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<br />made shall be added to the principal suns cming on th; abo%e
<br />note, shall be secured hereby. and shall bear interest m the rate Set
<br />forth in the said note. until paid.
<br />7. That the Bortow•er 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 premises and
<br />of renting the same and collecting the rents, revenues 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. if any, to be applied toward the discharge
<br />of said indebtedness.
<br />6. That the Borrower will keep the improvements 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 pay promptly,
<br />when due, any premiums on such insurance provision for payment
<br />of which has not been made hereinbefore. All insurance shall be
<br />carried in companies approved by the Lender and the policies and
<br />renewals thereof shall be held by the Lender and have attached
<br />thereto loss payable clauses in favor of and. in form acceptable to
<br />the Lender. In event of ,loss Borrower will -give immediate notice
<br />by,. tmail to the Lender, who. may; make proof of loss if not made
<br />pccraptly by Borrower. and, =d� insurance company concerned is
<br />hereby authorized. and directed to make payment for such loss
<br />d roctly to The Lender instead of to the Borrower and the Lender
<br />j&-nly, and the insurance proceeds, or any pan thereof. may be
<br />applied by the Lender at its option either to the reduction of the
<br />indebtednm 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 indebtedness secured hereby, all right. title and interest of
<br />the Borrower in and to any insurance policies then in force shall
<br />pass to the purchaser or grartee.
<br />9. That as additional and collateral security for the payment of
<br />the note described, and all sums to become due under this instru-
<br />mimt, the Borrower hereby, assigns to the Lender all profits,
<br />rrneoues, royalties, rights attdi benefits accruing to the Borrower .
<br />under any and all oil and gds Leases on said premises. v fth the
<br />right to receive and receipt for the same 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 recow.
<br />any such payments when due and payable. but shall not be. re -.
<br />gttiecd so to do. This assignrctnt is to terminate and becottre null
<br />a;i,d void upon release of this, instrument.
<br />10. That the Borrower will keep the buildings upon said premises
<br />is good repair, and neither commit nor permit waste upon said
<br />land, nor suffer the said premises to be used for any unlawful
<br />purpose.
<br />1. That if the premises. or any pan thereof, be condemned
<br />under the power of eminent domain, or acquired for a public use,
<br />the damage% 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 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 serttred 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 note may. at its op-
<br />tion, declare all sums secured hereby immediately due and payable.
<br />Notwithstanding the foregoaqr, this option may not be exercised
<br />by the Lender or the holder of the note when the ineligibility for
<br />insurance under the NatieraY Rousing Act is due to the Lender's
<br />failure to remit the mortgage insurance premium to the Depart-
<br />ment of Housing and Urban Deveopmint.
<br />13. That if the Borrower fails to make any paymeents of money
<br />when the same become due, or fails to conform to and comply
<br />with any of the conditions or agreements contained ip this instru-
<br />ment, or the note which it secures, then the entire priaucipal sum
<br />and accrued interest shall at once become due and pe4able, at the
<br />election of the Lender.
<br />Lender shall give notice to 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 Im than 30 daps from the date the notice is given to
<br />Borrower, by wft.;ch the default must be cured; and (d) that failure'
<br />to cure the dufuilt 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 -m-a onable attorneys' fees and costs of title evidence.
<br />If the, N-as.ei of sale is braoked. Trustee shall record. 4 notice of
<br />cfi: fault ih +�ti• county in which any pan of the Prey+ Is located
<br />-':.and shall mau7..w-opies of such notice in the manner prescribed by
<br />,.applicable IA-w to Borrower and to the other persons precribed by
<br />rapplicable law. After the time required by applicable-Jaw, Trustee
<br />,f 11 give public notice of sale to the persons and EP 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 salir in one or more parcels and in any order Trustee
<br />determines. Trustee may postpone sale of all or any parcel of the
<br />Property by public announcement at 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 PropeM.. 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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