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<br />Lender. in event of toss Borrower will give immediate notice by
<br />mail 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 jointly, 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 instrument 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 described. and all stuns to become due under this
<br />instrument. the Borrower hereby assigns to the Lender all
<br />profits. revenues, royalties, rights and benefits accruing to the
<br />Borrower under any and all oil and gas teases on said premises,
<br />with the right to receive and receipt for the same and apply
<br />them 'to said indebtedness 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 />shag. not be required so to do. This assignment is to terminate
<br />an3 become null and void upon release of this instrument.
<br />10. That the Borrower will keep the buildings upon said
<br />premises 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. nat if the premises, or any part thereof, be condemned
<br />under size power of eminent domain, or acquired for a public
<br />use, the d'amaps awarded, the proceeds for the taking of, or
<br />the oans+deration for such acquisition. to the extent of the full
<br />amount of indebtedness upon this instrument and the'note
<br />which it is gvm to secure remaining unpaid, are hereby assigned
<br />by the Borrower to the Lender, and shall be paid forthwith to
<br />said Lender tabe 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 />ancl, the note secured hereby not be eligible for insurance under
<br />the rational Housing Act within eight months from the-dati:
<br />hereof (written statement of any officer of the Department o f
<br />Housing and Urban Development or authorized agent of tfte
<br />Secse Ary of Housing and Urban Development dated Oubsa quent
<br />to the eight months' time frcnn the date of this instttlmerrt,
<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 is due to the Lender's failure to remit the
<br />mortgage insurance premium to the Department of Housing and
<br />Urban Development.
<br />M That if the Borrower flails to make any payments of money
<br />where the same become due, or Aft- tn. cpnfotm to and comply
<br />with any of the conditions or 'agreements- contained in this
<br />instrument, or-the note which it.sesures, then the entire
<br />principal sum and accrued interest shall' at once become due and
<br />payable, at the election of the Lender.
<br />Lender shall give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant or agreement in
<br />this 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 sums
<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 />nonexistence 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 reg4ire
<br />immediate payment in full, of all sums secured by this.
<br />instrument without further demand and may invoke We power
<br />of sale and any other remedies permitted by applicgble law.
<br />Lender shall be entitled to collect ait.expenses incurred in
<br />pursuing the remedies provided in this paragraph 13, including,
<br />but not limited to. reasonable attorneys' fees and costs of title
<br />evidence.
<br />If the power of sale is invoked, Trustee shall record a notice of
<br />default in each county in which any part of the Property is
<br />located and shall mail copies of such notica in the manner
<br />prescribed by applicable law to Borrower and to the other
<br />persons prescribed by applicable law. After the time.required by
<br />applicable law, Trustee-shall give public notice of. sale to the
<br />persons and in the manner prescribed. by applicable law.
<br />Trustee. without demand on Borrower; shall self. the Property at
<br />public auction to the highest bidder at the time ,and place and
<br />under the terms designated in the ti'c a of sale in_ one or more
<br />parcels and in any order Trustee determines. Trustee may
<br />postpone Sale of all or any parcel of the Property by public
<br />announcement at the time and place vi` any pmviumly scicdu,aa-
<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 Property. The
<br />recitals in the Trustee's deed shall be prima facie evidence of the
<br />truth of the statements made therein. Trustee shall apply the
<br />proceeds of the sale in the following order: (a) to all expenses of
<br />the sale, including, but not limited to, Trustee's fees as
<br />permitted by applicable law and reasonable attameW fees: (b)
<br />to all sums secured by this Security t'n iWnenti and (c) any
<br />excess to. the person or persons legally entitled to it.
<br />14. Upon acceleration under paragraph 13 or abandonment of
<br />the Property, Lender (in person, by agent or by judicially
<br />appointed receiver) shall be entitled to enter upon, take
<br />possession of and manage the Property and to collect the rents
<br />of the Property including those past due. Any rents collected by
<br />Lender or the receiver shall be applied first to payment of the
<br />costs of management of the Property and collection of rents,
<br />including, but not limited to, receiver's fees, premiums on
<br />receiver's bonds and reasonable attorneys' fees, and then to the
<br />sums secured by this instrument.
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