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<br />made shall be added to the principal sum owing on the above
<br />note, shall be secured hereby, and shall bear interest at the rate set
<br />forth in the said note, until paid.
<br />7. That the Borrower hereby assigns. transfers and sets over 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 the said
<br />note, all the tents, 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 We power to appoint any agent• or
<br />agents it may desire for the purpose of repairing said premiss acid
<br />of renting the same and collecting the rents, revenues and inconre.
<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 callvoing 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 uttprovements now existiitg
<br />or hereafter erected on the propert3;, Ins:ired as maybe requlm e
<br />from time to time by the Lender agaiizsx loss by fire and other .
<br />hazards, casualties and contingencies in such amounts and for ;5-, r,
<br />periods as may be required by the Lender and will pay promptly,
<br />when due, any premiums on such insurance provision for payment
<br />of which has not been made hereinbefore. All insurance shall be
<br />carried in companies approved by the Lender and the policies and .
<br />renewals thereof shall be held by the Lender and have attached,
<br />thereto loss payable clauses. in favor of and in form acceptable to
<br />he Lender. in event of L-ss Borrower will give uttrreUiate notice
<br />by mail to the Lender, Wlbi'- May tna}t proof of t� -w it not made
<br />promptly by Borrower. and each insurance compiny concerned is
<br />hereby authorized and directed to mak: payment for such ioss
<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 by the Lender at its option either to the reduction of the
<br />indebtedness hereby secured or to the restoration or repair of the
<br />Ptowtiy dattmpd. In cvcni -uf ioteciusure 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 additional and collateral security For the payment aG
<br />the note rtes: crC�d,axs i:all sums to become due wr;,3er this instru-
<br />ment, the H'©ir6)txc11i=, by assigns to the Lender. aU profits,
<br />revenues, rovaltids; �iim and benefits accruing to clot Borrower .
<br />under any and all oif i6l. gas leases on said premises, with the.,
<br />right to receive and rt' t for the same and apply them to said
<br />indebte mess as well be;'dre as after default in the conditions df
<br />this; ttsrAtment, and owe Lender may demand, sue for and recover
<br />..-a6 sum :payments wit.= clue and payable. but shall not be re-
<br />f.Z= 4 to do. This ;tsssghment is to terminate apd become null
<br />an¢ v!,,64 upon release of this instrument.
<br />10. Thav 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•"premises to be used for any unlawful
<br />purpose.
<br />11. ThaL, iff.ihe premises, or any pan thereof. be condemned
<br />under the power of eminent dorrattr ;, or acquired for a publ1c,.use.
<br />the damages awarded;; ik procee& Pot the takinrof; or *'cmn.
<br />siderstion for such aim bn, to the extent of at ;:''amount of
<br />indebtedness upon this. 4 irument and the note . fsir h'it is given to
<br />secure remaining unpaid; are hereby assigned'.itym'ttx Borrower tet
<br />the Lender. and shall be paid forthwith to saiit.; .der to be ap-,•,
<br />plied by the latter on account of the next maturisq installments of
<br />such indebtedness.
<br />i
<br />89-- 103089
<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 />tional Housing Act within eight months from the date hereof
<br />(written statement of any officer of the Depanment of }lousing
<br />and Urban Development or authorized agent of the Secretary of
<br />Housing and Urban Development dated subsequent to the eight
<br />months' time 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 ineligibft� 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 />mem of Housing and Urban Deveopment.
<br />13. ThaL if the Borrower fails to make any payments of money
<br />when, the vme become due, or fails to conform to and comply
<br />with any of tits conditions or agreements contained in this instru-
<br />ment. or the note wvhfch it secures, then the entire principal sum
<br />and accrued intere5 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 (but 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 the nmice is given to
<br />Borrower, by which the default muse be cured; and (d) that failure
<br />to cure the default, on or before ttxa date specified in the notice
<br />may result in aceeltration 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 any other
<br />defense of Borrower to acceleration and sale. If the default is not
<br />cured on or before the due specified in the notice, Lender at its
<br />option may Require immediate payment in fall or all sums k=ed
<br />by this instrument without further demand and may invoke the
<br />po%:er.of sale and any other remedies permitted by applicable law.
<br />Lender shall be entitled to collect all expenses incurred in pursuing
<br />the remedies provided in this paragraph 13, including, but not
<br />limited to. reasonable attorneys' fees and costs of title eviddn¢e.
<br />tf elye power of sale is invoked, Trustee shat➢ record a notice of
<br />44th. fr•,ia each county in which any part of the Property is located
<br />and shall niail'copies of such notice in the manner prescribed by
<br />applicable law to Borrower and to the other persons precribed 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 Bor-
<br />rower, shall sell the Property at public auction to the highest: b64-
<br />der at t1n• time and place and under the terms designated ii ilhg,
<br />nd6je of sale in one or more parcels and in any order Trustee
<br />determines. Trustee may postpone sale of all or any parcel of the
<br />Property by public announcement at the time and place of any
<br />pretiausly scheduled sale. Lender or its designee may purchase the
<br />Ptopeny at any sate.
<br />Upon receipt of payment of the price bid, Trustee shall deliver
<br />ser
<br />to the purcha TMmee's deed conveying tht ,Property. The
<br />recitals in the Trusree's deed shall be prima ir ividence of the
<br />trutivoE,the statements made therein. Trustee shall apply the'pro.
<br />ceeds efAhe sale in the following. order: (a) to all tMwnses-a • the
<br />sale, including, but not limited to, Trustee's fees as permitted f'ry
<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 ar persons legally entitled to it.
<br />Page 3 of 5 1 IF .. "LW 21430T
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