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<br />event of loss Borrower will give immediate notice by nutd to the
<br />Lender. who may make proof of loss if not made promptly by
<br />Borrower, and each insurance company concerned is hereby
<br />authorized and direewd to make payment for such loss directly to
<br />the Lender iastead of to the Borrower and the Lender jointly, and
<br />the insurance proceeds, or say pars thereof may be applied by the
<br />Deader at its option either to the reduction of the indebtedness
<br />hereby secured or to the restoration or repair of the property
<br />dampd. In event of foreclosure of this instrument or other transfer
<br />of title to the mortgaged property in extinguishment of the
<br />i sdebtednm secured hereby. all right, tide and interest of the
<br />Borrower in and to any insurance policies then in force shall pass to
<br />the ptucha3erw pauun
<br />9. That as additional and collateral security for the payment of the
<br />age described, and all sums to became dw under this instrument,
<br />the Borrower bereby anigas to the Leader all profits. revenues,
<br />rapaltie% rti#s sad benefits accruing to the Borrower wider any and
<br />*0 or3 and gas leases on said premises, wisb the right to r=ive and
<br />nxeipi for the same and apply them to said indebtedness as well
<br />before as after default in the conditions of 1" instrument, and the
<br />Lender may demand. sue for and recover uu:.y such payments when
<br />doe and payable, but shall not be required so to do. This assignment
<br />ri�to terminate and become null and void upon release of, this
<br />ieActrtrenent. .
<br />10. That the Borrower will keep the b0dings upon said prernket
<br />in good repair, and neither commit nor per rnit waste upon said lar4
<br />to suffer the said premises to be used for any unlawful purpose. '
<br />11. That if the premism or any pan tkge aof; be condemned under
<br />the power of eminent domain. or acq! . --ai (j?r a public use, the
<br />damages awarded, the proceeds Bride a "i- of, or sire
<br />consideration for such acquisitvim tote extent of she full amount of
<br />indebtedness upon this instrmrztW and the note whirr n i, given to
<br />secure remaining unpaid. are !sereby assigned by the K'i-rower to the
<br />(Leader, and shall be paid forthwith to std Lender to be applied by
<br />the latter on 4rax3unt of the next mature' im,-,ullments of such
<br />indebtedom -
<br />12. The Borrower further agrees that should this instrument and
<br />the note secured hereby not be eligible Sm insurance under the
<br />National Hcasing Act within eight maatlis from the date hereof
<br />I written statement of any officer of the .Department of Housing and
<br />Urban Development or audw -find agent of the Secretary of Housiirg
<br />and Urban Development dw4d subsequent to the eight months` time
<br />from the date of this instrument, declining to insure said note and
<br />This mortgage, being deemed conclusive proof of such ineligibility),
<br />the Lender or holder of the note may, at its option, declare all sums
<br />secured hereby immediately due and payable. Notwithstanding the
<br />foregoing, this option may not be exercised by the Lender or the
<br />holder of the note when the ineligibility for insurance under the
<br />National Housing Act is due to the Leader's failure to remit the
<br />mortgage iawraace premium to the Department of Housing and
<br />Urban Development.
<br />13. That if the Borrower fails to make any payments of money
<br />when the same become due, or fails to conform to and comply with
<br />Wm 104800
<br />any of the conditions or agreements contained in this instrument, or
<br />the we which'it secures, then the entire principal sum and accrued
<br />interest shall at. once become due and payable, at the election of the
<br />Lender.
<br />Lender shall give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant or agreement 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 date the notice is given to Borrower, by which
<br />the default must be cured; and (d) that failure to cure the default on
<br />or W- m the +rn+r iCsd.in.the rratice May result in acceleration -
<br />of the seems secured by this instrument- and sale of the Property. The
<br />notice shag further inform Borrvweraf.tbe right to reinstate after
<br />acceleration and the riot: tar, Wing •a court action to assert the non -
<br />'existeace of a default or any mherdefease of Borrower to
<br />acceleration and sale. If the defa'olt, is not cured on or before the date
<br />specified in the notice, Leader of R& uplida may require immediate
<br />payment in full of all sums scoured: by1tis instrument without
<br />further demand and may anti -A� i.'*a'power of sale and any other
<br />remedies permitted by apph6ble law. Lender shall be entitled to
<br />collect all expenses incurred in pursuing the remedies provided in
<br />this paragraph 13, including, but not limited to. reasonable
<br />attomeys' fires and costs of title evidence..
<br />If the power of sale i., invoked, Trustee shall, record a notice of
<br />default in each county in which any pan 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 prescribed by
<br />applicable law. After the time required by applicable law, Trustee
<br />shall give public noticc of sale to the persons and in the manner
<br />prescribed by applicable lacy. Trust- without demand on Borrower,
<br />shall sell the Property at public aucNoo to the highest bidder at the
<br />time and plam and under the terms &. ignated in the notice of sale
<br />in one or more parcels and in any order Trust= daismines. Trustee
<br />may postpone sale of ail. dr any parcel of the P w4yatj by pubtis:
<br />announcement at the time and place of any prevkusty'scheduled
<br />sale. Lender or its designee may purchase the Property at any sale.
<br />Upon receipt of payment of tluv 17&t bid, Trustee shall deliver to
<br />the purchaser Trustee's the Property. The recitals in
<br />the Trustee's deed shall.he pzfmri (We evidence of the truth of the
<br />statements made therdij, •Trutee. shoal apply the proceeds of the sale
<br />ip the following order: (a) to all expetives of the sale, including, but
<br />not limited to, Trustees fees as permihed by applicable law and
<br />reasonable attorneys fees; (b) to all' r4tns secured by this Security
<br />Instrument; and (c) any excess to the person or persons legally
<br />entitled to it.
<br />14. Upon acceleration under paragraph 13 or abandonment of the
<br />Property. Lender (in person, by agent or by judicially appointed
<br />receiver) shall be entitled to enter upon, take possession of and
<br />manage the Property and to collect the rents of the Property
<br />including those past due. Any rents collected by Lender 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.
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