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<br />trade shall be added to the principal sum owing on the abave:
<br />note, shall be secutd hereby. and shall bear interest at the.rate set
<br />forth in the said note, until paid.
<br />7. That the Harrower hereby assigns, transfers and sets.ilaer to
<br />the Lender, to be applied toward the payment of the note and all
<br />sums secured hereby in case of a default in the performance of
<br />any of the terms and conditions of this instrument or ttit, 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 an)� agent or
<br />agents it may desire for the purpose of repairing said ptemises 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 fndebtesitti:ss.
<br />That the Borrower will keep the improvements ntns existing
<br />at fsereafter erected on the property, insured a; may ,pe w- 4ajred
<br />from time to time by the Lender against Legs. by fire.,altd oth,:._ .
<br />hazards. casualti •. and contingencies in s :d, amounts: and,far. s�oic:„
<br />periods as m:..y 2,r rw—,::red by the Lender and will pay promo
<br />when due. any [rlia°:iatris or such insurance prtwisiot't,`oc paymezi-
<br />of which has rrt_ seen made hereinbefore. Ail insuatt ;e snajl'be
<br />carried in com m ies approved by the Lender and tha( gai'kwns art -2
<br />renewals therecsf eyiall be held by the Lender and haft. attccted
<br />thereto toss payable clauses in favor of and in formaicepteb:e.
<br />the Lender. In event of toss Borrower will give immsdime ragO.
<br />l y tfrail to the Lender, who may make proof of Toss rf, E3o rnal.
<br />V1,11 trjtly by Borrower, and each insurance company mn,:c.; <e4
<br />fat by authorized and directed to make paytni:nt foe, suctd.loss
<br />directly to the Lender instead of to the Bc -iiao ver aml'the Lender
<br />jointly, and the.imurance proceeds, or any pe:t th;renf; may he
<br />applied by the Lender at its option either to the redocnon of the
<br />indebtedness hereby secured or to the restaration ot,repair of the
<br />property damaged. In event of foreclosure of thi; thitrument or
<br />nrher !ransfer of *;:I to the ntartgagcu pn,r%crty iu1extinguishment
<br />of the indebted. 1. secured hereby, all right, tine a.*t:i interest of
<br />the Borrower grand to any insurance pohk;ics thtrwin force shali
<br />pass to the purchaser or erantee.
<br />9. That as additional and collateral secant) foe-ttct payment of
<br />the nutc described, and all sums to hecutne due unjli•r,ttils insttu•
<br />ment. the Borrower hereby assigns -to the Lender all 'prnhts,
<br />revenues, royalties, rights and benefits accruing to tit: Borrower
<br />under any and all oil and gas leases an said premiiet:,.xaith tit.
<br />right to receive and receipt for the same and apply than to said
<br />indebtedness as well before as after default in the cor,Jitions of
<br />this. instrument, and the Lender may demand, sue IM and recover
<br />any such payments when due;ntc! payable, but shatltnol W re-
<br />quired so to do. This assignment is to rcrminate in,.vbcr.?iy to null
<br />and void upon release of this instrument.
<br />10. That the Borrower will keep the baj!dix.as upon,sa:J premises
<br />in good repair, and neither commit not perm .,. waste tap��t; said
<br />land, nor suffer die said premises to be used far any artlawful
<br />purpose.
<br />! !. That if the Premises. or any part thereof, be corjemn:d
<br />under the power df,uminent domain, or acgmred for a,public use.
<br />the damages awan(ied, the proceeds for the taking of. or, the con•
<br />sideration for such acquisition. to the extent of the full1 tamount of
<br />indebtedness upon this instrument and the note which fads given to
<br />secure remaining unpaid, are hereby assigned by the SWrower to
<br />The Lender. and shall be paid forthwith to said Lender to bit ap-
<br />plied by the latter on account of the next matu. ing instal_ -hints of
<br />such indebtedness.
<br />... A02047
<br />12. The Wrrowe: furtt.nz.Agrces that should this instrument and
<br />the note secured hereby ro-M to eligible for insurance under the Na-
<br />tional Housing Act saithi;t e4ht. months from the date hereof
<br />(written statement of any oSf Xr. of the Department of Housing
<br />and Urban Development o: authorized agent of the Secretary of
<br />Housing and Urban Deaea'>,; tent dated subsequent to the eight
<br />months' time from the date of this instrument. declining to insure
<br />said note and this mortgagt_ icing deemed conclusive proof of
<br />such ineligibility), the Lerds&z err holder of the note may, at its op-
<br />tion, declare all sums secu7C 4!hereb= immediately due and' payable..
<br />Nomithstanding the forego r4, this option may not be exercised
<br />by the Lender or the P,ofder nr the note when the ineligibility for
<br />insurance under the National dousing Act is due to the Lender's
<br />failure to remit the morteape insurance premium to the Depart-
<br />ment of Housing and Lrban Deveopment.
<br />! 3. That if the Borrower Bits to make any payments of money
<br />,when the saute become d;ce; or fails to conform to and comply
<br />•title any of the conditions ciz agreements contained in this instru-
<br />xr ml- ar flit r>,pte which it I'v"ures, then the entire principal sum
<br />gild accrued interest sM.1 at once become due and payable, at the
<br />:lection of the Lender.
<br />.l
<br />Lender shall gibe notice roc Borrower prior to acceleration
<br />:ollvsvittg Borrower's breacF. of any covenant or agreement in this
<br />instrument (but not prig: to acceleration under paragraph 12
<br />ur.,less applicable lay. protii 1m otherwise). The notice shall specify:
<br />r_he default; (b) the a,. ,tiors,required to cure the default; (c) a
<br />�o�x ;T.,: r !as than 30 days from the date the notice is given to
<br />which the defa3tlt must t_tia aired; and (d) that failure
<br />default on or bel'nre the &X: �vecified in the notice
<br />.7,4 result in accetera :ior, 06--the sums secured by this instrument
<br />.w;sd sale of the Property. Thu notice shall further inform Borrower
<br />,rf the right to reir:state after: acceleration and the right to bring a
<br />:oral action to assert the non-existence of a default or any other
<br />defense of Borrosser to a.:ce':ration and sale. If the default is not
<br />cured on or before the daze specified in the notice, Lender at its
<br />option may require irnmedya. a payment in full of all sums secured
<br />by this instrument witi•out farther demand and may invoke the
<br />power of sale and any other. remedies permitted by applicable law.
<br />i.ender shall be entitled to ceillect all expenses incurred in oursuira, .
<br />omnca attorneys, fees and Costs of title cvidencgF
<br />If the potser of 'safr. is imi.oked, Trustee shall record i_, uri„ •;l
<br />default in each co4ttty it, which any part of the Propuiyr w
<br />and shall mail copies of iudt notice in the manner pre scs'.br In
<br />applicable law tit Borrower and to the other persons precribea i;r .
<br />applicable late. Aft.r the rilne required by applicable ?r;;, Trustee
<br />shalt give public notice of tale to the persons ant! in rfie t-nanner
<br />prescribed by applicable Ltv'.. Trustee, without demantS.-On Bor-
<br />MAU-'hall sell the Property at public auction to the S ighest bid-
<br />der at the cave and Fface and under ther terms designated in the
<br />ocitice of sale in one or mortz parcels :3n1 t;1 any order Trustee
<br />determines. Trustee may rw7pone sale at all or any parcel of the
<br />Property by public annowa-mrtent at the time and place of any
<br />Previously scheduled sate. I.xaider or its designee may purchase the
<br />Property at any salt•.
<br />Upon receipt of paymeal of the price bid. Trustee shall deliver
<br />to the purchaser Trustee /'•deed conveying the Property. The
<br />recitals in the Trustee's deed shall he prima facie evidence of the
<br />truth of the statelgerlts made therein. Trustee shall apply the pro-
<br />ceeds of the sale in the fGlowing order: (a) to all expenses of the
<br />sate, including, tut ::et leaked to. Trustee's fees as permitted by
<br />applicable law and reasonable attorneys' fees; (b) to all sums
<br />secured by this 5evvrity Estrument; and (c) any excess to the per-
<br />son or persons legally entitled to it.
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