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<br />made shall be added to the principal sum cn %ing 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. Mat the Diortower 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 titib Instrument or the said
<br />note, all the rents, revenues and income to be derived from the
<br />%aid premises during such time as the indebtedness shall remain
<br />unpaid, and the Lender shall ha%e poser 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 ma) 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 />thq Ktlaacr rvnaming, if any, to be applied itmard the discharge
<br />Of �aitY irndehti.cdness.
<br />ti. That tN 13orrow•er.'xvill,keep the impn,,xemenis now rxisr +�g
<br />or hereafter crested on the property, insured as may be require -4. '
<br />from time to tiine by the Lender against loss by fire and other
<br />hazards, casualties and axuorgencies in such amounts and for su:h
<br />periods as may be-requiter; by the Lender and %sill pay promptly,
<br />when due, an}•premiutns on such insurance provision for paymer„
<br />of which has not been made hereinbefore. All insurance shall be
<br />carried in companies approved by the Lender and the policici and:
<br />renewals thereof shall be held by the Lender and have attached
<br />thereto loss payable clauses in favor of and in fora st..,eptable 4.
<br />the Lender. 11t e%eut of loss Borrower will give immediate notice
<br />b) mail to the tender, %%ho may make proof of loss if not made
<br />prornpil) by Gerrower, and each insurance company concerned is
<br />hereby authorized and dirtscted to make payment for such loss
<br />directly to the t ender ttt-wd of to the Horro%%er and the Lender
<br />jointly, and the insurance pr- ,weeds, or an) part thereof, may be
<br />applied by the Lender at nq- option either to the reduction of the
<br />ir.�Y:c3rti ' -hi rct; "wzurid C. m the iCiiC•reiivn C+i rcyaii V1 .1
<br />property damaged. In e%ent of foreclosure of this instrument or
<br />other transfer of title to the mortgaged property in "tittsuishment
<br />of the indebtedness secured hereby, all right, title and. uttsrest of
<br />the Borrower in and to at? rssurance policies then in %xC shall
<br />pass. to the purchaser or geM c-e.
<br />9. That a� 4duiona! _nm4 collateral sz,writy for the payment 5 f
<br />the note described, and d:;Bs�qms to brtxsme. due unds"s this instru-
<br />ment. the Borrower hervl }y, , assigns to the Lender ai;ii (;rofas.
<br />revenues, royalties, rights and benefits accruing zo. ;Ih Borrower
<br />under any and all oil and gas teases on --�a:.d ptem -ises. with the
<br />right to receive and receipt for the an*.- ap ir' them to said
<br />indebtedness as well before as after dcfa;rl!t ir.:fe•.onditions of
<br />this instrument, and the Lender may demand, ace fox and recovea
<br />j:) such payments when due and payable, but shalt cwt. be re-
<br />quired so to do. This assignment is to terminate and become null:
<br />and void ur4dirtr release of this instrument.
<br />10. That the-Borrower will keep the buildings upon said premises
<br />in good repair, and neither commit not permit waste upion said
<br />Lud. not suffer the said premises to be used for any az.awful
<br />put".
<br />t'k.. That. it the.' premises, or any part thereof, be condemned .
<br />under the power of eminent domain. or acquired for p.public use.
<br />JIM- damages awarded, the procreeds for the taking of, or the cwn-
<br />..141deration for such acquisition, to the extent of the frill 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
<br />the Lender. 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 />I:. The Borrower further agrees that should this instrument and
<br />the note secured hereby not be eligible for insurance under the Na-
<br />ttonal Housing Act within eight months from the date hereof
<br />(written statement of any officer of the Department of Housing
<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 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.nt..Whe any pavements of money
<br />w hen the same become due, or fails to. conform hi• and compty .'
<br />with any of the conditions or agreements contained in this instru-
<br />ment, or the note which it secures, then the entire pi•)ncipal sum
<br />and accrued interest shall at once become due and. payable, at the
<br />election of the Lender.
<br />Lender shall gi%e notice to Borrower prior to acceleration
<br />lollowing Borrower's breach of any covenant or agreement in this
<br />instrument (but not prior to acceleration under paragraph 12
<br />utiless applicable law provides otherwise). The notice shall specify:
<br />(a) the default: (b) the action required to clue the default; (c) a
<br />date, not. Less than 30 days from the date the 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 acceleration 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 ttte non - existence of a default or any other
<br />defense of Borrower to acceleration and sale. If the default is not
<br />cured un ur 'vctutc the date specified m me notice. Lender at US
<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 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 iii this paragraph 13, including, but not
<br />limited to. reasonable sttx;rncys' fees and costs of-txe evidence.
<br />If the Baer of sale is invoked, Trustee'shall record a notice of
<br />default it 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 law to Borrower and to the other persons precribed by
<br />,applicable law..4rer t:h rime required by applicable law, Trustee
<br />shall give _Niz h6tibe of sale to the persons and in the manr._er
<br />prescribed its applicable law. Trustee. without demand on Boni
<br />row•er.slVATsell the Property at public auction to the highest bid -
<br />'..der at thi time and place and under the terms designated in the
<br />: notice of sale in one or more parcels and in any order Trustee
<br />determines. Trustee may postpone We of all or wtv parcel of the
<br />Property 6j' public announcement at'r*e time anO.Pilace of any
<br />pre%iousty; szheduled sale. Lender or, }rs designee may purchase the
<br />Proper¢} a r'sny sale.
<br />Upon receipt of payMmt" of the price bid, Tru'fru�, (;hall deliver
<br />to the purchaser Trusree's'deed conveying the Pre•. The
<br />recitals in. the Trustee's deed shall be prima facie evidence of'tite
<br />truth of the statements made therein. Trustee shall apply the goo-
<br />coeds 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 iegally entitled to it.
<br />Page 3 of 5 HOD42MM
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