|
ti
<br />. _ gj_. t""304683
<br />4. That should he fail to pay any sum or keep any covenant provided for in this
<br />Mortgage, then the t4ortgagee, at its option, may pay or perform the same, and all
<br />expenditures so made shall be added to the principal sum owing on the above note, shall
<br />be secured hereby, and shall bear interest at the rate set forth in the said note, until
<br />paid.
<br />5. That he hereby assigns, transfers and sets over to the Mortgagee, to be applied
<br />toward the payment of the note and all sums secured hereby in case of a default in the
<br />performance of any of the terms and conditions of this tortgage or the said note, all
<br />the rents, revenues and income to be derived from the mortgaged premises during such
<br />time as the mortgage indebtedness shall remain unpaid; and the t4ortgagee shall have
<br />power to appoint any agent or agents it inay desire for the purpose of repairing said
<br />premises and of renting the same and rollecting the rents, revenues and income, and it
<br />may pay out of said incomes all expenses of repairing said premises and necPSSary
<br />coirrrissions and expenses incurred in renting and mananing the same and of collecting
<br />rentals therefrom; the balance remaining, if any, to be applied toward the discharge of
<br />said mortgage indebtedness.
<br />6. That he will keep the improvements now existing or hereafter erected on the
<br />mortgaged property, insured as may be required fi-om time to time by the Mortgagee
<br />against loss by fire and other hazards, casualties and contingencies in such amounts
<br />and for such periods as may be required by the Mortgagee and will pay promptly, when due,
<br />any premiums on such insurance provision for payment of which has not been made herein-
<br />before. All insurance shall be carried in companies approved 6y the t4ortgagee and the
<br />policies and renewals thereof shall be held by the Mortgagee and have attached thereto
<br />loss payable clauses in favor of and in form acceptable to the Mortgagee. In event of
<br />loss Mortgagor will give immediate notice by mail to the Mortgagee, who may make proof
<br />of loss if not made promptly by Mortgagor, and each insurance company Concerned is
<br />hereby authorized and directed to make payment for such loss directly to the Mortgagee
<br />instead of to the t4ortgagor and the Mor-tnagee jointly, and the insurance proceeds, or
<br />any part thereof, may be applied by the t•tortgagee at its option either to the reduction
<br />of the indebtedness hereby secured or to the restoration or repair of the property
<br />damaged. In event of foreclosure of this mortgage or other transfer of title to the
<br />mortgaged property in extinguishment of the indebtedness secured hereby, all right,
<br />title and interest of the Mortgagor in and to any insurance policies then in force shall
<br />pass to the purchaser or grantee.
<br />7. That as additional and collateral security for the payr»ent of the note described,
<br />and all sums to become due under this mortgage, the Mortgagor hereby assigns to the
<br />Mortgagee all profits, revenues, royalties, rights and benefits accruing to the
<br />Mortgagor under any and all oil and gas leases on said premises, with the right to
<br />receive and receipt for the same and apply ihem to said indebtedness as well as after
<br />default in the conditions of this mortgage, and the Mortgagee may demand, sue for and
<br />recover any such payments when due and payable, but shall not be required so to do.
<br />This assignment is to terminate and become null and void upon release of this mortgage.
<br />8. That the Mortgagor will keep the buildings upon said premises in good repair,
<br />and neither commit nor permit waste upon said land, nor suffer the said premises to be
<br />used for any unlawful purpose. ,
<br />9. That if the premises, or any part thereof, be condemned under the power of
<br />eminent domain, or acquired fora public use, the damages awarded, the proceeds for the
<br />taking of, or the consideration for such acquisition, tro the extent of the full amount
<br />of indebtedness upon this mortgage and the note which is given to secure remaining unpaid,
<br />are hereby assigned by the Mortgagor to the Martgagee, and shall 6e paid forthwith to
<br />said Mortgagee to be applied by ttre latter an account of the next maturing installment
<br />of such indebtedness
<br />The covenants herein contained shall bind, and the benefits and advantages shall
<br />insure to, the respective heirs, executors, administrators, successors and assigns of
<br />the parties hereto. 14henever used, the singular number shall include the plural, the
<br />plural the singular, and the use of any gender shall be applicable to all genders.
<br />The foregoing conditions, all and singular, being performed according to their
<br />natural and legal import, this conveyance shall be void and said premises released at the
<br />expense of the t4ortgagor; otherwise to be and remain in full force and effect.
<br />
|