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<br />event of foss Borrower wilt give immediate notice by mail to the
<br />Lender. who may make proof of foss if not made promptly by
<br />Borrower, and each insurance company concerned is hereby
<br />authorized and duetted to make payment for such toss 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, tide 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 a1} scams to become due under this instrument,
<br />the Borrower hereby assigns to the lender all proffts, revenues,.
<br />royalties, icights and benefits accruing to the Borrower under. iu.� Ind
<br />m ses
<br />all oil amt lea on said premises, with the right to ;eo - inrl
<br />reccips max,: the same and apply them to said indeb,&^ess ai — i `
<br />before as after default in the conditions of this it ,,umert!, and the
<br />Lender may demand, sue for and recover any su6k- &yments 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 good repair, and neither commit nor permit waste upon said land,
<br />nor suffer the said premises to be used for any unlawful purpag,.
<br />11. That if the premises, or any pan thereof, be'a:ndemned 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 Acti :him eight months from fhc date hereof
<br />(written stat.ment cf sm officer of the Department of Housing and
<br />Urban Do elopment crzuthorized agent of the Secretary of Housing
<br />and Urban Developmeni dated subtrolsysnt to the eight months' time
<br />from the date of this ins rte' :tent, declining to insure said note and
<br />this mortgage, being decir.:rd 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 when the ineligibility for insurance under the
<br />National Housing Act is due to the Lender's failure (u remit the
<br />mortgage insurance premium to the Department of Housing and
<br />Urban Development.
<br />13. That if the Borrower fails to any payments of money
<br />when the same become due. or tails t.o,; onform to and comply with
<br />89-- 101480
<br />any of the conditions or agreements contained in this instrument, or
<br />the note which it secures, then the entire princtipal 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 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 instrument and sale of the Property. The
<br />notice shall further inform Borrower of the right to reinstate after
<br />acceleration and the right to bring a court action to assert the non-
<br />existence of a default or any other defense of Borrower to
<br />acceleration and sale. If the default is not cured on or before the date
<br />specited 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 sale and any other
<br />remedies permitted by applicable law. Lender shall be enifliat to
<br />collect all expenses incurred in pursuing the remedies prov�6�;h in
<br />this paragraph 13, including, but not limited to, reasonable-.,
<br />attorneys' fees and costs of title evidence.
<br />If the power of sale is invoked, Trustee shall record a notice of
<br />default in each c 3w ?.ir; in which any pan of the Properly is located
<br />and shall mail ax;l,)W of such notice in the manner prescribed by
<br />applicable law to Borrower and to the other persons prescribed by
<br />applicable law. After the time mjuired by applicable law. Trustee
<br />shall pile 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 cinder the terms designated in the notice of sale
<br />in one or more parcels and in any order Trustee determines. Trustee
<br />may post) ;oci: ale of all or any parcel of the Property by public
<br />annougo=xyat:ji r time and place of any previously scheduled
<br />sale. l e:t4lt r trr it.i iL- *ee may purchase the Property at any sale.
<br />Upon receipt of'payment of the price bid, Trustee shall deliv arto
<br />the purchaser Trustee's deed mawying the Property. The redfdsin
<br />the Trustee's deed shall be prim facie evidence of the truth of, 111C
<br />statements made die win. Trustee shall apply the proceeds of the sale
<br />in the following a1111W.- (a) to all expenses of the sale, including, but
<br />not limited to, TraVzo*s fees as permitted by applicable lacy and
<br />re* s<znable attorneys' fees, (b) to all sums secured by this Secoriju
<br />instturnent; and (c) any excess to the person or persons legally
<br />entitled to it.
<br />14. Upon amleration under paragraph 13.orabandonment of the
<br />Property, Lender (in person, by agtnl or bv. jadidgily appointed
<br />rcceiti a) shall be entitled to entcT upon, takdpj-suession of and
<br />mango the Property and to collect the rents of the Property
<br />including those pail due. Any rents collected by or the
<br />receiver shall be applied first to payment of the cy.,%s 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 />attorney's fees, and then to the sums secured by this instrument.
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