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<br />event of loss Borrower will give immediate notice by mats to the
<br />Leader, who may make proof of loss if not made promptly by
<br />Borrower, and each insurance company concerned is hereby
<br />autbotiud and directed to make payment for such loss directly to
<br />the !.ender instead of to the Borrower and the Lender jointly, and
<br />the insurance proceeds, or any part thereof. may be applied by the
<br />Lender at its option either to the reduction of the indebtedness
<br />hereby secured or to the restoration or repair of the property
<br />damaged In event of foreclosure of this instrument or other transfer
<br />of tide to the mortgaged property in extinguishment of the
<br />indebtedness secured hereby, all right, title and interest of the
<br />Borrower in and to any insurance policies then in force shall pass to
<br />the purchaser or grantee.
<br />9. That as additional and collateral security fer the payment of the
<br />note described, and all sums to became due under this instrument,
<br />the Borrower hereby assigns to the Lender all profits, revenues,
<br />royalties, sights and benefits accruing to the Borrower under any and
<br />aH o7 and gas leases on said premises, with the right to receive anti
<br />receipt for the same and apply them to said indebtedness as well:;:: .
<br />before as after default in the conditions cf this instrument; and the
<br />Lender may demand, sue for and recover any such payments when
<br />due and payafiie, but shall not be required so to do. This assignmr
<br />is to Mmih Tut rend become nail and void: upon release of this
<br />instrument
<br />10. That the Borrower will keep the buildings upon said premises
<br />in good repi7, and neither commit nor permit waste upon said- Em-d:
<br />nor suffer the said premises to be used for any unlawful purpose.
<br />I 1. '1:'ba ifthe premises, or any part thereof, be ccwd=eted i•3er
<br />(fern power of eminent domain, or acquired for a pubic:, u ; the
<br />dnmages awarded, the proceeds for the taking of, or thi.-
<br />consideration for such acquisition+ to the extent of the full amore.,
<br />indebtedness upon this instrument,and the note which it is given
<br />secure remaining unpaid, are hereby assigned by the Borrower to the
<br />Lender, and shall be paid forthwith to said Lender to be applied by
<br />the latter on account of the next maturing installments of such
<br />indebtedness.
<br />12. The Rrtn-uwer further agrees that should this inssm.mert an:
<br />the note seow,,J hereby not be eligible for insurance ulusd,- the
<br />National Razing Act within eight months from the fez hereof
<br />(written statament of any officer of the Department of Housing and
<br />Urban Devdi)l;trtent or authorized agent of the Secretary of Housivxt
<br />and Urban Ielopment dated 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 Larder 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 Lender's failure to remit the
<br />incrtgage insurance premium to the Department of Homing and
<br />Urban Development.
<br />13. Thacif the Borrower fails to make: wy pay men's of :1 oncy
<br />when the some become due, or fails to conform to and comply wit'
<br />89.,.104868
<br />any of the conditions or agreements contained in. this instrument, or
<br />the note which it secures. then the entire pewcipal sum and accrued
<br />interest shall at once becemic due and payable. authe election,of the
<br />tender.
<br />Lender shall give notice to Bervaliver prier: to acceleration
<br />following Borrowei s breach of any covenant: ar agreement in this
<br />insuument (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 as cum the dufault; (c) a date, not less
<br />than 30 days (rem the date the notice is•grien to Borrower. by which
<br />the default must be cured; and (dj that failure to cure the default on
<br />or before the date, specirp ed in the notice may result in acceleration
<br />Of, the sums centred. Fry this instrument and We of the Property. The
<br />actica dIaW further iakrm Borrower of the right to reinstate after
<br />acceleration and the t Slit 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 ors or before the date
<br />specified in the notice, Lender at its option may TK.tire immediate
<br />payment in full of all sutras secured by this instra�—errt witbout
<br />further demand and may invoke the power of sale and any otter
<br />remedies permitted by applicable law. Lender s. ..t be entitled to
<br />collect all expenses incurred in pursuing the ru znm'.6rs provided in
<br />this paragraph 13, ind sling, but not limited to, Teabnable
<br />attorneys' fees and costs of title evidence.
<br />If the power of sale is invoked, MueLw shall record a notice"of
<br />default in each county in which any pom of the P-,00erty is located
<br />and shall mail copies of such notice i s the man= prescribed by
<br />applicable law to Borrower and to rite other peacErs prescribed by
<br />applicable law. After the time requi ed by applicable law. Trustee
<br />shall give public notice of sale to tb,e peon and in the manner
<br />Prescribed by applicable law. Trus:,.t, without d=and on Borrower.
<br />shall sell the Property at public auction to the EjAnmr bidder at the
<br />time and place and inter the w=,s r�%ignated sv dh: notice of sate
<br />in one or more parcels and in ary stir* Trustee determines. Tcvstee
<br />may pcaj rye sale of all or any pwaea "sf the Property by p4W c
<br />annou ==ent at the time and place of any preq-�a.sly scheduled
<br />sale. Lender or its designee may purchase the Rcperty at any sale.
<br />Upon receipt of payment of the price bid. 'Fmxze shall deliver to
<br />the purchaser Trustees deed conveying the Property. The recitals in
<br />the Trustees deed shall be prima facie evidence of the truth of the
<br />statemerrtu made therein_ Trustee shall apply the proceeds of the sate
<br />in the falowing ondr;r' (a) to all expenses of the sat., including, but
<br />not lima ad as Trustee's fees as permitted by appLimItle law and
<br />reasoea_r OI ;titorneys' fees; (b) to all sums secured by this Secw, vy
<br />Instruc:a =4 and (c) any excess to the person or persons legsti,ty
<br />entitled to it.
<br />14. Upon acceleration under paragraph 13 or claw donment of the
<br />Property, Lender (in person, by agent or by judicis:fy 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 />irjdu:diag those past due. Any rents collected by Wider or the
<br />cea i +er shall be applied first to payment of the a mis of management
<br />r f I:e Property and collection of rents, including, but not lirdtod to.
<br />receiver% fees. premiums on receivers bonds and reasonable ,
<br />attoraey fires, and then to the sums secured by this instrument.
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