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IF
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<br />made shall he added to the principal sum owing on the above
<br />note, shall be secured hereby, and shall bear interest at the rate sa
<br />forth in the said note, until paid:
<br />7. That the Borrower hereby asagns. transfers and sets over to
<br />the Lender, to be applied toward the Payment of the note and all
<br />stunts secured hn%ft in .case of a default in the performance of
<br />any'of the ierms and conditions of this instrument or the said
<br />nota,, all- the rents, revenues and income to be derived from the
<br />said: premium during such time as the indebtedness shall remain
<br />unpal& arid 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 />ing and managing the same and of collecting rentals therefrorri:-
<br />the balance remaining, if any, to be applied toward the disclta�+:.
<br />of said indebtedno . -
<br />g- TUt the Borrower will keep the improvements now
<br />or leer erected on the property, insured as may be requ3m _;-
<br />frors);.eAe to time by the Lender against loss by fire and c Ra-.
<br />hazwt i,- casualties and contingencies in such amounts and ,for 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 heresrbefore. All insurance shall be
<br />carried in companies approved h , dke Lender and the policies and
<br />renewals thereof shall be held b;F <. Lender and have attached
<br />thereto loss payabk•cikitsei in faocrr of and in form acceptable to
<br />the Lender. In everr:'raf'?oss Borrower will give immediate notice
<br />by mail to the Lender; who may make proof of loss if not made
<br />promptly by Borrower, and each insurance company concerted is
<br />heretl: awhorized and directed to make payment for such 1it
<br />directly tv the Lender instead of to the Borrower and the Lender
<br />jointly, and the insurance proceeds, or any part 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 properly in extinguishment
<br />of the indebtedness secured hereby. all right, title and intxest of
<br />the Borrower in and to any insurance policies then in fora shall
<br />pass to the purchaser or grantee.
<br />12. The (Borrower further agrees that should this irtstrurnmit and
<br />the note secured hereby not be eligible for insurAnce.undt,'r!,(he Na-
<br />tional Housing Act within eight months from the diet: httr.'bf
<br />— (Written statemefil�my oilim-of the Depaitmeat of H using - and Urban Development or authorized agent of the Secretary of
<br />Housing and Urban Development dated subsequent to the eight
<br />months' time from the date of this instrument, declining to, irtswe
<br />said note and this mortsage, being deemed conclusive pmgt —f
<br />such ineligibility), the Lender or holder of the note mays 4f° its op-
<br />tion, declare all sums secured hereby immediately. due and: piiyabk.
<br />Notwithstanding the foregoing, this option may not be exercised
<br />by the Lender or the holder of the note when the ineligibility for
<br />insurance under the National Housing Act is due to the Lender's
<br />failure to remit the mortgage insurance premium to the Depatt-
<br />ment of Housing and Urban Deveopment.
<br />t1L That if ifte li ewer .Path to make any pa =rments of money
<br />whin. the satrk: ts),IW d� cr. fails to conform to and comply
<br />with any of the ,4iW"ons c ragreement; contained in. this instru-
<br />ment, or the nii 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• 13ra iiower prior to- acceleration
<br />following Borrower's breach. Sf:'any covenant or agreement in this
<br />instrument (but m4.prior to acceleration under paragraph 12
<br />unless applicabiet- PL%i provides otherwise), The notice shall specify:
<br />(a) the defauh,:AT)1be action required to curer the default ;.(c),a
<br />data_rmt less tF.alr 3t).days'a4tir ;the date the notice is gnvim to
<br />Born' W:ar, by which the det'ault.'triust be cured; and (d) thm1ailure
<br />to "are the default on cr bcf+pmtlie date spbcifled in the notice
<br />may result in acceleration of t- -'sums sem e•' by this instrument
<br />and sak of the Property. 'rho gotice shall further inform Borrower
<br />of the right to reinstate after acceleration and the right to bring a
<br />court action to assen the mare 'istence of a default 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 shad be entitled to collect alflexpenses incurred in pursuing
<br />the remedks provided in this paragraph, 13. including, but not
<br />limited to reasonable ^ttonti-ys' fc^c acid' a-t- f hf
<br />9. that as additional and collateral security for the pa. tni:.Ft of
<br />the ;tsar. aesctibed, and all sums to become due under this rnstru-
<br />mrnt.' the Borrower hettby assigns to the Lender all profits,
<br />revenues. royalties, rights and benefits accruing to the Borrower
<br />under any and 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 />indetw4ness as well before as aftav default in the conditions of
<br />this in!:xument, and the Lender may demand. sue for and recover
<br />any such payments when due and payable, but �Nifl not be re-
<br />quired so to do. Tkrt,,- assignment is to terminate and become null
<br />and void upon ref Vw of this instrument.
<br />16: 7't ir: the Bor;aw;4r will keep the buildings upon said Vve.ni,;es
<br />in 9014 repair, "ett;ther commit nor perrro,waste upon s:ttC
<br />land, nor suffer t' a w6d pretr.'ises to be useddor any unlawful
<br />purpose,
<br />tt. `nw, if the prem'5-ies, or ally part thereof, be condemned
<br />under'i* power of v€iti ,ens- domaih. or acquired for a publk t ;s ,
<br />the damages awyfdo,, the proceeds for the taking of. or the con-
<br />sideration for SUA,' Vy Quisition. to the extent of the full amount of
<br />indebtedrrest, upDi � 11cis instrument and the note which it is g; +rn to
<br />secue''tremaining unpaid. are hereby, assigned by the Borrower to
<br />the Laurier. 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 o eV lice,
<br />If the power of sale is invoked, Trustee shall record a notice of
<br />default in each county in whidt any part of the Property is located
<br />and shall mail copies of such' notice in the manner prescribed by
<br />applicable la%v to Borrower and to the other persons precribed by
<br />applicable law. After the time required by applicable law. Trustee
<br />shall give public notice of sale to the persons and in the manner
<br />prescribed by applicable law. Trustee, without demand on Bor-
<br />rowtt�;, shall sell the Property at public auction to the highest bid -
<br />deva'the time and place and under the terms designated in the
<br />�7�a.ity: of sale in one or more parcels and in any order Trustee
<br />der &.mines. Trustee may postpone sale of all or any parcel of the
<br />1r ;.erty by puGtur announcement at the time and place of any
<br />yrc'sn:USly scheduled sale. Lender or its designee may purdiase the
<br />Propcny at any sale.
<br />Upon receipt •nt payment of the price bid, Trustee shall deliver
<br />to the purchaser Trustee's deed conveying the Property. The
<br />recitals in the T,�wee's deed shall be prima facie evidence of the
<br />truth of the statements made therein. Trustee shall afriz(y Ii?e pro-
<br />cccdi- of the sale in the following, order: (a) to all expcgio: of the
<br />sIIie, .acluding. but not Iimitct to, Trustee's fees as perrairvra by
<br />applicable law and reasonable attorneys' GtA.K fib) to all sums
<br />secured by this Security Instrument; and (ci ,4 y excess to the per-
<br />son or persons legally entitled to it.
<br />Page 3 of 5 HUa92142or':
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