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<br />made shall be added, to the princi�l 'sitm owing on the above
<br />note, shall tie .secured. hereby..attd �>h�. i:Far interest at the rate set
<br />forth in the'Wd: note, until,puifdt;
<br />7. Thar
<br />and sets over to
<br />,Ui`rynaF frirf;j;si,^r� 'tr��nsrets
<br />the Lertd�;.ra:li> iij= jntrxl =ts; ard;Ui it of the note and all
<br />sums scc se default in the performance of
<br />any of the icrnts and condhions.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 incomes all expenses of repairing said
<br />premises and necessary commissions and expenses incurred in rent-
<br />ing and managing the same and of collecting rentals therefrom;
<br />the balance remaining, if any, to be applied toward the discharge
<br />of said indebtedness.
<br />8. That the Borrower will keep the improvements now existing
<br />or hereafter erected on the property, insured as may be required
<br />from time to time by the Lender against foss by fire and other
<br />hazards, casualties and contingencies in such amounts and for such
<br />periods as may be required by the Lender and will pay promptly,
<br />when due, any premiums on such insurame provision for payment
<br />of which has not been made hereinbefore. All insurance diali be
<br />carried L7, ��ampanies approved by the Lender and the policies and
<br />renewzls F, eof shall be held by iltetender and have attached
<br />thereto. J.1N s, gayab!e clauses in f iv'or. of and in form acceptable: ;vv
<br />the Letld:r.. In event of loss Borrower will give immediate notice
<br />by mail tz- s*.e Lender. who may make proof of loss if not made
<br />promprlv,':y Borromi-i_and each insurance company concerned is
<br />hereby a4h.Fieed at_w greeted to make payment for such loss
<br />directh . �.� : e Lender instead of to the Borrow er and the Lender
<br />jointly, aa-- the insurance proccedR, or- any pan thereof., may Ise
<br />applied by the Lender at its option either to the reduction of the
<br />indebtedness heretr iec;�cd or to the restoration or repair of the
<br />property damageu. 1_i dent of foreclosure of this imtrumvyn or
<br />other tram`,y of t:tie to the mortgaged property in extinguishment
<br />of the indeh;dness secured hereby, all right, title and interest -if
<br />the Borro +her in and to any insurance policies then in force %Ir,3JJ
<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 intm-
<br />ment, the Borrower hereby assigns to the Lender all profits,
<br />revenues, royalties, rights and benefits accruing to the Borro.werr
<br />under any and all oil and gas leases on said premises, with the .
<br />right to receive and r"ipt for the same and apply them to
<br />indebtedness as we;:: be ore as after default in the condifiortsr nr
<br />this inst-t, r,. z:.4 the Lender may demand, sue for and re:r3ver
<br />any sues payments when due and payable. but shall not be re-
<br />quired so itx do. T*ns assignment is ro terminate and become ncil
<br />and void upon rele-zU of this instrument.
<br />10. T!tw r }`e Borrower will keep the buildings upon said prcmi:(a.
<br />in good repair, and neither commit nor permit waste upon s:id
<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 />tinder the power of eminent domain, or acquired for a public use.
<br />the damages awarded, the proceeds for the taking of, or the con-
<br />sideration 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 />secur: remaining unpaid, are hereby assigned by the Borrower to
<br />the tender, and shall be paid forthwith to said Lender to be ap-
<br />plied, by the latter on account of the next maturing installments of
<br />such indebtedness.
<br />12. The Borower 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 />(vtr ;ten statemrnt of any officer of the Department of Housing
<br />and Urban Development or authorized ager(t of the Secretary of
<br />Housing and Urban Development dated subsequent to the eight
<br />months' time from the date of this instruritent. declining to insure
<br />said note and ,.this mongage, being deemed conclusive proof of
<br />such ineligibfTiy), the Lender or holder of the note may, at its op-
<br />tion, declare all sums secured hereby immediately due and payable.
<br />Nomithstandl4ig the foregoing, this option may not be exercised
<br />by the Lend:= or the holder of the note when the ineligibility for
<br />insurance under the National Housing Act is due to the Lender's
<br />failure to rer "t the mrvrtgage insurance premium to the Depart-
<br />ment of Housing and Urban Docopment.
<br />13. That if the Borrower fails to make any payments of money
<br />when the saruc become due, or fails to conform to and comply
<br />with any of tie conditions or agreements contained in this instru-
<br />ment, or the = ote which it secures, then the entire principal sum
<br />and accrued interest shall at once become due and payable. at the
<br />election of zh: Lender.
<br />Lender sha1 give notice to Borrower prior to acceleration
<br />following Bor-ewer's breach of any covenant or agreement in this
<br />imtruraent (t•..:t not prior to aczz• 2radcm under paragraph 12
<br />unkrvz applicable law provides o*2:rw•ise). The notice shall sp try:
<br />(a) the defau`;; (b) the action required to cure the default; (e) a.
<br />date, not less than 30 days from the date the ncrizt is given is
<br />Borrower, by which the default must be cured; an! id) that z'ure
<br />to •Cu;c: .,he cnfault on or before the date speciF d in the notice
<br />may ar.': in acceleration of the sums secured by this lisTrun, exit
<br />and ,� s;f the Property- The •avJ:x shall further inform Borrower
<br />of the rigrt w n:icl.cz-oe after :'e ce;eration and the right to bring a
<br />court action,. :o asi= rR c: r: s »=;-cAtence of a default or any other
<br />defen�_ of Eorrower tc. and sale. If the default is not
<br />cured cii or before the date speciflaj in the notice, Lender at Its
<br />opticr, inay require immediate payment in full of all sums smred
<br />by this instrument without further demand and may invoke the
<br />power of a and any other remedies permitted by applicable law.
<br />Lender shall be entitled to collect all expenses incurred in pursuing
<br />tRc remedies provided in this paragraph 13, including, but riot,.
<br />1s�r ::ed to, -casonable attorneys' fees and costs of title
<br />if the power of sale is invoked, Trustee shall record a notice'of
<br />default in each county in which any pan of the Property is located
<br />and shall ritail copies of such notice in the manner prescribed by
<br />ap;b:cable law to Borrower and !w.. the other persons prem.1$A by
<br />ahl,i�: able law. After the time required by applicable lase; Tr.rustee
<br />,,R, '.l give public notice of sale to the perso :s .F.•.iS in tn—., manner
<br />]prescribed by applicable law. Trustee, witho,:,: !6e' -and on Bor-
<br />ra er, shall sell the Property at public au:.io`r_• Ea : *e highest bid -
<br />:t. &,,e time and place and under the as the
<br />riC {:iKstof sale in one or more parcels and a =.y,order,Tn*,:rae
<br />tieRti ^es. Trustee may postpone sale of z!1 •m any parcel of the
<br />Property by public announcement at the um .aid place of any
<br />previously scheduled sale. Lender or its designee may purchase the
<br />Property at any sale.
<br />Upon 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 />sale, including, but not limited to. Trustee's fees as permitted by
<br />applicable law and reasonable attorneys' fees; (b) to all sums
<br />secured by this Security Instrument; and (c) any excess to the per•
<br />son or persons legally entitled to it.
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