Laserfiche WebLink
~- <br />8I •--i) (113 `? h <br />6. If he fails to pay any sum or keep any covenant provided for in this mortgage, the Mortgagee, at <br />its option, may pay or perform the same, and all expenditures so made shall be added to the principal sum <br />owing on the above note, shall be secured herehy, and shall bear interest until paid at the rate provided <br />for in the principal indebtedness. <br />?. Upon request of the Mortgagee, Mortgagor shall execute and deliver a supplemental note or notes <br />ter the sum or sums advanced by Mnt-tgagee for the alteration, moderni?2tion, or irnprovemsnt 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 secured <br />herehy on a parity with and as fully as if the advance evidenced thereby were included in the note first <br />described above. Said supplements} note or notes shall bear interest at the rate provided for in the prin- <br />cipal indebtedness and shat} be payable in approximately equal monthly pay~rrents for srtch 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 she}} 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 aII 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, z°evenues and income to be derived from the mort- <br />gaged premises during such time as the mortgage indebtedness steal} remain unpaid; and the Mortgagee <br />steal} 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 />expenses 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. He 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 }tereafter on said premises and except when <br />payment for all such premiums has theretofore been made under (a) of paragraph 2 hereof, brill pay <br />promptly when due any premiums therefor. Upon default thereof, \Sortgagee may pay tl-ie same. All <br />insurance sh~lI be carried in companies approved by the _1ortgagee and the policies and renewals thereof <br />shall be held by the 1imtgagee and have attached thereto loss payable clauses in favor of and in form <br />acceptable to the Mortgagee. In event of loss Mortgagor will give immediate notice by mail to the Mort- <br />°~gee, who may make pr•ouf of loss if not made oromptly by 4ortgagor, and each insurance company con- <br />cerned is hereby authorized and directed to mai<e payment for such loss directly to the Mortgagee instead <br />of to the Mortgagor and the ~iot•tgagee jointly, an°I the insurance proceeds, or any part thereof, <br />may be applied by the Mortgagee at its option either to the reduction of the ut<}ebtedness hereby secured <br />or to the restoration ur repair of the ;iruperty damaged. In event of foreclosure of this mortgage, or other <br />transfer of title to the ntur•tgaged 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 shell pass to the <br />purchaser or grantee. <br />10. As ad<}}tional and collateral. security foe the payment of the note d_scribed, atr+}all sums to become <br />due under this mortgage, the 14lortgagur hereby assigns to the llurtgagee all lease bonuses, prrotits, reve- <br />nues, royalties, rights, and other benefits accruing to the tilortgagor under any and all oil and gas leases <br />now, or during the life of this mortgage, execute€I vn said premises, 1~•ith the right to receive and receipt <br />for the same and apple them to said indebtedness as wefl before v after default in the conditions of this <br />mortgage, and the Jlurtgagee may demand, sue for and recover any such payments when due and pay- <br />a5le, but shall nut be realcirert io to do. 'Chis assignment is to terminate and become rntll and void upon <br />release of this mortgage. <br />2I. He shall not commit ur pe;t•mit 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 reasvnabie maintenance work to be perfrir•rned at the cost of Mortgagor. Any amounts paid <br />therefor by-Mortgagee shell bear interest at the rate provided for in the principal indebtedness, shall <br />thereupon become a part of the indebtedness secured by this instrument, stably and ou a parity with all <br />other indebtedness secured hot•ehy, and shall be payable thirty (30) days after demand. <br />l2. If the premises, or any part thez•eof, be condemned under the pu~z•er of eminent domain, or <br />acquired for a public use. the damages awarded, the proceeds for the taking of, ur t}te consideration for <br />such acquisition, to the extent of the lull amount of the remaining unpaid indebtedness seen?~ed by this <br />mortgage, or hereby a~ signed to the 3iortgagae, and shall be paid forthiz ith to s;zid ~Yortgagez, to be <br />applied on account. of the last maturing i?zsta}Invents of such indebtedness. <br />13. If the ~Iartgetgur fails to make any payments when dae, or to conform to and comply e+ith ary <br />of the conditions or aagreemenfs cuntaioed in this mortgage, or the Hates :+-hich it secuees, then the <br />entire principal sutn and accru<d interest shall at once become due and payable, at the election of the <br />:4turtgagee; and this naoetgage mac• thereupon be foreclosed immediately for the whole of the indebted- <br />ness hereby sect:red, ioc}ezdiug the cu;6 of extending the abstract of title froau the date of this murt- <br />gaee to the time of cummenriug.;uch suit, a r•_~Ezsu?rabic ;tttot•?tey's fee, and any sum, paid by the ~'c terans <br />Administration on ateuunt of ±he guaranty or insurance of the indebtedness secured hers=by, ail of ~chich <br />shall be included u? the decree of foreclosure. <br />24. Ef tfre indebt~ztiness secured hereby Ix' guaranteed en• insured under Title 38, United States ('ode, <br />s?rch'$itle sled Itegu}atiorts issuc+d thereunder attd in ellect o?t the lisle heiaof shat} gov~eru the rights, duties <br />and liabilities of t}x parties hereto, and any prati-isiotts of this or other instruments executed in cunnt~tiort <br />with said indebtedness which :n•e inconsistent with said 'title ar hegutations are hereby amended to <br />conform thereto. <br />They cavermtttx herein eantaintdl shall bind, and the benefits anti advantages shat} inure tt,,, the <br />