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event of less Borrower vvt11 gi ism to 906ce by m:i: to the
<br />Wand crotch Proof of loss if not ores& p�p�y by
<br />authorized and di r�uranee company cooeerned is hereby
<br />the Lender irutpd� t e payment for st>cb loss dirtxtly to
<br />the insurance wer and the Lenderjomtly. and
<br />+rce * or any part tbereof
<br />Lender at its option a ther to ibe reduction of the�i applied
<br />ad b eda>� the
<br />damaged. u event of he restoration or repair of t1m property
<br />of title to the foreclosure of this instrument or other tnasfer
<br />rn°nedged Property in extinguishment of the Boo
<br />inn and hereby. all *b extinguishment tide and into of the
<br />Policies then in forte shall pass to
<br />the purchaser or grantee -
<br />9. ' -t as addition:] and collateral security for the payment of the
<br />note described. and an sums to kccome due under this instrument.
<br />the Borrower hereby assigns to the Lender all pests, revenues.
<br />royalties, rights and benefits arcm�ing to the Borrower trader any and
<br />all oil and gas (cues on said premises, with t)}: right to receive and
<br />receipt for the same and apply them to said indebtedness u well
<br />before as after default in the conditions of this instrument and the
<br />Linder may demand. sue for and recover anv such Payments when
<br />due and l+ayable, "ut shall not be required so to do. This assignment
<br />is to terminate and b-orne null and void upon release of this
<br />instrument-
<br />t :Tut the Borrower will keep the buildings upon
<br />in good repaij, and neither commit nor permit said premises
<br />wa
<br />nor suffer the said premises io be used for any nnlawfnl ste upon said mane,
<br />purpose.
<br />I L That if the prc;. -iycs, or any part the:cof, be condemned under
<br />the power of cmi. ^.e. -.t domain, or acquired fa_ a public use the
<br />,
<br />damages awarded, the proc_eds for the taking of, or the
<br />consideration for such a -quisitior., tr; the eaten. of the full amount of
<br />indebtedness upon this instrument and the note which it is given to
<br />secure remaining unpaid, are heteby assigned by the Borrower to the
<br />Lender, and sha!I be paid forthwith to said ;,ender to be applied by
<br />the latter on 2ccount 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 f om the date hereof
<br />(written statement of any officer of the Department of Housing an i
<br />Urban Development or authorized agent of the Secretary of Housint
<br />and Urban Development dated subsequent to the eight months' time
<br />from the date of this instrument, declining to insure said nose and
<br />this mortgage, being deemed 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 />foregoi!rg, 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 Aix is due to the Lender's failure to remit the
<br />mortgage 'insurance
<br />elop en premium to Lie 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 conform to and comply with
<br />102172
<br />the Dole which WCUM a �M prjD in this
<br />interest Shan at omx become due and pr at stunedt d
<br />Lender. Payable u the election rr the
<br />Lender "I give -tied to Borrow,, prior to ao.,k tion
<br />instrument (btu not Prior toha age�ast is this
<br />aPl�ble law not
<br />°tb mjse)- The notice � ��fY 12 unless
<br />(� the
<br />tietaha[t
<br />30 days f"— If-- date the notice is (b) the ac ion required to cure the default (c) a date, not less
<br />than Elie default must be cured; aaf Ervta � r. by which
<br />or before the date (d) that [:,True to cure the default on
<br />of the suers secured by in the notice may result in acceleration
<br />notice shall fu bl �� tent and sale of the Property- The
<br />further inform Borrow, of the 7411t to reinstate after
<br />accdmtion and the right to bring a court action to assert the n.m_
<br />ut,tenoc of a default or any outer defense of Borrower to
<br />xrelention and sae. If the default is trot cured on or before the date
<br />specified in the notice. Lender at its option may require immediate
<br />Payment in full of all sutra secured by this instrument without
<br />further demand and may invoke the Pr:.:er of sak 2nd anv oth •r
<br />remedies Permitted by applicable law. Lends: shaft be entitled :o
<br />collect all expenses incurred in pursuing the rc n %L.Cs provided in
<br />this Wragrap6 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 rah county in which anv part of the Property is
<br />and shall mail copies of such notice in the manner prescri located by
<br />aPplicabk law to Borrower and to the other person; Mlibtbcd b-
<br />shall law. After the time regtrired by aPPliable law, Trustee
<br />shall give public 'Gticc of sale to the persons and in the manner
<br />Prescribed by PPPliable law.. Trust without demand on Borrower,
<br />shall ;ell the Property at public
<br />time and plan and und auction to the highest bidder at the
<br />er the terns designated iii the notice of sale _
<br />in one or more parcels and in any order Trustee d-- ermines. Trustee
<br />may Mlpone sale of all or any parcel of the PropciatY by public
<br />announcement at the lime.r,d place of any Prcvicusjj scheduled
<br />ale- Lender or is 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 Lit Property. The recitals in
<br />the Trustees deed shall be prima facie evidence of the truth of the
<br />statements made therein. Trustee sha!1 apply the proceeds of the sale
<br />in the following : -der: (a) to all expenses of the sale, including, but
<br />not limited to, Trustees fees as permitted by applicable law and
<br />reasonable attorney-' fees: (b) to all sums secure) by this Security
<br />Itt5trumcm; and (c) any cxc-ss to
<br />entitled to it. the person or persons legally
<br />IS• Upan acceleration under paragraph 13 or abandonment of the
<br />Property, Lender (in Person, by agent or by judicially anpointed
<br />rccciv:r) shall be'entitled to enter upon, take possession of and
<br />manage the Property and to collect the yens o! the Property
<br />including tho-e past due. Any rents collected by Gender or the
<br />receiver shall be applied first to payment of the costs of management
<br />re
<br />of ceiver the Property and col{ection of rents, including, but not limited to•
<br />re's fees• premiums on receiver's bonds and reaso,iable
<br />attornev's fees, and then to the sums secured by this instrument.
<br />Page 3 otr5s.
<br />HUD- 92143r, T• 1
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