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<br /> � made shall be added to the p�incipal sum awing on the abo�•e 12. The Borro��•er funher agrees ihac shauld this inst�amen. and
<br /> note, st�alt be secured hereby. and shall t►ea�interest at the rate set the npte secured hereby not be eligible for insuranee under the Na-
<br /> � forth in the said note, until paid. tional Hausing Act��ithin eight monihs from the date herenf
<br /> � 7. That the Bocro��•er hereby assigns, transtcrs and sets over to andtU bantDevelopme tyorf u honz d�age cof the Secre ary af
<br /> thc Lende�, to bc applicd taward the payment oF the note and alt Housing and Urban Development dated subsequent to the eight
<br /> � sums secured hereby in case of a default in the performance of months' time from the date of this in�trument, declining to insure
<br /> any of the terms and conditions of this instrument or the said said note and this mongagc. being deemed conclusive proof of
<br /> note, all the rents. re�•enues and income to be derived f'rom the such ineligibility), the Lender or holder of the note may. ar its op-
<br /> said premises during such time az the indebtedness shall remain tion, declare all sums secured hereby immediately due and payable.
<br /> unpaid.and the Lender shall have power to appo9nt any agent or Notwithstunding the foregoing, this option may not be eaercised
<br /> agents it may desire Pot the purpose of repairing�;aid premises and by the Lender ar the holder of the nute when the ineligibility f'or
<br /> of renting the same and rnllecting the rents, recenues and inmme, insurance under the National Housing Act is due to the Lender's
<br /> � and it maY PaY out of said incomes al) expenses of repairing said failure to remit the mortgage insurance premium to the Depart-
<br /> premises and necessary commissions and expenses incurred in rent� ment of Housing and Urban Deveopment.
<br /> ing and managing the same and of wllecting rentals therefrom;
<br /> the balance remaining, if any. to be appleed toward the discharge 13. That if the Borro«•er fails to make any payments of money
<br /> of said indebtedness. �vhen the same become due, or fails to conform to and comply
<br /> 8. That the BorroH•er will keep the improvements now existing ment or hetnote�whieh It secures�hen the enhie princ pal sum
<br /> or hereafter erected on the propenp, insured as may be required and acerued interest shali at once beeome due and payable, at the
<br /> from time to time by the l.ender against loss by fire and other election of the Lender.
<br /> hazards,casualties and contingencies in such amounts and for such
<br /> periods as may be required by the Lender and will pay promptly. Lender shall give notice to Bono�ver prior to acceleration
<br /> when due, any premiums on such insurance provision for payment following Borrower's breach of any covenant or agreemeut in this
<br /> of which has not been made hereinbefore. All insurance shall be instrument (but not prior to acceleration under paragraph 12
<br /> Carried in companies approved by the Lender and the policies and unless applicable law provides otherwise). The notice shall specify:
<br /> i renewals thereof shall be held by the Lender and have attached (a)the default; (b)the action reynired to cure the default; (c)a
<br /> t}�ereto loss payable clauses in favor of and in form acceptable to date. not less than 30 days from the date the notice is given to
<br /> the I.rs�der. In event of foss Bo�rowrr H�iil give immediate rtotice Borrower, by which the default must be cured;and (d)that failure
<br /> by mail to the Lender,who may make proof'of loss if not made to cure the default on or before the date specified in the notice
<br /> promptly by Honower, and cach insurance company concerned is may result in acceleration of the su�ns secvred by this instrument ' ,
<br /> hereby authoriud and dirccted to make payment for such loss and sale of the Property. The notice shall further inform Borrower
<br /> directly to the Lender instead of to the Borrower and the Lender of the right to reinstate after acceleration and the right to bring a �
<br /> jointly. and tho insurance proceeds� or any pan thereof, may be coun aMion to assert the non-existence of a default or any other �:�`�
<br /> _ appliod by the Lender ac iu.aQtion either r�:he ��uctic:s of il:� �,f�;r 8F g;,,;vwcr iv acreleration anci sale. It'the default is not
<br /> indebtedness hereby secured or to the restoration or repair of the cured on or before the date speci�ed in the notice, Lender at its
<br /> property damaged, In event of foreclosure of this instrument or option may require immediate payment in fulI of all sums secured
<br /> other transfer of title to the mongaged propeny in extinguisriment by this instrument without further demand ar.3 may invoke the —
<br /> _ of the indebte�ncss sccurcd hcseby,aii iigi�t, tide and interest of power of sale and any other remedia permitted by applicable law.
<br /> the 8orrower in and to any insurance policies then in force shal! Lender shall be entitled [o mllect all expenses incurred in pursuin�
<br /> pass to the purchaser or gantce. the remedia provided in this paragraph 13,inctuding, but not
<br /> � limited to. reasonable attorneys' fces snd cosu of title evidencx. ��=
<br /> 9. 'Chat as additional and collateral security for the payment of
<br /> the note described,and all sums to become due under this instru- lf the power of sale is invoked, Trussee shall record a notice of
<br /> ment,the Borrower hereby assigns to the Lender all profits, default in each rnunty in which any pan of the Property is located
<br /> revenna,royaltia, rights and benefits accruing to the Borrower and shall mail copies of such notice in the manner prescribed by �
<br /> � � under any and all oil and gas leases on said premisa, with the applicable law to Borrower and to the other persons precribed by
<br /> right to receive and receipt for the same and apply thero to said applicable law. After the time required by applicable law, Trustee
<br /> , indebtedness as well before as after default in the aonditions of shall give public notice of sale to the persons and in the manner r
<br /> this instrument. and the I.ender may demand, sue for and recover prescribed by applicable law. Trusta, without demand on Bor-
<br /> , any such payments when due and payable, but shal�not be re- rower.shall sell the Propeny at public auciion to the highest bid- °•�
<br /> quired so to do. This assignment is to terminate and become null der at the time and place and under the terms designated in the � �'�
<br /> and void upon release uf this instrument. notice of sale in one or morc parcels and in any order Trustee '.�':
<br /> 10. That the Borrower will k determina. Trustee may postpone sale of all or any pazcel of the �
<br /> eep the buildings upon said premises Propeny by public announcement at the time and place of any '
<br /> in good repair, and neither commit nor permit waste upon said previously schecluled sale. Lender or its designee may purchase the
<br /> land, nor suffer the said premises to be used for any unlawful Propeny at any sale. � �
<br /> Dulpose.
<br /> 11. 7'hat if the remises,or an Upon receipt of payment of the price bid,Tcustee shaU deliver
<br /> P y pan thereof,be condemned to the purchaser Trustee s deed conveying the Property. The
<br /> under the power of eminent domain, or acqaired for a public use, recitals in the Trustee's deed shall be pxima facie e��idenex of the
<br /> . the damagcs awarded, ti�e procecds for the taicing of,or the con- truth of the statemenis made therein. Trustce shall apply the pro-
<br /> sideration for such acquisition. to the extent of the fuli amount of eeeds of the sale in the following order: (a)to all expenses of the
<br /> inddKedness upon this instrument and the note which it is givtn to sale, including, but not limited to, Tntstee's fees as permitted by
<br /> secvre remaining unpaid, are hereby assigned by the Borrower to app8cable law and reasonable attorneys'fees;(b)to aU sums
<br /> the l.ender, and shall be paid forthwith to said Lender to be ap� secured by this Security Instrument; and(c)any excess to the per-
<br /> plied by the latter on account of the next maturing installments of son or persons legally entitled to it.
<br /> such indebtedness. •
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