|
<br />ut1 Je3
<br />6. If he fails to pay any sum nr keep any covenant provided3 for in thin awrtgage, tl'ie Mortgagee, aY
<br />its option, may pay or perform the same, and all expenditures so made shall be waded to the principal sum
<br />owing on the above note, shall be secured hereby, and shall bear interes/ until paid at the rate prorded
<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 far tlxe alteratian, modernization, or improvement made at
<br />the Mortgagor's request; or for maintenance of said premises, ar for taxes or assessments against the
<br />same, and for any ether purpose elsewhere autharized 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 Rrst
<br />described above. Said supplemental note or notes sFail 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. Fai}ing to agree cn the maturity, the whole of the sum
<br />or sums so advanced shall be due and payable thirty (3Q} days after demand try the Mortgagee. In no
<br />event shall the maturity extend beyond the ultimate maturity of ±he note first described above.
<br />8. He hereby assigns, transfers and sets aver to the Mortgagee, to be app}led taward the pa}zttent of
<br />the nate and all suni~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 mor,'.
<br />gaged premises during such lime as the mortgage indebtedness shall remain unpaid ;and the bortgagee
<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, t~venues 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 cailecting rentals therefrom; the balance
<br />""„' remaining, if any,;~o be applied toward the discharge of said mcirtgage. indebtedness.
<br />9. He will continuously maintain hazard insurance, of such t
<br />ype or types and amounts as Mortgagee
<br />"•'~ may from time to time require, on the improvements now at• hereafter on said premises and except when
<br />'`"~ payment for all such premiums has theretofore been made under (¢) of paragraph 2 hereof, will pay
<br />promptly when due any premiums therefor. Upon default thereaf, Mortgagee may pay the same. All
<br />insurance shall be carried in companies approved by the Martgagee and the paiicies and renewals thereof
<br />shall be held by the Martgagee and have attached thereto loss payable clauses in favor of and in form
<br />acceptable to the Mortgagee. Zn event of loss Mortgagor will give immediate notice by mail to the Mort-
<br />gagee, who may make proof of loss if not made promptly by Mortgagm•, and each insurance company con-
<br />cerned is hereby authorized and directed to make payment for such loss directly to the Dortgagee instead
<br />of to the 1Zortgagor and the lortgagee jointly, and the insurance ureceeds, ar 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 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 />x•ight, title and interest of the Mortgagor in and to any insurance priicies then in farce shsll pass to the
<br />purchaser or grantee.
<br />i0. As additional and collateral security for the payment of klre note described, <tnd al}sums to t:ecame
<br />due under this mortgage, the Mortgagor hereby assigns to the ;4ortgagee all lease bauuses, profits, ~ .e-
<br />nues, royalties, rights, and other benefits accruing to ±he Aiortgagax• under any anti a}t oil and gas leases
<br />now, cr during the Life of-this mortgage, executed on said nrem[sa~, b •;rh rha . ig!tt to r•ec+eive and receipt
<br />for the same and apply them to said indebtedness as wel} before as at'ter default in the conditions of this
<br />mortgage, and the Mortgagee may demand, sue for and recover wry 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.
<br />21. He shalt not commit ar permit waste; and shall maintain the property in as good condition as at
<br />present, ieasaTabie wear and tear excepted. Upan any fai!ux•e to sa maintain, Mortgagee, at its option,
<br />may cause reasonable maintenance work to be perfarmed at the cost of Mortgagor. Any amowtts paid
<br />therefor by Mortgagee shall bear interest at the rate prodded for in the principal indebtedness, shall
<br />thereupon become a part of the indebtedness secured by this instrument, ratably and ou a parity with all
<br />other indebtedness secured hereby, and shall be payable thirty (30) days after demand.
<br />12. If the premises, ar any part thereof, be condemned under the power of eminent domain, ox•
<br />acquired for a public use, the damages awarded, the proceeds far the taking of, or ttre consideration for
<br />such acquisition, to the extent of the full amount of the remaining unpaid indebtedness secured by this
<br />moxgage, or hereby assigned to the Mortgagee, and shall be paid forthevith to said Mortgagee, to be
<br />applied on aeccmtt of the last maturing instalhnents of such indebtedness.
<br />1$. If the Mortgagor fails to make wry payments when due, or to amfcr'm to and comply with any
<br />of the conditions or agreements contained in this martgage, or the notes which }t secures, then the
<br />er=tire principal sum anci accrued interest shall at Duce become dun and payable, at the elec±ion of the
<br />hlortgaYee; and this martgage may thereupon be foreclased inuriediately for the whole of the indebted-
<br />ness hereby secured, including the cost of extending the abstract of title from the date oi' thhis nmrt-
<br />gage to the time of cammencing such suit, a reasonable attorney's fee, and any sums paid by the t- eterans
<br />Administration oat acwun± of 'the guaranty or insurance of "the indahtedaess secured hereby, al} of evhich
<br />shall be included in the decree of foreclosure.
<br />14. If the indebtedness secured hereby be guax•anteecl ur insured amder Title 38, Tinitcd Staten Cade,
<br />such Title and Regulations issued thereunder and in effect sin the date hereof shall govern the rights, duties
<br />and }]abilities of the parties hereto, and any provisions of this or ether irstr~mteuts ixuc used in comiettion
<br />with said indebtedness which are inconsistent with said Title ar I.egulations are hereby ;tntended to
<br />conform thereto.
<br />The eo-ettants herein contained shall bind, and the 4enetits and advataages ~ha}1 iai.re i.., thr
<br />
|