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<br />event of loss Borrower will give immediate notice by marl to the
<br />Ltrtder. who may matte proof of loss if not made promptly by
<br />Sarrower, and each iasuramce a money oMwi ned is hereby
<br />authorized and directed to make payment for such toss directly to
<br />the L4.ttder imtead of to the Borrower and the Lender jointly, attd
<br />dr. ithurawce proceeds. or any part thereof. may be applied by the
<br />Leader at its option rider to the reducxioa of the indebtednen
<br />hereby secured or to the restoration or repair of the property
<br />daataged, le C'Matof foreclosure of this instrument or other trawler
<br />of title to the m4rImed propeny it extinguishment of olio
<br />iNkbtedma se+c(rred hereby, all right, title and interest of the
<br />Borrower in and to any insurarxe policies then in force shall pass to
<br />the purchaser or grantee.
<br />4 , That as additional and collateral security for the payment of the
<br />merle described. and all sums to become due under this instrument
<br />tea Borrower hereby assigns to the Lender all profits, revenue% .
<br />royaldm right aW benefits accruing to the Borrower under any and
<br />AD oil and gas kases on said premises, with the right to receive and
<br />receipt for the shire and apply therm to said indebtedness as well
<br />before as after default in the conditions of (*4-, instrument, and the
<br />Lender may demand, sue for and recover any such payments when
<br />duc and payable. but shall not be required so to do. This assignment
<br />is to terminate and become rtaRr, l void upon release of dhs
<br />instrument
<br />10. That the Borrower wu( ►'ii..�jshe b; i upon s..Opremises
<br />'mood repair. and neither cam, i. gar is ,M-'2: waste cylx ; said land,
<br />rtitarrtuffer the said premises tit t':icd fGu 2.cyiunlawfut'Purpose.
<br />I. That if din prratisea, or any part tbcr64 be condemned under
<br />the power of err:inent domain. or acquired for a public use, the
<br />damages awarded. the proceeds for the taking of, or the
<br />consideration for such acquisition, to the extent of the full amount of
<br />indebtedness upon this instrument arA the note which it is given to
<br />secure remaining unpaid. are hereby assigned by the Borrower to the
<br />Leender, and shall be paid fonbwi h to said Lender to be appw by
<br />flit latser on account of the W,xt unuuring installments of such
<br />ir;�, *dulness.
<br />12. The Borrower further agrees that should this inst -w irran :and
<br />the note smuMOIRreby not be eligible for imai;'ance undia:.Ae .
<br />National Hous4Act within eight months from the date i5v'i v
<br />(written statement of any ei3R'* of the !department of Hauung ar d
<br />Urban Development or autfttr6td agent of the Secretary of Housing
<br />and Urban Development diem£ wbsoquent to the eight months time
<br />from the date of this irstrunte4 declining to insure said note and
<br />this mortgage. being deemed omdusive proof of such ineligibility),
<br />the Lender or holder of the ruiti (nay, at its option, decl m iA sum
<br />secured hereby immediately cue and payable. Notwithst;tatdiatg the
<br />foregoing, this option may not be exercised by the !.ender or the
<br />holder of the note where the ineligiBility rx. LIsurance under the
<br />National Housing Act is due to the Lender's failure to remit the
<br />doge insurance premium to &,,e Department of Housing and
<br />Urtw (Development.
<br />13. That if the Borrower fails to nuke any payments of money
<br />wben the same become due. or faits to conform to and comply with
<br />any of the conditions or agreements contained in this instrument or
<br />the note which it secures, then the entire principal sum and accrued
<br />interest shall at nave becorx due andpaysb c. at the election of the
<br />Lender.
<br />Lender shall Five notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant oragreemeat in this
<br />instrument (but not prior to acceleration under Paragraph 12 unless
<br />applicable law provides otherwise). The notice shall specify (a) the
<br />default: (b) the action required to cure the default, (c) a date, not less
<br />than 30 days from the due the notice is given to Borrower, by which
<br />the default at,. tiott be cured; and (d) that failure to cure the default on
<br />or before the date specified in the notice may result in acceleration
<br />of the sums secured by this instrument aed sale of the Property. The
<br />notice shall further inform Borrower orthe right to reinstate after
<br />acceleration and the right to bring a court action to assert the non-
<br />existence of a default or any other defense of Borrower to
<br />acceleration and sale. If the default is not cured on or before the date
<br />specified in the notice. Lender at its option may require immediate
<br />g►ayment in full of all sums secured by this instrument without
<br />T„rther demand and may inroke the power of sale and any other
<br />remedies permitted by applicable law. Lender shall be entitled to
<br />collect all expenses incurred in pursuing this remedies provided in
<br />this paragraph 13, including, but not limited to. reasornsble
<br />attomeys' fns and costs of title evidence.
<br />If the po•' of sale is involved, Trustee shall record a notice of
<br />default in eit•Iaounty in which any part of the Property is boata
<br />and shall roe,, espies of such notice in the manner presmbed by
<br />applicable taw to Borrower and to the other persons prescribed by
<br />applicable law. After the time required by applicable law, Trustee
<br />shall give p+iTft notice of sale to the persons and in the manner
<br />prescnlW it ±• "apsplicablc law. Trustee, without demand on Borro+vcr,
<br />shall sell to Rif pony at public auction to the highest bidder at the .
<br />time and plim. and under the terms designated in the notice of sale
<br />is one or my rt- jurcels and in any order Trustee determines. Trustee
<br />may postpa?,,.sale of all or any parcel of the Property by public
<br />announcerntin at the time and place of any previously scheduled
<br />sable. Lender -_c i1a designee may purc:.acsvtbe Property at any sale:
<br />Upon rr d 0'1' paYinw%d the price bid, Trustee shall deliver to
<br />Zitt'ppuurdtaser Trustee's i red conveying the Property, "floe recitals in
<br />hilt Trustees deed shall be prima facie evidence of titre !�-uth of the
<br />statements ode therein. Trustee shall apply the proceeds of [he sale
<br />in the following order: (a) to all expenses of the sale.,including, but
<br />not limited to, Trustee's fees as permitted by appliczARt law and
<br />reasonable attorneys' fetes; (b) to all sums secured t �,Ws Security
<br />Instrumizu,'And (c) any excess to the person or persflcti kplly
<br />entitled r•;; it,.
<br />14. Upon acceleration under paragraph 13 or abandonment of the
<br />Property, Lender (in person, by agent or by judicially appointed
<br />remiver) slatJ be entitled to enter upon. take possessica of and
<br />manage the i'.ivperty and to collect the rents of the Property
<br />including those past due. Any rents collected by tender or the
<br />receiver shall be applied first to payment of the costs of management
<br />of the Property and collection of rents, including. but not limited to.
<br />receiver's fees, premiums on receiver's bonds and reasonable
<br />attorney's fees, and then to the sums secured by this instrument.
<br />Paaa 3 or 8
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