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P. {-t V r-) t. F=' <br />11'? Z-; tJ Fi 14 1-1 263 <br />(g) That, at the option of the Noteholder, Grantors will pay a"late charge" not exceeding five percent (5%) of <br />any installment on the Note when paid more than 10 days after the due date thereof, to cover the extra expenses involved <br />in handling delinquent payments, but such "late charge" shall not be payable out of the proceeds of any sale made to satisfy <br />the debt secured hereby, unless such proceeds are sufficient to discharge the entire debt and all expenses secured hereby. <br />6. The Noteholder, without notice, may take possession of the Mortgaged Premises upon default of Grantors, <br />under the terms of this Deed of Trust or the Note, rent the same for the account of Grantors, deduct from the rents all <br />expenses and apply the remainder to the debt. <br />7. In the event the ownership of the Mortgaged Premises or any part thereof, becomes vested in a person other <br />than Grantors, the Noteholder may, without notice to Grantors, deal with such successor or successors in interest with <br />reference to this Deed of Trust and to said debt in the same manner as with Grantors without in any way vitiating or <br />discharging Grantors' liability hereunder or upon the debt. No sale of the Mortgaged Premises and no forbearance on the <br />part of the Noteholder and no extension of the time for the payment of the debt hereby secured, given by the noteholder, <br />shall operate to release, modify, change, or affect the original liability of Grantors, either in whole or in part. <br />8. The Noteholder, without notice, may release any part of the Mortgaged Premises, or any person liable for the <br />debt, without in any way affecting the lien hereof upon any part of the Mortgaged Premises not expressly released or the <br />liability of any person not expressly released, and may agree with any party obligated on the debt, or having any interest <br />in the Mortgaged Premises, to extend the time for payment of any part or all of the debt. Such agreement shall not in any <br />way release or impair the lien hereof, but shall extend the lien hereof as against the title of ali parties having any interest <br />in the Mortgaged Premises which interest is subject to this Deed of Trust. <br />9. Grantors waive the benefit of all laws now existing or that hereafter may be enacted providing for (i) any <br />appraisement before sale of any portion of the Mortgaged Premises, commonly known as Appraisement Laws, and (ii) the <br />benefit of all laws that may be hereafter enacted in any way extending the time for the enforcement of the collection of <br />said debt or creating or extending a period of redemption from any sale made in collecting said debt, commonly known <br />as Stay Laws and Redemption Laws, and Grantors hereby agree and contract that the laws of the State of Texas, save as <br />above excepted, now in force relative to the collection of said debt and the application to the payment thereof, are <br />expressly adopted and made a part hereof. <br />10. The Noteholder may, at the Noteholder's option, without demand or notice and without waiver of any right, <br />pay or discharge any lien or claim upon the Mortgaged Premises or pay any delinquent tax or assessment, and, upon such <br />payment of the Noteholder shall be subrogated respectively to the rights of the holder of such lien or claim or to the rights <br />of the taxing authority; the Noteholder may advance any unpaid insurance premiums, and whenever Grantors have failed <br />properly to maintain the improvements, the Noteholder may make repairs necessary for the proper preservation of the <br />security. Grantors agree to pay to the Noteholder, upon demand, any and all disbursements made under the provisions <br />of this Deed of trust together with interest thereon at the rate which the principal of the Note shall bear after default from <br />the respective dates of such disbursements, and all such disbursements shall become a part of the debt, payable at the same <br />place specified in the Note, and shall be secured by this Deed of Trust. Notwithstanding note terms to the contrary, and <br />unless applicable law prohibits, all payments received by Lender from Grantor under the Note or this deed of trust may, <br />at Lender's discretion, be applied first to amounts payable under this deed of trust and then to amounts due and payable <br />to Lender under the Note, to be applied to late charges, principal, or interest in the order Lender in its discretion <br />determines. <br />11. Acceptance by the Noteholder of any payment in an amount less than the amount then due on said debt shall <br />be deemed an acceptance on account only, and the failure to pay the entire amount then due shall be and continue to be <br />a default. At any time thereafter, and until the entire amount then due on said debt has been paid, the Noteholder shall <br />be entitled to exercise all rights conferred upon it in this instrument upon the occurrence of a default. <br />12. If Grantors make an assignment for the benefit of creditors, or if a receiver is appointed for any part of the <br />Mortgaged Premises, or if Grantors are adjudicated a bankrupt, or if Grantors institute any proceeding under the Federal <br />Bankruptcy Laws of the United States, or similar Laws of any State in which Grantors are domiciled, then on the <br />happening of any one of these events, the whole of said debt shall immediately become due and payable at the option of <br />the Noteholder, and the Noteholder may proceed with foreclosure as herein provided. <br />13. If Grantors shall well and truly pay, or cause to be paid, the Note, and other debt that may be owing, and do <br />keep and perform each and every covenant, condition, and stipulation herein and in the Note contained, then these presents <br />shall become null and void; otherwise to be and remain in full force and effect. If there is a default in any payment, or <br />part thereof, under the Note, or if Grantors shall fail to keep or perform any of the covenants, conditions or stipulations <br />4 <br />b ~~;.e. kl ~ ~t t r <br />