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<br />88-
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<br />I
<br />104055
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<br />made ,hall be added 10 Ihe prinCipal ,urn ow 109 on Ihe abme
<br />n01e, ,hall be ,ecured hereby, and ,hall bear IOlere,t al Ihe rale \<1
<br />fOrlh in the ,aid nOle. until paId.
<br />
<br />7. ThaI Ihe Borrower hereby. a"igns, iran,fen and ,et' over 10
<br />Ihe lender, to be applied loward Ihe payment of the nOle and all
<br />,urn, ..cured hereby in ca'e of a ddaull 10 Ihe performance of
<br />any of the lerms and condilions of Ihi, inmument or Ihe said
<br />nOle, all Ihe rent', revenu'" and income 10 be derived from Ihe
<br />\aid prcmi'it:!1 during lauch lime: a".l the IOJI;'I:HC'dne~' \hall remain
<br />unpaid, and the lender ,hall ha\C pm'er 10 appOlnl any agent or
<br />agents il may. de,ire for Ihe purpo,e of repamng ,aid premises and
<br />of renting Ihe ,a me and coll""lIng the renlS, re'enue' and income,
<br />and il may pay. OUI of ,aId Incomes all e\pemes of repairing ,aid
<br />premisc~ and ne..:e'\aq ~omml'!lion.'!. and ('xpenlie\ incurred in r~nI-
<br />109 and managing Ihe ,ame and of collecllng rental, Iherefrom:
<br />Ihl: balance remaining. If an~, tel be applied lo\\ard the dJ..~harge
<br />of ,aid Inocblcdnl'\\.
<br />
<br />H. Thai Ihe Uorro\\cr \'111 h't,>p the Imrrn\~Il1t.'nl\ Ill"\ C\I\llng
<br />l)T hereafter ~re(It.'d on the propt'rt~. In'>.url:d a'l mJ~ bc: Tequln"J
<br />from lime to l1me b~ tht.' le:nder a~aln'lt Ill..... b~ fin: J.nd IJlht'r
<br />ha/urd\, ..:a\ualue'\ Jnd t,;\lnlangc:ncu:, In 'I Ul:tl am\)unl.. ilnd for "lJo.,'h
<br />p~r1(}d\ a~ may be rcqulIl'd b~ Iht." LC'ndcr .lnd \qll pa) promplh,
<br />\\ht'n OUC:, an~ pr~rnlum\ on 'Ui.:h In,ur;ll1(~ phHI,wn for rM~IT1~nl
<br />uf \\hh,:h h3\ nt'1t been made' herclObl'fnre .\11 m..uraf1~C ,hall he
<br />..:arr:c:d If1 ..:ompaOlC:'t af'lpro\.t,~d by lht' ll'ndcr JnJ lht' poh(IC''' .:.lnll
<br />rene"al, Iherelll ,hall be held b~ Ihe l.enJer and ha'e alla.:hed
<br />rhl'rrlo 10'" pa~able dau,~\ in ra\lJT 01 and 10 ft'rm J((cptable rll
<br />fhe l.ender. In ~\.t,~nt 011\)" [lorrl.l\\er \\111 gl\t: Immediate noth,:t:
<br />b~ mall to thC' Lender. \'0 ho ma~ mah" proof tlT h)..." If 110t madl'
<br />prumprly h~ Bllru.)\\t:r. and t'at.:h ,",urlin,,:c ":l1mpan~ r..:of1..:crned I'
<br />hloret'l~ JUlhorlled and dircdt.od 10 makt' r.H rllt'nl for \u~h I'J'"
<br />dlrC'(tl~ (0 the L cnder 1n.;,lcad IJf to lhe BllrrP\\~r and the' Lender
<br />Joltlll~. and. rhe: IIl,urancC' pn)..:C'ed\. \.H .m~ pari Iherco1, ma~ bt'
<br />applied h~ lhe Lender at 11, option t'l1hC'r III lht." fl'du..:t1on dl lht:
<br />mdC'bu~dnc~~ hcrC'b~ \CCllft'd Of 1(' the rc:\l~nalltln or nopaH ~ll lht'
<br />propcn) damaged. In ~\C'n1 01 foredo...un: tll 1111.. m..trumcnt .~r
<br />otht:r tran_'tkr of (ulc 10 the Inl'ngagt."d pror't.'f"\ Ir1 l*'nln~ul\hmcnt
<br />llf rh~ indebledne't~ ,~t.:ured ht"r~b\. JII T1~tH. !I:!r Jnu \t\IC"rc'f ~l'
<br />Ihe BOrfO\\C'r Ul dud to an~ Hl,urJlh:~ Ptlll..1l'~ :hl'n ITl 'I.H~C ..h.sl1
<br />ra.... Tn Ihe pun:ha\Cf Of grantcr
<br />
<br />L1 Thai a~ aUt.hllonal and ~(llla(C'ral ,,(,'\"unl~ tor Ihe pa~mc.-nl III
<br />rhl,,' IhJtl' Jl!!t\.-nbeJ. and all sum~ tu ht"l.llllll.' \jt~l' unJt."f rht~ In~lru.
<br />111t.'nI, th\." Burruwer heren~; JS~l&n~ lu lhc LcnJc:r..lI prol1L3I.
<br />r~\enue~o fl1Y3l1ie~. rights and bc-ntfil\ J(tTumg to IhC' Borro"cr
<br />under any and all oil and gas leases .m ,aid premISe., wnh the
<br />righl 10 recrhe and r""eipI for the <;Ime and ap~ly them 10 ,aId
<br />ondebtedne.. a. well before a, after defauh on Ihe .:ondnions llf
<br />[his In!ltrumenl, and the- lender ma~ demand. "UC' for and rc..:o\ Cf
<br />any ,uch payments when due and pa~able, but ,hall nOI be re,
<br />quirC'd !loO to do. Till' as,signmcm 1!'O to lC"rmmat(' .md oC'\."omC' null
<br />and SOld upon release of Ihl. onmument.
<br />
<br />10, Thai Ihe Borrower will keep Ihe bUlldong' upon .aId rrrml\e'
<br />In good repair. and neither commit nOf J'c-rmll "3S((' upon 'laid
<br />land, nor .uffer Ihe ,aid premi... 10 be u,ed for any unlawful
<br />purpose,
<br />
<br />II. Thai If Ihe premISes, or an) pari Ihereof, be condemned
<br />under the powrr of eminent domam. or acquired for a public use,
<br />the damages awarded, Ihe prOCffds for the laking of. or the con-
<br />sideration for such acquisition, to Ihe extent of the fuU amount of
<br />indebtedness upon this instrument and lhr oOle which il is gi"en 10
<br />secure remaining unpaid, are hereby as.igned by tbe Borrower [0
<br />the lender, and shall be paid fOrlhwith to .aid Lender to be ap-
<br />plied by Ihe laller on aeeounl of Ihe next maluring installment. of
<br />such indebledness,
<br />
<br />12. The Borrower further agrees that ,hould this inslmment and
<br />Ihe note ,ecured hereby not be eligible for insurance under the Na.
<br />lional Housing Act within eight months from Ihe date hereof
<br />(wrillen 5\atement of any officer of Ihe Deparlmem of Housing
<br />and Urban Development or authorized agent of the Secretary of
<br />Hou,ing and Urban Development dated subsequent 10 the eighl
<br />months' time from the date of Ihis instrument, declining 10 insure
<br />,aid note and this mOrlgage, being deemed conclusive proof of
<br />,uch ineligibility), the lender or holder of Ihe nOle may, at its op.
<br />lion. declare all sum' secured hereby immediately due and payable,
<br />:'olotwilh.landing the foregoing, lhis option may nOI be exercised
<br />by Ihe Lender or lhe holder of the nOle when the ineligibility for
<br />imurance under the National Housing Act i, due 10 the lender'.
<br />failure 10 remit the mongage insurance premium to the Depart-
<br />ment of Housing and Urban D...eopment.
<br />
<br />13 ThaI if Ihe Borrower fails to make any payments of money
<br />"hen Ihe 'ame become due, or fails to conform to and comply
<br />\\ llh an~ of lhe conditions or agreements contained in this instru.
<br />mcnt, Of the- note which it secures. lhen the emire principal sum
<br />and a.:,'rued intere'l Ihall al once become due and payable. al the
<br />clc..:wm of the Lender.
<br />
<br />I ender ,hall 8" e notke to Borrower prior to acceleration
<br />l'llkH\1l1g Borro\\er\ breach of any CO\ienam or agreemc:nt in this
<br />In'lrllm~nt (but nol pnar [0 acceleration under paragraph 12
<br />lInb, a~~h.:able la" provide, otherwi.e), The notice shall .pecify:
<br />lal 111" Jefault; (bl Ihe aCllon required to cure the default; (c) a
<br />Jale, nm Ie\> than 30 days from Ihe dale the notice is given to
<br />Il",rower, by "hlCh the default must be cured; and (d) that failure
<br />Ie' .:ure Ihe defauh on or before Ihe date specified in the notice
<br />may rC'~u1L In acceleration of the sums ~ured by this instrument
<br />and 'ale e,f Ihe ProperlY. The nOlice .hall funher inform Borrower
<br />llf the ngh: to rClnsla(e after acceleration and the right to bring a
<br />.."DUn a~:t1on fa J!I!!lc:rt rhe non-exiSlence of a default or any other
<br />Jefen,e of Borrower to acceleration and sale, If Ihe default i. not
<br />cured on or before the dale specified 111 the nOlice. lender at its
<br />,'pllon ma~ require Immediate payment in full of all sums secured
<br />~\ Ih" ,""rument Wllhout funher demand and may' in,.oke the
<br />~''''er e,f ,ale and any olher remedies permined by applicable law,
<br />1 endcr ,hall be entilled 10 collrcI all expenses incurred in pursuing
<br />I he remedie, pro'.idrd in this paragraph 13, II1duding, but nol
<br />Ilmlled 10, reasonable allomey.' fees and costs of litle evidence_
<br />
<br />If Ihr po"er of ,ale" in,oked, Trustee shall record a notice of
<br />default III each .:ounty 111 which any part of Ihe Propeny is localed
<br />and ,hall mail cople. of such nOlice in the manner prescribed by
<br />appll.:able law 10 Borrower and to the other per.ons precribed by
<br />applicable law. After Ihr lime required by applicable law, Tru.tee
<br />,hall g".e public notice of .a1e 10 the persons and in the manner
<br />~r"'cnbed by applicable law, Trustee, without demand on Bor.
<br />,,'''er, Ihall sell thr Propeny at public auction 10 the hi8h~t bid.
<br />der al the lime and place and under the term. designaled in the
<br />nOlice of .ale in one or more parcels and in any order Trustee
<br />delermin",. Trustee may postpone .a1e of all or any parcel of Ihe
<br />Propeny by publie announcement at the lime and place of any.
<br />pre'lou,l)" scheduled .ale, lender or its designee may purchase the
<br />ProperlY a[ any sale,
<br />
<br />Upon receipt of paymenl of the price bid, Trusl~ shall deliver
<br />10 lhr purchaser Trustee's deed conveying lhe Property, The
<br />recilals in the Trustee'. deed .hall be prima facir C\idence of Ihr
<br />trulh 01 the .tatements made Iherein, Trustee .hall apply Ihe pro-
<br />,-.:eds of the sale in the foUowing order: (a> to all expenses of the
<br />,ale, induding, but nOl limited to, Trustee's fees a. permitted by
<br />applieablr law and reasonable allomeys' fees; (bllo all sums
<br />secured by this Security Instrument; and (c) any exce.. to the per-
<br />son or persons 1..a1ly entitled 10 it.
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<br />P~e 3 of 5
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<br />HUIJ.I21.3DT
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