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<br />trade shall b>r added tC the principal suns awing on the aboi e
<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 tltt note and all
<br />sums secured hereby in case of a default in the perforrrtance of
<br />any of the terror 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 tray d¢sire for the purppase 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 Lullm--ting rentals therefrom;
<br />the balance retraining, if any, to be p)Sdied toward the discharge
<br />of said indebtedness.
<br />S. That the Borrower will keep the improvemetns now existing
<br />or hereafter erected on the property. insured as may be required
<br />from time to time by the tender again4 foss b) fire and other
<br />hazards, casualties and contingencies in such amourtrs and for such
<br />periods as may be required by the Lender and will pay promptly.
<br />when.due. any premiums on such insuia-MV provisirsn for payment
<br />of. which has not been made ftereinbefore. All insuranot shall be
<br />carried in companies appsovW by the Lender and the policies and
<br />renewals thereof shall be held by the Leader and have attached
<br />thereto loss wable clauses in favor of and in form acceptable to
<br />the Lender. 16 event of foss Borrower hell give immediate notic=
<br />lie mail to the Lender. who may make pioof of loss if not made
<br />wamptly by Borrower, and each insurance company concerned is
<br />hereby authorized and directed to make payment for such loss
<br />directly to tine Lender instead of to the I€otTower and the Lender
<br />jointly. and the insurance proceeds. or iuty part thereof. may be
<br />applied by the Lendcr 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 prorert) in extinguishment .
<br />of the indebtedness secured hereby. all tz, &., title and interest cril
<br />the Borrower in and to any insurance prJE t;s then in torce shall,
<br />pass, to the purchaser or grantee.
<br />• 9- That as additional arb cullatcral security for the payment of
<br />trio mote described, and all sums to hecomc slur under this Instru-
<br />ment, the Borrower herehy assigns to th a Lender all prcufits.
<br />revenues, royalties, rights and benefits accruing to the Burrower
<br />under any and all oil and gas leases on said premises: w,th the
<br />right to receive and receipt for the same and apply to said
<br />indebtedness as well before as after defal3 in the conditions of
<br />this instrument. and the ].ender may dmiA. i. sue for and recot cr
<br />any such payments when due and payable. but shall not be re-
<br />quired so to do. This assignment is to terminate and heroine null
<br />and void upon release of this instrument.
<br />10. That the Borrower will keep the buildings upon said prentise :,
<br />in good repair. and neither commit nor permit waste upon said
<br />land, nor suffer the said premises to be used for any tuitawful
<br />purpose.
<br />11- That if the premises, or any part thereof, be o- Melemn.d
<br />under the Power of eminent domain. or acquired for a public use.
<br />the damages awarded, the proceeds for err~ 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 sball he paid forthwith to said Lender It) 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 surrs 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 Boirowet fails to make any payments of money
<br />when the same become due, or faits 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 sum
<br />and accrued interest shall at once become due and payable. at the
<br />election of the Lender.
<br />Lender shall give notio: to Borrower prior to acceleration,
<br />following 1301roxer's bench of any covenant or agreement lft :this
<br />instrument: (but not prior to acceleration under paragraph 12 .
<br />unlm Wzhcable law provides otherwise). The notice shall specify:
<br />(at the default; (b) the action required to cure the default; (e) a
<br />,Lue_nor, less than 30 days from the date the notice is given to
<br />Borrasser, -by which the default must be cured; and (d) that fafhire
<br />to cure the default on or before the date specified in the notice
<br />may result in aw leraiion of the sums secured by this instrument
<br />and sate of the Property.. The notice shall further• inform Borrower
<br />of the right to reinitate after acceleration and the right to bring a
<br />cuun. action to assert the non - existence of a defy -alt or arty other
<br />defesitc, of Borrower to acceleration and sale. If the default is not
<br />cured tin sir before the date specified in the notice, Lender at its
<br />option -nucy require immediate payment in full of all sums secarcd
<br />by this instrument witluuit further demand and may invoke the
<br />power of sale and asp: an'ccr remedies permitted by applicable law.
<br />Lender shall he cntitW t73- ioliect all expenses incurred in pursuing
<br />the resntdits provide] in this paragraph 13, including, but not
<br />limited 10,,1 caso11able attorneys' fees- and costs of title evidence.
<br />If the power of sale i.s invoked. Trustee shall roa;rd a notice of
<br />default in each county In which any part of the Property is located
<br />And shall mail copies of such notice in the mariner prescribed by
<br />applii:Wc: Law to Borrower and to tkv ,other persons precribed by
<br />applicabl :e Fza t. After the tinie requV-o:.by applicable law, Trustee
<br />shall Sit-c PLWic notice of sale to the persons and in the manner
<br />prescribes ' Y applicabl+; 1,;, +.u. Trustee, without demand on Bor-
<br />rower, she:] Yell tai: fimvtrty at pubhC auction to [tic highest bid-
<br />der at the r.+rrnt'aid place and under Ois.terms designated in the
<br />notice oft.-Ile r one or more pari:Ot and in any order Trustee
<br />deterrtijim, -trustee may postpone .41jr ni' all or any parcel of the
<br />property isy public announcement at ti;e time and place of any
<br />prekiously scheduled sale. lender or its designee may purchase the
<br />Property at any sale.
<br />Upon 11=41 of payment of the ytice bid, Trustee shall deliver
<br />to the purtcttaser Trustee's deed conveying the Property. The
<br />recitals in the Trusree's deed shall be prima facie evidence of the
<br />truth of the statementa nnxde therein. Trustee sha1J 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. 'flryimo!e's fees as permitted by
<br />applicable law and reasonable attorreis' fees; (b) to all sums
<br />secured by this Security Instrument; 2;7.'4 . (c) any excess to the per-
<br />son or persons legally entitled to it.
<br />Page 3 of 5 HUD- 921430T
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