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88- 103UJL made shall be added 10 the principal sum owing on the above note, shall be secured hereby, and shall bear interest at the rale set fonh in the said note, until paid. 7. Thai the Borrower hereby assigns, transfers and ~s over to the Lender, to be applied toward the payment of the note and all sums securec:; hereby in case of a default in the performance of any of Ihe terms and conditions of this instrument or the said nOle, all the rents, revenues and income to be derived from the said premises during such time as the indebtedness shall remain unpaid, and the "en~r shall have power 10 appoint any agent or agents it may desire for the purpose of repairing said premises and of renting the same and coJlecling me rents, revenues and income. and it may payout of said incomes all expenses of repairing said premises and necessary commissions and expenses incurred in rent- ing and managing the same and of collecling rentals therefrom; the balance remaining. if any, to be applied toward the discharge of said indebledness. 8. That the Borrower will keep the impro\'emenls now existing or hereafter erecled on the propeny. insured as may be required from lime to time by the Lender againsl 1055 by fire and other hazards, casualties and contingencies in such amounts and for such periods as may be required by the Lender and will pay promptly, when due. any premiums on such insurance provision for payment of which has nor been made hereinbefore. All insurance shall be carried in companies approved by the Lender and the policies and [l:lIewals thereof shall be held by the Lender and have auached tberero loss payable clauses ill favor of and in form acceptable to the Lender. In event of loss Borrower will give immediate nOlice by mail to lhe Lender, who may make proof of loss if not made promptly by Borrower, and each insurance company concerned is hereby aUlhorized and oirt'Cled to make paymem for such loss directly 10 the Lender ins lead of 10 lhe Borrower and Ihe Lender jointly. and lhe insurance proc~s. or any part lhereof, may be applied by the Lender at its oplion either 10 [he reduction of the indebtedness hereb)' secured or to the restoration or repair of the property damll8ed. In evenl of foreclosure of this inslrument or other Iransfer of title to the mortgaged property in extinguishmenl of Ihe indebtednes!i secured hereby. all right. title and imerest of the Borro~'er in and to any insurance policies then in force shall pass to the purchaK'r or granl~, 9. ThaI as additional and collateral !iecurity for the paymenl of the note described. and all sums to become due under this instru- ment. the Borrower hereby usignsto the Lender aU profits. revenues. royalties, rights and benefits accruing to the Borrower under any and aU oil and ps leaso on said premises. ~;th the riibt to receh'C and receipt for the same and apply them to saId indebtednen as well before as after defaull in the conditions of this instrument. and the Lender may demand, sue for and re\:over any such payments when due and payable, but shall not be re- quired so to do. This assignment is to terminate and become null and void upon rc:leaK of thi5 in5trument. 10. That the Borrower will keep tbe buildings upon said premises in good repair, and neither commit nor permil wasle upon said land. nor suffer the said premises [0 be used for an)' unlawful purpose. 11. That if the premises. or any part thereof, be condemned und;:r tbe power of eminent domain. or acquired for a public UK'. the daJnaaes awarded, the proceeds for tht' taking of. or the con- sideration for such acquisition, to the extent of the full amount of inddltedness upon this instrument and the note which it i~ given to tealfe rcmainina unpaid, arc: hereby assigned by the Borrower to the Lender. and shall be paid fonhwith to said Lender to be ap- plied by the latter on account of lhe next maturing installment~ of sucb indebtedness. . 12. The Borrowc:r funher agrees that should this instrument and the note secured hereby not be elisible for insurance under the Na. tional Housing Act within eight months from the date hereof (wrillen statement of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Housing and Urban Development dated subsequent to the eight months' time from the date of this instrument, declining to insure said note and thi~ mongage. being deemed conc1usiveproof of such ineligibility), the Lender or holder of the note may. at its op- tion, declare all sums secured hereby immediately due and payable. Notwithstanding the foregoing. this option may not be exercised by the Lender or the holder of the note when the ineligibility for insurance under the National Housing Act is due to the Lender's failure to remit the mongage insurance premium to the Depan- ment of Housing and UrbllJl Deveopment. 13. That if the Borrower fails to make any payments of money when the same become due, or fails to conform to and comply wilb any of the conditions or agreemenls contained in this instru- menl, or Ihe nOle which it secures, then the entire principal sum and accrued interest shall at once become due and payable, at the election of the Lender. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in Ibis instrument (but nOl prior to acceleration under paragraph l2 unless applicable law provides otherwise). The notice shall specify: (o.) the default; (b) the action required to cure the default; (c) a dale, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may' result in acceleration of lhe sums secured by this instrument and sale of Ihe Property. The notice shall funher inform Borrower of Ihe righl to reinstate after acceleration and the right to bring a court action 10 assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If Ihe default is not cured on or before Ihe date specified ill the notice, Lender at its option may require immediate payment in full of all sums secured by this insuument without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collt'Cl all expenses incurred in pursuing Ihe remedies provided in this paragraph 13, including, but not limited to, reasonable attorneys' fees and costs of title evidence.. If Ihe power of sale is invoked, Trust~ shall record a notice of default in each county in which any part of the Property is located and shall mail copies of such notice in the manner prescribed by applicable law to Borrower and 10 the mher persons precribed by applicable law, After the time required by applicable law, Trustee shall give public nOlice of sale to Ihe persons and in the manner prescribed by applicable law. Trust~. without demand on Bor- rower, shall sell the Propeny at public auction to the highest bid- der at Ibe time and place and under the terms designated in Ibe nOlice of 58k in one or more parcels and in any order TTlIStee determines. Trustee may postpone sak of all or any parcel of Ibe Property by public announcemem al the lime and place of any previously scheduled sale. Lender or ilS designee may purchase the Property at any' sale. Upon receipl of payment of the price bid, Trust~ shall delh'er 10 Ihe purchaser Trusl~'s deed ct'nveying the Propeny. The recitals in [he Trustee's deed shall be prima facie e\;dence of the truth of the statements made therein. Trustee shall apply the pro- ceeds of the sale in the following order: (a) to all expenses of the sale. including. hut nOl limited to. Trostel'" fees as permitted by applicable law and reasonable attorneys' fees; (b) 10 all sums secured by this Security Instrument; and (c) any' excess to the per- son or persons legally entitled to il. Page 3 of 5 "UD-CIIt.3DT , ,