|
F
<br />:t
<br />r
<br />x:
<br />t
<br />89- 1©152;
<br />event of loss Borrower will give immediate notice by mail to the
<br />Lender, who may make proof of loss if not made promptly by
<br />Borrower, and each insurance company concerned is hereby
<br />authorized and directed to maize payment for such loss directly to
<br />the Lender instead of to the Borrower and the Lender jointly. and
<br />the insurance proceeds, or any pant 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 extirgu;hment of the
<br />indebtedness secured hereby, all cigar,, tine 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 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 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 presrtises
<br />in good repair, and neither commit nor permit waste upon said land.
<br />nor stiffer the said premises to be used for any unlawful purpa.w.
<br />11. That if the p- emises, 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 Ler/_,cr Lo be applied by
<br />the latter on account of the next maturing installments of s;:s
<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 authorized agent of the Secretary of Housing
<br />and Urban Development dated subsequent to the eight months' time
<br />from the date of ttis instrument. declining to insure said note and
<br />this mortgage, being deemed conclusive proof of such ineligibility),
<br />the Le.-4tr or holder of the note may, at its option. declare ail sums
<br />secure3 _n!!eby immediately due and payable. Notwithstanding the
<br />foreg,,:YrS„ this ca tion may not be exercised by the Lender or the
<br />holder of ib-- r_:rc Kfam the ineligibility for insurance under the
<br />National Ho ising Art is due to the Lender's fa :tie :o rer;t the
<br />mortpie insurance premium to ttce Department of Housing and
<br />Urban Development.
<br />13. That if the Bo-X :7 `faits to make any payments of money
<br />when the same beco_m- d:;e, or fails to conform to and comply with
<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 />Lender shall, grve.notice to'Borrower prior to acceler4jan
<br />following Borro'wer's breach of any covenant or agreemert m this
<br />in- striment (but not prior to acceleration under paragraph 32 unless
<br />applicable law provides otherwise). The notice shall speci,y: (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 laiguce to cure the default on
<br />or before the date specified in the notice may result ia.•Ieration
<br />of the sums secured, by this instrument and sale of the R7perty. The
<br />notice shall further inform Borrower of the right to reinstate after
<br />acceleration and the riot to bring a court action to assert the non-
<br />existence of a default or any other defense of Borrower to
<br />zcceleration and sale. If the default is not cured on or before the date
<br />.pec&ed in the notice. Lender at its option may require immediate
<br />payment in full of all, sums sez-�cet by this instrument without
<br />further demand and may invoke the peae::'i ?sale and any other
<br />remedies permitted by applicable law. Lev&'_rshall be entitled to
<br />collect all expenses incurred in pursuing the remedies provided in
<br />this paragraph 13, including, but not limited to, reascaii -e
<br />atturneys' fees and costs of tit!c evidence.
<br />If the power of sale is invoked, Trustee s it.0 cord a notice of
<br />default in each county in which any part cf LL. Property is located
<br />arid shall mail copies 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 required 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 demand on Borrower,
<br />shall sell the PropLrly at public auction to the highest bidder at the
<br />titre and place and under the terms designated in the notice of sale
<br />'n one or more parcels and in any order Trustee determines. Trustee
<br />may postpone sale of all or any parcel 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 C. tfij price bid. Trustee shall deliver to
<br />the purchaser Trustee's deed ca -.eying the Property. The recitals in
<br />the Trustees deed shall be prima facie evi e::ce of the truth of the
<br />statements made therein. Trustee -kail appi � the proceeds of the sale
<br />in the following order. (a) to e; i •zx,_enses cf the sale, including, but
<br />not limited to, Trustee's fees a!� l:w_,- .^.fitted by applicable law and
<br />reasonable attorneys' fees; (b) _o ail sums secured by this Security
<br />Instrument; and (c) any excess to the person or persons legally
<br />entitled to it.
<br />14. Upon acceleration undar paragraph 13 or abandonment of the
<br />1'n,ly rty. Lender (in pefsc'L 4 agent or by judicially appointed
<br />reoe4,,er) shall be entitled ca ester upon. take possession of and
<br />manage the Propem; and Er, collect the rents of the Property
<br />including those p:.:c due, Any rents collected by Lender or the
<br />Me ver shall be applied first to payment of the costs of management
<br />Of the Property and collection of rents, including, but not 1rtriked to,
<br />receiti:er s fees, premiums on receiver's bonds and reason {:!e
<br />attorney's fees, and then to the sums secured by this instrument.
<br />Page 3 or 5
<br />MUO•92113OT•1
<br />I
<br />'N
<br />IN
<br />-1
<br />ID
<br />I
<br />
|