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88- 104~10 made.shall be-added to the principal 'Sum owing on the above nOle, shall be secured hereby, and shall bear imerest ilt the rate set forth in the said note, until paid. 7. That the Borrower hereby assigns. transfers and sets over to the Lender. to be applied toward the payment of the note and all sums secured hereby in case of a defaul1 in the performance of any of the terms and conditions of this instrument or the said nOle. all the rents, revenues and income [0 be derived from the said premises during such lime as the indebtedness shall remain unpaid. ilnd the Lender shall ha\c power {O appoint any agent or agents it may desire for the purpose 01 repairing said premises and of renting the same and ~ollecting the rems, revenues and income, and it mily payout of said incomes all e,xpenses of repairing said premises and necessary commissions and expenses incurred in rent. ing and managing the same and of collecting rentals therefrom: the balance remaining. if any. to be applied toward Ihe discharge of said indebtedne..s. 8. Thal the Borrov.:cr will \..eep the improvements now existing or hcreaiter c:rected on the propert)". imured as may be reqUired from time to lime by the: Lender against loss by fire and other hazards, casualties and comingencie!! in such amounts and for such period!. as may be reqUired by the lender and will pay promptly. \\ hen due. any premiums on such iO'iurance provision for payment 01 \\hh.:h ha!. nOI bee:n made' hereinbefore:, All in!!urance shall be ~arra~d 10 ~ompaOle... apprO\ e:d by Ihe l~ndC'r and the polkle'.. and renc\\ah Ihercof "hall be held by thl:' Lender :lOd ha\"(~ attached rherem lo..!! payable .:Iau!li:!! in fa\or of and in form acceptable to [he Lender. In e\en! of 1m!. Borro\\er \\111 gi\e immediate noti!,:e by m:lllto Ihe Lender. who may make proof of loss if not made promptl~- by Borrower. and eat.:h insurant.:e t.:ompany ,oncerned IS hereby authorized and direcled 10 make payment for !Iuch 10505 directly 10 [he Lender insre3d of [0 Ihe Borrower and the lender jointly. .1nd rhe imurance pro..:eedi.. or 3n~ pJrt Ihereof. ma~' be applied b>' the lender al its option ejlher 10 the reduction or Ihe' indebtednc:s~ hereb~' sccured or to the reSIOratlOn or repair of the property damaged. In e\,ent of foreclo~ure of thi!. 1O!.trument or other Iramier ot mle [0 the mortglls('d property in eXlin~uI5hmen[ of the indebu~dnes.s secured hereb\". all ril!ht. litle and interest of lhe: Borro\\e:r In and to i1n~ :muran~e p(Sj~le~ then in for"e shall pil50S to Ihe purcha)er or ,grantee. 9. Thai J.~ J.djllhJnal and ..:ollJ.leral 'el.:unt\ ior (he payment of the: note d~s..:nbeu. .1OlI all SUI11:!l to be,,:oll11: JUl.: umkr tl1b lnstru. ment. the Borrower hereby assigns to rhe lender all profits. re\'enues. royallles. nghts, and btmellts a'"l.:rumg to the BOITO\\er under an)' and all oil and gas leases on !laid premises. with the right to reCel\'e and receipl for the same and appb. Ihem to !laid indebtedness as well before 35 aner det'aull in the conditions of this imlfumem. and lhe Lender ma\' demand, 'jue for and reco\'e:r any such paymenl!. when due and p'ayabh:. but shall nOI be reo quired so to do. This assignmem is 10 Icrminutc: and become null and void upon release of this instrumenl. 10. That the Borrower will keep the buildings upon said premises in good repair, and neilher ,"ommit nor permit waste upon said land. nor suffer the said premises to be used for any unlawful purpose. 11. Thill if the premises. or an)' pan thereof. be condemned under the power of eminent domain. or acquired for a public use. the damages awarded. the proceeds for the taking of, or the con. sideration for such acquisition. to the extent of the full amount of indebtedness upon this instrument and the note which it is given to secure remaining unpaid, arc hereby assigned by the Borrower to the Lender, and shall be paid fonhwith to said Lender to be lip. plied by the laner on accounl of the next maturing installments of such indebtedness. 12. The Borrower further agrees that should this instrument and the note secured hereby not be eligible for insurance under the Na. tional Housing Act within eight months from the date hereof (written statement of any officer of the Depanment of Housing and Urban Development or authorized agent of the Secretary of Housing and Urban Developmem dated subsequent to the eight months' time from the date of this instrument. declining to insure said note and this mongage. being deemed conclusive proof of such ineligibility). the Lender or holder of the note may, at its op. tion. declare all sums secured hereby immediately due and payable. Sotwith!ltanding the foregoing, this option may nOl be exercised by the Lender or the holder of the note when the ineligibility for Insurance under the :'-Jational Housing .-\ct is due to the Lender's failure 10 remit the mortgage insurance premium to the Depan. ment of Housing and Urban Deveopmem. 13. That if the Borrower fails to make any payments of money when the same become due. or fails 10 confonn to and comply \\ uh any of the conditions or agreements contained in this instru- ment. or the note 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 shan give nouce to Borro",'er prior to acceleration followtng Borrower's breach of any covenant or agreement in this ins[rument (but not pnor to acceleration under paragraph l2 unless applicable: law provides otherwise). The nouce shall specify: (al [he default: tb) lhe action requir~d to cure the default: lei a dale. nOI less than 30 days from the date the notice i!l. gl..'en to Borrower. by which the default must be cured; and (dl that failure to cure the defaull on or before the date speciricd m the nouce may result in acceleration of the sums secured by this IOSlfument and sale of the Property. The notice shall fun her IOform 80rro"er of the right to reinstate after acceleration and the right 10 bnng a l:oun 3i.::UOn to asscn th~ non-eristcnc: of tl deiault or any other defense of Borrower 10 JI,;".;elcr.uion and sale. If the deiault l~ nOl cured on or before [he dale specified 10 the notice. Lender ill 115 option may require immediate payment 10 full oi all sum!: secured by thl!> Instrument "'UhOUI further demand and ma~" Invoke the po"er of sale and any other remedies permuted by appli.:able La\... L~ndcr sha.ll be entitled to co11.:ct all t'xpenses IOccrred in pursuin~ the: remedJes pro\.lded in dus paragraph 13. includm~. but not limned to. rea!:lonable attorneys' fees and ':OSl, oi ml~ e'ndmce. if the power 01 !la1~ 15 1O\.'oked. Trustee shaH record a nonce of default in each county in which any part of the Property 15 JOC3ted and shall ma.il copies of such Dorice in the manner prescnbed by applicable law to Borrower and to the other persons precribed by appliC01ble law. Afler the time required by applicable 13\\. Trustee shall gl\'e public notice of sale 10 Ihe persons and in the m;mner prescribed by applicable La\\'. Trustcc. without demand on Bar. rower, shall sclllhe Propc:ny at public auction to the highest bid. der at the lime and place and under the tenns designated in the notice of sale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of aU or any parcel of the Propeny by public announcc:ment at the time and place of any previously scheduled sale. lender or its designee may purchase the Propc:ny at any sale. Upon receipt of payment of lhe price bid. Trustee shall deliver to the purchaser Trustee's deed conveying the Property. The recitals in the Trustee's deed. shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the pro. ceeds of the sale in the following order: (al 10 all expenses of the sale. including. but not limited to. Trustee's fees as permitted by applicable law and reasonable attorneys' fees: (b) (Q all sums secured by this Security Instrument; and (c) any exc,",s to lhe per- son or persons legally entitled to it. Page 3 01 5 HUD-92143DT