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<br />Lender. In event of loss Borrower will give immediate notice by
<br />mail to the lender, who may make proof of loss if not made
<br />promptly by Borrower, and each insurance company concerned
<br />is hereby authorized and directed to make payment for such loss
<br />directly to the Lender instead of to the Borrower and the
<br />Lender jointly. and the insurance proceeds. c r any part thereof,
<br />may be applied by the Lender at its option either to the
<br />reduction of the indebtedness hereby secured or to the
<br />restoration or repair of the property damaged. In event of
<br />foreclosure of this instrument or other transfer of title to the
<br />mortgaged properly iu a inguis "ent of the indebtedness
<br />secured hereby, all rwg % title and interest of the Borrower in
<br />and to any insurance p:licies then in force shall pass to the
<br />purchaser or grantee.
<br />9. That as additional and couateraL security for the paytts.et
<br />of the nom described, and all sums tin become due under d-Z-1
<br />instrumec the Bosrawer hereby assigns to the Lender all
<br />profits, revenues, rayaLties• rights and bereftts af, suing to the
<br />Borrower under ary aird all oil and gas leases on said premises,
<br />with the tight to receive and revert for the same and apply
<br />them to said indebtedness as well `iefore as after default in the
<br />conditions of this irzwument, and the Lender may demand, sue
<br />for and recover stay 54:1zlr payments when due and payable, but
<br />shall not be requirr3 sa to do. This assignment is to temtinate
<br />and become null and void upon release of this instrument.
<br />10. T(iat the Borrower will keep the buildings upon Y' I'
<br />premises in good repair, and neither commit Ear. A .
<br />upon said land, t CT ,.suffer the said premises to be vied foi aay
<br />unlawful purpos_
<br />11. That if the premises, or any part thereof, be condemned
<br />under the power of eminent domain, or acquired for a public
<br />use. the damages awarded, the proceeds for the taking of. or
<br />the consideration for such acquisition, to the extent of the full
<br />amount of indebtedness upon this instrument and the note
<br />which it is given to secure remaining unpaid, are hereby assigned
<br />by the Borrower to the Lender, and shall be paid forthwith to
<br />said Lender to be applied by the latter on account of the next
<br />maturing installments of such indebtedness.
<br />12. The Borrower further agrees that should this instrument
<br />and the note secured hereby not be eligible for insurance under
<br />the National Housing Act within eight months from the date
<br />hereof (written statement of a y officer of the Department of
<br />Housing and Urban Development or authorized agent of the
<br />Secretary of Hotis.1. ^g and Urban Development dated subsequent
<br />to the eight mont s' time from the date of this instrument,
<br />dedir:asg to insure said note a^ d this mortgage, being deemed
<br />cauciu!ve proof of such ineligibility), the Lender or hehiar of
<br />tta Note may, at its option, declare all .sums secured bt ebl
<br />immediately due and payable. Notwit'.- -q �'di", the fore; :cg,
<br />this option may not be exercised by the 1-,md..x or the 111014er of
<br />the note when the ineligibility for insurance under the :�•w wonal
<br />Housing Act is due to the Leadan's failure to remit the
<br />mortgage insurance premium to the Department of Housing and
<br />Urban Development.
<br />13. That if the Era *cower fails to make any payments of money
<br />when the same become due, or fails to conform to and comply
<br />with any of the conditions or agreements contained in tb =:s
<br />in..murnent, or the note which it secures, then the entire
<br />principal sum and accrued interest shall at ortee become due and
<br />payable, at the election of the Lender.
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<br />Lender shall give notice to Borrower prior to acceleration
<br />following Borrower's breach.of any covenant or agreement in
<br />this instrument (but not prior to acceleration under paragraph
<br />12 unless applicable law provides otherwise). The notice shall
<br />specify: (a) the default; (b) the action required to cure the
<br />default, (c) a date, not less than 30 days from the date the
<br />notice is given to Borrower, by which the default must be Lured;
<br />and (d) that failure to cure the default on or before the date
<br />specified in the Rotice may result in acceleration of the sums
<br />secured by this instrument and sale of the Property. The notice
<br />shall further inform Borrower of the right to reinstate after
<br />acceleration and the right to bring a court action to assert the
<br />nonexistence of a default or any other defense of Borrower to
<br />acceleration and sale. If the default is not cured on or before
<br />the date specified in the notice, Lender at its option may require
<br />immediate payment in full of all sums secured by this
<br />instrument without further demand and mty invoke th power
<br />of sale and any ether remedies pemtined by applicable
<br />Lender shall be entitled to co5't all expenses incurred in
<br />pursuing the rc= es prov 3ed' in this paragraph 13, including,
<br />but not limited zo, reasonable attorneys' fees and costs of title
<br />evidence.
<br />if the power of sale is invoked, Trustee s *all record a natice of
<br />166 --uh in ea-' county in %-Ech any part of the Property is
<br />located and shall, mail copies of such notize in the manner
<br />prescribed by W. licable law to Borrower and to the other
<br />persons presml:er by applicable law. After the time required by
<br />applicable la:w. l'z7.::stee shall give public notice of sale to the
<br />,prsons and ir. rte: L7rer prescribed by applicable law.
<br />-r ustee, withoa'.. cI: d oii Borrower, shall sell the PQopert; zz
<br />public auction''.:y .the highest bidder at the time and place art
<br />under the term- designated in the notice of sale in one or r-am
<br />parcels and �s. try order Trustee determines. Trustee may
<br />*s -mone sale of all or any parcel of the Property by p nbiic
<br />a" )uncement at the time and place of any previously s ileduled
<br />;. :. Lender or its designee may purchase the Property at, . any
<br />sa':a.
<br />Upon receip! of payment of the price bid. Trustee shall deliier
<br />to the purchaser Trustee's deed conveying the Property. The
<br />recitals in the Trustee's shall be prima facie evidence of the
<br />truth of the statements —,iD4a therein. Trustee shall apply the
<br />proceeds of r.0 z sale in the following order: (a) to all expenses ar
<br />the sale. including, but not limited to, Trustee's fees as
<br />permitted ?;y ,Ipplicable law and reasonable attorneys' fees; (b1
<br />to all su>✓: ,. =-jred by this Security Instrument; and (cl any
<br />excess to t.itr_ person or persons legally entitled to t:.
<br />14. Upon aw.e ?eration under paragraph 13 or Li,-nr ,)nment of
<br />the Property, Lender (in person, by a_pjr: ,. or by judicially
<br />appointed root wr) shall be entitled to tzaer upon. take
<br />possession of and manege -,he Property and to collect the rents
<br />of the Property including tli.ose past due. Any rents collected by
<br />Lender or the receiver shall be applied first to payment of the
<br />costs of maita„ ement of the Property and collection of rents,
<br />including. Init not limited to, receiver's fees, premiums on
<br />receiver's beds and reasonable attorneys' fees, and then to the
<br />sums secured by this instrument.
<br />Page 3 of 5 Hui)- 92143DT -1
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