HomeMy WebLinkAbout2073 9. Should the Mortgagor fail to pay, as hereinabove
stipulated, all taxes, assessments, liens or governmental
charges, or when due, any other charges or amounts of any
kind herein assumed or agreed to be paid by the Mortgagor
under the terms of this mortgage, then the Mortgagee may, at
its option, and without notice or demand to or upon Mortga-
gor (both notice and demand being expressly hereby waived)
either pay or not pay, any such unpaid taxes, assessments,
liens, governmental charges, any other charges or amounts,
and whether or not they make any such advances, Mortgagee
may at its option, in the event Mortgagor fails to cure any
of the aforesaid defaults within ten (10) days of written
notice, and without further notice or demand (both of which
are hereby expressly waived), declare the whole principal
then unpaid and all interest then accrued on any indebtedness
which is secured by this mortgage to be immediately due and
payable. All taxes, assessments, liens, governmental charges,
or-other items paid by Mortgagee and all necessary expenses
incurred in connection therewith, shall constitute a part of
the indebtedness secured by this mort.iage ar.1 be immediately
due and payable upon demand, together with interest thereon
at the rate provided in the Promissory Note secured hereby.
10. Mortgagor hereby transfers, sets over, conveys-and
assigns unto the Mortgagee, and hereby grants to Mortgagee a
security interest in, all rents, revenues and incomes of the
mortgaged property from time to time accruing, whether under
leases or tenancies now existing or hereafter created, as
further security for payment of the indebtedness evidenced
by the Promissory Note hereby secured and as further security
for performance of Mortgagor's obligations, covenants and
agreements herein contained; and Mortgagee is hereby granted
a prior, paramount and continuing lien upon all of said
rents, revenues and incomes. It is understood and agreed,
however, that there is reserved to Mortgagor, so long as
' ~ Mortgagor is not in default hereunder the right to receive
and retain all such rents, revenues and incomes assigned to
I, Mortgagee by the provisions of this paragraph 10. All
rents, revenues and incomes collected from the mortgaged
o property by Mortgagee shall be applied to the credit~of the
indebtedness secured hereby, regardless of whether or not
same has matured, less all collection expenses actually
incurred.
11. All awards pursuant to proceedings for condemnation
of the mortgaged premises or any part thereof are hereby
assigned to Mortgagee up to the full extent necessary to
fully and completely discharge the mortgage indebtedness
secured hereby.
12. If the Mortgagor defaults in the prompt payment of
said Promissory Note or any installment of the principal
thereof, or any interest thereon when due, or in case of the
failure or default on the part of the Mortgagor to keep or
perform any of the covenants or agreements herein contained,
and any such default or failure has not been corrected after
ten (10) days written notice and demand by the Mortgageee to
r do so sent by certified mail to-the Mortgagor at its address
~4 first stated above, (date of said notice and demand being
date same is deposited in the United States Post Offi::e,
Tulsa, Oklahoma) or in the event Mortgagor files a voluntary
petition in bankruptcy, makes an assignment for the benefit
of any creditor, or is declared bankrupt or insolvent, or if
a debtor's or creditor's petition affecting the mortgaged
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