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<br />event of loss Borrower will give immediate notice by mail to the
<br />Lender. who may make proof of loo 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 finder instead of to the Borrower and the Lender joictly, wad
<br />the r--c.rance proceeds, or any part thereof, may 'ti appfiew b► the
<br />li °r
<br />-at its option either to the reduction of the indebtedrim-
<br />bmbp secured or to the restoration or repair of che property
<br />darsaa,. In event of foreclosure of this instrument or other transfer
<br />of title to the mortgaged property iv extinguishment of the
<br />indebtecinas secured hereby, all right, title and interest of the
<br />Borrower in znd to any insurance policies then in force shall pass to
<br />the purchaser or grantee.
<br />9! DW as additional and collateral security for the payment of the
<br />Rz &scribed. and all sums to become due under this instrument.
<br />the Borrower hereby assigns to the Lender all profits, revenues,
<br />royalties; rights and benefits accruing to the Borrower under a-.. and
<br />all oil and gas leases on said premises, with the right to receive and
<br />receipt for the same and apply them to said indebtedness as well
<br />before as after default in the conditions of this instrument, and-the
<br />Lender may demand. sue for and recover any such payments when
<br />due and payable, but shall not be required so to do. This assignment
<br />is to terminate and become null and void upon release of this
<br />instrument.
<br />10. That the Borrower will keep the buildings upon said premises
<br />in goat repair, and neither commit nor permit waste uper, saiz land,
<br />nor suffer the said pTernises to be used for any unlawful purpose.
<br />11. That if the premises, or any pan 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 />indebtedness upon this instrument and the note which it is given to
<br />secure remaining unpaid. are hereby assigned by zaz ibrrawer 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 sa4h
<br />indebtedness.
<br />12. The Borrowc: feather agrees that shout:[ tG.i: instrument and
<br />the note secured hereby not be eligible for ir• urzs•.cr under the
<br />National Housing Act within eight months :•ro_r.:Ue date hereof
<br />(written statement of any officer of the Depa m_�nt 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, We ng 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 airy: n the in- !sgibility for insurance under the
<br />Naiionaa Housing Ac: 13 do.- to Ifir Lender's fa:ture to remit the
<br />mortgage insurance'p-emium to th.- Depanmc-r of Housing and
<br />Urban Developa:eT t.
<br />13. That if the Borrower fails to make any pars :• of money
<br />when the same become due, or fails to conform to and comply with
<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 payable, at the election of the
<br />Lender.
<br />!.ender shall give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant or agreement in this
<br />itsmunent (but not prior to acceleration under paragraph U unless
<br />applicable law provides otherwise). The notice shall speAcify: (a) the.
<br />default: (b) the azrion required to cure the default; (c) a date, not lets
<br />than 30 days from the date the notice is given to Borrower, by which
<br />the default must be cared. and W that failure to cure the default on
<br />or before the date specified in the notice may result in acceleration
<br />of the sums secured by this inst anent rzd sale of the Property. The
<br />notice shall further inform Borrower of the right to reinstate after
<br />acceleration and the right to firing a warn action to assert the non-
<br />existence of a default or any outer deL=a dt Borrower to
<br />acceleration and sale. If the default is nc -LL c::red on or before the date
<br />spei ifiral in tire notice, Lender & its opt o,. may require immediate
<br />pa)-mmt in full �.i all sums severed by this Listiumeril without
<br />fir b.-r demari -DL may invoke the power c, sale and any other
<br />remedies permute: irr: a�glicaNln. law. Lcr, e7 shall be entitled to
<br />vol5rct all expens:y i,W.Irre`.. '2 fl rsuirig 1:e remedies provided in
<br />this paragraph 13. including_ 6:4 not limiter to, reasonable
<br />attorneys' fees zs-d costs of title evideno_
<br />if the power of sale is invoked, Trust -. scroll. record a notice of
<br />de.`wult in each county in whid�. :::ly part of the Pmperr y is located
<br />and shall mail copies of such r..a lee in the manner pressmbe3 by
<br />applicable law to Borrower arid to the outer 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 pub; vd.Iction to the highest bidder at the
<br />time and place and under the Mims designated in the notice of sale
<br />in one or more parcels and in any order Tri atee 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 iius designee m4v purchase the Property at any sale.
<br />Upon receipt of payment cf the price bid. Trustee shalt ?:'aver to
<br />the purchaser Tnr:aee's deed conveying the Property. The -=imis in
<br />the Trustee's deed shall be prima facie evidence of the truth of the
<br />statements; made therein. Trurne shall apply the proceeds of the sale
<br />in the following order: (a)10- ll Expenses of the sale, including, but
<br />not limited to, Trustee's fe.s ds permitted by applicable law and
<br />reasonable attorneys' fat* 0, t1,1 all sums szoared by this Security
<br />Instrument; and (6 art (r s. .a the persor. ur persons legally
<br />entitled to ii,
<br />1.3. Upon aect,urrs ten uR.1 pwagraph 13 or abandonm:nt of the
<br />Property, lender f •:n person, i y:; tent or by judicially appointed
<br />mweiver) shall be ar?iticd to e: to :* upon, take possession of and
<br />manage the Property and to co! Mt the rents of the Property
<br />including those past due. Any revs collected by Lender or the
<br />rev.,wrar 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 />receivees fees, premiums or; receiver's bonds and reasonable
<br />atturnuy's (ties, and then to cif.: sums secured by this instrument.
<br />Pace 3 of 5 i
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<br />HUD- 92143OT -1
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