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r <br />tender. In event of loss Borrower will give immediate notice by <br />tttail to the Lender, who may make proof of loss if not made <br />promptly by Borrower, and each insurance company concerned <br />Is hereby authorized and directed to make payment for such loss <br />directly to the Lender instead of to the Borrower and the <br />Lender joint(v, and the insurance proceeds. or any part thereof, <br />may be applied by the Lender at Its option either to the <br />reduction of the indebtedness hereby secured or to the <br />restoration or repair of the property damaged. In event of <br />foreclosure of this bmttument or other transfer of title to the <br />mortgaged property in extinguishment of the indebtedness <br />secured hereby, all right, title and interest of the Borrower in <br />and to any insurance policies then in force shall pass to the <br />purchaser or grantee. <br />9. That as additional and collateral security for the payment <br />of the note descrfJxd, and all sums to become due under this <br />instrument, the Borrower hereby assigns to the Lender a3 ' <br />profits, revenui+s„ royalties. rights and benefits accruing to the <br />Borrower under any and all oil and gas teases an said premises, <br />with the right to receive and receipt for the same and apply <br />them to said indehtedness as well before as after default in the <br />conditions of this instrument, and the Lender may demand, sue <br />for and recover any such payments when due and payable. but <br />shall not be required so to do. This assignment is to terminate <br />and become null and void upon.release of this instrument.. <br />I0. That the Borrower will keep the buildings upon said <br />' pfetaises in good repair, and neither commit nor permit waste <br />upon said land; nor suffer the said premises to be used for any <br />unlawful purpose. <br />11. That If the premises, or any part thereof, be condemned <br />under the power of eminent domain, or acquired for a public <br />use, flu-1-9 dfu-nagas rawaided, 'wc pfiriiati8 for the iuking Of. or <br />the consideration for such acquisition, to the extent of the full <br />amount of indebtedness upon this instrument and the note <br />which it is given to secure remaining unpaid, are hereby assigned <br />by the Borrower to the Lender. and shall be paid forthwith to <br />said Lender to be applied by the latter on account of the next <br />maturing installments of such indebtedness. <br />12. The Borrower further agrees that should this instrument <br />and. the note secured hereby not be eligible for insurance under <br />the Mflonal Housing Act within eight months from the date <br />heeeof (written statement of any officer of the Department of <br />Housing and Urban Development or authorized agent of the <br />Secretary of Housing and Urban Development dated subsequent <br />to-the eight months' time from the date of this instrument, <br />declining to insure said note and this mortgage, being deemed <br />conclusive proof of such ineligibility), the Lender or holder of <br />the note may, at its option, declare all suns secured hereby <br />immediately due and payable. Notwithstanding the foregoing, <br />this option may not be exercised by the Lender or the holder of <br />the note when the ineligibility for insurance under the National <br />Housing Act b due to the Lender's failure to remit the <br />mortgage insurance premium to the Department of Housing and <br />Urban Development. <br />13. That if the Borrower fails to make any payments of money <br />when the same become due, or fails to conform to and comply <br />with any of the conditions or agreements contained in this <br />instrument, or the note which it secures, then the entire <br />principal sum and accrued interest shall at once become due and <br />payable, at the election of the Lender. <br />Bb- 100103 <br />Lender shall give notice to Borrower prior to acceleration <br />following Borrower's breach of any covenant or agreement in <br />W3 instrument (but not prior to acceleration under paragraph <br />12 unless applicable law provides otherwise). The notice shall <br />specify: (a) the default; (b) the action required to cure the <br />default; (c) a date, not less than 30 days from the date the <br />notice is given to Borrower, by which the default must be cured; <br />and (d) that failure to cure the default on or before the date <br />specified in the notice may result in acceleration of the stuns <br />secured by this instrument and sale of the Property. The notice <br />shall further inform Borrower of the right to reinstate after <br />acceleration and the right to bring a court action to assert the <br />non - existence of a default or any other defense of Borrower to <br />acceleration and sale. If the default is not cured on or before <br />the date specified in the notice, Lender at its option may require <br />immediate payment in full of all sums secured by this <br />instrument without further demand and may invoke the power <br />of sale and any other remedies permitted by applicable law. <br />Leader shall be entitled to collect all expenses incurred in <br />pursuing the remedies provided In this paragraph I3. including, <br />but not limited to, reasonable attorneys' fees and costs of title <br />evidence. <br />If the power of sale is invoked. Tt-agft shall record a notice of <br />default in each county in which and gart.of the Property is <br />located and shall mail copies of such notice in the manner <br />prescribed by applicable law to Borrower and to the other <br />persons prescribed by applicable law. After the titre required by <br />applicable taw„ Trustee shall give public notice of sale to the <br />persons acid is the mariner prescribed by applicable' law. <br />Trustee. with ut demand on Borrower, shall sell the Property at <br />public auction to the highest bidder at the time and-place and <br />under the terms designated in the notice of sale in one or more <br />parcels and in any order, TiUaacc vt~tVauiuc'b. 'SAWMZ May <br />postpone sale of all or any parcel of the Property by public <br />announcement at the time and place of any previously scheduled <br />sale. Lender or its designee may purchase the Property at any <br />sale. <br />Upon receipt of payment of the price bid, Trustee shall deliver <br />to the purchaser Trustee's deed conveying the PropeAy. The <br />recitals in the Trustee's deed shall be prima facie evidence of the <br />truth of the �tements made therein. Trustee shall apply the <br />proceeds of the sale in the following order: (a) to all expenses of <br />. Lbe sale, including, but not limited to, Trustee's fen as <br />permitted by applicable law and reasonable attorneys' fees; (b) <br />co all sums secured by this Security Instrument; and (c) any <br />excess to fhe: person or persons legally entitled to it. <br />14. Upon: acceleration under paragraph 13 or abandonment of <br />tilt Property, Lender (in person, by agent or by judicially <br />,appointed roceiver) shall be entitled to enter upon; take <br />gossessiary of and manage the Property and to collect the rents <br />of the Property including those past dire. Any rents collected by <br />Lender or the receiver shall be applied first to payment of the <br />casts of management of the Property and collection of rents, <br />including, but not limited to. receiver' ;.fees, premiums on <br />receiver's bonds and reasonable attorneys'. fees, and then to the <br />sums secured by this instrument. <br />Page 3 of 5 <br />L <br />` HtJ�92t43tii•t <br />J <br />r. <br />a <br />R <br />