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<br />event of loss Borrower will give immediate notice by mail to the
<br />Lender, who may make proof of toss if not made promptly by
<br />Borrower, and each insurance company concerned is hereby
<br />authorized and directed to make payment for such loss directly to
<br />the !.ender instead of to the Borrower and the Lender jointly, and
<br />the insurance proceeds, or any pin thereof, may be applied by the
<br />Lender at its option either to the reduction of the indebtedness
<br />hereby secured or to the restoration or repair of the property
<br />damaged. In event of foreclosure of this instrument or other transfer
<br />Of title to the mortgaged property in extinguishment of the
<br />indebtedness secured hereby, all right. title and interest of the
<br />Borrower in and to any insurance policies then in forve shall pass to
<br />the purchaser or grantee.
<br />9. That as additional and collateral security for the payment cif the
<br />note descn'bed, and all sums to become due under this instrument,
<br />the Borrower hereby assigns to the Lender all profits, revenues,
<br />myattfm rights and benefits accruing to the Bormwer Binder any and
<br />all oil and gas leases on said premises, with the right tU receive and
<br />receipt for the same and apply them to said indebtedness as well
<br />before as alter default in the eonditicxnc of this instrument, and the
<br />Lender may demand, sue for and recexvr any such payments when
<br />due and payable, but shall not be required so to do. This assignment
<br />is to terminate and become nun and vVid upon release of this
<br />instrument.
<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 premises, or any part thereof. be condemned under
<br />the power of eminent domain,.or acquired fora public nc', the
<br />damages awarded. the proceeds fur the taking of, on the
<br />consideration for such aequLritfon; to. the extent of the full amount of
<br />indebtedness upon this instrument 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 f inher agrees that should this instrument and
<br />the note secured hereby not be eligible for insurance under the
<br />National Housing Act within eight months from the date hereof
<br />(written statement of any officer of the Department of Housing and
<br />Urban Development or authorized agent of the Secretary 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, being deemed conclusive proof of such ineligibility),
<br />the Lender or holder 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 Aix 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 Banower fails to snake any payments of money
<br />when the same become due, or fails to conform to and comply with
<br />89--,m 100592
<br />any of the conditions or agreements contained in this instrument, or
<br />the note which it secures, then the entire principal sum and accrued
<br />interest shall at once become due and MOW, at the election of the
<br />Lender.
<br />Lender shall give notice to Borrower prior to acceleration
<br />following Borrowers breach of any covenant or agreement in this
<br />instrument (but not prior to acceleration under paragraph 12 unless
<br />applicable law provides otherwise). The notice shall specify: (a) the
<br />default (b) the action required to cure the default; (c) a date, not less
<br />than 30 days from the date the notice is given to Borrower, by which
<br />the default must be cured; and (d) that failure to cure the default on
<br />or before the date specified in the notice may Mult in acceleration
<br />of the sums secured by this instrument and sale of the Property. The
<br />notice shall further inform Borrower of the right to reinstate after
<br />acceleration and the rigbt sabring a court action. to assert the non-
<br />existence of a default or any, other d,.�Ci,,nse of Borrower to
<br />acceleration and sale. if tke. delkult is not cured oa or before the date
<br />specified in the notices, !lender at its option, may mquire immediate
<br />payment in Full, of all sums secured by this instrument without
<br />further demand and taay i0vOke the power of sale and any other
<br />remedies permitted by applicable law. Lender shall be entitled to
<br />Collect 211 expenses, imcurred in pursuing the remedies provided in
<br />this pacUr Oh 13,1 =fuding, but not limited to, reasonable
<br />attorneys' fees and costs of title evidence.
<br />If the Wwer of sale is invoked, Trustee shall record a notice of
<br />default its each county in which any pan of the Property is located
<br />and shat; 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 />s's.'ll giM f,ublic ,- ,6iitvvi s:ie w 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 under the terms designated in the notice of sale
<br />in one ©r more pama and in any order Trustee determines. Trustee
<br />may postpor:e sale of" or any parcel of the Property by paxic.
<br />announwa=t at the time and place of any previously sche&W.
<br />sale. Lender or its desig�zee may purchase the Property at any sak.
<br />Upon receipt of p;oment of the price bid, Trustee shall deliver to
<br />the purchaser Trustees deed conveying the Property. The recitals in
<br />the Trustee's deed shall be prima here evidence of the truth of the
<br />statements made therein. Trustee shall apply the proceeds of the sale
<br />in the following order: (a) to all expenses of the sale, including, but
<br />not limited to. Trustee "s fees 'as permitted by apble law and
<br />reasonable attorneys' foes; (b) to all sums secured by this Security
<br />Instrument; and (c) any excess to the person or persons legally
<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 coltected 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 />attomey's fees, and then to the sums secured by this instrument.
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