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<br /> � made shall be added ta the principai sum oaing un the abm�e 1�. The BoTro�ver further agree> that shauld thic insvument and
<br /> � nate, shall be se�ured hereDy, �nd ch�ii bear interest at ►iic�at� .ct the note s:curec! here�}� not t+e�iioihle C�r imurance under the Na- _
<br /> f'orth �n ihe caid note, until paid. tional Housing Act ��ithin eight months from the date hereof
<br /> l��rit/en statement of any officcr of the Department of Housing
<br /> 7. That the Borro��•er hereby assigns, transfcrs and sets o�•er to and Urban De�•elopmem or authorized agent of the Secretary of
<br /> the Lender. to be applied toward the payment of'th•r note and all Housing and Urban De�•elopment dated subsequent_to the eight
<br /> sums secured hereby in case oP a drfault in the perf'ormance of months' time from the date uf'this instrument,declining to insure
<br /> any of the terms and conditions of this inst�ument or the said said note and chis mongage, being deemed conclusice proof oP
<br /> note.aU the rents. �ee•enues and income to be deri�•ed from the such ineligibility), the Lender or holder of the note may,at its op-
<br /> said premises during such time as the indebtedness shall remain tion, declare all sums secured hereby immediately due and payable.
<br /> unpaid, and the Lender shaU have po�ver to appoint a�y agent or Not���ithstanding the foregaing, this option may not be exercised
<br /> agents it may desire far the purpose oP repairing said premises and by the Lender or the holder of'the note ��•hen the inetigibility for
<br /> of renting the same and collecting the rents, re�•enues and income, insurance under the National Housing Act is due to the Lender's
<br /> and it may pay out of said incomes all expenses of repairing said failure to remit the mortgage insurance premium to the Aepart-
<br /> premises and necessary commissions and expenses incurred in rent- ment of Housing and Urban De��eopment.
<br /> ing and managing the same and of coilecting rentals therefrom;
<br /> the balance remaining, if any, to be applied to�vard the discharge 13. That if the Borrow•er fails to make any payments of money
<br /> of said indebtedness. when the same become due, or fails to conform to and comply
<br /> �vith any af the canditions or agreements contained in this instru-
<br /> 8. That the Borro��e�will keep the impro�•ements no�v existing ment, or the note�vhich it secures, then the entire principal sum
<br /> or hereafter erected an the propeny, insured as ma}• be required and accrued interest shall at once become due and payable.at the
<br /> Prom time to time by the Lender against loss by iire 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 pap Qromptly. Lender shall gi�•e notice to Borro�cer prior to accelEration
<br /> when due, any premiums on such insurance provision for payment follo�ving Borrow�er's breach of any co��enant or agreement 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 comD��es approved by the Lender and the policies and unless applicable la«• pro�•ides other�vise). The notice shall specify:
<br /> renewals thereof shaU be held by the Lender and have attached (a) tiir �e1'auit; (b) the action required to cure the default; (c)a
<br /> t4iereto loss payable clauses in favor of and in form acceptable to date, not less than 30 da�•s from the date the notice is given to
<br /> the Lender. ln event of loss Borrower will give immediate notice Borrower, by which the default must be cured; and (d)that failure ;
<br /> by mail to the Lender, who may make proof'of loss ii not made to cure the default on or before the date speci�ed in the notice
<br /> promptly by Borrow•er, and each insurance company concerned is may result in acceleration of the sums secured by chis instrument .
<br /> hereby authorized and directed to make payment for such loss and sale of the Propeny. The notice shall funher inform Borro�ver
<br /> directly to the l.ender insteaci of tv the 8vrrowrr a,�3�iic i.cnuer af.r.°:i�,.'�i to r�ises*.aie �fter arrPlrratit�n and che ri¢ht tn brinst a
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<br /> jointly, and :he insurance proceeds, or any pan thereof, may be court action to assert the non-existencz of a default ar any other • .
<br /> applied by the Lender at its option either to the reduction of the defense of Borrower to acceleration and sale. If the default is not
<br /> indebtedness hereby secured or to the restoration or repair of'the cured on or before the date specified in the notice, Lender at its
<br /> property damaged. ln eve�t of foreclosure of this instrument u� option ma}•rrquire immediate payment in full of all sums secured _ ___
<br /> other transfer of title to the mortgaged property in extinguishment by this instrument without funher demand and may invoke the
<br /> of the indebtedness secured hereby, all right, title and interest of power of sale and any other remedies permitted by applicable law. _
<br /> the Borrower in and to any insurance policies then in force shall Lender shaU be entitled to collect all expenses incurred in pursning
<br /> pass to the purchaser or grantee. the rem.dies provided in this pazagraph 13. including, but not �, :
<br /> limited to. reasonable attomeys' fees and costs of title evidence.
<br /> 9. That as additional and collatetal security for the payment of ��
<br /> the note described,and all sums to become due under this instru- If the poWer of sale is invoked,Trustee shall tecord a notice of
<br /> • ment,the Bonower hereby assigns to the Lender all profits, default in each county in which any part of the Property is located
<br /> revenues, royalties,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 premises, with the applicable law to Borrower and to the other persons precribed by :>- '
<br /> right to receive and receipt for the same and apply them to said applicable law. After the time required by applicable law, Trustee �
<br /> indebtedness as well before as after default in the condilions of shall give public notice of sale to the persons and in the manner �
<br /> this instrument, and the Lender may dernand. sue for and recover prescribed by applicable law. Trustee, without demand on Bor-
<br /> any such payments when due and payable, but shall not be re- rower, shall sell the Property at public auction to the highest bid- ':�
<br /> quired so to do. This assignment is to terminate anc!become null der at the time and place and under the terms designated in the
<br /> and void upon release of this instrument. notice of sale in one or more parcels and in any order Trustee
<br /> determines. Trustee may postpone sale of all or ar�y parccl of the
<br /> 10. That the Borrower will keep the buildings upon said premises Propeny by public announcement at the time and place of any ,
<br /> in good repair,and neither eommit nor permit waste upon said previous[y scheduled sa1e. l.ender or its designee may purchase the •
<br /> land, nor suffer the said premises to be used for any unlawful Propeny at any sale.
<br /> purpose.
<br /> Upon receipt of payment of the price bid,Trustee shall deliver
<br /> 11. That if the premises,or any part thereof, be condemned to the purchaser Trustee's deed conveying the Yroperty. The
<br /> under the power of eminent damain, or acquired for a public use, recitals in the Trustee's deed shall be prima facie evidence of the
<br /> the damages awarded, the proceeds for the taking of, or the con- truth of the statements made therein. Trustee shall apply the pro-
<br /> sideration for such acquisition, to the extent of the full amount of ceeds of the sale in the following order: (a) to all expenses of the
<br /> indebtedness upon this instrument and the note which it is given to sale, including, but not limited to, Trustee's fees as permitted by
<br /> secure remaining unpaid, are hereby assigned by the Bonower to applicable law and reasonable attorneys' fees; (b) co all sums
<br /> the Lender. and shall be paid forthwith to said l.xnder to be ap- secured by this Security lnstrument: and (c)any excess to the per-
<br /> plied by the latter on accaunt of the next maturing instaliments of son or persons legally entitled to ic.
<br /> such indebtedness.
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