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<br />made shall he added to the principal -.um owing on the above
<br />note, shall be secured hereby, and shall hear inter" air the rate %et
<br />forth in the said note, until paul.
<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 rents, revenues and income IQ be derived from the
<br />said premises during such time as the indehtedness 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 the same and collecting the mitts, revenues and income,
<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 colltming rentals therefrom;
<br />the balance remaining, if any, to he applied toward the discharge
<br />of said indebtedness.
<br />8. That the Borrower Will keep the improvements now existitrg
<br />or hereafter erected on the property, insured as may be required
<br />from time to time by the Lender against lass by fire and other
<br />hazards, casualties aud, contingencies in such amounts and for such
<br />periods as may be required by the Lender. and twill pay promptly,
<br />when due, any premiums on such. insu.r nce provision for payment
<br />of which has not been made ht reinl; ere. All. insurance shall be
<br />carried in companies approved by the E. vdt.Y 4p4 the policies and
<br />renewals thereof shall be held by the Lender and have attached
<br />thereto loss payable clauses in faucr cif 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 muke proof of loss if not trade
<br />promptly by Borrower. and each insurance company concerned is
<br />hereby authorized and. directed tC 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 />indehtednecc hert-hy c"Ured or !C -the re!;, ion or repair r:tr 0,
<br />the
<br />bt
<br />property damaged. ewetn of 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 assn 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 of
<br />the note described, and all sums to become due under this instru-
<br />ment, the Borrower hereby assigns to the Lender, all profits,
<br />revenues, royalties. rights and benefits accruing`ro the Borrower
<br />under any and all oil and gas leasex on said premises, with the
<br />right to receive and receipt for the same and apply them to said
<br />indebtedness as well before as attes dcfa::;Ty fm cie conditions of
<br />this instrument. and the Lender t~v,+wt�+ta -rd, sue for and recover
<br />any such payments when due and 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 arS part thereof, be condemned
<br />under the power of eminent dorm; ;, or acquired .f6r a public use,
<br />the damages awarded;.the proceeds: for the takfng, of, or the con-
<br />sideration for such acquisition, to tike extent of the full amoiln —, of
<br />indebtadTWrA upon this instrument: _a:d the note which it is ecv(iro to
<br />secure riiizaining unpaid, are hei eliy. assigned by the Borrower 10
<br />the Lendef, and shall be paid forthwith to said-Lender to be ap-
<br />plied by the latter on account of the next ,5.'sat.errrsg installments of
<br />such indebtedness.
<br />Q. The Rorrower further agrees that should thif. itlr•ttutncnt and
<br />the note secured hereby not be eligible Wr insurancv under the Na-
<br />tional 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 darted subs*quent 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 falls to' make any payments of money
<br />when the same become due, er fails tu.eortform to and comp v
<br />with any of the conditions or agreements cgntaingd in this imtiu-
<br />ment, or the note which is secure:, then the. entire principal .'sum
<br />and accrued interest shall at srncz- become due and Mvabl. -, -at the
<br />election of the Lender.
<br />Lender shall give notice to Borrower prior to.tiesasitin
<br />following Borrower's breach of any covenant or agreement in this
<br />instrument (but r;ot: pneir to acceleration under paragraph 12
<br />unless applicable law provides otherwise). The notice shall specify:
<br />(a) the default; (b), the svKign required to cure the default; (c) a
<br />date. not less than ; -days from the date the notice is given to
<br />Borrower, by whici4 -Vile 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 aum4rration and the right to bring a
<br />court action to assert the nom-existence of a default or any other
<br />defense of Borrower to acceler;atiJa' and sale. If the default is not
<br />"K-48 oft of vcfuiv L4C uait str ." � t=! - in. the notice. Lender at US
<br />option may require. irhmediam p*=. -nt in full of all sums secured
<br />by this instrument Without fuimatier'demand and may invoke.the.
<br />Power of sale and any other rimnedies permitted by applicab e.law:
<br />e
<br />Lender shall be .ritl'ed 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 evidge. -e.
<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 r^.anner 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 t¢ the persons and in the amnner
<br />prescribed by applicable taw. '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 postpxdra: sale of all or any parcel of the
<br />Property by public announcerrerti2 at the time and place of any
<br />previously scheduled sale. Lender or its designee may purchase the
<br />Property at any sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver
<br />to the purchaser Trustee's deed conveying the Property. •Iii te:
<br />recitals in the Trustee's deed shall be prima facie evidence of the
<br />traah;of the statements made therein. Trustee shall apply the pro -
<br />ceeds of the We 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 legally entitled to, it,.
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