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<br />made shalt be added to the principal son owing on the above
<br />note. shalt be secured hereby. and shall bear interest at the rate set
<br />forth in the said note, unlit 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 />rote. all the rents, revenues and incorite to be derived from the
<br />said premises during such time as the indebtedness shalt 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 prcmises and
<br />of renting the same and collwintt the rents, revenues and inirome,
<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 therefrom:
<br />the balance remaining, if any, to be applied toward the discharge
<br />of said indebtedness.
<br />S. That the Borrower will keep the improvements now cussting
<br />or hereafter erected on the property, insured as may be required
<br />from time to time by the Lcaft uVinst loss by fire and other
<br />Hazards, casualties a-td ceitrijooemes in such•4!tmunm and for such
<br />periods as may -tot tequired by the Lender and; Will pay prompilu;
<br />when due. any premiums on such insurance ; P.- wisiun for payment
<br />of which has not been made hereinbefore. A: itr•.ursnre sball be
<br />cimi Lei in companies approved by the Leader and the yalWf-- and
<br />FOMl � als thereof shall be held by the Lender and hay,e attyr:"-.tid
<br />thereto loss payable clauses in favor of and in form accxptable to
<br />the Lender. in event of loss Bortower Will give immediate notice
<br />by mail to the Lender, who may make proof of Inss if not made
<br />promptly by Borrower. and eacb.insuramv. companyr con.U. zted is
<br />hereby authorized and direacif, (a. ,make payment for itridr• lr.si
<br />date .Iy to the Lender ins[ead.a! tti the Burr^zscer and the Lender
<br />7i'-.0 -Ely. and the ir..;aramc praztrcls, or an!, pall thcrecf, trait' be
<br />a,^^licl by the•Ixtider at its option either 64r4eduction of the
<br />h6ref,-y secured or to the restoi;tiitn ar repair of the
<br />prs'lwri damaged. In event of laredesure of this ►natponent or
<br />ovhw. transfer of title to true marripSed proper, iry eetinguishmew
<br />J (lie indebtedness secured hereby,, all right. title. and interest of
<br />the Borrower m and to any insurance polieir,, tltr)• in force shalt
<br />pass to the purchaser or grantee.
<br />9. That as additional and collateral urcunsy for the payment of
<br />the note dcssr►bed, and all hums in he.ente clue under this tnst ru-
<br />ment. the Borrower hereby aiiftigns to the Lender all profits,
<br />revenues, royafrtr±t. 1;ghti and Nrielit% i %, ming to the llctrrower
<br />under any and alt oil and gas fasts on kasrl premises, wuh the
<br />right to raeice acid receipt C; 1: tire saute i `.14, Apply them to satd '
<br />indebtedness as well before &jt after default in the :ond;ii4sti,. of
<br />this instrument, and the (.ender may demand. suc for :rAtl rmo.cr
<br />any such payments when due and payable, but shall &,:c thr -it-
<br />quired so to do. This assignment is to terminate and become null
<br />and void upon rcicase of this imtrumclu
<br />10. That the Borrower will keep the build;ngs upon s2.d r7rem +cs
<br />in good repair, :trd neither c:.Snrnii nor ivra►ii waste up: said
<br />land. nor suffer t1. -; said premt%cs to Ise w-44 for any unlaw ful
<br />par pose.
<br />11. That if the premises. or .any part thetcti`. N..Vullemned
<br />itnt>,ts the power of eminent 6unain, or acquired fen a puhlive use.
<br />It* dama(tes awarded. the rictr.,zeds for the taking litc con-
<br />sideration for iuud► acquisition, to the extent' of the full amount of
<br />indebtedness tannin this instrument and the afft which it is siren to
<br />secure remaining, unpai4. are hereby asdgacti'by the &rrrower to
<br />the Lender. and shall be paid fort1with to �,rtd I ender to be ap-
<br />plied by the latter on account of the next p.aturing installfrcnts of
<br />such indebtedness.
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<br />12. The Barrawer further agrees that should this instrument and
<br />the note smurcd htrehy not he eligible for insurance under the Na-
<br />tiona) How;* !act w1ililm.eight months from the date hereof
<br />(written statement ot'.tlny- officer of the Department of Housing
<br />and Urban Development of authorized agent of the Secretary of
<br />Housing and Urban VVv :oiof;ment dated subsequent to the eight
<br />months' eioze fp3w iftrt dsre of this instrument, declining to insure:
<br />said note and this mat adge. being deemed conclusive proof.of
<br />such ineligibility), flit, fender or holder of the note may, at its op-
<br />tion, de. —L,irc all sutns scoured hereby immediately due and payable.
<br />Netwitht maading itte foregoing, this option may not ire exercised
<br />by the Lender or the (tattler of the note where the ineligibility for
<br />insurance under the Kviatnttl Housing Act is due to the Lender's
<br />failure to rmilit the marriage insurance premium to the Depart-
<br />ment of 11•tousing and Urban D eveopment.
<br />13. That if Iltp Borirovicer 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 mote which it secures, then the entire principal sum
<br />and accraed intrreet shall at once become: dire: and payable, at the
<br />clect!on o, I's ,lit• Lender.
<br />Lender shall gice notice to Borrower prior to acceleration
<br />fiAlowing 8orrouer's breach of any covenant or agreement in this
<br />instramcni tbui not prior to acceleration under paragraph 12
<br />unless applicable law provides otherwise)- The notice shall specify:
<br />(a) the default. tb) the a. -tion required to cure the default; W a
<br />date. not less than 30 days from 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 ia ata-eleration of the sums s=jxed by this instrument
<br />and sale of One Property. The notice shmtl Nrther inform Borrower
<br />of the right to nr_n mate after acceleration and the right to bring a
<br />03411 act ion to xwert the non - existence of a default or any other
<br />(fdrnse of Borrower to acceleration and sale. if the d:: €ault is not
<br />s:,red on or before the date specified in the notice, Lrxder 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' sate and any other remedies permitted by applicable taw.
<br />Lender shall be entitled to collect all expenses incurred in pursuing
<br />the remedies prosided in this paragraph 13, includin&. hut not
<br />limited to, reasonable attorneys' fees and costs of rna: oiidence.
<br />If the power of sale is invoked. Trustee shall record a notice of
<br />default in each county ir. which any part of the Property is located
<br />and shalt mail copies of such itotice in the manner pm- scribed by
<br />.tl;phcable law to Borrows aid to the other persons R(ecribed by
<br />.tg- reliable taw. After the ; r. rry r':auircd.1,y applicable taw. Trustee .
<br />shall give public notice of s 'if , , >- )%j,; dns and in the manner
<br />prescribed by applicable lap. fir; ,tc.-, ;v :gout demand on Bor-
<br />rowcr, shall sell the Pmpe *i f a: public auction to the highest bid-
<br />der at the lime and place im6 under the terms designated in the
<br />notice of sc$c in use or owic parcel+ and iu any order Trustee
<br />determines. 'trustee may postpone sate •:f all or any parcel of the
<br />Property by public announcement at t,a; 15me and place of any
<br />preciously scheduled sale. Lender or im Icsigncc may purchase .Ise
<br />Property at any sale.
<br />Upon tc.etpt of payr:cr,& of c)e price bid. Trustee shall deliver
<br />to the purchaser Trustee's Se. ed :om:e jilt the Property. The
<br />recitals in the Trustee's jeM s' a :1 T;e Istirsm facie evidence of the
<br />truth of the staternentt ma.4o t);emPT. 'rt-astec shall apply the pro-
<br />ceeds of the sane in the foUwvnnta 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; (h) to all snnts
<br />secured by this - Security Instrument; arul dc) any excess to the per-
<br />son or persons legally entitled to it.
<br />Page 3 of 5 f � ii %F9214
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