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<br />midi• shall be added to the principal sum os%mg on the above
<br />note, shall be secured hereby, and shall bear interest at the rate set
<br />forth in the said note, until paid.
<br />'. That the Borrower hereby assigns, fransfers and sets over to
<br />the Lender, to he applied toward the payment of the note and all
<br />sums secured hereby in case of a default in the performance of
<br />anv of the terms and conditions of this instrument or the said
<br />note, all the rents. revenues and income to be derived from the
<br />said premises during such time as the indebtedness shall remain
<br />unpaid, and the lender shall have power to appoint any agent or
<br />agents it may desire for the purpose of repairing said premises and
<br />of renting the same and collecting the rents, revenues and income,
<br />and it, may pay out. of said inc%vmes all expenses of repairing .aid
<br />premises and nece%%ary. wrnmisstons and expenses incurred in rent-
<br />ing and managing the ;urte and of collecting rental; therefrom.
<br />the bala wv remairnnS-. tt am, to he applied toward the discharge
<br />of said. indebtedness.
<br />8. Thar the, &%rn w.-,r will keep the +mprowments now esis;inL
<br />or hereafter erectL-i riT.:h. property, insured a% ntay be required
<br />from time to time by. Lender against loss by fire and other
<br />hazards, casualties and' con t:n metes in such amounts and for such
<br />periods as may be required us r.;ie Lender and will pay promptly,
<br />sshen due, any premium . on ,4N ib insurance pro% ision for payment
<br />of which has not been. ini iz h, tmbefore. All insurance shalt be
<br />carried in companies arpcow4 by the Lender and the policies and
<br />reneuals thereof sha }l be h%e.d by,.r'ie Lender and have attached
<br />thereto loss payable clauses in fa:. r of and in form acceptable to
<br />the Lender. In event of loo Borrower .sill give immediate none
<br />by mail to the Lender. who may make proof of loss if not made
<br />promptly by Borrower, and each insurance company concerned is
<br />hereby authorized and directed to make payment for such loss
<br />directly to the Lender instead or to the Borrosser and the Lender
<br />jointly.. and the insurance proceed. or am part thereof, may be
<br />applied bp. the Lender at its option either to the reduction of the
<br />indebtcdtn.�s hereby W"ured or to the restoration or repair of the
<br />property, darnaged- fn. %sent of foreclosure of this instrument or
<br />other.trattsfer of .titre: to the mortgaged property in extinguishment
<br />of the rAlebiedness secured hereby. all right, title and interest of
<br />the Born:iAer'in ind to any insurance polices :hen in force shall
<br />pass to the purchaser or grantee.
<br />9. That as additional and collateral security for the payment of
<br />the note described, and all sums to become due under this instru-
<br />ment. the Borrower hereby assigns to the Lender all profits,
<br />revenues, royalties, rights and benefits accruing to the Borrosser
<br />under any and all oil and gas leases on said premises. with the
<br />right to receive and receipt for the same and apply them to said
<br />indebtedness as well before as after default in the conditions of
<br />this instrument, and the Lender may demand, sue for and recos er
<br />any such payments when due and payable. but shall not be re-
<br />quired so to do. This assignment is to terminate and become null
<br />and void upon release of this instrument.
<br />10. That the Borrower will keep the buildings upon said premises
<br />in good repair, and neither comma nor permit waste upon said
<br />land.-nor suffer the said premises to be used for any unlawful
<br />purpose.
<br />11. That if the premises, or any part thereof, be condemned
<br />under the power of erninent domain, or acquired: for a publ c use,
<br />the damages awarded. the proceeds for the taking of„.er dTe Lon -
<br />sideratiorf for such acquisition. to the extent of.thecfull'airtavnt of
<br />indebtedness upon this instrument and the note-which it is given to
<br />secure remaining unAaid, are hereby assigned!.by-.the Borrower to
<br />the Lender, and shalt -be paid forthwith to sails' ender to be ap-
<br />plied by the lattett on account of the next maturing installments of
<br />such indebtedness.
<br />F
<br />89-- 100370
<br />12. The Borrower further agrees that should this instrument and
<br />the note secured hereby not be eligible for insurance under the Na.
<br />tional Housing .act within eight months from the date hereof
<br />(written statement of any officer- of the Department of Housing
<br />and Urban Development or authorized agem,of the Secretary of
<br />Housing and Urban Development dated subsegttent to the eight
<br />months' time from the date of this. instrument. declining to insure
<br />said note and this mortgage, being deemed condwive proof of
<br />such ineligibility). the Lender or holder of the note may.. at its op-
<br />tion, declare all sums secured hereby immediately due and payable.
<br />Notwithstanding the foregoing, this option. may not be exercised
<br />by the Lender or the holder of the note when the ineligibility for
<br />insurance under the National Housino ,act is due to the Lender's
<br />failure to remit tt:.,e mortgage insurance premium to the Depart•
<br />ment of Housing a.�d urban Deveopment.
<br />13. That if the 13ssrrower fails to make any payments of money
<br />► %hen the same t vine due, or fails to conform to and comply
<br />►s ith any of the svnditions or agreements contained in this instru-
<br />ment, or the note which it secures, then the entire principal sum
<br />and accrued interest shall at once become due and payable, at the
<br />election of the Lender.
<br />Lender shali give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant. or agreement in this
<br />inttbament (but not prior to acceleration under paragraph 12
<br />unte•r applicable lase provides otherwise). The notice shall specify:
<br />(a± the default; (b) the action required to cure the default; (c) a
<br />date, not less than 30 days from the date the notice is given to
<br />Si r-osver, by which the default must be cured; and (d) that failure
<br />to cure the default on or before the date specified in the notice
<br />may; result in acceleration of the sums secured by this instrument
<br />and sale of the Property. The notice shall further inform Borrower
<br />of the right to reinstate after acceleration and the right to bring a
<br />court action to assert the non - existence of a default or any other
<br />defense of Borrower to acceleration and sale. If the default is nor
<br />cured on or before the date specified in the notice. Lender as its
<br />option may require immediate payment in full of alb sums se6.mired
<br />by this instrument without further demand and may inv-akethe-
<br />power of sale and any other remedies permitted by appli=Ne fays.
<br />Lender shall be entitled to collect all expenses incurred ip pusuingg
<br />the remedies provided in this paragraph 13, including. but not
<br />limited to, reasonable attorneys' fees and costs of title ev dmcm.
<br />If the power of sale is invoked. Trustee shall record a notice of
<br />default in each county in which any part of the Property is located
<br />and shall mail copies of such notice in the manner prescribed by
<br />applicable law to Borrower and to the other persons precribed by
<br />applicable law. After the time required by applicable law. Trustee
<br />shall give public notice of sale to the persons and in the manner
<br />prescribed by applicable law. Trustee. without demand on Bor-
<br />rower. shall sell the Property at public auction to the highest bid-
<br />der at the time and place and under the terms designated in the
<br />notice of sale in one or more parcels and in any order T rststee
<br />determines. Trustee may postpone seek of all or any pamvl of the
<br />Property by public announcements at the time and place of any
<br />previously scheduled sale. Lender or its designee may purchase the
<br />Property at any sale.
<br />Lfpon receipt of payment of,the price bid. Trustee shall deliver
<br />to the purchaser Trustee's deed conveying the Property. The
<br />recitals in the Trustee's deed shall be prima facie evidence of the
<br />truth of the statements made therein. Trustee shall apply the pro-
<br />ceeds of the sale in the following order: (a) to all expenses of the
<br />We. including, but not, Binited to, Trustees fees as permitted by
<br />applicable law and reasana.hle anarneys' fees; (b) to at1• sums
<br />secm -ed by this Security instrument; and (c) any excess.ra the per-
<br />son of persons legally entitled to it.
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