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<br />made shall be added to the principal sum owing on the above
<br />note, shall be secured hereby, and shalt bear interest at the rate set
<br />forth ill 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 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 therefrcrttt;:
<br />the balance remaining, if any, to be applied toward the discharge
<br />of said indebtedness.
<br />S. 'Mai- the Borrower will keep the improvements now e*ahiF
<br />or iteufter erected on the propel,?. insured as may be r�q fpt4
<br />frdrit *line to time by the Lender against loss by fire and otNar
<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, dint, any premiums on such insurance provision for pdFFment
<br />of whid'.t has not been made hereinbefore. All insurgrt%'-e -s�'241 be
<br />carried in companies approved by the Lender and the policies and
<br />renewals thereof shall be held by the Lender zrd,. lave attached
<br />thereto loss payable clauses in favor of and ifi form acceptable to
<br />the Lender. In event of loss Borrttuer will give immediate notice
<br />by mail to the Lender, who mica truke proof of loss if not made
<br />promptly by Borrower, and ea.-h insurance company concerned is
<br />hereby authorized and directed to make payment -for such loss
<br />directly to the Lender instead of to the Borrower and the Lender
<br />jointly, and the insurance proceeds, or any part thereof, may be
<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 indebtedness secured hereby. all right. title and interest of
<br />the Borrower in and to any insurance policies then in force shall
<br />M% to the purchaser or grantee.
<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 />ment, the Borrower hereby assigns to the Lender all profits,
<br />revenues. royalties. rights and benefits accruing to the Borrower
<br />under any and all oil and gas leases on said premises. with 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 recover
<br />any such payments when due and payable, but shall not be re-
<br />quired so to do. This assignment is to terminate and become null
<br />and :void upon release of this instrument.
<br />10. That the Borrower will keep the buildings upon said premises
<br />in 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 />I I "tUt if the premises, or anj part thereof, be condemned
<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 />indebOduess upon this instrument and the note which it is given to
<br />sew. remaining unpaid, are hereby assigned by the Borrower to
<br />the i im*r, 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 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 />13. That if the Borrower fails to make any payments of motley
<br />when the same become due, or fails to conform to and comply
<br />wirb any of the conditions or agreements contained in this instru.
<br />ment, or the nwg- ,which it secures. then tho entire principal sum
<br />and accrued intemc t. shall. at. once become due and payable, at the
<br />election of theIgnder.
<br />Lender shall Rive notice to Borrower prior to acceleration
<br />following Rcrrv*Ws breach of any covenut or agreement in this
<br />instrument (but, tt�)t prior to acceleration under paragraph 12
<br />unless applicable law provides otherwise). The notice shall specify:
<br />W the default; (b) the action required to cure the default; (c) a
<br />date, not less than 30 days ftem the date the notice is given to
<br />Borrower. by which the default must be cured; and (d)'that failure
<br />to cure the default on or before the date specified in the notice
<br />may result hi: acceleration of.the sums secured by this instrument
<br />and sale of;ft. property. The notice shall further inform Borrower
<br />of tb�.r4ht to reinstate after acceleration and the right to bring a
<br />coup acrion'to assert the non - existence of a default or any other
<br />def —P of.BMre4,ar to acceleration and sae If the de ult Is not
<br />cured on or beEeore 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 />poww of sale and any othe,° remedies permitted by avvBmble law.
<br />Lender shall to entitled to Collect all expenses incurred itt pr suing
<br />the remedies pro -4i&z4 in tMs paragraph 13. including, but net
<br />limited to. reasaa� °.e amrueys' fees and costs of title evidence.
<br />If the power of sale is invoked, Trustee shall record a notice of
<br />default in each county in which any part of the Property is located
<br />and shall mail %espies of such notice in the manner prescribed by
<br />applicable lamp to. Borrower and tb the other persons precribed by
<br />applicaite iaw. After the time required by applicable law, Trustee
<br />shall gi- e`N6ifc notice of sale to the persons and in the manner
<br />Ore§.mbed.frf 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 safe iv: one or more parcels and in any order Trustee
<br />determines. Trursiee 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 Property. The
<br />rentals 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 stuns
<br />secured by this Security Immment; and (c) any excess to the per-
<br />son or persons IeWy entitled to it.
<br />Paps 3 of S M D"430T
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