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made shall be a.idnt to the principal sum owing on the above
<br />note, shall he secured herby, and shall beat 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 />stems secured tureby in case of a default in the performance of
<br />any of the terms and conditions of this Instrument or the saki
<br />note, all the rents. reverims and income to be derived from the
<br />said premises during such time as the indebtedness shall remain
<br />unpaid. and the Lent shall have power to appoint any agent or
<br />agents it may desire flit the purpose of repairing said premises and
<br />of resting the same and collecting the rents, reventses and income,
<br />and it may pay out of said incomes all expenses of repairing sold
<br />premises and neceuary commissions and expenses incurred in rion-
<br />irtg and managing the same and of collecting rentals therefrom;
<br />the balance remaining, if any, to be applied toward the discharge-
<br />of quid indebtedness.
<br />8. Thu the Borrower will keep the improvements now existing
<br />or hereafter elected on the property. insured as may be required
<br />from time to time by the Lender against lot by fire and other
<br />hazards, cuuahits 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. All insurance shall be
<br />carried in companies approved by that Lender and the policies and
<br />renewals thereof shall be held by the Leackr and have attached
<br />i thereto toss payable clauses in favor of and in form acceptable to
<br />I the Lender. in event of loss Borrower will give immediate notice
<br />by mail to the Lctedec, who 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 toss:
<br />direr -dy to the Lender instead of to the Borrower raid the Lender
<br />jointly, and the imuram v proceeds, or any part thereof, may be
<br />applied by the Lender, at its option either to the redum -:ion of the
<br />iu�vlvtss hereby secured or to the restoration or repair of the
<br />_..- r . _. _..__ hr
<br />.. ' ��siiiw'�v. m c•�ut; 8. has,aa.vawc of i..w iiih'iL'trisia.air
<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 of
<br />the mote described, and all sums to become due under this insttu-
<br />meat, the Borrower hereby auigra to the Lender all profits,
<br />revenues. royalties. rights and benefits accruing to the Borrower
<br />under any and all oil and gas leases 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 aq, �r default in the conditions of
<br />this instrument, and the Lender May demand, 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 termir e.and become null
<br />and void upon release of this instrument.
<br />10. That the Borrower will keep else, buildings upon said premises
<br />in good repair. and neither commit nor permit waste upon said
<br />Wed, nor suffer the said premises to be used for any unlawful
<br />purpox•
<br />l!. f,". if t* pmmisa. or any lwn thereof, be condemned
<br />tender dl�:'� dv9r vr+eminent domain, or soquired for a public use,
<br />the del z awaideili'l the proceeds for the taking of, or the con -
<br />sidrratkm for siuh: r Iissition, to the extent of the full amount of
<br />indebt4ass tipon.. this fttstrument and the note which it is given to
<br />sconceattt�inirug unpaid. are hereby assigned by the Borrower to
<br />the L*x kr, and shall be paid forthwith to said Lender to be;ap-
<br />plied try ; the latter on account of the meat maturing InstaUnria►ts of
<br />such Indebtedness.
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<br />89- 103340
<br />12. 'the Borrower further asrees that should this instrument and
<br />the note secured hereby not hr eligible for insurance under the Na-
<br />tional. Housing Act within eight months from the date: htmaf
<br />(written statement of any officer of the Department of Housing.
<br />and Urban De%tlopment or authorised agent of the Secretary of
<br />Housing and Urban Development dated subsequent to the eight
<br />months' time from the data of this instrument. declinialt 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 aU tums secured 1weby immediately due and payabk.
<br />Notwithstanding eha inseglc ►.ipp.•this option may not be exercised
<br />by the Lender or the tlitltie :c1r:the note whett the ineligibility for
<br />insurance under the National Housing Ara is due to the Lender's
<br />failure to remit the mortgage insurance premium to the Depart-
<br />ment of Howing anti; Urban Deveopment.
<br />13. That if the 8mro*etJhils to make'any payments of money
<br />when the same, become dttr...or, :fails to conform to and comply
<br />with any of oho conditions• ors ai;tmmients contained in this instru-
<br />ment, or the now which it secures, then the entire principal sum
<br />and accrued intomr shall at onm,brtvme d ix acid payable, at the
<br />election of the Leader.
<br />Lender shall give notice to Borrower prior to accektzti sex,
<br />following Borrower's breach of any covenant or agreemem in this
<br />instrument (but sloe prior to acceleration utWier paragraph 12
<br />unless applicable l;aw provides otherwise). -the notice shall specify:
<br />(a) the default; (by the action required to cure the default; (c) a
<br />date. not less than 30 days from the date the notice is giveti 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 securers: by this instrument
<br />and sak of the Property. The notice shat] fuxtthff inform Borrower
<br />of the right to reinstate after acceleration and the right to bring a
<br />court. ation to asses the non- e:dsience of a default or Tact 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 />vy.iwr .sir vr uiumu"M Payment ss-ull'af .ill- c"u icv
<br />by this instrumer,i without further demand and may invoke the
<br />power of sale and any other remedies permitted by applicable law.
<br />Lender shaU be entitled to collect all expenses incurred in pursuing
<br />the remedies provided in this paragraph 13. including. but not
<br />limited to, reasotable 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 part of the Propetty, is located
<br />and stall 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. Truster. without demand on Bor-
<br />rower. shalt 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, Trumxe may postpone sale of all or any parcel of the
<br />Property trs. ggdt+u: announcement at the time and place of any
<br />previoja.ty 5+dwd3led sale. Lender or its designee may purchase the
<br />PropKriy 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. The
<br />recitals in the Trustee's deed shall be prima We evidence of the
<br />truth of the statements made therein. Trustee shall apply the pro -
<br />ce c(b of the sale in the following order: (a) to all expenses of the
<br />Batt; including, but not limited to. Trustee's fees as permitted by
<br />applicable law and reasonable attorneys' fees;. (b) to all stuns
<br />secured by this.1im- urity Instrument; and (c).- any. excess to the per-
<br />son or (arsons teiiny entitled to it.
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