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<br />made shall be added to the principal sum wing on the above
<br />note. 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 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 saute and of collecting rentals therefrom;
<br />the balance remaining, if any, to be applied toward the discharge
<br />of said indebtedness.
<br />8. 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., cwmalties and contingencies irt. 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 appvjNed by the Lender and the policies and
<br />renewals thereof shall be ruild by the• Lender and have attached
<br />thereto loss payable clauses in favor or and in form acceptable to
<br />the Lender. In event a toss Borro'l ec will give immediate notice
<br />by mail to the Lender-, vc1Mti may m ee proof of loss if not madx
<br />promptly by Borrower, aznd•each insurance company concerned'is
<br />hereby authorized and erected 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 pan thereof, may be
<br />applied by, the Lender at its option either to the reduction of the
<br />de tart ace. y cse ,--. o: t c �.
<br />n__b.__n__. f+�feb, � so he':erto :wsia : or repair o. t.,:
<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 grantee.
<br />9. That as additional. and collateral security for the payment of
<br />the note described, atad all sums to become due under this instru-
<br />ment, tho 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 instrum' 01r.
<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 />11. That if the premises, or any 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 coat -
<br />sidnation for such acquisition. to thr extent of the M amount of.
<br />indebtedness upon this instrument and the note which it is gives ,to
<br />secure remaining unpaid, are hereby assigned by the Borrower to
<br />the Lender, and shalt be paid forthwith to said Leader to be ap-
<br />plied by the later on account of the neat maturing installments of
<br />such indebtedness.
<br />Q. 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 E eselopment 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 money
<br />when the same become due. or fails to conform to and comply
<br />with any of the conditions or agreements contadned in this instru-
<br />ment, 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 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 />W, the default; (b) the action required to care the default; (c) a
<br />date. not less than 30 days from the date the nedim is given to
<br />Borrower. by which. the default must be cured; and (d) that failure
<br />to cure thx default ou or before the date specified in the notice
<br />may result in acceleration of the stuns 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 />coup 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 />cure -d ion 81- bndoie the u8tc ati -0151 tl in the nuiiuc, 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 entitl&, to culled all ex,pp-MeS iit,ru rm—A in
<br />the remedies provided in this paragraph 13, itic w ing, but not
<br />limited• to. reasonable attortseye 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 pan of the Property is located
<br />and shall mail copies of such notice in the tftwxrer prescribed by
<br />applicable law to Borrower and to the other persons precribed by
<br />applic*la law. After the time required by applicable law. Trustee
<br />shall' gjve public notice of sale to the persons and in the manner
<br />pres4dIDed by applicable law. Trustee, without demand on Bor-
<br />rower, shall sell the property at public auction to the highest bid -
<br />der .& the time and place and under the terms designated in ft
<br />notice af'sale in one or more parcels and in any order Trustee-
<br />determines. Thwee 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 tlec purchaser Trustee's deed conveying the Property. The
<br />recitals in the Trustee's deed shall 6e prima facie evidence of the
<br />truth of the staternents made therein. Trustee sball apply the pro-
<br />ceeds of the sale in tine following order: (a) to all atpeasm of the
<br />sale. inclttdins, 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 kgally entitled to it.
<br />Pape 3 of 5 FIL09211N6T
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