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<br />event of toss Borrower will give immediate notice by mail tathe
<br />Lender, who may make proof cf loss if not made promptly by
<br />Borrower, and each insurance company concerned i.. hereby
<br />authorized and directed to main payment for such less 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 />4. 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 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 pay abbe— bot shall not he required so to do. This assignment
<br />is to terminate and become null and void upon release of this
<br />instrument.
<br />lo. 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 umd for any unlawful purpose.
<br />11. That if the premi.m 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 />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 further 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 authoripr l agent of the Secretary of Housing
<br />and Urban Development dated s;tbsvquent to the eight months' time
<br />from the date of this instrument; declining to insure said note and
<br />this mortgage, being deemed ciiodasive proof of such ineligibility).
<br />the Lender or holder of the nati.tiiay, at its option, declare ail sums
<br />secured hereby immediately dile and payable. Notwithstanding the
<br />foregoing, this option may not be exercised by the Lender or the
<br />holder of the note whon 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 confortn to and comply with
<br />.89
<br />ann, 1�11�0
<br />any of the conditions or agreements contained in this instrument, or
<br />the note which it secures. then the entire principal sum and amrued
<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 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 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 acceleration
<br />of the sums secured by this iartt=rrment and sale of the Property. The
<br />notice shall further inform Bcuuw,er of the right to reinstate after
<br />acceleration and the right to bring a court action to assert tfre non-
<br />existence of a defiiult or any other defense of B�sm'vrir t6.
<br />acceleration aced dale. if the default is not mmi ran• or bcf= the date
<br />specified in thenutice, Lender at its option may require immediate
<br />payment in NU'ef all sums secured by this instrument wwat
<br />further. demrand,'ind may invoke the power of sale and any other
<br />remedies O mitiiii by applicable law. Lender shall be entitled to
<br />coUea all exrmitmincurred in pursuing the remedies provided in
<br />ah - pzr uapfi 13,: including, but not limited to, reasonable
<br />aEVarrtt�: .fees dud costs of title evidence.
<br />If the power'nfuh., is'iniiakr4f; Trustee shall record a notice of
<br />default in each rJawtN m wbldl any part of the Property is located
<br />and shall mail ccpius df such notice in the manner prescribed by
<br />applidbl' law to Borrower bid! to the other persons prescribed by
<br />appfi'WAt: aw. After the tinrr re- quired by applicable law, Trustee
<br />small gn'r: lr3r~ naice cf "e trs the persons and in the manner
<br />prescrltei lijt-iippiicul* lulu . Trjstee, without demand on iikrrocver,
<br />shall sell the $rnl)crty 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 iti aL y order Trustee determines. Trustee
<br />may postpone sale of all or any ptrcel 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 sale.
<br />Upon receipt of payment of the price bid. Trustee shall'deliver to
<br />the purchaser Trustee's deed conveying the Property. The recitals in
<br />t1te- Ttiistee's deed shall be prima facie evidence of the truth of the
<br />statements mode therein. Trustee shall apply the proceeds of the sate
<br />in the following oilier: (a) to all expenses of the sale, including, but
<br />not. limited to, Trustee's fees as permitted by applicable %W- and
<br />reasonable attorneys' fees; (b), to, all sums secured by this- Security
<br />Instrument; and (c) any cxcw to the person or persons iagally
<br />entitled to it.
<br />14. Upon aw!tcration under paragraph 13 or abandonment of the
<br />Pmperty, Lender (in person, by agent or by judicially appointed
<br />rw.z; i zr) shall be entitled to enter upon, take possession of and
<br />nn; =tar the Propety and to collect the rents of the Property
<br />incrudirz 'thous punt due. Any rents collected by Lender or the
<br />reaper Fl;ait fie applied first to payment of the costs of management
<br />of ibe Fivgerty and collection of rents, including, but not limited to,
<br />rent tc:'s fees, premiums on- rweiver's bonds and reasonabie
<br />411mr.ey's fees, and then to da- spins secured by this instrument
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