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made \hall be added 10 lhe prmdpal ~um owmG on ,he Ilbo\'c nOle, 'thall bl" \e~ured hereh~, and 'thall bear incercM III Ihe rate \et fonh m Ihe ~ald nOle, until paid. 88- 107060 '. That Ihe Borrower hete-h" l1S~jt;n5, iransfe;_ uf1d sets O\'er to the lender. to be applied (0" ;l,J I~::;; paymenl of Ihe nOle and all !.ums secured hereb>' in case ~: .~ de-fault in the performance of an\' of Ihe term!i and condilions of this inSlrument or the said noie. all the relll',. re\enuc!'l and income 10 be deri\'ed from Ihe 'aid prt:'mi!.es durmg ..u~h timt:' as the indebledne!ts ,hall remain unpilid, and the l~'ndt:'r ..hall ha\C' pO\\cr to appoint any agent or agents il may dc\ire for the purpose of repairing \ald premhes anrl of rcming the \ame and ..:ollel.'ting the rent.., rc\'enUes and income. and it may pay oul of \aid inl.:omcs all e\pemes of repairing ..aid premi'ics and I1c..:e....ary ..:ommt"!'Iiom and t:'\:penses incurred in rent. ing. and managing the 'lame and of ..:ollcctmg rcntLl.ls therefrom; lhe balance n:mainlOg, If J.n~. In he applied lonard Ihe di..chargc I)f 'iaid indebtednc..... S. Thai tilt: Borroner nill I<.Cl'P the lI11prll~emcnt~ n(.lW ~\l'mng m hereafter erecled on lhe proper!). imun:d a~ may be required from time to time by the lender agalO"t IIJ.... 0) fire and other halard... ca'luall1c'l and comingencle!. m ~uch amount~ and for su~h pc-nod.. a~ may be required by Ihe Lender and \\111 pay promprly. \\hel1 due. any premiums nn ..u..:h insurance prmision for paymenl of ~\ hich has nOI bcen made hereinbefore. All i""urance ..hall be carried. in companies apprm'cd by Ihe lender and the policic.. and rene\\als lhereof ..hall be held by the lender and have altal.'hed Ihereto lo"~ payable dausc'l in favor of and in form ac.:eptable 10 lhe lender. In e\ent of loss Borrower willl!i~e immediate notice by mail to Ihe lender. who mil) make prClOr of loss if not made promptly by Borrower, and each imuran..:e .:ampany concerned is h~reby aUlhoriled and direl.:ted 10 ma"'e payment for 'iuch Im.s Jircl.:tly 10 lhe lender imtead or to the Borront.'r and the lender jointly, and the imuranl.'c proceeds. or Jny par! thereof, may be applied by the lender at ih ()ption either III lhe reduction of the indebtedness hereby liecured or to the restnralil'n or repair of Ihe property damaged. ln even! of foreclosure of this inslrumcm or olher tramfer of rille to rhe mortgaged pruperty in e:\:linguishmcm of Ihe indebtedne!!li secured hereb\'. all righl. lille :lI1d inten~sl of the BorrO\\cr In and [0 any insur~nce policie\ Ihen in force ,hall pa~s 10 Ihe purcha'ler or grantee. 9. That as addilional and collateral !'ecurilY ror the payment l1r the nolL' dL'scribed. .lOti all sums 10 hecolllc Jut: under this instru- mcnt. the Borrower herchy assigns to thL' Lemler all profits. revenues, royal1ies. nghts and benetits accruing to the Borrower under any and all oil and gas leases on said premises. .....ith the righl 10 rc.:ei\'e and receipt for [he same and apply [hem 10 said indebtedness as well before as afler default in the conditions of this instrument. and the lender may demand, sue for and recover any such payments when due and payable. bUI shall not be re- quired so to do. This assignmem is to lerminale and become null and void upon release of this instrument. 10. Thai the Borrower will keep the buildings upon said premises in good repair. and neither commit nor permit waste upon said land. nor suffer Ihe said premises to be used for any unlawFul purpose. 11. That if the premises, or any 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 il is given to secure remaining unpaid, are hereby assigned by the Borrower to the lender, and shan be paid forthwith to said lender to be ap- plied by the latter on account of the next maturing installments of such indebtedness. I~. The Borro",'cr further agrees that Ijhould this. instrument and the note liecurcd hereby 1101 be eligible for imurance under the Na. tional Housing Act within eight months from the date hereof (\\"(I[len \mtement of any officer of the Department of Housing ilnd Urban Development or authorized Bgent of the SecreEBry of Housing and Urban Development dated subsequent 10 the eight months' lime from the date of Ihis instrument, declining to insure said no Ie and Ihis mortgage, being de:emed conclusive proof of ~uch ineligibililYI. the lender or holder of the note may, ilt its op~ lion. declare all sums secured hereby immediately due and payable. ~olwith andlng Ihe foregoing. this option may not be exercised b~ Ihe It:ndcr or the holder of the note when Ihe: ineligibility for insurance under the ~ational Housing ACI is due 10 the Lender's failure to remit the mortgage insurance premium to the Depart. menl of Hou!ling and L'rban De\'eopment. 13. That if the Borrower fails to make any payments of money nhen the 'lame become due. or fails to conform to and comply \\ilh any of the conditions or agreements contained in this instru. mt:OI, or the nore whkh it secures, then the entire principal sum J.nd accrued iOlerest shall at once become due and payable, at the dC":lion of the lender. L.ender ...hall gi\'e notke [0 Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Inslrument (but not prior to acceleration under paragraph 12 unle...s applicable law provides otherwise). The notice shall specify: (al the default; (bl the action required to cure the default; (c) a date. nOI 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 resuh in acceleration of the sums secured by this instrument and sale of the Propeny. The notice shall funher inform Borrower of the right to reinstate after acceleration and the right to bring a coun action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the deFault is not cured on or before the date specified in the notice, lender at its option may require immediate payment in Full of all sums secured b\." this instrument wilhout further demand and mav invoke the power of sale and any other remedies permitted by"applicable law. lender shall be entitled to collect all expenses incurred in pursuing the remedies pro\'ided in this paragraph 13, including, but not limited 10. reasonable attorneys' fees and costs of title evidence. I I' the power of sale is invoked, Trustee shall record a notice of default in each county in which any pan of [he Property is located and shall mail copies of such notice in the manner prescribed by applkable law to Borrower and to the other persons precribed by applicable law. Afler the time required by applicable law. Trustee "hall give public notice of sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Bor- rower, shall sell the Property at public auction to the highest bid- der at the time and place and under the terms dcsign3ted in the notice of sale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any parcel of the Propeny by public announcement at the time and place of any previously scheduled sale. lender or its designee may purchase the Property at any sale. Upon receipt of payment of the 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. Trust" shall apply the pro- ceeds of the sale in the following order: (8) to aU expenses of the sale, including! but not limited to, Trustee's fees as permitted by applicable Jaw and reasonable auomeys' Fccs; (b) to all sums secured by this Security Instrument; and (c) any excess to the per. son or pet sons legally entitled to it. Page 3 01 5 HUo-B2143DT . ~ ~ n 1.-,