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<br />89-... 103190
<br />made shall be added to the principal sum owing on the above
<br />note, shall be wcuted htrgby. and shall bear interest at the rate set
<br />forth in the said note, until paid.
<br />7. That the Borrower hfroby assigns. transfers and sets over to
<br />the Lender, to be appiictl. toward the payment of the note and all
<br />sums secured herebll its. 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 rents, revenuers and income to be derived from the
<br />said premises during such, dmo as. the indebtedness shall remain
<br />unpaidi. and the Lender shalhhovi+, pwver to appoint any agent or
<br />agent. 0t. wniy- 444site for the purpose of repairing said premises and
<br />of renting, the sawe anti. collecting the rents, revenues and income,
<br />and it may pay out. of said, incomes all expenses of repairing said
<br />-premises and necessaty c,"missions and expenses incurred in rent-
<br />ing and managing the same and of collecting rentals therefrom:
<br />the Maw: remaining, if any, to be ai plied toward the discharge
<br />of said ind.cbtcxfness. .
<br />S. That tlu! 13<,rvowet• %sill keep the improvements now existing
<br />en hereafter ereckd. on the property, insured as may be required
<br />from time 6 time by the Lender against loss by fire and other
<br />hazards, s;acuahies and contingencies in such amounts and for suzh
<br />periods-as tray be required by the Lender and will pay promptly.
<br />;when due, any premium, on such insurance provision for payment
<br />,�f which has not been: shade hereinbefore. All insurance shall be
<br />married in companies a7pzosed by the Lender and the policies and
<br />lenew•als thereof shall lie held by the Lender and have attached
<br />thereto loss payable clauses in fasor of and in form acceptable to
<br />the Lender. In event of :kC8s Borrower will give immediate notice
<br />by mail to the Lender, sji o. may make proof of loss if not made
<br />promptly by Borrower, and each insurance company concerned is
<br />hereby authorized and directed to make payment for such loss
<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 />prop:.ty damaged. In event of forcclw ure _f t1:i. instrument or
<br />other transfer of title to the mortgaged property in extinguishment
<br />of the indebtedness secured hereby, e,! right, title and interest of
<br />the Borrower in and to any insur=,,- policies then in force shall
<br />pass to the purchaser or grantee.
<br />9. That as additions. and collateral security for the payme: t of
<br />the note described, and all sums to become duc under this instru-
<br />ment. the Borrower hereby assigns to the Lender all profits,,
<br />revenues tbyalties, rights and benefits accruing to the Borrower
<br />under ars,and all oil4pl.gas leases on said premises, with the
<br />.right to receive and recc -pt for the same and apply them to said
<br />indebtedness as well before as after default in the conditions of
<br />this instr;irrem and the Lender may demand. sue for and recover
<br />such I
<br />any ajments when due and payable. but shall not be re-
<br />quired sa 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 />pulse
<br />ll. That if the prerdscs, or any part thereof,,'be condemned
<br />under tM:Mower of ei rninent domain; or acquired for a public use,
<br />the daismge9 awarded, the proceeds for the taking of, or the con-.
<br />sideration for such acquisition, to the extent of the full ameum of:
<br />indebtedness upon this, instrument and the note which it is giveri 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 insudIments of
<br />such indebtedness.
<br />12. The Borrower furthta agrees that should this instrument and
<br />the note secured hereby not he eligible for insurance under the Na-
<br />tional Housing Act within eight months from the date hereof
<br />tssritten 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 Deveopipent.
<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
<br />with any of the conditions or agreements contained in this instru-
<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 aomleiation
<br />following Borrower's breach of any covenant +air 'pVcement in this
<br />instrumon (but not prior to acceleration udder paragrap° i2
<br />unless applicable law provides othenxisel, The notice shall -ifs:
<br />(a) the default; (b) the action required is cure'ihe default; (c) a
<br />date, not less than 30 days from the date-the aratice is given to
<br />Borrower, by which the default trust be cured; taiid (d) that failure
<br />to cure zhe default can or before the 'date speti :Twsd' in the ream -e
<br />may res:.;..in acceleration of the sums secured by this instiumi:nt
<br />and sale of the Property. The notice shall further inform Borrower
<br />of the right to reinstate after acceleration and tine right to bring a
<br />court action to assets 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 date specified in the notice, Lender at its
<br />npr_inn tray remrire 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 in this paragraph 13. including, but not
<br />limited to, reasonable 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 pan 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. 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 bid-
<br />der at the 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 sale of aU or any parcel of the
<br />Property by public announcement az the time and place of any
<br />previously scheduled sale. Lender oz its designee may purchase the
<br />Property at any sale.
<br />Upon receipt of payment of the.psice bid. Trustee shall deliver
<br />to :,he pus chaser Trustee's deeds conveying the Property. The
<br />reck4 in the Trustee's deed shall be prima facie evidence of the
<br />truth of the statetreretcs made therein. Trustee shall apply the pro-
<br />ceeds of the sale im dhe following order: (a) Ca, a31 expenses of the
<br />sale, including, but not limited to, Trustees fees as permitted by
<br />applL -&1e law and reasonable jaorneys' fees. (b) to all sutras':
<br />secmid by this Security Instrument; and (c) any excess to rlia.per-
<br />son or persons legally entitled to. it.
<br />Pape 3 of 5 H 21i3DT
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