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<br />89--w 102437
<br />event of foss Borrower will give immediate notice by mail to the
<br />Lender, who may :nsielce proof of loss if not made promptly by
<br />Borrower, and e� insurance company concerned is hereby
<br />autitorizo and dfittted to matte payment for such loss directly to
<br />the Leader 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 at its option either to the reduction of the indebtedness
<br />hereby secured or to the restoration or repair of the property
<br />damaged. In event of foreclosure of this instrument or other transfer
<br />: of title to the mortgaged property in extinguishment of the
<br />indebtedness secured hereby, all right, title and interest of the
<br />Borrower in and to any insurance policies then in. frsrm shall pass to
<br />the purchaser or U.vM,-.
<br />fl-.' is ait icyh& and Copilot ;1;w t - pa_yrr nti: dr -tc
<br />narFdhiv�iii�si i�r :T tn•11-su :trYrr <<nsfesOtisihtlz ttIL,
<br />• . ' 'ire �t�+�x i4�'i�i_r t;i: tiireti:c� � sii_ jrn.rz�, revenitts:
<br />r.�,r:4 ia,'riglttsarsdiaig3r ao=4 G ?�.i,,t; k�Erris�aer under any and
<br />all oil and gas leas i !id p t, ia-.7,";06 1lhi'4T i tt to receive and
<br />receipt for the same 4iid apgig tin `(ir �aiiii`.i�"xedness as well
<br />be a as afterdefsidt :� ,the u�mitrtri� �r lids instrument, and the
<br />herder. may dema�il .hide r as sever any E),•,o . payments when
<br />eairddPayable; 1piVAialtrot be required so u.3 61. This assignment
<br />ti iitiprn+ W- Itmiiinate and'hazt -uae null and void upon release of this
<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 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 tender 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 instrumer: and
<br />the nose 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 Ueparrrent of Housing and
<br />Urban Development 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 instrument, declining to insure said note aed
<br />this mortgage, being deemed conclusive proof of such ineligibility),
<br />the Lender or holder of the note may, at its optccn, declare all sums
<br />secured hereby immediately due and payable. Nctwithstanding 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 />any of the conditions or agreements contained in this instrument, or
<br />the note which it secures, then the entire principal sum and accrued
<br />interest shall at once become due and payable, at the election of the
<br />tender.
<br />Lender shall give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant or agreement in this n
<br />instrument (but not prior to acceleration under paragraph 12 unless
<br />applicable law provides otherwise). The notice shall specify: (a) the
<br />default; (b) the action required to cure the default; (c) a date, not less
<br />than 30 days from the date the ripfRe. is gven to Borrower, by which
<br />ft default must be cured; and (d), Iirtzi; Cull re to cure the default on
<br />�Tsefore the.date specified injhti I= r.171AF result in 3 =9=tion
<br />of ti :r sums secured by tEs. T4sijiiitri :.grit rsdi 4 ?' t[re y r. The
<br />actmn. shalF further inform I3z :,,�iawtsr n1>a)ire.rij 7 t� rttsns r ar
<br />awderatica and, tiLe cifi Feu. ia � "'he
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<br />er7Str (J�M w.
<br />aiastira ttuaz• cart : rf tits cirdti tr1� s slot
<br />cured on or': Jlw' da:
<br />Tbafarlf 16 t lire datior:. Leadri.4i.- option may req=Z
<br />)Sxkrsitirc in lull :f.r;tiita3rtts,os3 by this instrum�nj :viiiis7ff : ,' :: i;
<br />fiu�ln ,fem:trd nni ist4y iat+ it :.ri;P posvercil zite.: in1; ic: i d er
<br />rertieits permittrw3'!;y a17;lii tsl - iit� „: T ;rib �;r�Lti# � „ � to
<br />coltez�; all expenses incurr6d iir tstusuing the rai -.ed es pro.ided in
<br />this paragraph 13, including, but not limited to, reasonable
<br />attorneys' fees and costs of title evidence. :
<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 in the manner prescribed by
<br />applicable taw 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 sett 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 des;orec may o::rchase the Property at any sale.
<br />Upon receipt cif tPa; :rent of tc•t price bid. Trustee shall deliver to
<br />the purchaser T!w ='s deed cor.: eying the Property. The recitals in
<br />the Trustee's deed shall be ,, ^•r,. -W 'acie evidence of the truth of the
<br />swtments made therein. •T �1s,t:e shall apply the proceeds of the sale
<br />in lbe following order: (a) t., 9J expenses of the sale, including, but
<br />not limited to, Trustee's fees as pe-mit:ed L;- applicable law and
<br />reasonable attcrneys' fees; (b) tc t:i sums s�,:red by this Security
<br />Instrument; and (c) any exccs i :.s1.e 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 costs of management
<br />of the Property and collection of rents, including, but not limited to,
<br />receiver's fees, premiums on receiver's bonds and reasonable
<br />attorney's fees, and then to the sums secured by this instrument.
<br />_gage 3 or S _ --
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