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<br />made shall he added to the principal suns (swing tsn 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. 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 torts 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 awint any agent or
<br />agents it may desire for the purpose of repairingr, sail# premises and
<br />of renting the same and collecting the rents, revrnuas 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 collecting rentals therefrom;
<br />the balance remaining, ir? any, to be applied toward the discharge
<br />of said indebtedness.
<br />8. That the Borrower will keep the improvements now ems.1ir6
<br />or hereafter rimed on jhe property. itisuzed as may be required
<br />from tithe to time by dw' Lender against' loss by f3.r61nd othtT
<br />hazards, casualties and contingencies in such arnountx'and for such
<br />periods as may be required by the Lender and wiil B'>Ay' promgi;S ,
<br />when due. any premiums on such insurance provision for paj�zaeat
<br />of which tai not been made hereirtMore.. All irsutatice sha:G be
<br />carried in companies approved by the Cencici and ?fie poli:iey acid
<br />renewal; thereof shah be !held by the Lender and Kaye attached
<br />thereto toss-payable clauses in favor of and in Form. acceprablr %,
<br />the Lender. t'n event of losv Borrower wtV gave immediate mhrr v
<br />by mail to the Lender, 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 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 he
<br />i y inc t.ciritcr, at un upTiun either To the' reOUCTion or the
<br />indebtedness hereby secured or to the restoration or repair of the
<br />property damaged. In event of foreclosure of ihiv imitument or
<br />other transfer of title to the mongagcd property in extinguishment
<br />iT- :.- btCdrt£ii Wiiisc,i Ndcb), ali rtgnr, tide and interest of
<br />the Borrower in and to am insurance policirs then in force .hall
<br />pasf to the purchaser of grantee.
<br />9. That as additional and collateral security for the payment of
<br />the note dewnbed, 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 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 saute and apply them to said
<br />indebtedness as well before as after 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 ro do. This assignment is to terminate and become null'.
<br />and void apor, r6ease 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 bit-used for any unlawful
<br />Purpose.
<br />11. That if the premises, or any part thereof, be condemned
<br />under the power of eminent domain. or acquired for a public use.
<br />the damages awarded, the proceeds for the taking of. or the con-
<br />sideration for such acquisition, to the extent of the full 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 tatter on account of the next maturirtg� itestai[ments of
<br />such indebtedness.
<br />12. 'rho Borrower further agrees that should this instrument and
<br />the note secured hereby not be eligible for insurance under the Na.
<br />rional Housing Act within eight months from the date hereof
<br />(written statement of any officer of the Department of HousinS
<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 ditto 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 />Notw•ithttanding the foregoing, this option may not be exercised
<br />by the Lender or the holder of tlae note when the ineligibility for
<br />insurance tinder the rational Housing Act is due to the Lender's
<br />failure to remit the m;nt;a;ge insurance premium to the Depart-
<br />ment of Housing and t;:rhan Devvopment.
<br />13. That if the Borrower fails to make any payments of mi4 ney
<br />when the same become due, or fails to conform to and comp!`•
<br />with any of the coadi *ions or agreements contained in this insim`
<br />meat, or the note w1h,;,'h it secures, then the entire principal serif
<br />and accrued interest Abuill at once become due and payable, at the
<br />election of the Lender.
<br />Lender shall give eoticv rrt isss.^rov►ey prior io acceleration
<br />following Borrowit?", breach: of any covenant a queement in this
<br />instrument (but not tenor to acceleration under pgagraph 12
<br />unless applicable law provides othe3r►ise). The notice shall specih.
<br />(al The default. (b) the action regrtited to cure the default; ('c) a
<br />date. not less than 30 days from the date the novice 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 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 />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 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 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. 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 terns designated in the
<br />notice of sale in one or more parcels and in any order Trustee
<br />determines. Trustee may postpone sale of alb of any parcel of the
<br />Property by public announcemenr te: 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. The
<br />recitals in the Trustee's deed shall be prima facie evidence of the
<br />truth of the statements made therein. Trustee shall apply the pro-
<br />ceeds 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 legally entitled to it.
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