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<br />event of loss Borrower will give immediate notice by mail to the
<br />Lender, who may mare proof of loss if not made promptly by
<br />Borrower. and eaeb insurance company concerned is hereby
<br />authorized and directed to make payment for such loss directly to
<br />the Leader instead of to the Borrower and the lender iointly, and
<br />the imurtnee proceeds, or any part tbertof. 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 mortgtged 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 forte shall pass to
<br />the purchaser or grantee.
<br />4 That as additionsd 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 leans on said premises, with the right to receive and
<br />receipt; fur the same and apply them to said indebtedness as well
<br />beforeas 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 />t6D That the Borrower will kr. p the buildings upon said premises
<br />in goad repair, and neither cominn -1 nor permit waste upon said land,
<br />nor suffer the said premises to be used for any unlawful purpose.
<br />11. That if the premises, or 111151 pan thereof. be condemned under
<br />the power of eminent domain, ar~ acquired for a public use, ilia
<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 shau !ie paid forthwith to said Lender to be applied by
<br />the lautr 4m account of the next maturing installments of such
<br />indebudires.
<br />12. The Borrower further agrees that sbould dfit. instrument and
<br />the note secured hereby not be efrgihle, fir iasarince under the
<br />Natumltl Housing Act within eighemrmihs from the date herrnt
<br />(written statement of any officer of the Department of Housinis and
<br />Urban Development or authorized agent of the Secretary of Housing
<br />and Urban, Mvelt!pmwt dated subsequent to the eight months' time
<br />from thedsur. ci "liras itty rument, declining to insure said note and
<br />this tnortgage,.isern ;� tetlxd ameausive proof of such ineligibility),
<br />the Lender or holy & of the note may, at its option, declare all sums
<br />secured hereby iminaiiately due and payahhs Notwithstanding the
<br />foregoing, this option may not be exercised by life Lender or the
<br />holder of the note when the ineligibility for lrtsurtnce under the
<br />National Housing Act is due to lire Lender's failure to remit the
<br />moltggge insurance premium to tote Department of Housing and
<br />Urbafr t)eveiopment.
<br />13. That if the Borrower fails to makV Amy payments of money
<br />when flit same become due, 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 give notice to Borrower prior to acceleration
<br />Mowing 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; (e) a date, not (ea.
<br />than 30 days from the date the notice is given to Borrower, by which
<br />the default mint be cured; and (d) that failure to cure doe default on
<br />or before the date specified in the notice may result ill, 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 ceurraction to assert the non-
<br />existence of a default or any other deferise of Borrower to
<br />acceleration and sale. If the default is not cured on or before the date
<br />specified 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. Legdicr shall be entitled to
<br />collect all expenses incurred in pursuing the remedies provided 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. Trance shall record a notice of
<br />default in each county in which any part of the Property is located.
<br />and shall mail copies of such rap -tice in the manner prescribed by.
<br />applicable law 11) 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 pemas and in the manner
<br />proscribed by applicable law. Trustee. without demand on Borrower.
<br />shall sell the Property at public auction to the highest bidder at the
<br />tir, sad piace and under the terms designated in the nafhx of sale
<br />al 41.11c or more parcels and in any order Trrastee determines. Trustee
<br />mat postpone' sale of all or any parcel of the Property by public
<br />aaaottncemcht at the time and place of any previously scheduled
<br />r. r. under or its designee may purchase the Property at any sale.
<br />t'-'{ton receipt of payment,of the price bid, Trustee shall deliver to
<br />the purchaser 'Rustee's deed conveying the Property. The recitals in
<br />Cite Trustee's. (Imi shall be prima facie evidence of the truth of the
<br />statements made therein. Trustee shall apply the proceeds of the sale
<br />in rite following order: (a) to all expenses of the sale, ira u:Urg, br :a
<br />not` limited to. Trustee's fees as permitted by applicable P4-N and
<br />rrsr.!cnable attorneys' fees; (b) to all sums secured by this Security
<br />instrument; alsd (c) any excess to the persco. -or persons legally
<br />entitled to it.
<br />14. Upon acceleration urdtr paragraph 13 or abandonment of the
<br />Property. Lender fin persoiK h; agent or 1;1) judicially appointed
<br />receiver) shall be untitled to en :er upon, WC possession of and
<br />manage the Pmpmy and to cxl.s,'sct the fens c4 the Property
<br />in:;Nding those past due. A.n}r re"Sts collected by Lender ua the
<br />t!e:iver shall be applied fr:stio payment of the costs of management
<br />a( the Property and collection of rents, including, but rt t. limited to.
<br />receivers feet, prt•!ftiums on receiver's bonds and reasonable
<br />attorney's fee:., ,Ind then to the sums secured by this instrument.
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