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<br />made shall be added to the principal sum owing on the ahoy.
<br />note, shall be secured hercb), and ,hall bear interest at the rate set
<br />forth in the said note, until paid.
<br />7. That the Borrower hereby assigns, transfers and set!, ovet 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 to be derived from. the
<br />said premises during such time as the indebtedness shall remain
<br />unpaid. and the Lender shall have power to appoint any argent 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 inpamc,
<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 collecting rentals therefrom;
<br />the balan^e remaining if any, to he applied toward the discharge
<br />of said iuw:bt aness.
<br />8. That the Borrower will keep the improvcmentm now existing
<br />or hereafter erected on the property, insures) to may be required
<br />from time to time by the Lender against loss by •fire and other
<br />hazards, casualties and contingencies in such amounts and for such
<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. Atilinsurance shall be
<br />carried in companies approved by the Lender and the policies and
<br />renewals thereof shall be held by the Lenden and have attached
<br />thereto loss payable clauses in favor of andiin form acceptable to
<br />the Lender. in event of loss Borrower witli0i a immediate notice
<br />by mail to the Lender, who inuy make proof of loss if not made
<br />promptly by Borrower, and each insurance o2inpany concerned is
<br />hereby authorized and dircNaed to mal,e� . •ymwn for such loss
<br />directly to the Lender instead of to, the Ootrower and the Lender
<br />jointh., and the insurance proceeds, or, any pan thereof, may be
<br />apptfi. -d by the Lender at its iuption either to the reduction of the
<br />indebtedness hereby secured or to the Wittoration or repair of the
<br />property damaged_ In event of foreclosure of this instrument or
<br />omen Transfer of iirie to the mortgageit properh in extinguishment
<br />of rfie indebtedness secured hereby; oil right, title and interest of
<br />the.13orrower in and to any insurance policies then in force shall
<br />pass to the purchaser or grantee.
<br />9. That as additional and collateral searit� ',for the payment of
<br />the note described, and all sums: to become dts'c' under this instru.
<br />ment. the Borrower hereby assigns to the Lender all profits,
<br />revenues. royalties. rights and,henetits accruing to the &rr�wer
<br />under any and all.oil and gas - 'leases on said premises.. a_ tt r!te
<br />right to receive And receipt Or the same and ap -rl), :then .' said
<br />indebtedness as well before as after default m. the,condiri&�s cf
<br />this instrument, and thr Mender may demand. sate for and. rya ar
<br />any such payments when due and payable, but shall not. bi: �e-
<br />quired so to do. This assignment is to termina7c and bed: he 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 any pan thavxif„ be condemned
<br />under the power &`eminent domain, or a::quhvd for a public use,
<br />the damages awarded, the proceeds far xhe- raking of, or the con-
<br />sideration for such acquisition, to the eximt. of the full arrtoitnt of
<br />indebtedness upon this instrument and the Hale which it is given to
<br />secure remaining unpaid, are hereby assigned �y the Borrower to
<br />the Lender, andis:hatl be paid forthwith to skd Lender to be ap-
<br />plied by the latter on account of the next maturing installments of
<br />such indebtedness.
<br />F
<br />12. The Borrower further agrees that should this instrument and
<br />Th., note secured hereby not he eligible: for insurarim under the Na-
<br />tional Housing Act within eight months from the ditto hereof
<br />(written statement of any officer of the DepaTunna of Housing
<br />and Urban Development or authorized agent of tht( Secretary of
<br />Housing and Urban fkvelopment 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 thrt note may, at its op-
<br />tion. declare all sums secured hereby imintdiately due and payable.
<br />Notwithstanding the foregoin9,.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 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 beiwnni 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 a '.eleration under paragraph 12
<br />unless applicable law provides otherwise). The notice smell 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 tkte notice is given to
<br />Borrower, by which the default must be cured; and (Athat failure
<br />to cure the default on or before the date specified in the notice
<br />may result in acceleration af'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 acceleratiom artd the right to bring a
<br />court action to assert the non - existence of a default cc any other
<br />defense of Borrower to acceleration and sale. If the ue£ault is not
<br />cured on or before the date specified in the notice.'Lemter at its
<br />option may require immediate payment in full of all soitfls secured
<br />by this instrument without futthei demand and may i&6kc 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 pari ob.the Property is located
<br />and shall mail copies of such notice in gm. manner prescribed by
<br />applicable law to Borrower and to the other persons grecribed by
<br />applicable law. Aftet the time required by applicable law;; Trustee
<br />shall give public notice of sale to the persons and iri-.t:F„e manner
<br />prescribed by applicable law. Trustee, without demand on Bor-
<br />rower, shall serf the Property at public auction to the highest bid -:
<br />der at the time and place and under the Cans designated in the
<br />notice 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 annoubs -ement 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'sluill deliver
<br />ern the purchaser Trustee's dpi- conveying the Property.: The•
<br />recitals in the Trustee's decd shall be prima facie esidtuce Of ,the'
<br />truth of the statements made therein. Tra tee shall apply the pro-
<br />cads of the 'sale in the following order: (a) to all expenses of the
<br />sak, including. but not limited to. Trustee's fees as pemitted by
<br />applicable law and reasonable attorneys' fees; (b) to ap. sums
<br />secured by this Security instrument; and (c) any excess ,ro the per-
<br />son or persons legally entitled to it.
<br />Pape 3 of 5 i . o� , ; •WV "21 430T
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