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<br />made shall be added to the principal sum owing on the above 12. The Borrocccr further agrees that should this instrument and
<br />note, shall be secured hereby. and shall bear interest at the rate set the note secured, hereby not: be eligible for insurance under the Na-
<br />forth in the said note. until paid. tional Housing Act with16:4ght months from the date hereof
<br />9. That as additional and collateral security for the payment of
<br />the note described, and all suns to become due under instru-
<br />ment, the Borrower hereby assigns to the Lender all Cr rs,
<br />revenues, royalties, rights and benefits accritrst to the borrower
<br />under any and all oil and gas leases on said! pvrmiscs, with the
<br />right to receive and receipt for the same avA, apply them to said
<br />indebtedness as well before as after default in the condtnfms of
<br />this instrument, and the Lender may demand. sue for and recover
<br />any such payments when due and payable, but shall not he re-
<br />quired so to do. This assignment is te, terminate and bekonic null
<br />and void upon release of this instrument.
<br />10. That the Borrower will keep the buildings upon sal; premises
<br />in good repair, and neither commit nor permit waste ur%�.0 -.aid
<br />land. nor suffer the said premises to be used for any unlawtui
<br />purpose.
<br />It. That if the premises. or any part thereof, be cum:G�tr ixt!
<br />undn, the power of eminent di,tnain, or acquired for s, gid')!ic use,
<br />the damages awarded. the proctrds for the taking of, an rsY con-
<br />sideration for varh. acquisition, to the extent of the full amount of
<br />indebtedness uprw this instrument and the ante which it is given to
<br />secure remaining unpaid. are hereby asssigeod' 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 nevi maturing installments of
<br />such indebtedness.
<br />If the power of We is invoked, Truitte shall record 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 manner prescribed by
<br />applicable law to Borrower and to the other persons ptrxribed by
<br />applicable law. After the time required by applicable law. Trustee
<br />shall give public notice of sale to the persons and in the manner
<br />prescribed by applicable taw. Trustee, without demand on Bor-
<br />rower, shall sell the Property at public auction to the highest Wd--
<br />de at the time and place.�rd under the terms designared.in 7h-k.
<br />notice of sale in one or f.Tew parcels and in any order 'i crtC!aae.
<br />determines. Tr,;stee may ',^•narpone Sale o� all or any parcel cf ilwa
<br />1'ro; --erty t,. g;iblic announcement at Ole. +;me and place of any.
<br />scheduled sale. lender or •t. - signee may purchase t ne
<br />r1•sperty at any sale.
<br />Upon receipt of payment of the price bid. Trustee shall deliver
<br />to the purj:a-ser Trustee's deed convcyi!,tO. the Property. The
<br />recital~ in thr, T'rustee's deed shall be ptittta facie evidence of the.
<br />truth „t ttic �'TateinentS made therein. Trustee shall apply the pro-
<br />ceeds of the sale in the foll4sving order: (a) to all expr? macs of the
<br />sale, including. but not IritxiteJ to. Trustee's fees as t#,miitted by
<br />applicable law and reasu.u% >.e 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.
<br />Page 3of5 HtJDl21�3Dt
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<br />(written statement of any officer of the Department of Housing
<br />7. That the Borrower hereby assigns, transfers and sets over to
<br />and Urban Demlopmain, or authorized agent of the Secretary of
<br />the Lender. to be applied toward the payment of the note and all
<br />Housing and Utttan- Givelopment dated subsequent to the eight
<br />sums secured hereby in case of a default in the performance of
<br />months' time from the date of this instrument, declining to insure
<br />any of the terms and conditions of this instrument or the said
<br />said note and this mortgage, being deemed conclusive proof of
<br />note. all the rents, revenues and income to be derived from the
<br />such ineligibility), the Lender or holder of. the note may, at its op-
<br />said premises during such time as the indebtedness shall remain
<br />tion, declare all sums secured hereby immedUtely due and payable.
<br />unpaid, and the Lender shall have power to appoint any agent or
<br />Notwithstanding the foregoing, this option may hot be exercised
<br />agents it may desire for the purpose of repairing said premises and
<br />by the Lender or the holder of the note when the inelivVity for
<br />of renting the same and collecting the rents, revenues and income,
<br />insurance under the National Housing Act is due to the Lender's
<br />and it may pay out of said incomes all expertf4s of repairing said
<br />failure to remit the mortgage insurance premium to the i)epart-
<br />premises and necessary commissions and expenses incurred in rent-
<br />ment of Housing and Urban beveopment.
<br />ing. managing the same an& of collecting rentals therefrom;
<br />thi i*%'iance remaining, if aO.,; f! lae applied toward the discharge
<br />13. That if' tlte, Borrower fails to mak±: aojy - payments of money
<br />of said indebtedness. •
<br />«!real the -same 6tCcome due, or fails to i7ct atm to asad comply
<br />ovfth any off'16 conditions oK.agreements t:ogtained i*'this instru-
<br />8.- That the Borrntiet.v?'JJA,,i�- the improvements now existing
<br />10 or the.[tnfe which it secures, tT :� t"_;,entire principal sum
<br />"
<br />or.f3t itafter erected ari thct ns ity, insured as may be rg4pired
<br />and accrued•il7ji t shall at once be .7..EL 1«•t and payable, at the
<br />frga: ;iime to time by the Lei dc+ti; against loss by fire aria i liter
<br />election of the (:ender.
<br />hazards, casualties and contingencies in such•amountti kkir such
<br />periods as may be required by the ixttder and syiil. romptly,
<br />Lender shall give notice to Borrower prior to acceleration
<br />when due, any premiums on such insurartce:l7r!,A,, sioa for payment
<br />'felloving Borrower'4 any covenant or agreement in this
<br />of which has not been made hereinbefore ,A13;! ;isurance shall be
<br />(ls t ;ment (but not rs? az *;rr acceleration under paragraph 12
<br />carried in companies approved by the Len% titd the policies and
<br />unless applicable! law j rm ides otherwise). The - notice shall specify: • • ;
<br />renewals thereof shall be held by the Lendc� and have attached
<br />(a) the default; r, "aj. the action required to cure the default; (c) a
<br />thereto loss payable clauses in favor of a6dib' form acceptable to
<br />date, not less .':an 30 daysitom the date the notice is given to
<br />` J
<br />the Lender. In event of loss Borrower writ g ; - immediate notice
<br />Lronower. by which the d+e' au;: must be cured; and (d) that failure
<br />by mail to the Lender. who may make proof of loss if not made
<br />to cure the default on or?rfiwe the date specified in the. notice
<br />promptly by Borrower, and each insurance company concerned is
<br />may result in acceleration e ?: tih�stmrs secured by thisi°i�}stm)mern
<br />hereby authorized and directed to make payment for. sut:ts lotr, =,
<br />and sale of the Property. The notices . `arther inforio Borrow ex;:,
<br />directly to the Lender instead of to the Borrower and the Lagder
<br />of the right to reinstate after acceterit- -.aari and the right td bring a
<br />jointly, and the iny4mme proceeds, or any part thereof. may be
<br />=n action to assert the no existence i;3 a default oy `Airio, other
<br />applied by the leoilzi'at its option either. tar the reduction of the
<br />defense of Borrower to accel, ---ion and.sale. if the :�A t is not
<br />indebtedness hereby secured or to the resturation or repair of the
<br />cured on or before the date specified ir;the notice. Lender at it3
<br />property damaged. In event of foreclosure of this instrument or
<br />option may require immediate payment it full of all sums secured
<br />other transfer of title to the mortgaged property in extinguishment
<br />by this instrument without further demand and may invoke the
<br />of the indebtedness secured hereby, all right, title and interest of
<br />power of sale and any other remedies permitted by applicable law.
<br />the Borrower in and to any insurance policies then in force shall
<br />I ender shall be entitled to collect all expenses incurred in pursuing
<br />pass to the purchaser or grantee.
<br />the remedies provided in this paragraph 13, including, but not
<br />limited to, reasonable attorneys' fees and costs of title evidence.
<br />9. That as additional and collateral security for the payment of
<br />the note described, and all suns to become due under instru-
<br />ment, the Borrower hereby assigns to the Lender all Cr rs,
<br />revenues, royalties, rights and benefits accritrst to the borrower
<br />under any and all oil and gas leases on said! pvrmiscs, with the
<br />right to receive and receipt for the same avA, apply them to said
<br />indebtedness as well before as after default in the condtnfms of
<br />this instrument, and the Lender may demand. sue for and recover
<br />any such payments when due and payable, but shall not he re-
<br />quired so to do. This assignment is te, terminate and bekonic null
<br />and void upon release of this instrument.
<br />10. That the Borrower will keep the buildings upon sal; premises
<br />in good repair, and neither commit nor permit waste ur%�.0 -.aid
<br />land. nor suffer the said premises to be used for any unlawtui
<br />purpose.
<br />It. That if the premises. or any part thereof, be cum:G�tr ixt!
<br />undn, the power of eminent di,tnain, or acquired for s, gid')!ic use,
<br />the damages awarded. the proctrds for the taking of, an rsY con-
<br />sideration for varh. acquisition, to the extent of the full amount of
<br />indebtedness uprw this instrument and the ante which it is given to
<br />secure remaining unpaid. are hereby asssigeod' 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 nevi maturing installments of
<br />such indebtedness.
<br />If the power of We is invoked, Truitte shall record 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 manner prescribed by
<br />applicable law to Borrower and to the other persons ptrxribed by
<br />applicable law. After the time required by applicable law. Trustee
<br />shall give public notice of sale to the persons and in the manner
<br />prescribed by applicable taw. Trustee, without demand on Bor-
<br />rower, shall sell the Property at public auction to the highest Wd--
<br />de at the time and place.�rd under the terms designared.in 7h-k.
<br />notice of sale in one or f.Tew parcels and in any order 'i crtC!aae.
<br />determines. Tr,;stee may ',^•narpone Sale o� all or any parcel cf ilwa
<br />1'ro; --erty t,. g;iblic announcement at Ole. +;me and place of any.
<br />scheduled sale. lender or •t. - signee may purchase t ne
<br />r1•sperty at any sale.
<br />Upon receipt of payment of the price bid. Trustee shall deliver
<br />to the purj:a-ser Trustee's deed convcyi!,tO. the Property. The
<br />recital~ in thr, T'rustee's deed shall be ptittta facie evidence of the.
<br />truth „t ttic �'TateinentS made therein. Trustee shall apply the pro-
<br />ceeds of the sale in the foll4sving order: (a) to all expr? macs of the
<br />sale, including. but not IritxiteJ to. Trustee's fees as t#,miitted by
<br />applicable law and reasu.u% >.e 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.
<br />Page 3of5 HtJDl21�3Dt
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