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<br />made shall he added to the principal sum owing on the abosc
<br />note, shall he secured hcrehy, and .hall hear interest at the rate set
<br />forth in the said note, until paid.
<br />7. That Cite Borrower hereby assigns, transfers and sets oscr 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, resenues and income to be derived front the
<br />said premises during such time as rite indebtedness Shall remain
<br />unpaid, and the Lender shall hase power ay appoint any agent or
<br />agents it may desire for the purpose of repairing said premises and
<br />of renting the same and collecting the rent,, resenucs and income,
<br />and it may pay out of said incomes all oxpenscs of repairing said
<br />Premises and necessary commissions and expenses incurred in rent-
<br />ing and managing the sam, and of collecting rentals therefrom;
<br />the balance remaining, if am, to he applied toward the discharge
<br />of said indebtedness.
<br />R. That the Borrower %sill [seep the impro%ements now existing
<br />or hereafter erected on the property. Insured as may be required
<br />from time to time by the Lender against loss by fire and other
<br />hazards, casualties and contingencies in such amounts and. for such
<br />Periods as may be required by the Lender and will ray prj.mptls,
<br />when due, any premiums on such Insurance prosision for payment
<br />of which has not been made hereinbcfore. All insurance shall be
<br />carried in companies approsed by the Lender and the policies and
<br />renewals thereof shall be held by the Lender and have attached
<br />thereto low payable clauses in fasor of and in form acceptable to
<br />the tender. In of rt of loss Borrower %sill yise immediate notice
<br />by mail to the• LO M=. who may make proof of loss if not made
<br />promptly by gctt> %vr, and each insurance company concerned is
<br />hereby authorized and directed to make payment for such toss
<br />direct!} to the Lender instead of to the Borrower and the Lender
<br />jointly. and the insurance pr&%Ne ,'or any part thereof, may be
<br />annlied h► thr Iona,., at ,,.., .:.i.M . .,._ __...- ..
<br />:er. ^.........: M, mumlivit of ins
<br />indebtedness hereby secured or to the restoration or repair of the
<br />property damaged. In went of foreclosure of IN% instrument or
<br />other. transfer of title to the mortgaged property to extinguishment
<br />of dw-. tadebtedncss secured herehti, all ..�t,t_ wk and
<br />the Borrower in and. to any insurance poL;ics Ihen in r; rcr shall
<br />pass to the purchzz er or grantee.
<br />9. That as additional and collateral se :urtry for the I?a} meat of
<br />the note des:ribed. and all sums. I,) become due uIldet rliis,"Instru-
<br />ment. the Borrower hereby assigrvs to the Len...' r,;.0i f;tj:, t-4 .
<br />revenues, royalties, rights and benefits accruntg* to i1 (3,fr,Zwer
<br />under any and all oil and gas leases on said pew ri s...' �rt)lt. the
<br />right to recto c .and receipt for the same and appR ihcnrj. n*. said
<br />indebtc;3ress as well before as after default to the condit:iijnn.isf
<br />tills ml.Ar•ument, and the Lender may demand, sue for aad. re"mor
<br />any such payments when due and payable, but shalt not be re-
<br />quired so to do. This assignment is to terminal)- rid become null
<br />and soid upon reL.ase of this instrument.
<br />10. That the Borrower will keep the buildings upon said ptemises
<br />in good repair, and neither commit nor permit waste upon Said
<br />land, nor suffer the said premises to be used for any urdawful
<br />purpose.
<br />11. That if the premises. or any part thereof, be. Condemno
<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 upori 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 count. 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 Housin(t Act within eight months from the date hereof
<br />(written statement of any officer of the Department of Housing
<br />and Urban f)evelopment or authorized agent of the Sestetary 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 note may, at its op-
<br />tion, declare all sums secured hereby immediately due and payable.
<br />Notwithstanding the foregoing. this option may not be exercised
<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 />ment of Housing and Urban Deveopment.
<br />11 That' if the Borrower fails to make any payments of money
<br />when the same become due, or fails to conform to and comply
<br />with any of the conditions or agreements contained in this instru.
<br />ment, or the note which it secures, then the entire principal stun
<br />and accrued interest shall at once become due and payable. at the
<br />election of the Lender.
<br />Lender shall gist notice jq Borrower prior to acceleration
<br />following Borrower's breach of any covenant or agreement in this
<br />Instrument (but not prior to acceleration under paragraph 12
<br />unless applicable law provides otherwise). The notice shall specify:
<br />(a) the default; (b) the action required to cure the default; (c) a
<br />date, not less than 30 days from the date the notice is given to
<br />Rorrower, by which the default. must be cured. and (d) that failure
<br />to cure the default on or befTrle Ebe date specified in the notice
<br />may result in acceleration of the rums secured by this instrument
<br />and sale of the Property. The (rt7djv shall further inform Borrower
<br />of the tight to reinstate after.tt,a.dmatinn.and the right to bring a
<br />court action to risen the norr- ir.NfKMi;e of a default or any other
<br />defense of forrower to aci.�eleratioti and.:1 ale. 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 />t vs:cr of saie and any other remedies permitted by applicable law.
<br />I ender shall he entitled to collect all expenses incurred in. pursuing
<br />the remedies prsnided 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 coutiiy in which any part of the Property is located
<br />and shall mail copies of suds 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 gisc 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 iv_ the time and place and under the terms designated in the
<br />notice of sale in one or mom parcels and in any order Trustee
<br />determines. Trustee may postpone We of all or any parcel of the
<br />Property by puNic••announcement at the time and place of any
<br />preciously scheduled- sale. Unger or its designee may purchase the
<br />Propeny at any 'sale.
<br />Upon receipt of payment of the price bid. Trustee shat]! 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 %k 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 (cl any excess to the per-
<br />son or persons legally entitled to it.
<br />Page 3 of 5 HUD42143DT
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