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<br />made shall be added to the principal sum owing on the above
<br />note, ". 1 be secured hereb).. 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 de,4ault in the perfornmce 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 steal! remain
<br />unpaid, and the Lender shall have power to appoint any agent or
<br />agents it may desire for the purpose of repairing ;atd premises and
<br />of rentin¢ the same and collecting the rerris. re, enues and income.
<br />and it may pay out of said incomes all expenses of repairing baid
<br />pimnises and neccssan corrmiisions and expenses incurred to rent-
<br />i ;,g itp-1 managing the same- a:sd- of collecting rentals therefrom.
<br />6�sncc remaining, i? ins:_ r;a, be applied toward the discharge
<br />: Thar the &3rrouer v.:ic 4 eap the;:xig, :.eirent+ r;�,N..ear,ung
<br />or hereafter erected on the property.
<br />ai.b it time to time by the Lender agairs :liar "i :• ;etrd other
<br />,haLuds...asuahics and .:ontingencies ir. +;d s 41 : unts and for such
<br />triods as may he required try the Lender: -J!7,1 %%F11 pay promptly.
<br />.hen due. any premium, on ,uch insuta.r c p n+ :ISion for pa;menr
<br />^t Mmh teas not b,-en made heicinbefoie. •Xll ;nsuran :r shall he
<br />tarried in compante, appnsscd by the Lende: and the pohaes and
<br />renewals thereof shall he held hs the Lender and hale attached
<br />tbereto lots payable dlauscs sat favor of an"' rn form acceptable to
<br />the i ender. In west of lo,, Iforaswer •.cdl ;;tic rmnrrcliate n,•rce
<br />tZt marl to the I ends, ssho m.0 male raso' of lo,s if not u.ad :-
<br />l;ru•.xptly b: Borrower, ai;d each insurance .orij,,ai _ mcmed is
<br />i;,twcfTy authortres and directed to male l *,,i%r ;cot tnr .,ch ioss
<br />s•; ly to the Lender Instead or to ncc N r.rrtscr and the Lender
<br />jointly, and the insurance rro.eeis, nr ;r.;,.i!,rrt ihereot. mad he
<br />s;.p!ied by the lender at i•., oprron t r' S r. !. s the reduction of the
<br />r:�t.d :Mcdne,s hereby sccuted,�t to rt :e _d'.;racurrt tie repair of the
<br />rtc.,erty damaged. In cicv... d.ut eerie {lcl,ure of this inst.ument or
<br />i�,Ahcr transfer of title to r; to ire::e {: ;: Volicrty in cminguishment
<br />csf the indeb :ednes:. secured oftc ant. Interest of
<br />the (3utrower to and to arts ,cs :,tai;. +s t +;?:.I:. +t }en In for,c shall
<br />pas, to the puruha+cr „ref,; :r;;;e
<br />4 That as additional ar,d .o;laieial te_.mty !or the t+asrtient of
<br />t he llote described. and all suer+ to het ,tiInic Ihn• tinder this instcr:
<br />ncent. the herchy i%signs to ttw- I.cndcr all profits.
<br />Menues, royw,:e+_ ngh!s and henditi. a;.< .my t;, the lioirnwer
<br />cinder any and 'all coil and gas leases on cai,l prci, : :,c•. s%vh the
<br />tight to rece►sc and 'ece;p :;. :v.r !fie ,anrc .mitt aj,pis '!:i r;,r''u c,tid
<br />indebtedness as Aell fset4 ::.St. after dctault it :he sondawn% of
<br />this utsuumM, Wnd the I erecter inay demand. •sac Inc and recmer
<br />any such paynerts shen dare arld pa %it e. !+sat ,stall nut be re-
<br />quired A) to 4c•. 1hn a%%wmncnt is w icinim,ite and be.:ome null
<br />AY;u..void upon rcledse of ;!its Instrument.
<br />16. That the Borrower will keep the buildings upon said premises
<br />in goW repau. and neither conunrt neir penmt waste upon said
<br />laud, not sut`(ta fire said premises to be used for any unlawful
<br />purpose.
<br />11. [hat if the praa�!ms, e,., env past thereof, be condemned
<br />under the power of emmettt• domain. or acqurted for a Vubiic use.
<br />the damages awarded, the proceeds for the taking of. or the con -
<br />sideration for such acquisition, to the extent at the faU amount 4f
<br />indebtedness upors this insttumeni and the note which it it given :a
<br />wcure remaiging unpaid. ate hereby assigned by the Boorower to
<br />t#*d.ender, and shall be paid forthwith to said Lettd'er try be ap-
<br />ptitta by the latter on Actxrtrni of the treat araturing instaiilments of
<br />surds indedKednns.
<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'Ehe Department of Housing
<br />and Urban Development to 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 ins:tret
<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 />titon, 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 />hisurance 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 />M that if the Bor_►u nser. fails to make any payments cf money
<br />sv!nn the same becomes dltc, or fails to conform to and comply
<br />•*4 . any cif tit, conditions or agreements contained in this instru-
<br />riir,tt err ttte tote which it secures, then the entire principal sum.
<br />LtiJ isysxuul interest shall at once brcome due and payable.' at.. tr`te
<br />electron ut'thi: Lender.
<br />lender shall grse notice to Borrovver. jW)cI,> ace:axration
<br />tollowinc; Borrower's breach of any 6v it sit or agree.ttent in this
<br />:r.,trumcnt ibut not prior to acceleratfun'tinder paragraph 12
<br />unless applicable law provides otheiwitr}. The notice shall specify:
<br />(a) the default. Ib) the action required to cure the default; (c) a
<br />date, no! less than 30 dii!:, f7orn the date the notice fF given to
<br />Itnrroiscr. by which the LWault must be cured; and (d) that failure
<br />to cure the default on cx before th4.ddgr-specifted in the notice
<br />mar result in acceleration of the surxs wLred by this ins!rumem
<br />and sale c<i dw::Pfoperty, Ttic• notice. 4t313: further inform Borrawta
<br />of the tight/ :vq. remstate.:O,irrr acceleration and the right to bring a
<br />noun amtsrr assert ttz iwn•existence of a default or any other
<br />defense of t ,:'row,er to acceleration and sale. If the default is not
<br />cured on ef: isrfore the date specified in the notice. Lender at its
<br />option may rc!quire 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 wfjitr r =medics permitted by applicable law.
<br />Lender shall be entitled tartxIllect all expenses incurred in pursuing
<br />rs : remedies provided in this praragra 4 13. including. but not
<br />:united to, reacnriahle attorneys' feed aiwl costs of title evidence.
<br />If the power of sale is invoked, tj a (ire shall record a notice of
<br />' sefault in ea,h county in which any part of the Property is located
<br />and shall mail copies of such notice in the manner prescribed by
<br />applicable ';riv to 1lurrower and to +3u, tither persons precribed by
<br />eppli, mb :4 ). -.iw: After the time requa:ed! L•;f applicable taw. Trustee
<br />shall n(sttce to :."3 liw.sons and in the manner
<br />picscnbed by appliedt4 4%tk, iruttee. without demand on Bor•
<br />f-cr, shall sell the Prc:;ett.j at public auction to ility highest bid-
<br />der at the time and place and under the terms desig ated in the
<br />notice of sale in one or more parcels wtd in any order Trustee
<br />determines. Trustee may postpone r.ar<F eJ all or any parcel of 1k
<br />Property by public announcement at- ittc time and place of any
<br />prniously scheduled sale:. I ender or its designee -rt'ay purchase'thc
<br />1 > : :openy at any sale.
<br />Upon f<aair of payment of the price bid. Trustee shall deliver
<br />to the pups iasrr. Trustee's deed convet :ing the Property. The
<br />recitals in'the lru!6+i+'j 4feeV shall be prima facie evidence of the
<br />truth tit the stater mu.% made therein. Trustee shall apply the pro -
<br />s:eeds of the We in the following order: (a) to all expenses of the
<br />sale, including. but not I uVred to. Trustee's fees as permitted by
<br />applicable law and reasonable attorneys' fees; (b) to all sums
<br />secured by this Security Itfstiument; Aid (c) any excess to the per-
<br />son or persons legally "tilled to it.
<br />Pape 3 of 5 NUO. 9214301
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