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<br />made shall be added to the principal sum owing on the above
<br />note. shall be secured hereby, and shall bear interest at the rate set
<br />forth in the said note. until paid.
<br />7. Tut the Borrower_ hereby assigns, transfers and sets over to
<br />the Lett , to be app " towarUt are- PaYfri t of d;C notp and aPr—
<br />sums secured hereby in case of a default in the performance of
<br />any of the term and conditions of this instrument or the said
<br />-. - note, all the rents. revenuft AM income to be derived from the
<br />said pmrnises during such tithe as the indebtedness shall remain
<br />unpaid, and the Lender sJulf IYAve power to appoint any agent ar
<br />sleas it may desire for the rwpow of rqm'* nns said premises and
<br />of, renting the sane and eollpVh &: the re.nts,,�ravenues and income.
<br />it may pay out of satid.%,a::s of repairing said
<br />:ysa ridy,;.s incurrad.in rent -
<br />r '•ltiana� ?YFQ, i` C SaSi"ili f4 ' it �L`t'f .'� dt wT tlr9 ftJ7tIti
<br />'� • '�:a'• tniis� �.'a�;l ;� 'ae•afnts►��:�:•ts�fvard rise iis�t:acgc
<br />f fi er►s:
<br />K". That the Borrower will �P the improvements now existing
<br />or hatafter erected on the property. insured as may be required
<br />from time to time by the Lender against loss by fire and other
<br />such amounts and for sue-b
<br />12. The Borrower further; agrees that should this instrument and
<br />the nete secured hereby not beeligible for insurance under the Na-
<br />tional Housing An within•dght months from the date hereof
<br />(written statement of any officer of the Department of Housing -
<br />and Urban Development 10P authorized agent of the Secretary of .
<br />—u ;,ng- � s: r'r , ", gp a dated substauent to the eight --
<br />months' time from the date of this instrument, deciini' , is
<br />said note and this mortange, being deetned conclusive. proof :ot
<br />such irtetigibility),: the IsWild: or holder_ of the note man ,at•its op
<br />t{on, declare all sums secured h�bY immWiatety, due aod, pa)atbk, r'
<br />Notwithsta xi�(i S- tc foregoirtf, this optS'ta rmay not bie,;xerditd=
<br />by the.le�tWJ*,,dw hoiidtc of the note vsitem.the iti ;for'.;.:
<br />insttr3nr ti+�±i 14aiibeial`HousinR Ate: is due tdr't}ttxZC';.''
<br />jmw fi'L'].SY1,'.f�. �t+.w.SC::t�tC 111: {nSlli'ar1CG ptem�llltl t,U tti�G'f .1Ir ti -
<br />i, Of 0;ijo ag and Urban Deveopmen%,
<br />the Borrower fails to maker; aqy pa)-4udtis of mOStry
<br />wheir the same become due. or fails to conform Wand 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 date and payabk, at the
<br />election of the Leader.
<br />haz aids, casaahies and contmgt metes m
<br />periods as may be required by the Lender and will pay premptty,
<br />when due, any premiums on such insurance provision for payment
<br />of which has not been made hereinbefote. All 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 We attached
<br />thereto loss payable clauses in favor of and in form acceptable to
<br />the Lender. In event of loss Borrower will give immediate notice
<br />by mail to the Lender, who may make proof of I s if not made
<br />promptly by Borrower, and each insurance company canceme3 if;
<br />hereby authorised and directed to make payment for such lusts
<br />diroctly to the Lender instal of to the Borrower and the Lender
<br />jointly, and the insurance proceeds, or any part thrredf. may be .
<br />applied by the Lender a-. its option either to the Wduuliun Of the
<br />indebtedness hereby secured rr to the restoration or repaia of, the
<br />property damaged. In event o foreclosure of this uuuvmetnior
<br />o*:her transfer of title to the mortgaged property in evinguithment,
<br />of the indebtedness secured hereby, all right, title and Interest of
<br />the Borrower in old to any insurance policies then in force shall
<br />pass to the p:rc!: ser of gra.-itee.
<br />vy: That as additional :and` collateral security for r,'is payment of
<br />the note described. and :L:'=ms to bcccr.-.Y dale t ,:: v this instru-
<br />ment, the Borrower hereb) assigns to ILcndet all profits,
<br />revenues, royalties, rights a-.d benefits accruing to the Borrower
<br />under any and all oil and: p:: leases on said premises. with the
<br />right to receive and rccc,l r lilt the same and apply them to said
<br />indebtedness as well belr&,r as after default in the conditions of
<br />this instrument. and the lender may demand, sue for and recover
<br />any such payments when due and payable, but shall not be re-
<br />quired so to do. This assignment is to terminate and become null
<br />rind void upon release of this instrument.
<br />10. That the Borrower will keep the buildings upon said premises
<br />in good repair. and neither commit nor permit waste upon said
<br />land, nor suffer the said premises to be used for any unlawful
<br />purpose.
<br />11. That if the premises, or any part thereof, be condemned
<br />under the pother of eminent domain, or acquired for a public use,
<br />the damages awarded, the proceeds for the taking of. or the con -
<br />ikkration for such acquisition, to the extent of the full amount of
<br />indehedness 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 tx 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 />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.
<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 from the date the notice is given to
<br />Borrower. by which the default trust be cured; and (d) that failure
<br />to* cure the default on or before the date specified in the notice
<br />stay result in acceleration of the sums Secured by this instrument
<br />and- sale of the Property. The notice shall further inform Borrower
<br />off, the right to reinstate after acceleration and the right to bring a
<br />caurt action to assert the nonexistence of a default or any other
<br />dtduuse 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 im tt*.3 paragraph 13, including, but not
<br />limited to., reasonable a-: a-.rKis tires= and costs of title evidence.
<br />If the power of sale is r:'ic% ;: , C :feytee shall record a notice of
<br />default in each county ho v. ;.:ch any part of the Prupo ty is low:
<br />and shall mail copies o; s-,:ch notice in the manner prescribed by
<br />applicable iaw to Borrower and to the other persons precribed by
<br />applicant lit•+;--. After the time required by applicable law, Trustee.
<br />shall give-, 1- ;Vatic notice of sale to the persons and in the manner
<br />prescrbet by applicable law. Trustee. without demand on Bor-
<br />caw• -.r, stsalt sell the Property at public auction to the highest bid -
<br />der at rte . time and place and under the terms designated in the
<br />notice 'of tale in one or more parcels and in any order Trustee
<br />determiitsw. 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 decd conveying the Property. The
<br />recitals in the Trustee's deed shall be prima facie evidence of the
<br />truth of the statetuents 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 as permitted by
<br />applicable law and reasonable attorneys' fees; (b) to all sums
<br />secured by this Security Instrument; and (c) any excess to the per-
<br />son or persons legally entitled to it.
<br />Page 3 of 5 a HU0,92143577
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