|
r
<br />1-
<br />890-= 100325
<br />event of Ices Borrower will give immediate notice by mail to the
<br />any of the conditions or agreements contained in this instrument, or
<br />Lender. who may make proof of loss if not made promptly by
<br />the note which it secures, then the entire principal sum and accrued
<br />Borrower. and each insurance company concerned is hereby
<br />interest shall at once become due and payable. at the election of the
<br />authorized and directed to make payment for such loss directly to
<br />Lender.
<br />the Lender instead of to the Borrower and the Lender jointly, and
<br />the insurance proceeds, or any part thereof, may be applied by the
<br />Lender shall give notice to Borrower prior to acceleration
<br />Lender at its option either to the reduction of the indebtedness
<br />following Borrower's breach of any covenant or agreement in this
<br />hereby secured or to the restoration or repair of the property
<br />instrument (but not prior to acceleration under paragraph 12 unless
<br />damaged. In event of foreclosure of this instrument or other transfer
<br />applicable law provides otherwise). The notice shall specify: (a) the
<br />of title to the mortgaged property in extinguishment of the
<br />default; (b) the action requited to cure the default; (c) a date, not less
<br />indebtedness secured hereby, alt right, tittle and interest of the
<br />than 30 days from the date the notice is given to Borrower, by which
<br />Borrower in and to any insurance policies then in force shall pass to
<br />the default must be cured; and (d) that failure to cure ter default on
<br />the purchaser or grantee.
<br />or Iyz�re the date specified in 03v notice niay cusutt in :um- leration
<br />off rile sums st&ra ed by this inswovent and (if, the 11%22. rty. The
<br />4. 15bbw &,;.&Alin irna) and collateral security k -e t1he pawimm, c.0 ac
<br />ircrrrjce Shatl fwiftr inform Rwrn v aer of ft r*ovttr roiersimbe after
<br />note des= w sums to become due uct%r Clan, iiLsiruawn -iz,
<br />awditration and the right to, brrrrtza court action (a ct dig me.
<br />the M Ker ;hciey assigns to die Lender 0 packer revenues ',
<br />¢xiffia rsea of a default or any r3hy r. defense. ►�f.Ei+Ttn2wrq trJi
<br />ro`,sl''6ea. rights and benefits acctrr n$ to the Ikctrnawer under 1W'.Y Ord:_
<br />i qa eq ation rani' -We. If the &kult,is noe.ctuvd on or Mom d= data
<br />u]Ii oil! am#t gas leases on *aid pry -mr mm with
<br />n rcf hi rL % my requim itttrriediate
<br />r.+a*Ttt liar, the situ and ai phi lbm,tv said h7delNaafiim its wr dt-
<br />-. " payment in ktl RC all: sums somna Cry t his 6astrument without
<br />l`seCr r atia cicl °�ulr, cn the "n>fitions of tills,iaa Rirrieat; ,uicb life
<br />r : fuudwr demand and may ia%vke the power of sale and any other
<br />Letidea atu y deaw.it sue for and rco1cr any pwymert3
<br />rcmcdics permitted by applicable law. Lender shall be entitled to
<br />due and pa)able, but shall not be required so to do. This assikrtiriant
<br />collect all expenses incurred in pursuing the remedies provided in
<br />is to terminate and become null and void upon release of this
<br />this paragraph 13, including, but not limited to. reasonable
<br />instrument.
<br />attomeys' fees and costs of title evidence.
<br />10. That the Borrower will keep the buildings upon said premises
<br />in good repair. and neither commit nor permit waste upon said land,
<br />nor suffer the said premises to be used for any unlawful purpose.
<br />11. That if the premism or any part thereof, be condemned under
<br />the power of eminent domain. or acquired for a public use, the
<br />damages awarded, the proceeds for the taking of, or the
<br />consideration for such acquisition, to the extent of the full amount of
<br />incieooedness upon this ism, ument and the note which it is given to
<br />secure remaining unpaid, are hereby assigned by the Borrower to the
<br />Lender, and shall be paid forthwith to said Lender to be applied by
<br />the latter on account of the next maturing installments of such
<br />indebtedness.
<br />12. The Borrower further agrees that should this instrument and
<br />the note scored hereby not be eligible for insurance under the
<br />National Housing Act within eight months from the date hereof
<br />(writtei statement of any officer of the Department of Housing and
<br />Urbam Development or authorized agent of the Secretacw of Housing
<br />and Urban Development dated subsequent to the eight months' time
<br />from the date of this instrument; declining to insure said note and
<br />this mortgage, beittgdcemed conclusive proof of such ineligibility),
<br />the Lender or hoider of the note may, at its option, declare all sums
<br />secured hereby immediately due and payable. Notwithstanding the
<br />foregoing, this option may not be exercised by the Lender or the
<br />holder of the note when the ineligibility for insurance under the
<br />National 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 />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 with
<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 located
<br />and shall mail copies of such notice in the manner prescribed by
<br />applicable law to Borrower and to the other persons prescribed by
<br />applicable law. After the time required by applicable law, Trustee
<br />shall give public notice of sale to the persons and in the manner
<br />prescribed by applicable law. Trustee. without demand on Borrower,
<br />shall sell the Property at public auction to the highest bidder at the
<br />time and place and trader the terms designated in the notice of sale
<br />in one or more parcels and in any order Trustee determines. Trustee
<br />may 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 sak.
<br />Upon receipt of payment: of the price bid„ Trustee shall deliver to
<br />the purchaser Trustee's deed caccveyh* the Property. The recitals in
<br />tire. Trustee's deed shall be prima facie e'iidi:nce of the truth of the
<br />statements made therein. Trustee shall apply the proceeds of the seek
<br />in the following. order. (a) to all expenses of the sale, including, but
<br />not limited to,.TmsteeV fees as permitted by applicable law and
<br />reasonable attorneys' fees; (b) to alt sums secured by this Security
<br />Instrument and (c) any excm tothe person or persons madly
<br />entitled to it.
<br />14. Upon acceleration under paragraph 13 or abandonment of the
<br />Property, Lender (in person, by agent or by judicially appointed
<br />receiver) shall be entitled to enter upon, take possession of and
<br />manage the Property and to collect the rents of the Property
<br />including those past due. Any rents collected by lender or the
<br />receiver shall be applied first to payment of the costs of management
<br />of the Property and collection of rents, including, but not limited to,
<br />receiver's fees, premiums on receiver's bonds and reasonable
<br />attorney's fees, and then to the sums secured by this instrument.
<br />.S,
<br />I-
<br />r:
<br />
|