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<br />madl:' ~hall be added (0 Ihe principal sum owing on the aoo\'e
<br />nole, shall be securecl hereby, and shall bear illlerest at the rate set
<br />forlh ill thc ~aid nole, until paid,
<br />
<br />7. That the Borrower hereby assigns, Iransfcrs and scls on~r to
<br />the Lender, to be applied toward the paymem of the note and all
<br />sums secured hereby in case of a defauh in the performance vI'
<br />any of the tcrms and conditions of this instrument or the said
<br />note, all Ihe rcnts, revenues and Incoml:' to be deri\'ed from thc
<br />said prcmises during such time as thl:' indebtedness ,hall remain
<br />unpaid, and the Lender shall ha\'e power to appoim any agelll or
<br />agents it may desire for the purpose of repairing said premises and
<br />of renting the same and collecting the rents, revenue, and income,
<br />and it may pay OUI of said incomes all l:'Xpl'mes L1f repallmg said
<br />premises and necessary comlllissions and cxpl'n..es inl'lllred in I eill
<br />ing and managing the same ancl of ,ollecting renla" Iherclrom;
<br />the batancl:' rcmaining, if any, 10 bl' appht'd t,m .11<1 111\,' dlSdliHgl'
<br />of said indebtedness.
<br />
<br />S. ThaI the Borrower \\ill ~eep Iht' IlIll'fl)\t'mCnl' n,)\\ l'XI"lIng
<br />or hereafter erecred 011 I he proper! ~. lIl~urt'd a.. llIa\ ht' I t'qullt'd
<br />from lime to time by Ihe Lender agaiml Il,,~ h\ fire and Illhel
<br />hazards, casuallies and contiIlgen,lt'~ m "lIdl allloulll ~ and for \uc'h
<br />periods as may be required by Ihe Lender and \\lll pay prompll\',
<br />when due, any premiums on SUdl in<,uran.:e pro\ l'l(ln fLlr payment
<br />of whieh has nOI been made hereinbefore. All ill'illram-e ..hall be
<br />carried in companies appro\'etl by Ihe Lender and the poli.:ic, and
<br />renewals thereof shall be held by Ihe Ll:'nder and haw .Hladled
<br />there!O loss payable clauses in fa\'or of and in form acceptable III
<br />the lender, In eyeIll of lo~s Borrower will gi\'e immedialc' nOll':...
<br />by mail 10 the Lender. who may ma~e proof of loss If IWl made
<br />promptly by Borrower, and each insurance company t'()fht'rncd j,
<br />hereby authorized and directed to make paymel1l 1'01 ..u.:h kw,
<br />directly to Ihe Lender II1stead of to lhe Borrower and the Ll'I1dcl
<br />jointly, and the insuran.:e pro.:eeds, or any parl lhereof. may""
<br />applied by the Lender al ilS oplion either to the reduction ()f Ill<'
<br />indl:'btedness hereby secured or to Ihe restoration or rt'p.ur of Ihe
<br />property damaged. In e\'ent of foreclosHrl:' or this imtrumem 01
<br />nther lransfer of title to the mortgaged property in extingui~lnlll'nt
<br />of the indebtedness secured hereby, all right. title and inh'rl'sl of
<br />the BOrrower in and to any insuran.:e poli.:ie~ then in for.:.:' ..hall
<br />pass III the pur.:haser or gramee.
<br />
<br />9. That as additional and collaleral security for Ihe payment of
<br />thl' nott' dest"Tilll'd, and all sums to hecome duc under thi, instru-
<br />ment, I hl' Borruwer 'Wfl'''r assigns to I he Lender all profits,
<br />re\'cnues, royalties, !lglm and benefits accruing 10 the dorro",..-r
<br />under any ,II HI ,III oil and gas leases on said premises, Wilh the
<br />righl 10 n'~'ei\e allll n'ccipl for Ihe same and apply Ihem to said
<br />iudl'lll('(hU',~ a~ well before i\~ after default in the eondilions of
<br />Ihi\ in\UUml'Ill, and Ih... Leudt') may demand, sue for and reco\er
<br />any \lIdl p"ymenl~ whcn due and payable, bur ;;hall nOl be re-
<br />lIuirt'd ~o 10 do. Thi~ a\~lgnlllcIll is to termmate and become null
<br />and \'oid upon release of this inslrumenl.
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<br />10. That the BOrrower will keep the buildings upon said premises
<br />ill good repair, and ncither commit nor permit wasle upon said
<br />land, nor suffer the said premises to be used for any unlawful
<br />purpose.
<br />
<br />II, That if the premises, or any part thereof, be condemned
<br />under the power of eminent domain, or acquired for a public use,
<br />the damages a.....arded, the proceeds for the taking of, or the COIl-
<br />sideration for such acquisition, 10 the extent of the full amoum of
<br />indebtedness upon this instrument and the note which it is given to
<br />secure remaining unpaid, are hereby assigned b~' the Borrower to
<br />the Lender, and shall be paid forthwith to said Lender to be ap-
<br />plied by the latter on aCCOUIll of the next maturing installments of
<br />such indebtedness,
<br />
<br />12. The Borrowcr further agrees that should thi~ ins!fumem and
<br />lhe nOle ~ecured hereby nOl he eligible for insurance under the Na-
<br />tional Housing Act within eight mOIllhs from Ihe date hereof
<br />(written ~tatemcnt of any officer of I he Departmenl of Housing
<br />and Urban Development or authorized agelll of Ihe Secretary of
<br />Housing and Urban Developmcnt dated subsequent to the eight
<br />monlhs' time from the date of this instrument, declining to insure
<br />said note and this mortgage, being deemed conclusive proof of
<br />\lIch ineligibility), the Lender or holder of the note may, at its op-
<br />lion, declare all sums secured hereby immediately due and payable.
<br />:'\Totwithstanding the foregoing, this option may not be exercised
<br />by the Lender or the holder of Ihe note when lhe ineligibility for
<br />insurance under the National Housing Act is due to the Lender's
<br />railure to remil the mortgage insurance premium to the Depart.
<br />ment of HOll~ing and Urban De\'eopment.
<br />
<br />\,l, That if the Borrower fails 10 make any payments of money
<br />whl'n the same become due, or fails to conform to and comply
<br />\\ il h .1Ii\' of the l.-ondiliollS or agreements contained in this instru~
<br />melli, ,)[ lhe note which it secur~s, then the entire principal sum
<br />;Illd :\I.'I.'fllt'd illlereq shall at once become dw,' and payable, al the
<br />dl'C.tl~'n ()f th..- Lender.
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<br />I t'lIdt'r shall gl\ e notice \0 Borrower prior to acceleration
<br />1'"11,,,, Ill!! Borrowcr'~ hr.:'ach of any covenant or agreement in this
<br />1lI..11 Ulllent (but 1101 prior to acc..-Ieration under paragraph 12
<br />Ulllt'" applkable law provides otherwise), The nOlice shall specify:
<br />(;1) the default; (b) the action required to cure the default; (c) a
<br />dale, not Il:'ss than 30 days from the dale the notice is given to
<br />Borro\\er, hy \\ hich the defauh must be cured; and (d) that failure
<br />10 ,"lIT.:' Iht' default on Of before the date specifi..-d in the notice
<br />lIlay le,ult in act'e1eration of the sums secured by Ihis instrumelll
<br />and ..ak' c)f the Properly. The notice shall further inform Borrower
<br />('Itht' IIghl In fl'mst,He af!t'r ,1l'.:elt'ralion and lhe right to bring a
<br />,-OUr! a,1 HHl I,l asscn Ihe non-e\i'ilence of a default or any other
<br />ddt'll\l' ,)1' lloITo\\t'r 10 <It.t'e1crmion and sale. If the default is nO!
<br />(lITed clll ')1 befl'lt' tht, date spct'ified in the nOliee, Lender at its
<br />l'l'lhHl lIlay It'I(UHe IIllUH,'dialt' paymelll in full of all sums secured
<br />hy 11m Ill\lrUIllCllt wilhout further demand alld Illay invoke the
<br />pow "I of sale and iln)' other r.:'ll\edie~ pcrmilled by applicable law,
<br />Lcuder shall be entitled to t'ollecl all expenses incurred in pursuing
<br />Ihe rellledil'~ pnwided in this paragraph 13, including, but nor
<br />IHuitl'dlO, reasonable aHOlm')'s' fees and COSIS of title e\'idence.
<br />
<br />If Iht' power of sale is in\'oked, Trustee shall record a notice of
<br />default in each county in which any part of the Property is located
<br />and shall mail copies of such notice in the manner prescribed by
<br />applicable law to Borrower and 10 thl:' other persons precribed by
<br />applicable law. After Ihe time required by applicable law, Trustee
<br />shall gi\'e public notice of sale to the persons and in Ihe Illanner
<br />prescribed by applicable law. Trustee, without demand on Bor-
<br />rower, shall sell the Properly at public auction to the highest bid-
<br />der al the lime and place and under the terms designated in the
<br />noticl:' of sale in one or more parcels and in any order Trustee
<br />delermines, Trustee may postpone sale of all or any parcel of the
<br />Properly by public announcement at the time and place of any
<br />pre\'iously scheduled sale. Lender or its designee may purchase the
<br />Propeny at any sale,
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<br />Upon receipt of payment of the price bid. Trustee shall deli\'er
<br />to the purchaser Trustee's deed conveying the Propeny. The
<br />recitals in the Trustee's deed shall be prima facie evidence of the
<br />truth 01 the statements 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 nO! limited to, Trustee's fees as permiHed by
<br />applicable law and reasonable attorners' fees; (b) to all sums
<br />secured by this Security Instrument; and (c) any excess to Ihe per-
<br />son or persons legally entitled to it.
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