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<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
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