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<br />89--. 100665
<br />event of toss Borrower will give immediate notice by mail to the
<br />any of the conditions or agreements contained in this instrument, or
<br />Lender, who may make proof of loss if not trade promptly by
<br />the note which it secures, then the entire principal sum and accrued
<br />Borrower, and each insurance company concerned is hereby
<br />interest shall at once become due and payable, at the election of the
<br />authorized and directed to make payment for such loss directly to
<br />Lender.
<br />the Under instead of to the Borrower and the Lender jointly, and
<br />the insurance proceeds, or any part thereof, may be applied by the
<br />Lender shall give notice to Borrower ;.fior to acceleration
<br />Leader at its option either to the reduction of the indebtedness
<br />following Borrowers bnmcb of auy ro eit�.ra air zgreement in this
<br />hereby secured or to the restoration or repairaf the property
<br />instrument (but not piii(- r, -inder laze g-.,-:ph 12 unless
<br />damaged. In event of foreclosure of this Mmrxurrteat or other teary '
<br />: aV;!irxiite law proz si p M ;l?;• ea- t{ � ;: . ; (a) the
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<br />aced t, ind the right to R t_m in action to assert the actr>�: "
<br />-ft Borrower hereby a_ ;hs ;5e Le! der £I1 pi oGtG, t? <'��itiies:
<br />existence �Y a default or any othe'rdet�ense of Borrower to
<br />royalties, rights and beneRi accruing to the Borrower`-'uitdzreny and
<br />acceleration and sale. if the default is not cured on or before the date
<br />all oil and gas leases on said premies, with the sight to receive and
<br />specified it) the notice, Lender at its option may require immediate
<br />receipt for the same and apply them to said indebtedness as well
<br />payment in full of all sums secured by this instrument without
<br />before as after default in the conditions of this instrument, and the
<br />further demand and may invoke the power of sate and any other
<br />Lender may demand, sue for and recover any such payments when
<br />remedies permitted by applicable law. Lender shall be entitled to
<br />due and payable. but shall not be required so to do. This assignment
<br />collect all expenses incurred in pursuing the remedies provided in
<br />is to terminate and become null and void upon release of this
<br />this paragraph 13, including, but not limited to, reasonable
<br />instrument.
<br />attorneys' fees and costs of title evidence.
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<br />10. That the Borrower will keep the buildings upon said premises
<br />in good repair, and neither commit nor permit waste upon said land.
<br />nor suffer the said premises to be used for any unlawful purpose.
<br />11. That if the premises, or any part thereof, be condemned under
<br />the power of eminent domain, or acquired for a publi.. use, the
<br />damages awarded, the proceeds for the taking of, or chre
<br />consideration for such acquisition, to the extent of the full amount of
<br />indebtedness upon this instrument and the note which it is given to
<br />secure remaining unpaid, are hereby assigned by the torrower to the
<br />Lender, and shall be paid cr4hwith to said Lender to be applied by
<br />the latter on account of :he inxt maturing installments oC such
<br />irxr�ebtedness.
<br />IZ. The Borrower further agrees that sftould this instrument and
<br />f(r,.i note secured hereby rim be eligible for insurance seer the
<br />%ational Housing Act wj71N -a e<aht months frcm tN-- fa': hereof
<br />( written statement of any officer of the Derartment of housing aad
<br />Urban Devd1krument or authorized agmac cf the Secretary of Housing
<br />and Urban Dr- n:opmem dated subsequemi to the eight months' tirr:e
<br />from the daze vs this instrument, declining to insure said note and
<br />this mortgage, being deemed conclusive proof of such ineligibility).
<br />the Lender cr holder of the note may, at its option, declare all sum's
<br />secured hereby immediately due and payable. Notwithstanding the
<br />foregoing, this option may not be exercised by the Lender or the
<br />holder of the note when the ineligibility for insurance under the
<br />National Housing Act is due to the Lender's failure to remit the
<br />mortgage insurance premium to the Department of Housing and
<br />Urban Development.
<br />13. That if the Borrower fails to make any payments of money
<br />when the same become due, or fails to conform to and comply with
<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 is the manner prescribed by
<br />applicable law to Borrower and to the other persons prescribed 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 Borrower,
<br />shall sell the Property at public auction to the highest bidder at the
<br />time and place and under the terms designated in the notice of sale
<br />in one or more parcels and in any order Trustee determines. Trw�x
<br />may postp&ne sale of all or any parzel of she Property by public
<br />announ,czrwnt at the time and place cif any previously schedufal
<br />sale. Ler4,-s or its designee may pw:ohaae the Property at any sale.
<br />Upon receipt of payment of tie prioe bid, Trustee shall deliver to
<br />the pur ,ha;;er Trustee's deed conveuj!74' ;he Property. The recitals in
<br />the Tru-,oes deed shall be prima facie evidence of the truth of the
<br />statements made therein. Trustee shall apply the r9raxs.ds of the safe
<br />in the following order: (a) to all expenses of the sate, including, but
<br />not limited to. Trustee's fees as permitted by applicable law and
<br />reasonable attorneys' fees; (b) to all sums secured by this Secur'ir:e
<br />Instrument; and (c) any excess to the person or persons legally
<br />entitled to it.
<br />14. Upon acceleration under paragraph 13 or abandonment of the
<br />Property, Lender (in person, by agent or by judicially appointed
<br />receiver) shall be entitled to enter upon, take possession of and
<br />manage the Property and to collect the rents of the Property
<br />including those past due. Any rents collected by Lender or the
<br />receiver shall be applied first to payment of the casts of management
<br />of the Property and collection of rents, including, but not limited to.
<br />receiver's fees, premiums on receivers bonds and reasonable
<br />attorney's fees, and then to the sums secured by this instrument.
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