu ul rho
<br />llurtgxgeu; and this mortgage may thereupon be foreclosed inun~~dmtely I'oe the ~~hule of tht• iudebted-
<br />uess hereby secured. including ihr cast of extending the ubsle'acl ~d title tram the dztte of this mort-
<br />gage to the time of commencing such suit, a reas~mabl~~ attarnec's Ceo, and any ..uma paid hg the Coterans
<br />Administration on account of thu guaranty ur insuranc•r u( Ute valc•btovlncss socuro~l horol~y, all of which
<br />shag be included in the decree of foreclosw•e.
<br />11, if the indebtedness securcKi hereby he guartuured ,,, insurwl under'i'itie a4, t'nited titatrs t'ude,
<br />such Title tutu Pekndations issued thureundar and c^ etlrct on tl~~~ dat;~ hereof shall gucrrn lho rights, duties
<br />and liabilities uC the parties hereto, and any 1'u usisiuns of this ur other ucatrumeuts rxecntrd m cvanocttuu
<br />with said indebtedness which are incunsistenL with said 'T`itle ~n~ t.egulatums are herebt amended to
<br />cmcform thc_u•eln,
<br />-The covenants herein contained shall bind, and the i~cuetits and advautagcs shall inure to, lhr
<br />
|