|
r
<br />L
<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 forsuch loss directly to
<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 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 force shall pass to
<br />the purchaser or grantee.
<br />9. That as additional and collateral security for the payment of the
<br />note described. 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 any and
<br />all oil and gas feasts 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 afar 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. Ttr, i tilt: Borrower will keep dte holdings upon said premises
<br />in good mpy.., and q rpermit waste upon saidilimid,
<br />nor suffer .trsaid premba-sir lac Loe;2 bor any unlawful purpose:
<br />11. Tbu if the premises; as ar, c part thereof. be condemned r u d r_
<br />the power of eminent domain, or ac„iwi=d for a public use. the
<br />damages awarded the proceeds for tits: t"Mng of, or. the
<br />consideration for such acquisition, to ter: ,°.:neat cif. i; & Q1 amount of
<br />indebtedness upon this instrument and ar- note Wmkhn �z is given to
<br />secure retaining unpaid, are hereby assigned by the Borrower to the
<br />Lender, E+ty shall be paid forthwith to said lender to be applied by
<br />the lattm ctr..account of the next maturing installments of such
<br />indebted-re s.
<br />IZ. *Rnc Borrower f firer agrees that should this i+istriment and
<br />the nose =fired hereby not be eligible for insurance under the
<br />Natio:, --d T?Nz,sing Act within eight months from the date hereof
<br />(wri: =, x u. ,ment of any officer of the Department of Housing wnd
<br />Lrlrt u • D:v4apment cr zathorized agent of the Secretary of Housing
<br />=_,"19'n xx oevelcpatent elated subsequent to the eight months' time
<br />from Cw taoir dNh,+ marjment, declining to insure said note a d
<br />this (!L%med conclusive proof of such ineligitilit.y),
<br />the Lender or holder rA the note may, at its option, declare all sums
<br />secured hereby irrmoJSarwly due and payable. Notwithstanding the
<br />foregoing, this option may not be exercised by the L,xder or the
<br />holder of the note when the ineligibility for insurartx 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 />I
<br />;' I '
<br />any of the conditions or agreements contained in this instrument, at
<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 />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 result in accelerwirn:; -
<br />of the sums secured by this instrument and sale of the Pre{�rj..'i7 , .
<br />notice shall further inform Borrower of the r4lm za Ninstate-tAre
<br />acceleration and the right to bring a court acdm. * ; Jr assert the non-
<br />existence of a default or any other defense of il`istr"er to
<br />acceleration and sale. If the default is not cured °gin or before the date
<br />specified in the notice, Lender at its option may require immediate
<br />payment in full of all sums secured by this instrument without
<br />further demand and may invoke the power of and any other
<br />remedies permitted by applicable law. Leader Q1.1e entitled to
<br />collect all expenses incurred in pursuing the rerirelies provided in
<br />this paragraph 13, intruding, but not limited to, reasonable
<br />attomeys' fees and costs of title eviddnee.
<br />If the power of sale is invoked Trustee sbr 1 m-Trok f!. riritlt:e of
<br />default in each county in which any pan of the Ptcpw4y is lr=ted
<br />and shall mail copies of such notice in the manner presC bd by
<br />appGc ale law to Borrower and to the other persons prescribers by
<br />applicable law. After the time required by applicable law, Timtee
<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 under 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 r# a.l or any parcel of the Property by public
<br />announcement at the 6rrp and place of any pr: wiously scheduled
<br />sale. Lender or its mss. rra;. p:,rchase the Property at any sale.
<br />Upon receipt of payr -mmr, cis t Nr price bid. Trustee shall del,,:• er to
<br />the purchaser Trustee's deed conveying the Property. The recitals in
<br />the Trustee's deed s:v fir: be prima facie evidence of the truth of the
<br />statements made therein. Trustee shall apply the proceeds of tle sale
<br />in the following order: (a) to allt expenses of the sale, including, that
<br />not limited to, Trustee's fees as I.- mmitted by applicable la w azd
<br />reasonable attomeys' fees; (b) :c d'.' sums secured by this �uu�
<br />Instrument; and (c) any excess cutjte person rrr Frersons lega J
<br />entitled to it.
<br />14. Upon acceleration under feragraph 13 or abandcrimmt +of the
<br />Property, Lender (in person, by agent or by judicially appc.rtad
<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 />attorneys fees, and then to the sums secured by this instrument.
<br />Paue 3 015
<br />In
<br />- - — ; --
<br />11•11"CIDT -1
<br />J
<br />,. I
<br />
|