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(� made shall be added to the principal sum owing on the above
<br />I note, shall be secured hereby, and shall bear interest at the rate set
<br />forth in the said note. until 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 instrtiment or the said
<br />note, all the rents, revenues and income to be derived from the
<br />said premises during such time as the indebtedness shall 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 premises and
<br />of renting the same and collecting the rents, revenues and income,
<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 />ifrg and managing the same and of collecting rentals therefrnrr,;
<br />tte. hJance remaining, if any. to be applied toward the di_cd;- Se
<br />of said iadebtcdaess.
<br />8. That the Borrower will keep the improvements n" 4wL- g
<br />or hereafter erected on the propegC.. insured as may be ts3.gttr,-
<br />from time to time by the Lender agwi st loss by fire anif W:
<br />hazards, casualties and conting� tr.l . % in such amounts and'f :T :such
<br />periods as may be required by the Lender and will pay promptly,
<br />when due, any premiums on such insurance provision for payment
<br />of which has not been made ha&jibefore. All insurance sba . be
<br />carried in companies approved t:1iAc,e Lender and the polices e=nd
<br />renzv;t15 thereof shall be held by thf. Lender and have atta4W
<br />therec,- loss payable clauses in favor of and in form accepsaisie to
<br />the Liander. In event of loss Borrower will j5h e immediate notice
<br />by m l'a the Lender, who may rpa'r j_rmf cE"zss if ,mgt made
<br />promgdy by Borr ower, and each snti rwa - c-. mpany cc a�:r�;r;iad is
<br />hereby o& torized and directed to, jn;il e payment for su li
<br />directly cu ibe Lendw -instead of 6, ti.•, Borro ver and the (under
<br />jointly, and the hivar nce proceeds, or any par thereof..may be
<br />applied by the Lender at its option either to the reduction of the
<br />indebtedness hereby secured or to the restoration or repair of the
<br />property damaged. In event of foreclosure of this instrument or
<br />other transfer of title to the mortgaged property in extinguishment
<br />of the indebtedness secured hereby, all right, title and interest of
<br />the Borrower in and to any insurance policies then in force shall
<br />pass to the purchaser or grantee.
<br />9; That as additional and collateral security for the pa4mi :nt of
<br />the note described, and all sums to become due under this instru-
<br />ment, the Borrower hereby assigns to the Lender all profits,
<br />revenues, royaities, rights and benefits accruing to the Borrower
<br />under any and all oil and gas leases on said premises, with the
<br />right to receive and receipt for the ,ante and apply them to said
<br />indectoa ess as well before as after default in the conditions of
<br />this imtq.rutnent, and the Lender may demand. sue for and recover
<br />any such payments when due and payable. but shall not be re-
<br />quired :o to do. This assignment is to terminate and become null
<br />and %AM upon release of this instrument.
<br />la. That the Borrower will keep the buildings upon said premises
<br />in good ferair. and neither commit nor permit waste upon said
<br />land, nor suffer the said premises to be used for any unlawful
<br />purpose.
<br />IL That if the premises, or any part thereof, be condemned
<br />under the power of eminent domain, or acquired for a public use.
<br />the damages awarded, the proceeds for the taking of. or the con-
<br />sideration for such acquisition. to the extent of the full amount of
<br />indebtedness upon this instrument and the note which it is given to
<br />secure remaining unpaid. are hereby assigned by the Borrower to
<br />the Lender, and shall be paid forthwith to said Lender to be up-
<br />plied by the tatter on account of the next maturing installments of
<br />such indebtedness.
<br />12: The Borrower further agrees that should this instrument and
<br />the note secured hereby not be eligible for insurance undtr the Na-
<br />tional Housing Act within eight months from the date hereof
<br />(written statement of any officer of the Department of Housing
<br />and Urban Dc%elopment or astkorized agent of the Secretary of
<br />Housing and Urban Developtntnt dated subsequent to the eight
<br />months' time from the date of, this instrument, declining to insure
<br />said note and this mortgage, being deemed conclusive proof of
<br />such. ineligibility), the Lender or holder of, the note may, at its op-
<br />tion, declare all,sums secured hereby immediately due and payable.
<br />Notwithstanding dir, foregoing, this option-may not be exercised
<br />by the Lender or the holder of the note when the ineligiWhy for
<br />insurance under the National Housing Act is due to tit': Lender's
<br />failure to remit the mortgage insurance premium to the Depart-
<br />ment of Housing and Urban Deveopment.
<br />13. That if the Borrower fails to make any payments of money
<br />when the same become due, of.. fails to conform to and comply
<br />with any of the conditions o'r agreements contained in this instru-
<br />ment, or the note which it secures, then the entire principal sum
<br />and accrued interest shall at once become due and payable. at the
<br />election of the (..ender.
<br />Leader shall give notice to Borrower prior to acceleration
<br />following Borrosser's breach of any covenant or agreement in this
<br />instrument (but not prior to acceleration under paragraph 12
<br />unless applicable law• provides otherwise). The notice shall specify:
<br />(a) the default; (b) the action required to cure the default; (c) a
<br />date, not less than 30 days (trim the date the notice is grey to
<br />Borrower. by which the defiv lVmust be cured; and failure
<br />to cure the default on or W- cn_tbe date specified in t t,- s;, -tice
<br />may result in acceleration of el:r:.sums swdred by this t�;rument
<br />and safe of the PrepeTty. tat iiotice shag 1"w her inform i Borrower
<br />of the right to rein —slave siir�r &:releration aril the right. ca bring a
<br />court action to assert the r,a- 4.cistence of a default or any. other
<br />defense of Borrower to acceleration and sale. if the def,tilr. is not
<br />cured on or before the date.specified in the notice. Lerrier at its
<br />option may require immediate payment in full of all sums secured
<br />by this instrument without further demand and. -nay invoke the
<br />power of sale and nny other remedies permitted by applicable law.
<br />Lender shall be entitled to cogmt all expenses incurred ih pursuing
<br />the remedies provided in this >flteagraph 13., ncluding, but not
<br />limited to, reasonable attorneys' fees and o.-zts of title evidence.
<br />If the power of sale is invoked. Trustee shall record a notice of
<br />default in each county in whw±1 any part of the Property is located
<br />and shall mail copies of such notice in the manner prc(a bed by
<br />applicable law to Borrower and to the other persons prec ibed by
<br />applicable law. A\ftar the time required by applicable law. Trustee
<br />shall give public; nerice of sale to the persons and in the meaner
<br />prescribed by applicable law. Trustee. without demand or 13or-
<br />rower. shall sell the Property at public auction to the hi jic-st bid-
<br />der at the time and place and under the terms designated in the
<br />notice of sale in one or more parcels and in any order Trustee
<br />determines. Trustee may postpone sale of all or any parcel of the
<br />Property by public announcement at the time and place of any
<br />previously scheduled sale. Lender or its designee may purchase the
<br />Property at any sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver
<br />to the purchaser Trustee's deed conveying the Property. The
<br />recitals in the Trustee's deed shall be prima facie evidence of the
<br />truth of the statements made therein. Trustee shall apply the pro-
<br />ceeds of the sale in the following order: (a) to all expenses of the
<br />sale, including, but not limited to, Trustee's fees is permitted by
<br />applicable law and reasonable attorneys' fees; (h) to all sums
<br />secured by this Security Instrument; and (c) any excess to the per-
<br />son or persons legally entitled to it.
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