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r 1 89-103849 made shall be added to the principal sum caving on the above note, shall be seeurcd hereby, and shall bear interest at the rate set forth in the said note, until paid. 7. That the Borrower hereby assigns, transfers and sets over to the Lender, to be applied toward the payment of the note and all sums secured hereby in case of a default in the performance of any of the terms and conditions of this instrument or the said note, all the rent% revenges and income to be deriveO.from the said premises during such time as the indebtedness• shall remain unpaid, and the Lender shall have power to appoiptiany agent or agents it may desire for the purpose of repairing said premises and of renting the same and collecting the rents, revenues and income, and it may pay out of said incomes all expenses ofirepairing said premises and necessary commissions and expenses incurred in rent- ing and managing the same and of collecting rentals. thrtefrom; the balance remaining, if any, to be applied toward Ott discharge of said indebtedness. 8. That the Borrower will keep the improvemrntS xtpw existing or hereafter erected on the property, insured as may be required from time to time by the Lender against loss by fire gritVother hazards, casualties and contingencies in such amounts and for such periods as may be required by the Lender and will pay promptly, when due,..ert4, premiums on such insurance provision for payment of which hAmot been made hereinbefore. All insurance shall be carried in companies approved by the Lender and the policies and renewals thereof shall be held by the Lender and have attached thereto loss pro-,itble clauses in favor of and in form acceptable to the Lender. to-ocnt of loss Borrower ,vill i„ve immediate notice by mail to the [ender, who may make p.��,ef of loss if not made promptly %b•� M- t- rower, and each insurance company concerned is iterct^y, a- utorized and directed to make payment for such loss dewcdy ;c-, the Lender instead of to the Borrower arid. the Lender jointly, and the' insurance proceeds, or any part thereof, may be arrhed b,; eh' Lende'. 9t :tom ornoi. dii hci t3 the f f the r�� c,luciion v indebtedness hereby secured or to the restoration or repair of the property damaged. In evert of foreclosure of this instrument or other transfer of title to the mortgaged property in erxigguishment of the indebtedness secured h&ehy. all right title AnYLji L,+_or._c, !f laic Eorro%cr in and to any insurance (sohies then ir.• force shall parr. to the purchaser or granro: 9. That as additional and cal!ateral security for tie payment of :11.%2- note described, and all.strcts to become due undei this instru- e ent, the Borrower hereby is rkos to the Lender all profits, revenues, royalties, rights and'Irenefits accruing to the Borrower under any and all oil and gas leases on said premises, with the right to receive and receipt. -for the same and apply them to said indebtedness as well befer�e ,after default in the conditions of ibis instrument, and the G an4er may demand, sue for and recover any such payments when i:::e and payable. but shall not be re- quired so to do- This assignment is to terminate and become null and void upon release of this instrument. 10. That the Borrower wilt keep the buildings upon said premises in good repair, and neither commit nor permit waste upon said land, nor suffer the said premises to be used for any unlawful purpose. I1. That if the premises. or any pan thereof, be condemned under the power of eminmL domain, or acquired for a: public use. the damages awarded, the proceeds for the taking of, or the con- sideration for such acquisition, to the extCM, of the full amount of indebtedness upon this instrument and the-note which it is given. to secure remaining unpaid, are hereby assigned by the Borrower iu the Lender. and shall be paid forthwith to said Lender to be ap- plied by the latter on account of the taxi maturing installments of such indebtedness. 12. The Borrower further agrees that should this instrument and the note secured hereby not be eligible for insurance under the Na- tional Housing Act within eight months from the date hereof (written statement of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Housing and Urban Development dated subsequent to the eight months' time from,tht+ date of this instrument, declining to insure said note and this mortgage, being deemed conclusive proof of such ineligibility), the Lender or holder of the note may, tit its op- tion, declare all sums secured hereby immediately due and payable. Notwithstanding the foregoing, this option may not be exercised by the Lender or the holder of the note when the ineligibility for iMu ranee under the National Housing Act is due to the Lender's failure to remit the mortgage insurance premium to the Depart- ment of Housing and Urban Deveopment. 13. That if the Borrower fails to snake any payments of money, when the same become due, or fails to conform to and comply with any of the conditions or agreements contained in this instru- ment, or the gate which it secures, then the entire principal sum and accrued interest shall at once become due and payable, at the election of the Lender. Lender shall give notice to Borrower prior to ara:eleration following Borrower's breach of any covenant or rrgceement in this instrument (but not prior to acceleration under paragraph 12 unless applicable law provides otherwise). The notice shall specify; (a) the default; (b) the action required to cure the &fault; (c) a date, not less than 30 days from the date the norike is given to Borrower, by which the default mast be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleraron of the sums secured by this instrument and sale of the Prukr•Ex.. The notice: s>btil further inform Borrower of the righr to, reir_.=e after acceletw1cai and the right to bring a court action to assert. the non-existence of a default or any other defense of Borrower -to occeleratiion and sale. if iir default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this instrument without further demand and may invoke the Power of aalc and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 13, including, but not limited to. reasonable attorneys' fees and costs of title evidence. If the power of We is invoked, Trustee shall record a notice of default in ea -h county in which any part of the Property is located and shall mas7 copies of such notice in the manner prescribed by applicable law to Borrower and to the other persons precribed by applicable law. After the time required by applicable law. Trustee shall give ptabjic notice of sale to the persons and in the manner 'prescribed' I Yapplicable law. Trustee, without demand on Bor- rower, shall sell the Propimy at public auction t4 the highest bid- der at the time and plawit=d under the terms designated in the notice of sale in one or more parcels and in any' ender Trustee determines. Trustee may postpone sale of all or aay> parcel of the Property by public announcement at 'the time and place of any Previously scheduled sale. Lender or its designee may purchase the Property at any sale. Upon receipt of payment of the prior bid, Trustee, shall deliver to the purchaser Trustee's deed conveying the Property. The recitals in tire. Trustee's deed shall be prima facie evidence of the.. truth of the statements made therein. Trustee shall apply the pro- ceeds of the sale in ft 011owing order: (a) to an expenses of the sale. including, but not liaaited to. Trustee's fees as permitted by applicable law and reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the per- son or persons kWWy entitled to it. Pay* 3 Or 5 MW421l13pT rarer i14 1 Mw r{ 44 I