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F <br />89'x" 103791 <br />made shall be added to the principal sum owing on the above <br />Hate, 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 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 agent or <br />agents it may desire for the purpose of repairing said pmnises and <br />of renting the same and collecting the rents, revenues and income. <br />and i,Q may pay out of said incomes all expenses of gepairing said <br />preuises and necessary commissions and expanses incurred in rent- <br />ing and managing the same and of collecting rentals therefrom; <br />the balance remaining, if any. to be applied toward the discharge <br />of. said indebtedness. <br />6: That the Borrower will keep the improvements now ecis6i* <br />or, on the property, insured as may be required <br />froth. titne.to, trite by the Lender against loss by fire and other <br />haz�ids, cawural.ies and contingencies in such amounts and for such <br />perir:r4s.as rt k- -be required by the Lender and will pay promptly, <br />when. due, an); ozemiums on such insurance provision for payment <br />of wh&- -b.'has trine been made hereinbefore. All insurance shall be <br />carried in pumpanies approved by the Lender and the policies and <br />reaiwais thereof shall be held by the Lender and have attached <br />thererto loss payable clauses in favor of and in form acceptable to <br />the Lender. In event of loss Borrower will give immediate rratice <br />by mail to the Lender, who may make proof of loss if uc�t: made <br />promptly by Borrower. and each insurance company cori%�rncd is <br />hereby authorized and directed to make payment. for such loss <br />directly to the Lender instead of to the Borruwer and the Lender <br />jointly, and the insurance proceeds, or any pan thereof., rpay (-e <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 />property damaged. In event of foreclosure of this instrument or <br />other transfer of title to the mortgaged property in extinguishment <br />of the indebtedmm wtur--d hce by. all right, title -and :»term, of <br />the Borrower in and to any insurance policies then in . f6rca 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 aU sums to becomi., due under this instru- <br />M.ent:, the Borrower hereby assigns to the Lt nder all profits, <br />rerecaes. royalties. rights and benefits accruing to the Rorrow•er <br />under any and all oil and gas leases on said pr mises, with the <br />right to receive and receipt for the same aincll.ap7ry them to said <br />indebtedness as well before as after default 'ice+ 01c,conditions of <br />this instrument. and the Lender may demand, sue for and recover <br />ati!� :..tch payments when due and payable. but shall rant be re- <br />qufird so to do. This assignment is to terminate and bemnie null <br />and void upon release of this instrument. <br />10. That the Borrower will keep the buildings upon•sai.d premises <br />in good repair, and neither commit nor permit waste upn said <br />land, nor suffer the said premises to be used for any uWawful <br />purpose. <br />11. That if the premises. or any part thercof, be condemned <br />under the power of eminent domain, or aegalred 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 €Wt arrtount 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 latter on account of the next maturing installments of <br />such indebtedness. <br />12. The Borrower further agrees that should this instrument and <br />the note secured hereby not be eligible for insurance 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 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 now may, at its op- <br />tion. declare all sums secured hereby immediately due and payable. <br />Notwithstanding the foregoing, this option may not b: exercued <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 />mom of Housin and Urban Deveopmcnt. <br />13. That it Oe Borrower fails to make any payments of money <br />when the,satrre become duo, or fails to conform to and comply <br />with any .af ft. conditions or agreements contained in this instru- <br />rmmt, 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 BorroNver.prior to acceleration <br />following Borrower's breach of any eoienant or agreement in this <br />instrument (but not prior; to av %vleratlon under paragraph 12 <br />unless applicable law provides otherwise)!. She notice shall specify: <br />(a) the default; (b) the action required to cure the default; (c) a <br />date, not 1esn than 30 days from. the daze the notice is given to <br />Borr" es,. by .which the default .muse be cured; and (d) that fallure <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 ­!e and any nth: r r `medics ern :itted by applicable lam, <br />Lender shall be entitled to collect all expenses incurred in pursuing <br />thr remr4its provided in this paragraph 13. including, but not <br />limited to, reasonable attorneys' fees and costs of title evidence. <br />If thr power of sale is invoked. Trustee shall record a notice of <br />defaull.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 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 all or any panel of the <br />Property by public armouncvment at the time and place of'-My, <br />pre%ieusly %zf�duled sale. Lender or its designee may purchase &..xi <br />Property at ary sale. <br />Upon receipt of payment, of the price bid, Trustee shall deliver <br />to the purchaser Trustee'v 4ded conveying the PropeM•. The <br />recitals in the Trustee's deed shall be prima facie evf&nce of the <br />truth of the statements made thercirt,..Tsustec 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. Trwee'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. <br />Page 3 of 5 ,t 4 15;5.1? r HUD- 92143DT <br />'i <br />..i <br />i <br />Lam" <br />t� <br />ti . <br />