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<br />event of loss Borrower will give immediate notice by mail to the any of the conditions or agreements contained in this instrument. or
<br />Lender. who may make proof of loss if not made promptly by the note which it secures. then the entire principal sum and accrued
<br />Borrower. and each insurance company concerned is hereby 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 tender.
<br />the Lender instead of to the Borrower and the fender jointly, and
<br />the insurance proceeds, or any part thereof, may be applied by the
<br />bender at its option either to the reductfoa of the indebtedness
<br />berebysecured or to the restoration or repair of the property
<br />df'c+-pwVW- in event of foreclosure of this instrumeni or ot`frrx transfer
<br />cu e: r;the mortgaged property in extinguishmcutc
<br />ti3db: -rte mmued hereby, all right, tic Te and interior ui` the
<br />&ii�iitsax to any insumm. rd —Vises Ulm in force shall pad rvo
<br />+:re pis fcliasrt . grantee.
<br />Li�rt :rte: ditionaLarJi�osilacer�l .max :Lrityfarshpltr3•mm�toftfte
<br />a des, ;: •,41d all si=tu becu6ird lit- --tinder this : bstrument.
<br />the BorroROk.4eby assigns to the Wk4xbill profits, revenues.
<br />royalties, rights and benefits acCtnia ,i >�.*(ce Borrower under any and
<br />all oil and gas leases on aid Arent with the right to receive and
<br />receipt for the same and apply.•litc}h,:to said indebtedness as well
<br />before as after default in t8ocnviiilfnns of this instrument, and the
<br />Lender may demand, sue for andrk6 -ver any such payments when
<br />due and payable. but shall not lie nquired so to do. This assignment
<br />is to terminate and become null and void upon release of this
<br />instrument.
<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 .uf er 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 public use, the
<br />damages awarded, the proceeds for the taking of, or the
<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 Borrower to the
<br />Lender, and shall be paid forthwith to said Lender to be applied by
<br />the latter on account of the next maturing installments of such
<br />indebtedness.
<br />12. The Borrower further agrees that should this instrument and
<br />the note secured hereby not be eligible for insurance under the
<br />National Housing Act within eight months from the date hereof
<br />(written statement of any officer of the Department of Housing and
<br />Urban Devrllcpment or authorized agent of the Secretary of Housing
<br />and Urban Development dated subsequent to the eight months time
<br />from the date of this instr =ent, declining to insure said note and
<br />this mortgage, being deem conclusive proof of such ineligibility),
<br />the Lender or holder of the note may. at its option, declare all sums
<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 Lenders failure to n:aut 1ihv
<br />mortgage insurance premium to the Department of Housing xnd
<br />Urban Demdhpment.
<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 />Lender shall give notice t,o Borrower prior to acceleration
<br />fnllowiu&: &arroKer's breadt..of any- covenant. or a p=ent in this
<br />trsrrrM,t :liut.not Yrcrstoacorisi+z ctitdfei (Saiagraph 12 unless
<br />3d lit pEovides ottierwisey,.'iiFkd =' tice shall specify: (a) the
<br />deh&; Q*,h5e actionrequired to.iv= the default; (c) a date, not less
<br />Than 36 :4y from :ft2 date the notice is given to Borrower, by which
<br />the default must be dared; and (d) that failure to care the default on
<br />or before the date specified in the notice may rrwatkfrr.acceleraairsn.
<br />of the sums secured by this instrument and sale ,f tFrepertg.21[te
<br />notice shall further inform Borrower oaf the right -11& ,"ng!state .g
<br />acceleration and the right to briag.a ajurt actrom it),ducei the
<br />existence of a defauXW—M'y other d4ense of J to -
<br />acceleration and sale. 1k(h.- default it�,got cured 66.aa-before the :die : :.
<br />spec frnd.in the notice,' (?ridLr at ±i' tap;ion may rs'gifre immed
<br />paymem:.irr•In1) of all p*m securr�l%y,'rhis instrument without t `
<br />further : tlie'power of We and any atJiir ' `.'` `�;''','5: : :•,
<br />remedies jiiimincif tsij, it Viicable law. Lendershall'be entitled'ui,,
<br />collect :alLr�, ;nsesavatired in pursuing the r6mediei•.providetO
<br />this parigraluN 13, including, but not limited. tar,. t> ,mbriable :
<br />attonteo fibs and costs of title evidrxt j—.=
<br />If the power of We is invoked, Trustee shall reirrd a notice of
<br />default in each county in which any pan of the Prupedy 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 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. Trustee
<br />may postpone sale of all or any parcel of the Property by public
<br />announcement at the time and place of any previously scheduled
<br />sale. Lender or its designee may purchase the Pr.y at any sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to
<br />the purchaser Trustee's deed convevsCy the Property. The recitals in
<br />the Trustee's deed shall be prima facia evidence of the truth of the
<br />statements made thereia. Trustee shall. apply ttae proceeds of the sale
<br />in the following order. (4) to all expenses of the sale, 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 Security
<br />Instrument; and (c) any excess to the person or persons legally
<br />entitled to it.
<br />14. U;on acceleration under paragraph 13 or abandonment of the
<br />Properr:yJ.ender (in person, by agent or by judicially appointed
<br />receiver) it-Lit be entitled to enter upon. take possession of and
<br />manage ii c Property and to collect the rents of tho Property
<br />including those past 11 :& Any rents collected by Lender or the
<br />receiver shall be appied first to payment of the costs of management
<br />of the PToperty and collection of rents, including. but not limited to,
<br />receiva7', fees. premiums on receiver's bonds and reasonable
<br />a'tomey`s fees, and then to the sums secured by this instrument.
<br />(,%, as 3 of 5 MUD- 92143OT•1
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