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<br />g8- 103898
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<br />made shall bo added 10 Ihe principal sum owing on Ih. aba".
<br />nOle. shall bo secured hereb,'. and shall bear inler.sl at the ral. sel
<br />fonh in th. said not.. until' paid.
<br />
<br />7. That the Borrow.r hereby assigns. iransf." and s.ts over 10
<br />the L.nder. 10 bo applied loward th. payment of th. note and all
<br />sums secured hereby in case of a d.fault in Ihe p.rformam;. of
<br />anv of th. terms and conditions of this inslrum.nt or Ihe said
<br />nor., all the r.nts. revenu.s and income to be d.rived from the
<br />said 9remises during such lim. as the indebtedn." shall r.main
<br />unpaid. and the Lender shall ha\< pow.r to appoint any ag.nt or
<br />ag.nts it may d.sir. for the purpose of repairing said premis.s and
<br />of rent;ng the same and Coll~cling the rcnt~. re\'enu~s and lOcome,
<br />and iE may payout of said inC'ome~ all e'penses of repairing mid
<br />premises and necessar)" commi~siom and e.''i.penses incurred in Tcnt-
<br />ing and managing the same and of .:ollecling rentals lherefrom:
<br />the balance remaimng. if an~. to be applied lo\\ard the di~charge
<br />of said Indebl.dne",
<br />
<br />8. That the Bt.lrrO\\l,.'r \\111 \..t:t:p the impro\ement<o, 00\\ e\I~ling
<br />or hereafler erected on the propert~. insured a~ may be reqUired
<br />from time to lime b\ (he- 1 ender a~aln'll 10\'1 b\ fire and other
<br />halardll, ca~ualtie~ a~d ~onlln~encl~,) 10 '1u,,'h a~ounr~ and for "Ud1
<br />period., a!t may be rt."qulTl:d b~ the L.:ndel' and \\111 pa~ prompll~.
<br />~,'hC'n due, an~ premlum'J on ,ul.:h lO~ur;:m~(' prO\I\IOn fur pa~menl
<br />of \\ hh.:h has nOl been made herembefore, .\11 m..uran~e ,hall be
<br />....arr:ed 10 ~ompanie') appro\ed by the l.end.er and tht.' ro11i.:1l.... and
<br />ren...\\ah thereof ..hall be held b) [hc Lender ,.IOU h.1\1: .1I1a.:ht.-J
<br />thereto lo\~ payable ....Iau..e.. In fJ\.or oJ and In IDrm J~~l."ptabh: 10
<br />the Lender. In ('\'cnt ollo~.. Borro\\er \\\11 gl\e lmmeJlalL: mllh:e
<br />b> mail to the Lender. v.ho ma~ make proof Llf ILw'l If not maJL'
<br />promplh b) Borro....er. and each in~uranl..'e ~t,lrnpan~' ~('ln~crnC'd I'
<br />here b) aUll1L}r1lC'd iJnd direCll..d III make pa~l11cnt fur \u..:h 10"
<br />directly ro the Lender ,"..read or ta the Bl\rrl1\\Cr and the I ~mkr
<br />jOintly, and thr m\urance pro....(,.(1.1o-, nr an) pan thcreof, ma~ he
<br />applied b~ the Lender at 11\ \)p[lon c.'irher fLl {he rcdw':!Ion nf thc
<br />mdebledne!\'i hereby 'el.:ured m to Ihe rC\tllratlon llr rcpalr ()f thl"
<br />properq: damaged. In e\':OI L1f foredO'lurc l,f 11", m'lrument or
<br />oth"r Iran~rer of 1I11l" [0 the mortgaged pr(\p~rl\ H1 l'\Itn~ul,hmC'nl
<br />of rhe indebt('dnc~'l 'e:'I.'urcd ht'rr:b\. all fl!!!hl. r Itk and IIHrrC\t loll
<br />lhe:' Borro\".:r In and tll an~ lIhUran~e roll..:I~\ 1111."n HI fnr":l' ..hall
<br />1'3)\ III Iht: pun.:ha'll"r lH granlt.'C'.
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<br />9. Thai a~ addlllonal and ..'ollateral ,C'''''urlt~ I'll,. rhe: paymenl of
<br />the nute Jes..:rrbcu. ..nu,JJl sum:. tu bcl.:o",': Jue unJl'r {hl~ 1n~tru'
<br />menL the Borrower h('reo)' assigns to the lenuer JlI profits..
<br />rcv~nues. royalties. nght~ and ben(fit~ aCl..'rUln~ (0 Ihe BOfrO\\cr
<br />under anl' and aU oil alld gas leases on said premi",.. "lIh the
<br />right to recei,'e and receipt for Ihe 'a me and appl~ Ihem to \aId
<br />Indebtednes, as well before as aft.r default In Ih. ~onditions of
<br />this instrument. and the lender rna~' demand. ~ue for and rC":l.J\cr
<br />an~ such payments when due and pal'abl.. bUI ,hall nOI be re,
<br />Quired so to do. This assignmenl i') to term mate .wu hccomc null
<br />1\nd ....oid upon release of thi!! instrument.
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<br />10. ThaI Ihe Borrower will keep the building' upon ,aId prcmbes
<br />in good repair, and neither commil nor permit Wa!iI1e upon ~aid
<br />land. nor',uffer Ihe said premis., 10 be uled for any unlawful
<br />purpose.
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<br />11. Thai if the premISe,. or any part Ihereof. be ~ondemn.d
<br />uoder the power of entinelll domain. or acquired for a public u'e.
<br />the damas<s awarded. lh. procc:t:d, for Ih. taking of, or Ihe con,
<br />,ideralion for ,uch acquisition. to the exterll of the full amounl of
<br />indebledoess upon Ihi, instrument and the nOlo which it is given to
<br />secure remainins unpaid. are hereby "",igned bl' the Borrower 10
<br />the Lender, and ,hall bo paid forthwilh to said Lender to be ap-
<br />plied by Ihe Ialler on acrouot of Ihe nexl malUring inSlallmenl' of
<br />such ind.bledness.
<br />
<br />I~. The Borrower further agrees that should this instrument and
<br />the note secured hereby not be eligible for insurance under [he Na.
<br />tional Housing Act within eighl months from the dale hereof
<br />(wrillen Sla[em.nt of any officer of Ihe Department of Housiog
<br />and Urban Development or authorized agenl of Ihe Secr.lary of
<br />Housing and Urban Development dated subsequent to Ihe eighl
<br />months' time from Ihe date of this instrument, declining to (nsure
<br />said note and Ihis mort gag.. being deemed conclusive proof of
<br />luch ineligibility I. Ihe lender or holder of the nole may, at ils op-
<br />lion. declare all sums secured hereby immediately due and payable.
<br />SOI\\ ithstanding Ihe forego mg. this option may not be exercised
<br />b~ Ihe Lender or the holder of Ihe note when Ihe ineligibililY for
<br />insurance under the ~ational Housing Act is due 10 the Lcnder's
<br />failure to remil the- mortgage insurance premi\Jm to the Depart~
<br />rnent of Housing and Urban Dc\'copment.
<br />
<br />13, That if the Borrower fails 10 make any payments of money
<br />IIhen Ihe lame become due. or fails to conform to and comply
<br />\\ uh an~ of the (onditions or agreemen1s contained in this instru~
<br />rn~n(. or the note whkh it '\ecures. then the entire principal sum
<br />and 3,"crucd interest ~hall al once become due and payable. al the
<br />t:h:cllon of the Lender.
<br />
<br />L t."nder ...hall gi\ e notice to Borrower prior 10 acceleration
<br />follo\\Ing Borro\\er\ breach of any covenant or agreement in this
<br />lll<o(rument (but not prior to acceleration under paragraph l2
<br />unlc" applicable law pro,ides otherwise). The nOlice ,hall specify:
<br />la) lhe- default; tb) the action required 10 cure the default; (c) a
<br />Jah.'. not le~lj than 30 days from the date the notice is given to
<br />Amrl>l\er. bl which the default must be cured; and (d) Ihat failure
<br />!" ,'ure the default on or before [he date specified in Ih. nDlice
<br />rna~' rt.'\ulr in a,celcration of the sums ~ecured by this instrument
<br />JnJ ,ale of Ih. Property, The notice ,hall further inform Borrower
<br />I"~ It!..: nghl to reinstale after acceleration and the right to bring a
<br />.:PUr! ..h;tlon 10 a!'o\t:rt the non-existence of a default or any other
<br />Jl-ICn!tL' of llorroy,er 10 aCl:eleration and sale. If Ihe default is not
<br />,:uTcd l1n l,.1T before Ihe dSH: specified in the notice. lender al its
<br />"pilOn ma~ reqUire Imm.diate paymenl in full of all sums secured
<br />h~ 1111, irl'~lrumenl WilhoUI further demand and may invoke the
<br />po....r of sale and any other remedies permined by applicabl. law.
<br />Lender ,hall b. .nlilled [0 coll.cl all expenses incurred in pursuing
<br />thr: remedit!!t provided in rhili paragraph 1.3, including. but not
<br />Iimiled 10. r.asonable anorn.ys' fees and COSlS of title evidence.
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<br />If Ihe po....r of ,ale is Invoked. Trust"" shall record a notic. of
<br />default In .ach ~ounty in which any part of the Property is loca[ed
<br />and ,hall mail copies of such notice in the manner pr.scribed by
<br />applicable law to Borro" er aod 10 Ihe olher persons pr.cribed by
<br />applicable law. Afler th. time required by applicable la.... Trus[ee
<br />~hall gi\'c publk notice of !tale [0 the persons and in the manner
<br />pres~ribed by apphcable la.... Tru'lee. without demand on Bor-
<br />rower. shall ..lIlhe Property at public auclion to the high.st bid,
<br />der at the time and pla~e IU1d under Ihe lerms designa[ed in the
<br />norice of sale in onC' or more parcels and in any order Trustee
<br />delermin"", Tru't"" may postpone ,ale of all or any parcel of the
<br />Propen)' b)' public annoum."C1tlenl at Ihe time and place of any
<br />pre\'1Ously scheduled sale, Lend.r or its design.e may purchase the
<br />Property a[ any saie,
<br />
<br />Upon receipt of pal'll1enl of the price bid. TruSl"" shall delis'.,
<br />10 the purchaser Trus[ee's dc:t:d conveying the Property. The
<br />recitals in the Trustee's dc:t:d ,hall be prima facie evidence of the
<br />trulh of the 'Ialernenls made therein. Tru't"" ,hall apply the pro-
<br />cc:t:ds of Ihe sale io Ihe following order; (a) to all expenses of the
<br />,ale. including, bUI not Iimlled to. Trustee's fees "" permined bl'
<br />applicable law aod reasonable anomeys' fees; (b) 10 all ,um,
<br />secured by thi, Security lnmument; and (c) any exc""s 10 the per,
<br />son or perSOlU legally emitled 10 it.
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<br />HUHZ143DT
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