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<br />event of loss Borrower coil€ give immediate notice by mail to the
<br />!.ender, who may make proof of loss if not made promptly by
<br />Borrower, and each insuawce company concerned is hereby
<br />authorized and directed to make payment for such loss directly to
<br />the Lender instead of to ft Borrower and the Lender jointly, and
<br />the insurance proceeds. or any pan tbere4 may be applied by the
<br />Lender at its option eilbm Co the reduction of the indebtedness
<br />hereby secured or to the' res:aration or repair of the property
<br />damaged In event of foreakcs re of this instrument or other transfer
<br />of title to the mortgaged property in extinguishment of
<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 xdiateral 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 acertring to tie Borrower under any and
<br />all oil and gas leases on said premises, uith the right to receive and
<br />maceipt for the same and apply them to said indebtedness as well
<br />before as after default in at conditions of this instrumm and the
<br />Leader 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 w�D kxp the buildings uµi;t ssmid premises
<br />in good repair, and neither commit nor permit waste upon said land.
<br />Tsar suffer the said premises to be used? far nay unlawful purpose.
<br />D; - 1111-1114F the premises, or any part thereof, be condemned under
<br />thr paw= of eminent domain, or acquired for a public use, the
<br />damages awarded, the proceeds for the taking of, or the
<br />considcmiorm for such acquisition, to the extent of the full amount ar
<br />indebtedness upon this instrument and the note which it is given to
<br />secure remaining unpaid, are hereby assigned by the Borrower to time
<br />Lender. and shall be paid forthwith to said lender to be applied by
<br />ibe latter on account of the next maturing installments of such
<br />indebtedness.
<br />12. The Borrower further agrees that should this instrument and
<br />time note secured hereby not be eligible for insurance under the
<br />h'„ational Housing Act within eight months from the date hereof
<br />(written statement of any officer of the Department of Housing and
<br />Urban Devetrspment or authorized agent of the Secretary of Housing
<br />and Urban lie-.clopment dated subsequent to the eight months' time
<br />Cli:lmm 00., 7iulz of this instrument, declining to insure said note and
<br />tfn* - -.==age, being detx. r ' conclusive proof of such in eligibility).
<br />the Lender. or 2r62Ger �• Vh::..ote may, at its option, &j:tu:.e an sums
<br />secured herd:?,- ^. ns..9;im :Its: clue and payable. Non-4vd^- Landing the
<br />foregoing, tl:4 op',-ion roay not be exercised by the U.—der or the
<br />holder of the rote when tl:e ineligibility for insurance under the
<br />National Housing Act is drxe to the Lender's failure to n:•m -mit the
<br />mortgage insurance prernJ mn to the Department of Hoi,-Jrg and
<br />Urban Development.
<br />13. That if the Borrower fails to make any payments of money
<br />when the same become des:, or fails to conform to and comply with
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<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 />Leader shall give notice to Borrower prior to acceleration
<br />following Borrower's 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 s ifj :.(a) the
<br />default; (b) the action required to cure the default: (c) a date, net less
<br />than 30 days from the date the notice is given to Borrower, by w uch
<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 acceleration
<br />of the stuns secured by this instrument and sale of the Property. The
<br />notice ,-Wl further inform Borrower of the right to reinstate after
<br />acaelemian and the right to bring a court action to assert the non -
<br />eximnx of a default or any other defense of Borrower to
<br />z=61amton and sale. If the default is not cured on or before the date
<br />s,ea ii tl'ie notice, Lender at its option may require immediate
<br />payrnmi in full of all sums secured by this instrument without
<br />further de -mand and may invoke the power of sate and any other,
<br />remedies permitted by applicable law. Lender shall. beentitled to
<br />collect all expenses incurred in pursuing the remedies, provided in
<br />this paragraph 13, including, but not limited to. row_ enable
<br />attomeW fees and costs of title evidence.
<br />If the power of sale is invoked, Tr.aa-. shall record a notice of
<br />default in each county in which ithe Prepeny is located
<br />and shall mat? copies of sn:ch riatirre by
<br />applicable law to Borrower and to rl ,; .v •e; Lr , prescribed by
<br />applicable law. After the time requm6it 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 dem:..rd., a Borrower,
<br />shall sell the Property at public auction to the highe.,;L b4der at the
<br />time and place and under the terms designated in lb�! r dce of sale
<br />in one or more parcels and in any order Trustee dc,-- {imines..Tks 4i.-r
<br />may pwpcane sale of all or any parcel of the Property by pubirr.
<br />announcement 'at the time and place of wlt previously sched:LY,ai.
<br />sale. Lender or its designee may purchwlce ,h; Prcperry at any sale.
<br />Upon receipt of paynmTnt of the pricre I? 4 T: : shall deliver to
<br />the purchaser Trustee's deed conveying tl- Property. The recitals in
<br />the Trustee's deed shall be prima facie erideace 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 applimble law and
<br />reasonablz attorneys' fees; (b) to all s:tms secured by this Security
<br />Instrumta4 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 persion, by agent or by judMully appointed
<br />receiver) shall be entitled to enter upnnm take possession of and
<br />manage the Property and to collect the goons of the Property
<br />including those past due. Any rents co;luxed by Lender at the
<br />receiver shall be applied first to payment of the coat; of management
<br />of the Property and collection of rents, itduding. but not limited to.
<br />receiver's fees, premiums on receiver's hords and reasonable
<br />attorney's fits. and then to the sums samred by this instrument.
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