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<br />102145
<br />made shall be added to the principal sum owing on the above
<br />note, shall be secured herebv, and shall bear interest at the rate set
<br />forth in the said note, until paid.
<br />7. That the Borrower hereby assigns, transfers an.i, sets over to
<br />the Lender, to be applied toward the payme•.tt of the note and all
<br />sums secured hereby ir. case of a default in the performance of
<br />any of the term; 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 tie sane and collecting the rents, revenues and income,
<br />and it m,.v ;ay out of said incomes all expenses of repairing said
<br />premises anal necessary commissions and expenses incurred in rent-
<br />:rig and manac{ng the s;tme and of collecting reniais therefrom;
<br />the balance remaining, if any, to be applied toward the discharge
<br />r said indebtedness.
<br />8. That the Borrower will keep the improvements now existing
<br />or hereafter erected on the property, insured as may be re luired
<br />frt,m time to time by the Lender against loss by fire and ether
<br />hazards, casualties and contingencies in such amounts and for such
<br />periods as m 1,,z required by the Lender and will pay promptly,
<br />when due, any remirtnts on such insurance provision for payment
<br />of which has i,,.; beert made hereinbefore. All insurance shall te
<br />carried in corn: anies a:oproved by the Lender and the policies and
<br />renewals thereof' shall be bold by the Lender and have attached
<br />thereto loss payable clauses in favor of and in form acceptable to
<br />the Lender. In event of loss Borrower will give immediate notice
<br />by mail to the Lender, who may make proof of loss if not mzce
<br />promptly by Borrower, and each insurance company concern• :I is
<br />hereby authorized and directed to make payment for such jxs
<br />directly to the Lender instead of to the Borrower and the Lender
<br />jointly, and the insurance proceeds, or any part thereof, may be
<br />applied ')y the Lender at its option either to the reduction of the
<br />indebtedness hereby secure ,.:: to the restoration or repair of the
<br />property damaged. In event ( foreclosure of this instrument or
<br />other transfer of title to the mortgaged property in extinguishment
<br />of the indebtedness secured hereby, all right, title and interest of
<br />the Borrower in and to any insurance policies then in force shall
<br />pass to the purchaser or grantee.
<br />9. That as tddttional and collateral security for the payment of
<br />the We described, and all sums to hecome due under this instru-
<br />ment, the Borrower hereby assigns to the Lender all profits,
<br />revenues, royalties, rights and benefits accruing to the Borrower
<br />under ar.y and all oil and gas leases on said premises, with the
<br />right to teceive and receipt for the same and apply them to said
<br />indebtedness as well before as nftcr default in the conditions of
<br />this instrument, and the Lender riay demand, site for and recover
<br />any such payments when due ard 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 commit 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 parr thereof, be condemned
<br />under 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 fuil smc,int of
<br />indeb edness upon this instrument and the note which it is given to
<br />secure. remaining unpaid, are hereby assigned by thr Borrower to
<br />the Lender, and shall be paid forthwith to said Lender to 'x ap-
<br />plied by the latter on account of the next maturing installments of
<br />such indebtedness.
<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 />tiorAl Housing Act within eight months from the date hereof
<br />(written statement of any officer of the Department of Housing
<br />and Urban Development nr authorized agent of the Secreury of
<br />Housnnl• ard. Urban Development dated subsequent to the eight
<br />months tim,: from the date of this instrument, declining to insure
<br />said note and this mortgage, being deemed conclusive 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 Housing Act is due to the Lender's
<br />failure to remit the mortgage insurance premium to the\'Depart-
<br />ment of Housing and Urban Deveopment.
<br />13. That if the Borrower fails to make any payments �oney
<br />when the same become due, or fails to conform to and comply
<br />with any of the conditions or agreements contained in this insr u-
<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 shall give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant or agreement in this
<br />instrument tt:ut not prior to acceleration under paragraph 12
<br />unless applicable law 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 :he notice is given to
<br />Borrower, 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 acceh- ation 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 atty other
<br />defense of Borrower to acceleration and sale. If the default is not
<br />cured on or before the date specified in the notice, Lender at its
<br />option may require immediate payment in full of all sums secured
<br />by this instrument without further demand and may invoke the
<br />power of salsa and any other remedies permitted by applicable law.
<br />Lender shall be entitled to collect all expenses incurred in pursuing
<br />the remedies proviucd in ihs paragraph U. including, but not
<br />limited to, reasonvt le attorneys' fees and costs of ti le eviuence.
<br />If the power of sale is im_ked. Trustt•-, 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 trtanner prescribed by
<br />applicable law to Borrower and to the other persons precribed by
<br />applicable law. After the time required by app:icable law, Trustee
<br />shall give public notice of sale to the persons and in the manner
<br />prescribed by applicable law. Trustee, , ithout demand on Bor-
<br />rower, shall sell the Property at public -.uctior to the !iighest bid-
<br />der at the time and place anti under , terms desigriwed in the
<br />notice of sale in one or, more t .:tl• ..ad in any order Trustee
<br />determines. Trustee may postpone sale of all or any parcel of the
<br />Property by pub 'Sc announcement at the time and place of any
<br />previously sclirdu;ed sale. Lender or its designee may purchase the
<br />Property a! _r, stale.
<br />Upon rrcc`pt of payment of the price bid, Trustee shall deliver
<br />to the r;urcic.,r: Trustee's deed conveying the Pro;xrty. The
<br />recite;, in the I rastoe's deed shall be prima facie evidence of the
<br />truth .,t Ow statenfcttts made therein. Trustee shall apply the pro-
<br />ceeds of t',e sale in the following order: (a) to all expenses of the
<br />sale, iri lueir,g, but not limited to, Trustee'!: fees as permitted by
<br />applic:.hle it w and reasonable attorneys' fees; (b) to all sums
<br />secured by 6i;s Security Instrument; and (c) any excess to the per -
<br />!,,.in or persons legally entitled to it.
<br />HUD-92143DT
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