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<br />38- i02565
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<br />made shall be added to the principal sum owing on rhe above
<br />note, shall be secured hereby, and shall bear interest at the rate set
<br />forth in Ihe said note, umil paid.
<br />
<br />7. ThaI the Borrower hereby assigm, transfers and sets over to
<br />the Lender, to be applied toward the paymem of the note and all
<br />sums secured hereby in case of a default in Ihe performance of
<br />any of the terms and conditions of this instrument or the said
<br />note. all the rents. revenues and IOcome to be dcn'ed from the
<br />said premIses during such lime as the indebledncss shall remain
<br />unpaid, and the L.ender shall havc power to appoim any agent or
<br />agents it may desire for the purpose of repairing said premises and
<br />of reming the <,ame and <:olletting the rents, revenues and income,
<br />and it may payout of said incomes all e~penses of repairing said
<br />premises and ne<:cssary ,'ommi,sions and e~pense, lI1curred in rent.
<br />ing and managmg lhe ,anw and of collecting rentals therefrom;
<br />lIlt' balilnce rcrnallllllg. If any. 10 he applied lLlward the discharge
<br />of saId lI1dePlcdne"
<br />
<br />H. That thl' Bl1frO"er WIll l..el'p the ImprovemelHs rllJw ,"l5tlOg
<br />or hereafter rrecll'd oil the propeny. lI1sured as Ir,av be required
<br />from IlIne "' \Ime p\ the l.ender ag:llmt 1055 by fire ilnd othcr
<br />halards, ,'a,uallles and clllltingen<:lt:s In such amounrs and for ,uch
<br />penod, a, ma\ tw requlrt'd b\ Ihe Lender and \\ ill pay promplly,
<br />\\ tll:n due. JIl\ premium, ou ,Udl ul,urance 1'1'0\ Ision i(1l paymenr
<br />,,' "hid, has nOI hel'n made hereinbefore. All Insuran<:e shall be
<br />,arr:c.J III 'l)mpamrs applll\ cJ by the Lender and the polil:le' and
<br />lenl."als !herrel ,h:til t>c held h~ the Lcndcr :tnd haw atta,'hed
<br />thl'relll Il'" pa\aple ,tause;. Ifl fa\or of and in form acceptable to
<br />the ll'micr In l'\rll! 01 Il'" llorIower will gi\c llnmedlale nOlice
<br />b\ Illarl III I hr I rndrr. \\ hll may make proof of 10'5 If n(ll made
<br />prl'mpt h 11\ Born'\\ er, ami each Insurance cOl11panl' cLlnct'rncd I'
<br />h,'! rill ,lIJIllOrllCd and dlrl',led 10 nwke paymclll for ,u<:h 10"
<br />dltt:'ctl\ III Ihe lender 1fl'leaJ 01 IL1 Ihe Borr(mer and the l rnder
<br />Il'llllls. ,1m] Ihl' Ill,mancr pm,eeds, or any paft thereof. may hr
<br />appile,! h the LClld,.r at 115 option either to the rcductlon of the
<br />Inlkptcum'" hneby \Ccured l)f to Ihe reSWralll1Tl or rrpalr of the
<br />propl.ft\ damaged III e\enl of foredo,ure of thl;. Iflstrumelll or
<br />l1th,.1 Irall,ler l,f tllle III the morrgaged propenl III e\llflgul,hmelll
<br />,ll thr mdl'hledne" secured hereby. all light. 1111e and Illlcre-t III
<br />the 11v'!lll\\er 111 and to an\ In,uranc,' pollcle' 1111"11 In fOlcl' ,hall
<br />1''-''''' II.l lhc..~ rurdl,]...t.~t !.If grantee
<br />
<br />4 Thai a' addl1lOnal anu collateral ,rcuru\ for Ihe payment 01
<br />the 1l0tl' ,1e"nheJ. and all sums 10 be,uCTlt' uUl' under IhlS InstnJ'
<br />1I,,,nt. the Borruwer hereby assIgn, to the Lender all profll',
<br />lelenuC5. royaltIes, nghh and bt'l1t:fns accrumg W Ihe Borrower
<br />under any and all oil and ga;. lea"es on said prellllse,. I\nh Ihe
<br />rlghl tll recel\e and receipt lor the ;.ame and apply them 10 ;.ald
<br />mdebtedness as well before as after default in the conditions of
<br />IhlS mstrumenl, and the Lender may demand. ,ue lor and recover
<br />an~ ,ul'h paymems when due and payable. bUI ,haJI nOI be reo
<br />quirl'd so [0 do. Thl> assign me III is to terminale and become null
<br />and laid upon retea,e of [his instrument.
<br />
<br />10. That {he Borrower \\ III keep the buildings upon said premIses
<br />in good repair. and neither comml1 nor permit waste upon said
<br />land, nor suffer the saId premi,,:s 10 be used for any unlawful
<br />purpose.
<br />
<br />I I. That If tht" premises. or any part Ihereof. be condemned
<br />under the power of eminent domain, or acquired for a public use.
<br />the damages awarded, the proceeds for the lakmg of. or the con.
<br />sideration for such acquisition. 1(1 the extent of the full amount of
<br />indebtedness upon thi, instrumenr and the note which it 15 given to
<br />secure remaining unpaid, are hereby assigned by the Borrower 10
<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 />tional Housing Act within eight months from the date hereof
<br />(wrillen statement of any officer of the Department of Housing
<br />and Urban Development or authorized agent of the Secretary of
<br />I-Iousing and Urban Development dated subsequent to the eight
<br />months' time flOm the date of this instrument. declining 10 insure
<br />said nO!e 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 />~otwithstanding 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 />faih're 10 remit the mortgage insurance premium to the Depart-
<br />mem of HOllsing and Urban Deveopment.
<br />
<br />13. That if the Borrower fails to make any payments of money
<br />\\hen thc same become due, or fails 10 conform 10 and comply
<br />with any of the conditions or agreements comained in this instru-
<br />mcnt. or the n01e which it secures, then the entire principal sum
<br />and acs:rucd interest shall at once become due and payable, at the
<br />e1eCHon of the Lender.
<br />
<br />Lender shall gi\ e notlcc to Borrower prior to acceleration
<br />Inllowll1g Borrower's breach of any covenant or agreement in thIS
<br />mSITumelll (but not prior 10 acceleration under paragraph 12
<br />unles' applicable law provides otherwise). The notice shall specify:
<br />tal the default; (b) lhe action required to cure the default; (c) a
<br />date. n01 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 />t(l cure rhe default on or before the date specified in the nonce
<br />may resull m accelerallon of the sums secured by this instrument
<br />ilnd sale llf the Property. nle notice shall further info~Borrower
<br />of Ihe nght 10 reinstate after acceleration and the right to bring a
<br />court aClion to assert Ihe non-existence of a default or any other
<br />defeme of Borrower to acceleration and sale. If the default is not
<br />,'ured on or before the date 'pecified in the notice, Lender at its
<br />oplion may require immedIate payment in full of all sums secured
<br />by this II1stTllment \\Ilhout further demand and may invoke the
<br />power of sale and any olher remedies permitted by applicable law.
<br />I ender shall he entllkd to collt:ct all expenses incurred in pursuing
<br />the relTIt'dleS pro'ldl'd 111 IhlS paragraph l3. including. but not
<br />limited to. reasonable altorneys' fees and costs of title evidence.
<br />
<br />II the powt"r of sale I' lIl\oked. Trustee ,hall record a notice of
<br />default 10 cach county III whIch any part of the Property' is located
<br />and ,hall mall wpie, of such nCltice in the manner prescribed by
<br />applkable la\\ to BOrlower and to thc other persons pre.:ribed by
<br />applicabk law. After Ihe time required hy applicable law, Trustee
<br />shall give public notice of sale to the persons and in the mar-ner
<br />prescribed by applicable law. Trustee, without demand on Bor-
<br />rower, shall sell the Property at public auction 10 the highest bid-
<br />der at the time and place and under the terms designated in the
<br />nOlice of sate 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 />pre\'iously scheduled sale. Lcnder or its designee may pur.:hase the
<br />Property al any sale.
<br />
<br />Upon receipt of payment of the price bid, Trustee shall deli\er
<br />to the purchaser Trustee's deed conveying the Property. The
<br />recitals in the Trustl"C's deed shall be prima facie e\idenc:e of the
<br />truth of t I,., st atemenls made therein. Trustee shall apply the pro-
<br />ceeds of the sale in the following order: (a) 10 all expenses of the
<br />,ale, including, but not limited to, Trustee's f~"Cs as permitted by
<br />applicable la\\ and reasonable attorneys' fees; (b) to all sums
<br />secured by this Security Instrument; and (,o) any eX\'C'ss to the per-
<br />son or persons legally entitled to it.
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