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<br />MI& shall be added to the principal sum owing on the above
<br />tote, shall be secured hereby. ana•shall bear interest at the rate set
<br />forth in the said note. until paid.,
<br />7. That tltt 8_orrowes hereby assigns, transfers and sets over to
<br />- � >;�� to — toward [ e�piy�tneni o3 tFe wets ar►d 1
<br />starts secured hereby in case of a default in tie performance of
<br />any of the tams and conditions of this instrument or the said
<br />note. &Babe rms. mvnues and incoft to'be derived from the
<br />said preseim Ausing 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 rentityg the same and collecting the rents, revenues and income,
<br />and it may pay out of said incomes all expenses of repairing said
<br />P. and necessary commissions and expenses incurred in rent-
<br />ird 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 />8. That the Bofrower will keep the improvements now existing
<br />or hereafter erected an the property, insured as may be required
<br />from time to time by the Lender against loss by fum atilt other
<br />19twar415. casualties and contingencies in such amountrr and for such
<br />periods as may be required by the Latder'and will pay promptly,
<br />when due..4sy premiums on such insurance provision for payment
<br />of which W not been made hereinbefore. Al) insurance shall be
<br />carried in companies approved by the Lender and the policies and
<br />renewals thereof shall be held by the Lender and have attached
<br />thereto loss payabk clauses in favor of and in form acceptable to
<br />the Lender. r.r•.-event of loss Borrower will give immediate notice
<br />by mail to The Ltnder. who may make ,.Vf of loss if not made
<br />promptly in Bi_irtower, and each insuran» .company concerned is
<br />hereby authorized and directed to make payment for such loss
<br />da'.rectly to the Lender instead of to the Borrower, scxf tire' Lender
<br />MTal), and the insurance proceeds, or any part thtirra;1:. may be
<br />applied by ils,r Lender at its option eittir.:. ra the redt. ion of the
<br />indebtedness hereby secured or to the r•.t c,nratioa or repair of the
<br />property damaged. In event of foreclCM,.n: of this instrument or
<br />other transfer of title to the mortgaged property in euinguishment
<br />rf the indebtedness secured hereby, all ri ht, title arid: b3terest of
<br />the Borrower in and to any insurance pti:fs then in !or ;e shall
<br />pass to the purchaser or grantee.
<br />9. That as additional and collateral security for the payment of
<br />^ia nnte described. and all sums to becorne due undo! this instru-
<br />,mm?, ttic Borrower hereby assigns to the Lender all profits.
<br />lnx.enues. rcyalties. rights and benefits accruing to the Borrower
<br />under any acd all oil and gas teases on said premises,. with the
<br />right to receive and receipt for the same and apply them to said
<br />indebtedness -as well before as after default in the conditions of
<br />this instrument, and rte fP-'T cT may demand. sue for and recover
<br />any such payments when &c and payable. but shall not be re.
<br />quired ss to d'i- This assignment is to terminate and become null
<br />and void of +:?t;• release of this instrunmir.
<br />i0. That the Borrower will keep the buildings upon said premises
<br />Ira good repair, and neither commit nor permit waste upon said
<br />hLod. nor suffer the said premises to be used for any unlawful
<br />�trrpose.
<br />II. That if the premises, or any pAvt thereof, be condemned
<br />under the power of ami"61V domain. e%T inquired for a public use,
<br />rhi damages awtirded, [fir lv\V.ccds for the taking of, or the con-
<br />sideration for such acquisit;On. to & 1&trent of the full amount of
<br />indebtedness upon this instrument a>kl the note which it is given to
<br />secure remaining unpaid, are hereby - 6411111ed by the Borrower to
<br />the Lender, and shall be paid forthwith to said Lender to be ap-
<br />plied by the latter on account of the next maturing installments of
<br />such indebtedness.
<br />V. T'he Borrower further agrees that should this instrument and
<br />the note seured hereby not be eligible for insurance under 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_Develnpxnmt or authorized agm of the Socret� of --
<br />[.lousing and Urban Derrlopmernt dated subsequent to the eight
<br />months' time from. tine date of this instrument, declining to insure
<br />said note and this mortgage, being deemed conclusive proof of
<br />such inel'igibiiity). the Lender or holder of the note tray, at its op-
<br />tion, declare all stuns secured hereby immediately due-and payable.
<br />Notwithstanding the, foregoing, this option may not be exercised
<br />by the Lander or the holder of the note when the ineligibility for
<br />insurance under the National Housing Act is due to the Leader's
<br />failure to rerhit the mortgage insurance premium to the Depart-
<br />ment of Housing and Urban De%vopmem.
<br />13. That if the Borrower fails to make any payments of money
<br />when the same become due, or fails to conform to attd comply
<br />with any of the conditions or 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 Lender.
<br />Lender shall give notice to Borrower prior ter &s_cxleration• ;
<br />following Borrouw's breach of airy covenant or agmtment itt this'
<br />instrument (but not prior to acceleration under paragraph 12
<br />unless applicable law pro-vides otherwise). The notice shall'specff,�t-.
<br />(a) the default: (b) the action required to cute the default; (cl a
<br />date, not less than 30 days from the date the notice is given to
<br />Borrower. by which t& dfd'ault must be cured; and: 41 that failure
<br />to cure the default on rnr-fxefore the date specified: ire, !fie notice
<br />may result in acceleration of the stuns secured by.ti fs 4nstrument
<br />and sale of the Property. The notice shall funher4f6rm Borrower
<br />of the right to reinstate after accelOurfah and the )Uht to bring a
<br />court actions to assert the non- existence of a defaull.:.or any other
<br />defense of Borrower to acceleration and sale. if the default is not
<br />cured on or before the date specified in the notice. Lender 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 sale and any other remedies permitted by applicable law.
<br />Lender shall be entitled to collect all expenses incurred in pursuing
<br />the remedies provided 41his paragraph 13. including, but not
<br />limited to. reasonable amrneys' fees and costs of title evidence.
<br />If the power of sale is invoked. Tfs!stea shall record a notice of
<br />default in ca: :h county in which arl (?alit of the Property is located
<br />and shall mr« li,coples of such notice iWille mariner • prescribed by
<br />applicable law to Borrower and to the other pervaiws precribed by
<br />:ippltcabie law. ,After the time required by applicable law. Trustee
<br />leaf, cinr l *.lic notice of sale to the persons and in the manner
<br />lit applicable law. Trustee. without demand on Bon. -
<br />trwatr� 41Y�t "r sell the Property at public auction to the highest L'iti>
<br />der at the time and plane and under the terms denigrated in the
<br />natict of safe in one ot.more parcels and in any• ;ord& Trustee
<br />determines. Trustee may postpone sale of all or ally parcel of the
<br />Property by public announcement at the time and place of any
<br />previously scheduled sale. Lender or its designee otay purchase the
<br />Propniy'at any sate. r
<br />Upon receipt of payment of the price bid. Tranec•shall deliver
<br />to the . psrchaser Trustee's deed conveying the Property. The
<br />recita:•s its the Trustee's deed shall be prima facie evidence of ,t1M!
<br />truth ol'.Alw statements made therein. Trustee shall apply the Ilto-
<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 ai permitted by
<br />applicable law and reasonable attorneys' fees; (b) to all sums
<br />secured by this .security, tnsTrumenc, and (c) any excess to the per-
<br />son or persons legally entitled to it.
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