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<br />88- 1..0164'
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<br />made shall be added to lhe princip;1I sum owing on lhe above
<br />note, shall be secured hereby, and sh;lll bear illlerest al the rate sel
<br />forth in the said nole, until p;lid.
<br />
<br />7. That the Borrower hereby assigns, tral\Sfer~ and sets over to
<br />the Lender, 10 be applied toward the pa~'melll of the note and all
<br />sums secured hereby in case of a default in the performance of
<br />any of Ihe terms and conditions of thh instrument or lhe said
<br />note, all the rents. re\'Cnues and income !O he derived from the
<br />said premises during such time as lhe indebtedness shall remain
<br />unpaid, and the Lender ,hall have power 10 appoilll any agenl or
<br />agents it may desire for the purpose of repairing said premises and
<br />of renting lhe same and colleCling lhe rents, rc\'enues and income,
<br />and it may pay oul of said incomes all expenses of repairing said
<br />premises and necessary commissions and expenses ircurred in rent.
<br />ing and managing the same and of collecting rentals therefrom;
<br />lhe balance remaining, if any, to be applied toward the dl.:harge
<br />of said indebtedness.
<br />
<br />8. That lhe Borrower will keep the ImpH)\'clll.:nts now eXIsting
<br />or hereafler ere('ted on lhe property, insured a, may be required
<br />from lime to time by lhe Lender agaimt loss by I ire and alher
<br />hazards, casu:Jhies and contingencies in such amounts amI for ~uch
<br />periods as may be required by the Lender and \\ill pay promptly,
<br />when due, an)' premiums on such insurance pro\lsion for payment
<br />of which has nol been made hereinbefore. All imurance shall be
<br />carried in companies approved by the Lender and lhe policies and
<br />renewals thereof shall be held by Ihe l.ender and ha\ (' altached
<br />thereto loss payable clauses in fa\ or of and 1I1 form acceptable 10
<br />the Lender. In .:velll of loss Borro\\ er \\ III gl\ e 1I11mediate no tiC('
<br />by mail to the Lender, who may mak.: proof l,f 105\ if not made
<br />promptly by Borrowcr. and each lIl'UlanCe coml'an~ concerned i~
<br />hereby authorized and directed to lilah' I'aym\'nt !dr \u.:h loss
<br />directly to the Lender instead of 10 lhe Hnrru\\l'r and th": Lend...r
<br />jointly, and the insuran.:e pr(Kel.'d,. 01 am pari Iher...oL may be
<br />applied by the Lender al it, Option eulll'1 ~ll Ihe reductIOn l)f the
<br />indebtedness hereby secured or III I he rl.',lOr;Ilion or repair of the
<br />properlY damaged, In e\elll of for.:dmure 01 rill' lIlstrumelll or
<br />other tramfer of lille 10 the rnollgaged I'rop~lly in extinguishment
<br />of the indebtedness secured 11l'rehy, all right. tille and illlerest of
<br />the Borrower in and to any iosuralli:e pnlicle<, Ih...n in force shall
<br />pass to lhe purchaser or granl':\'.
<br />
<br />9. ThaI as additional and collaleral security for Ihe payment of
<br />the note described, and all sums to become due lInder this instru-
<br />ment, the Borrower hereby assigns to the Lender all profits,
<br />re"enues, royalties, rights and benefits ael'fuing to the nvrrower
<br />under any ,md all oil and gas leases on said premises, with the
<br />right to rc.:eive and re.:eipt for the same and apply them 10 said
<br />indebtedness as well before as after default in the conditions of
<br />this inmumem, and the Lender may demand, sue for and recover
<br />any slIch payments when due and payable, but shall no! be reo
<br />quired 50 to do. This assignmel1l is to terminate and become null
<br />and void upon release of this instrument.
<br />
<br />10. That the Borrower will keep the buildings upon said premises
<br />in good repair, and neither commil nor permil waste upon said
<br />land, nor suffer the said premises 10 be used for any unlawful
<br />purpose.
<br />
<br />11. That if the premises, or any pan thereof, be condemned
<br />under the power of eminent domain, or acquired for a public use,
<br />the damages awarded, the proceeds for the takint 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 />~ure remaining unpaid, are hereby assigned 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 />
<br />12. The Borrower further agrees that should this instrument and
<br />the note secured hereby not be eligible for insurance under the Na-
<br />liona! Housing Act within eight mOlllhs from the dale hereof
<br />(written statemetll of any officer of the Department of Housing
<br />and Urban Development or authorized agent of the Secretary of
<br />Housing and Urban Development dated subsequent to the eight
<br />months' lime frolll 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 />lion. declare all sums secured hereby immediately due and payable.
<br />:-.lonmhstanding Ihe foregoing, this option may not be exercised
<br />bv the Lender or the holder of Ehe note when the ineligibility for
<br />insurance under the National Housing Act is due to the Lender's
<br />failure to remil lhe mongage insurance premium to the Depart-
<br />lliel1l of Housing and Urban Deveopmenl.
<br />
<br />13 ThaI if lhe Borrower fnils 10 make any paymclIls of money
<br />when the same bei.'Ollle due, or fails to conform to and comply
<br />with any of lhe conditions or ;!greemenls contained in this instru.
<br />ment, or the nOI': which il <,ecures, lhcn the entire prindpal SUIll
<br />and accrued illleresl ~hall at on\'c become due and payable, at the
<br />.:Ieclion of lhe Lender.
<br />
<br />Lender shall give notice to Borrower prior to acceleration
<br />fullowing Borrower's breach of any covenant or agreement in this
<br />inslrumelll (but not prior 10 acceleration under paragraph 12
<br />unkss applicable law pro\'ides Olherwise). The notice shall specify:
<br />(al the ddaull; (b) the action required to cure the default; (c) a
<br />dale, not less than 30 days from the date the notice is given to
<br />Borrower, by which the default must be cured; and (d) that failure
<br />to .:ure the default on or before the date specified in the notice
<br />may result in aceeleralion of the sums secured by this instrument
<br />and sale of Ihe Propen)'. The notice shall further inform Borrower
<br />of Ihe right to reinstate after acceleration and the right to bring a
<br />coun aClion to assert the non-existence 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 paymclIl in full of all sums sec' Ired
<br />by this instrumelll without further demand and may invoke the
<br />power of sale and any other remedies permiued by applicable law.
<br />Lender shall be entitled to collect all expenses incurred in pursuing
<br />the remedies provided in this paragraph 13, including, but not
<br />limited to, reasonable a!lomeys' fees and costs of title evidence.
<br />
<br />If the power of sale is invoked, Truslee shall record a notice of
<br />default in each county in which any part of the Propeny is located
<br />and shall mail copies of such notice in the manner pr.:scribed by
<br />applicable law to Borrower and to the other persons precribed by
<br />applicable law, After the tillle required by applicable law, Trustee
<br />shall give public nOlice of sale to the persons and in Ihe manner
<br />prescribed by applicable law, Trustee, wilhout demand on Bor-
<br />rower, shall sell the Property at public auction to the highest 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 />
<br />Upon receipt of payment of the price bid, Trustee shall deliver
<br />to the purchaser Truslee'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 tlte 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 permi!led 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 />
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