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<br />88-,." 101375
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<br />mad~' shall be added to I he rrinripal ~Ulll owing on I he abo\l~
<br />note, shall be se(ured hereby. and shall bear interesl at the rale set
<br />fOrlh ill the said note, until paid,
<br />
<br />7. That the Borrower hereby assigns, transfers and sets over 10
<br />Ihl." Lendl."r, to be applied toward lhe paymelll of Ihe 1I0te and all
<br />slims secured hereby in case of a defaull in the performap::e ur
<br />any 01 the terms and condirioll'o of rhis lIIslrumem or rhe said
<br />nOlI.". <111 lhe rent" revenues and income 10 be derived fro."., Ihe
<br />"lid premises during such lime as Ihe indebtedness sh<tll remain
<br />unpaid, and rhe Lender shal! have power to appoilll any agenl or
<br />agcllIs il may desire for the purpose of rerairing said premises and
<br />of rentmg the sam\.' and collecting rhe rents. re'enues and income,
<br />and it may payout of said incomes all expell'oes of repairing said
<br />premises and neressary c0mmissions and expenses incurred in rellt-
<br />ing and managing ,he <,ame and of collecling rentals rherefrom:
<br />the balunce remainlllg, if any, to be applied toward the discharge
<br />of ,aid indebledness.
<br />
<br />8. Thai the Borro\\er will keep lhe imprO\emenh no\\ e\i,tll1~
<br />or hereafter '-'reeted on the properlY, In\ured as ma~ be required
<br />from lime to lime by lhe Lender agam't los, b\' f:re and other
<br />hazards, ..:a,uallies and conll11gencies III such amOllllls and for such
<br />period, as may be rl."quirerl by Ihe lemler :llld \\ ill pay prompll\.
<br />when due, an~ preltlllnm on \\lch llI\uralkt' Pfl)\ !Sion tor pa~ ment
<br />of \\ hich has !lot been made herellloefo!<.'. ,\Ii 111'>urance shall be
<br />carried III (ilillpanies appro\ed by Ihe Lellder and Ih,' poli;:ies and
<br />renewal,> thert'of shall be held by Ihe Lender and ha\'e all~ehed
<br />rhereto 10" payable dause, in fa\or of and III form acceplahk [\)
<br />the Lender. In evem of loss Borr(1\\ cr \\ II! gl\ e unmediate n\)!l,t:
<br />by mail to Ihe Lender, who may make proof l'l lo,s if not made
<br />proll1pll~ b~ Borrower. and eueh insurance ..:ompan\ ,'oncern<:d t,
<br />hereby amhOflled and directed 10 make payment for such 10"
<br />direct t~. tl\ Ih(' Lender inslead of to the Rl1rr(1\' er and the Lender
<br />jomlly, and the 11l'>urance proceeds. or am pari thereof. rna~, be
<br />applied by [he LtIlder at 1[' oprion enher 10 the reduclIon of Ihe
<br />indebledness hereby' secured or tu ihe res!Orallon or repaIr of Ihe
<br />properlY damaged. Jr, CH'n! 01 foreclosure of thiS instrumelll or
<br />other transfcl of tule hI Ihe mOrlgaged propeny in exringuishment
<br />of the indeb:ednes, sew;ed hereb~. al\ right. title and inh?re,t of
<br />Ihe Aornmer 1/1 and to any Insurance polict<.'~ then in force shall
<br />pass Il1 [he purchaser or gram.:c.
<br />
<br />9. That as addilional and collateral security for the puymerll of
<br />lhe nott' desnib~'d, and all SlIlIlS to he.:orne due undt'! lhis Instru.
<br />ment. the Borrower hereby assigns to I hI." Lender all profit s,
<br />f(.'wnues, royallies. rights und benefits accruing to the Borrower
<br />under any and all oil and gas leases on said premises, wilh the
<br />rirhl 10 receive and, eceipt for Ihe same and apply them to said
<br />indebredness as well before as afrer defaull in the conditions of
<br />this insrrumelll. and lhe Lender may demand. sue for and reco\'er
<br />any such paymellls when due and puyable, hut shall not be re-
<br />quired so 10 do. ThiS asslgnmelll i, to terminate and become null
<br />and void upon release of lhis instrument.
<br />
<br />10. Thai lhe Borrower will keep rhe buildings upon said premises
<br />in good repair, and neither commir nor permil wasIl.' upon said
<br />land, nor suffer the said premises 10 be used for any unlawful
<br />purpose,
<br />
<br />II. Thar if rhe premises, or any pan thereof. be condemned
<br />under the power of eminenl domain. or acquired for a public use,
<br />the damages awarded, the proceeds for the taking of. or the con-
<br />siderarion for such ac~uisirion. to the exrent of the full amount of
<br />indebtedness upon this instrument and the nore which ir is given 10
<br />secure remaining unpaid. are hereby assigned by the Borrower to
<br />the Lender, and shall be paid forth.....ith to said Lender to be ap-
<br />plied by the laller on account of the next maturing installments of
<br />such indebtedness.
<br />
<br />12. The Borrower further agree, thar should this instrument and
<br />Ihe note ,el'ured hereby not be eligible for insurance under the Na-
<br />tional Housm!! ACI within eight months from the date hereof
<br />(\Hillen ,talement of an)' officer of the Department of Housing
<br />and L'rban Developmenl or authorized agenr of the Secretary of
<br />Housillg and Urban De\elopment dated subsequelll ro rhe eight
<br />momh,' time from the dale of rhis instrument, declining 10 insure
<br />,>ald nole and Ihis mortgage, being deemed conclusive proof of
<br />'uch Illcligibilily), Ihe Lender or holder of the note may, at its op-
<br />lion. declare all sums secured hereby immediately due and payable.
<br />'.'OIwithstanding lhe foregoing, this oprion may not be exercised
<br />by (he Lender or the holder of the note when the ineligibility for
<br />insurance under Ihe Narional Housing Act is due to rhe Lender's
<br />failure :0 remit the mortgage insurance premium to the Depart-
<br />rnelll 01 Housing and Urban Deveopment.
<br />
<br />I J. That If the Borrower fails 10 make any payments of money
<br />"hen the ~ame become due. or fails to conform to and comply
<br />\' IIh am of the conditions or agreements contained in this instru-
<br />mt'nt, or lhe nOle which it secures, then the entire principal sum
<br />and accrued Interest shall al once become due and payable, at the
<br />e!ec!Jon of the Lender.
<br />
<br />lender shall give notice to Borrower prior ro accelerarion
<br />1011o\\Ing Borrower', breach of any covenant or agreement in this
<br />lIlstrum('nl (bUl not prior to acceleration under paragraph 12
<br />lInle" apph,'able law provides otherwise). The notice shall specify:
<br />lal !he default: (b) lhe anion required ro cure the default; (c) a
<br />,bit', not less than 30 days from the date the notice is given to
<br />Borre)\\ er, by which the default must be cured; and (d) Ihat failure
<br />Il' ,'ure the defaulT on or before lhe dale specified in the notice
<br />ma\ rt'slllt 111 accelerution of the sums secured by this instrument
<br />and sale of Ihe Property. The notice shall further inform Dorrower
<br />of the righr 10 reinstale afler an:ele:-arion and the right to bring a
<br />,'Olin aClIon 10 asseT! the non-existence of a default or any other
<br />defellse of Borrower to acceleration and sale, If rhe default is 1101
<br />cured 011 or before Ihe date specified in the notice, Lender at its
<br />\lPlion lIlay require immediate paymem in ful! of all sums secured
<br />by (hi, instrument without furth<,r del1lund and may invoke the
<br />power of sale and any other remedies permilled by applicable law,
<br />Lender shall be emit led 10 collecr all expenses incurred in pursuing
<br />the remedies pro\'ided in this paragraph 13, including, but not
<br />IUllitcd to. reasonable allorne)'s' fees and costs of title evidence,
<br />
<br />If the power of sale is invoked, Trustee shall record a notice of
<br />default in each county in which any pan of the Property is located
<br />and shall mail copies of such notice in the manner prescribed by
<br />applicable law to Borrower and to Ihe other persons precribed by
<br />applicabll' law, After lhe lime required by applicable law, Trusree
<br />shall gIve public notice of sale to the persons and in rhe manner
<br />prescnbed by applicable Jaw, Trustee, wirhout demand on Bor-
<br />rower, shall sell the Propercy at public auction to the highest bid-
<br />der al the rime and place and under rhe rerms designated in the
<br />notice of sale in one or more parcels and in any order Truslee
<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 />previomly scheduled sale. Lender or its designee may purchase the
<br />Property at any sale.
<br />
<br />Upon receipr of payment of the price bid, Trustee shall deher
<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 rhe pro-
<br />ceeds of rhe sale in the following order: (a) to all expenses of the
<br />sale. including, but nOl limited to. Trustee's fees as permitted by
<br />applicable law and reasonable allorneys' fees; (b) to all sums
<br />se\:ured by this Se\:urity Instrument; and (c) any excess to rhe per-
<br />son or persons legally entilled to it.
<br />
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