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<br />made shall be added 10 the principal sum owing on the aboye
<br />note, shall be secured hereby, and shall bear interesl at I he rale set
<br />forth in lhe said note, until paid.
<br />
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<br />7. Thai Ihe Borrower hereby assigns, transfers Ilnd sets over 10
<br />the lender, 10 be applied toward the payment of lhe note and all
<br />sums secured hereby in case of a default in lhe performance of
<br />any of the terms and conditions of this instrument or lhe said
<br />note, all the rents, revenues and income to be derived from the
<br />said premises during such lime as the indebtedness shall remain
<br />unpaid, and the lender shaH have power to appoint any agent or
<br />agents il 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 payout 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 coHceting rentals therefrom;
<br />the balance remaining, if any, to be applied toward the discharge
<br />of said indcbledness,
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<br />8. That the Borrower will keep the improvements now cxisting
<br />or hereafter erected on the property, insured as may be required
<br />from time to time by thc lender against loss by fire and other
<br />hazards, 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 pa~'mem
<br />of which has not been made hereinbefore. All insurance shall be
<br />carried in companies approved by the Lender and Ihe policies and
<br />renewals thereof shall be held by rhe Lender and havc all ached
<br />thereto loss payable clauses in favor of and in form acceplable to
<br />the Lender. In cvem of loss 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 imurance company concerned IS
<br />hereby authorized and direcled to make payment for such loss
<br />directly to the lender instead of to the Borrower and Ihe lender
<br />jointly, and the insurance proceeds, or any pan thereof. ma)' be
<br />applied by the Lender at its option either to the reduction of the
<br />indebtedness hereby secured or tu the restoration or repair of rhe
<br />property damaged. In evem of foreclosure of this inMrumelll or
<br />other transfer of title to the mongaged property in extinguishment
<br />of the indebtedness secured hereby, all right. title and interest of
<br />Ihe Borrower in and 10 any insurance policies then in force shall
<br />pass to the purchaser or grantee.
<br />
<br />9. That as additional and collaleral sccurity for the payment of
<br />thc note described, and all sums to be..:ome due under this instru.
<br />ment, the Borrower hereby assigns t'J the Lender all profits,
<br />revenues, royalties, rights and benefils accruing 10 the Borrower
<br />under any and all oil and gas leases on said premises, wilh the
<br />righl to receive and receipt for the same and apply them to said
<br />indebtedness as well before as after default in the conditions of
<br />this instrument, and the lender may demand. sue for and recover
<br />any such payments when due and payable, but shaH nOI be re-
<br />quired so to do. This assignment is to terminate and become null
<br />and void upon release of this instrument.
<br />
<br />10. That the Borrower will keep lhe buildings upon said premises
<br />in good repair, and neither commit nor permit wasle upon said
<br />land, nor suffer the said premises to be used for any unlawful
<br />purpose.
<br />
<br />I I. That if the premises, or any part thereof, be condemned
<br />under Ihe power of eminent domain, or acquired for a public use.
<br />Ihe damages awarded, the proceeds for the laking of, or the con.
<br />sideration for such acquisition, to the exlent of Ihe full amounl of
<br />indebledness upon this instrument and the note which it is given to
<br />secure remaining unpaid, are hereby assigned by the Borrower to
<br />the Lender. and shall be paid forthwith 10 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 agrees that should this instrument and
<br />the note secured hereby nOI be eligible for insuranc" under the Na-
<br />tional Housing Act within eighl months from Ihe '.ate hereof
<br />(written statement of any officer of the Departmf at of Housing
<br />and Urban Develppment 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 insure
<br />said note and this mortgage, being deemed conclusive proof of
<br />such ineligibility), the lender or holder of the note may, at itsop-
<br />tion, declare all sums secured hereby immediately due and payable.
<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 [0 remit the mortgage insurance premium to the Depart-
<br />ment of Housing and Urban Deveopment.
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<br />13. ThaI if Ihe Borrower fails to make any payments of money
<br />when the same become due, or fails to conform to :md comply
<br />with any of the conditions or agreements contained in this instru-
<br />ment. or the note which it se'-'Ures, then the entire principal sum
<br />and accrued interest shall at once becOme due and payable. at the
<br />election of the lender.
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<br />Lender shaH give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant or agreement in this
<br />instrument (but not prior to) acceleration under paragraph 12
<br />unless applicable law provides otherwise). The notice shall specify:
<br />(a) rhe default; (bl the action required to cure the default; (c) a
<br />date, not less than 30 days from the date Ihe notice is given to
<br />Borrower, by which the default must be cured; and (d) that failure
<br />10 l urc the default on or before the date specified in the notice
<br />may result in acceleration of the sums secured by this insuument
<br />and ~ale or the Property. The notice shall funher infonn 8orTowa'
<br />of the right 10 reinstale after acceleration and the right to bring a
<br />court action to assen Ihe non-existence of a default or anyotber
<br />defense of Borrower 10 acceleration ami sale. If the default is DOl
<br />cured on or before the date specified in the notice, Leuder at its
<br />option may require immediate payment in full of aU sums secured
<br />by [h,s inslrumenl without funher demand and may invoke the
<br />power of sale and any other remedies permitted by applicable law_
<br />Lender shall be entitled to collect all expenses incun'ed in pursuing
<br />the remedies provided in this paragraph 13, including. but not
<br />limited to, reasonable attorneys' fees and costs of ritle evidence.
<br />
<br />If the power of sale is in\'oked, Trustee shall record a notice of
<br />defauh in each county ill which any pan of the Propen)' is Ioca1cd
<br />and shalt mail copies of such nOlice in the manner prescribed by
<br />applicable law to Borrower and to the other persons preaibcd by
<br />applicable law. After Ihe time required b~' applicaNt taw. Trustcc
<br />shalt gi\'e public notice of sale 10 the persons and in tbe tnlUlJW'O'
<br />prescribed by applicable law. Truslee, without demand on Bor-
<br />rower, shalt sell Ihe Propeny al public auction to the lUghest bid-
<br />der at the time and place and under the terms designated in the
<br />nOlice of sale in one or more parcels and in any order Trustee
<br />determines. Trustee may postpone sale of ail or an)' parcel of the
<br />Property by public announcement at tbe time and place ofany
<br />previously scheduled sale. lender or its designee may purchase 1be
<br />Property at any sale.
<br />
<br />Upon receipt of payment of the price bid, Trustcc shaII deli\'a'
<br />to the purchaser Trustee's deed conveying tbe Property. Tbe
<br />recilals in Ihe Trustee's deed 5hall be prima facie e\;~nce of the
<br />truth or the slatements made thercin. Tn15lte shall apply the pro.
<br />ceeds of the sale in the following ordft': (a) to all eltpftlSS of the
<br />sale, includinll, bUI nOI limited 10, Trustcc's fees as pennined by
<br />applicable law and reasonable attorneys' fees; (blto al1 sums
<br />secured by this Security Instrument; and (cl any eltccss t~ the per-
<br />son or penons legally entilled to it.
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