|
i
<br />89-- 102416
<br />made shall be added to the principal sum outing on the abotie
<br />note, shall be secured hereh), and %hall bear interest at the rate set
<br />forth to the said note, until paid.
<br />7. That the Borrower hereby asmem. :ramfers and sets otter to
<br />the Lender, to be applied toward the payment of the note and all
<br />sums secured hereby in case of a default in the performance of
<br />any of the terms and conditions of this instrument or the said
<br />note, all the rents, to enues and income to be derived from the
<br />said premises during such time as the indebtei9ness shall remain
<br />unpaid, and the Lender shall have power to appoint any agent or
<br />agents it may desire for the purpose of repairing said premises and
<br />of renting the same and collecting the rents, retenues and income.
<br />and it may pay out of said incomes all expenses of repairing said
<br />premises and necessary commissions and expenses incurred in rem.
<br />ing and managing the same and of. collecting rentals therefrom.
<br />the balance remaining, if any.. to be applied: toward the discharge
<br />of said indebtedness.
<br />S. That the Borrower will kc�p the. improvements now existing
<br />or hereafter erected on tilt: property, insured as may be required
<br />from time to time by-the Lender aF;riust IoAS by, tire and other
<br />hazards, casualties and crintingenclo, in such amounts and for such
<br />periods as may be required by the tender and will pa) prompth.
<br />when due, any prentiums.6n such insitrance•provi_ -ion for payment
<br />of which has not b.-en made hdreinbelore.. still_ insurance shall he
<br />carried in companies approved by dteL'enderand the policies and
<br />renewals thereof shall be held by tit iendcr and have attached
<br />thereto loss payable clauses iq•favor of and in form acceptable to
<br />the Lender. In even[ of loss Borrower will give immediate notice
<br />try mail to the Lender, who may make proof of loss if not made
<br />promptly by Borrower, and each insurance company concerned is
<br />hereby authorized and directed to rt'.za: payment for such loss
<br />directly to the Lender instead of to to Borrower and the Len fes
<br />jointly, and the insurance proceeds, or any part thereof, r!al; 'M
<br />applied b) the Lender at its option either to the ~31ec :: ^r ke
<br />indebtedness hereby secured or to the restoratic. °,. •. ,, o'i the
<br />property damaged. in event of foreclosure of
<br />other transfer of title to the mortgaged property in cxtingE_s,, roz.nr
<br />of the indebtedness secured hereby, all right, title and interes. of
<br />the Borrower in and to any insurance policies then in force shall
<br />pass to the purchaser or grantee.
<br />9. That as additional and collateral security for the payment of
<br />the note described, and all sums to become due under this instru-
<br />ment. +hc Borrower hereby assigns to the Lender all profits,
<br />re%muts, n3yalties, -izh^s, and benefits accruing to the Burrower
<br />under a-- and all cY z;rd gas leases on said rr,: rises, with the
<br />: 'ght -C r,ceivc and : -.o.6pt for the same and :;;;_ y [hem to said
<br />indeb,r -&,ss as well before as after default ir the conditions of
<br />this instrument, and the Lender m.3,_c demand, sue for and recover
<br />any such payments when dire apc pkv3ble, but shall not be re-
<br />quired so to do. This :,.,'. nmcnt is ro terminate and become null
<br />and void upon release f this instrument.
<br />10, l+1r_ the Borrower will keep the buildings upon said premises
<br />in gcS,! repair, and neither commit nor permit waste upon :isjdl
<br />land, nor suffer tile, ia, J premises to be used for any unlawf;i-
<br />purpose.
<br />ll. That if the y.r.tiarv.s, or any part thereof. l,,e condemned
<br />under the power 01 c.ns`nent domain, or acquired for a public t.
<br />the damages awaidy'.4 the proceeds for the taking of, or the con-
<br />sideration for such ai cii isition. to the extent of the full amount of
<br />indebtedness upon this instrument and the note which it is given to
<br />secure remaining urir.aid, are hereby assigned by the Borrower ro
<br />the Lender, and shall be paid forthwith to said Lender to be ar-
<br />plied by the latter on account of the next maturing installmcntb of
<br />such indebtedness.
<br />12. The Beirc -er further agrc�s chat should this instrument and
<br />the note secured herebv not be eligible for insurance under the Na-
<br />tional Housing Act within eight months from the date hereof
<br />(written statement of any officer of the Department of Housing
<br />and Urban Development or authorized agent of the Secretary of
<br />tioustrg and Urban Development dated subsequent to the eight
<br />months' nm frurn the date of this instrnn=t, declining to insure
<br />said note and this mortgage. being deemed conclusive proof of
<br />su;h in- ligibility), the Lender or holder of the note Wray, at its op-
<br />t,on, d;clare all sums secured hereby immediately due and payable.
<br />Notwithstanding the fore oing, this option may not be exercised
<br />b! the Lender or the hol'3er of the note when the intligibuiity for
<br />insurance tinder the National Housing Act is du: to the Lender's
<br />fai;s:rr to remit tte motigage insurance premium to the Depart-
<br />ment of Housing and Umoan Deveopment.
<br />Is°. That if the Borrower fails to make any payments of money
<br />stFea the same become due, or fails to conform to and comply
<br />with any of the conditions or agreernmis contained in this instru-
<br />ment, o: th_ note which it secures, then the entire principal sum
<br />and a.crued interest shall at once tm%ome due and payable, at the
<br />clec.ton of the lxader.
<br />Lender shall give cotice to Fx *-r. ver prior t: aa='.uatlan
<br />following Borrower's biz -. of any covenant or aSreemezt in this
<br />instrument (but not prim To acceleration under paragraph 2
<br />unless applicable law prsi3cs otherwise). The notice shall specify:
<br />(a) the default; (b) the action required to cure thr •default. (c) a
<br />date, not less than 30 days from the date the notice is given to
<br />Borrower, by which the default must be cured; and (d) that ft.:ture
<br />to cure the default on or before the date specified in the noti�
<br />may result in acceleration of tte sums secured by this ins,runierit
<br />and sale of the Prorer) . Thee n dce shall further inform $ortow'>'r
<br />of the right to reinstate afro: azzeleration and the right to bring a
<br />court action to assert th.- c. a- -txiitence of a default or any other
<br />defense of Borrower to accelsnaflor, and sale. If the defauit•is not
<br />cured on or before the date specified in the notice, Lender at its
<br />option may require immediate payment in full of all sums secured
<br />by this instrument without further demand and may invoke the
<br />power of sale and any other remedies permitted by applicable law.
<br />Lender shall be entitled to collect all expenses incurred in pursuing
<br />the remedies provided in this paragraph 13, including, but not
<br />limited to, reawtlauic atio.ueyi' fees and costs of title cvidca.c.
<br />if the power of sale is invoked, Trustee shall record a notice of
<br />default in each county in which any pan of .tit Property is located
<br />and shall mail copies of such notice in the mariner prescribed by
<br />applicable law to Borrower and to the other persons precri'ned by
<br />applicable law. After the time leqairedl by applicable law. Trustee
<br />shall give public notice of sale ro the persons and in the manner
<br />prescribed by applicable law. Trustee, without demand on Bor-
<br />rower, shall sell the Property at public auction to the highest bid-
<br />der a: the time and place and -under the terms designated in the
<br />nori:gs° sale in one or more j;>;,rcels and in any order Trustee
<br />det:t•- mJn.es. Trustee may pas ;site sale of all or any parcel of the
<br />Propeny by pub,.;:,: sr.,~^ ncemcnt at the t -mr, and place of any
<br />previously schedt:3 -. sc.i.L-. tender or its dei,l n.e may purchase the
<br />Property at any sale.
<br />Upon receipt of payment ,�,' wit price tid,� Trustee s, ayii .deliver
<br />to cite purchaser Tt- ustee's dept =iveyin$ :(;: Prom:- ir0rs
<br />recitals in the Tnint:w's deed shall be prima ,`age eviderce of the
<br />truth of tine statements made therein. Trar.szr shall apply the pro -
<br />ceraf,•; of the sale in the following order: (a;f -is, all expenses of the
<br />,i .. islcluding, but not limited to, Trustee's fees as per,,nV- : :d by
<br />applicable law and reasonable v :Drneys' fees; (b) to a
<br />secured by this Security Instrument; and ( -l• 3.-:y ex.e .: 'tt- me per-
<br />son or persons legally entitled to it.
<br />Page 3 of 5: �� hUr�- 9214aC:
<br />L
<br />I.J
<br />._.J
<br />a
<br />li*�,
<br />r.j
<br />tU
<br />1.
<br />1
<br />89-- 102416
<br />made shall be added to the principal sum outing on the abotie
<br />note, shall be secured hereh), and %hall bear interest at the rate set
<br />forth to the said note, until paid.
<br />7. That the Borrower hereby asmem. :ramfers and sets otter to
<br />the Lender, to be applied toward the payment of the note and all
<br />sums secured hereby in case of a default in the performance of
<br />any of the terms and conditions of this instrument or the said
<br />note, all the rents, to enues and income to be derived from the
<br />said premises during such time as the indebtei9ness shall remain
<br />unpaid, and the Lender shall have power to appoint any agent or
<br />agents it may desire for the purpose of repairing said premises and
<br />of renting the same and collecting the rents, retenues and income.
<br />and it may pay out of said incomes all expenses of repairing said
<br />premises and necessary commissions and expenses incurred in rem.
<br />ing and managing the same and of. collecting rentals therefrom.
<br />the balance remaining, if any.. to be applied: toward the discharge
<br />of said indebtedness.
<br />S. That the Borrower will kc�p the. improvements now existing
<br />or hereafter erected on tilt: property, insured as may be required
<br />from time to time by-the Lender aF;riust IoAS by, tire and other
<br />hazards, casualties and crintingenclo, in such amounts and for such
<br />periods as may be required by the tender and will pa) prompth.
<br />when due, any prentiums.6n such insitrance•provi_ -ion for payment
<br />of which has not b.-en made hdreinbelore.. still_ insurance shall he
<br />carried in companies approved by dteL'enderand the policies and
<br />renewals thereof shall be held by tit iendcr and have attached
<br />thereto loss payable clauses iq•favor of and in form acceptable to
<br />the Lender. In even[ of loss Borrower will give immediate notice
<br />try mail to the Lender, who may make proof of loss if not made
<br />promptly by Borrower, and each insurance company concerned is
<br />hereby authorized and directed to rt'.za: payment for such loss
<br />directly to the Lender instead of to to Borrower and the Len fes
<br />jointly, and the insurance proceeds, or any part thereof, r!al; 'M
<br />applied b) the Lender at its option either to the ~31ec :: ^r ke
<br />indebtedness hereby secured or to the restoratic. °,. •. ,, o'i the
<br />property damaged. in event of foreclosure of
<br />other transfer of title to the mortgaged property in cxtingE_s,, roz.nr
<br />of the indebtedness secured hereby, all right, title and interes. of
<br />the Borrower in and to any insurance policies then in force shall
<br />pass to the purchaser or grantee.
<br />9. That as additional and collateral security for the payment of
<br />the note described, and all sums to become due under this instru-
<br />ment. +hc Borrower hereby assigns to the Lender all profits,
<br />re%muts, n3yalties, -izh^s, and benefits accruing to the Burrower
<br />under a-- and all cY z;rd gas leases on said rr,: rises, with the
<br />: 'ght -C r,ceivc and : -.o.6pt for the same and :;;;_ y [hem to said
<br />indeb,r -&,ss as well before as after default ir the conditions of
<br />this instrument, and the Lender m.3,_c demand, sue for and recover
<br />any such payments when dire apc pkv3ble, but shall not be re-
<br />quired so to do. This :,.,'. nmcnt is ro terminate and become null
<br />and void upon release f this instrument.
<br />10, l+1r_ the Borrower will keep the buildings upon said premises
<br />in gcS,! repair, and neither commit nor permit waste upon :isjdl
<br />land, nor suffer tile, ia, J premises to be used for any unlawf;i-
<br />purpose.
<br />ll. That if the y.r.tiarv.s, or any part thereof. l,,e condemned
<br />under the power 01 c.ns`nent domain, or acquired for a public t.
<br />the damages awaidy'.4 the proceeds for the taking of, or the con-
<br />sideration for such ai cii isition. to the extent of the full amount of
<br />indebtedness upon this instrument and the note which it is given to
<br />secure remaining urir.aid, are hereby assigned by the Borrower ro
<br />the Lender, and shall be paid forthwith to said Lender to be ar-
<br />plied by the latter on account of the next maturing installmcntb of
<br />such indebtedness.
<br />12. The Beirc -er further agrc�s chat should this instrument and
<br />the note secured herebv not be eligible for insurance under the Na-
<br />tional Housing Act within eight months from the date hereof
<br />(written statement of any officer of the Department of Housing
<br />and Urban Development or authorized agent of the Secretary of
<br />tioustrg and Urban Development dated subsequent to the eight
<br />months' nm frurn the date of this instrnn=t, declining to insure
<br />said note and this mortgage. being deemed conclusive proof of
<br />su;h in- ligibility), the Lender or holder of the note Wray, at its op-
<br />t,on, d;clare all sums secured hereby immediately due and payable.
<br />Notwithstanding the fore oing, this option may not be exercised
<br />b! the Lender or the hol'3er of the note when the intligibuiity for
<br />insurance tinder the National Housing Act is du: to the Lender's
<br />fai;s:rr to remit tte motigage insurance premium to the Depart-
<br />ment of Housing and Umoan Deveopment.
<br />Is°. That if the Borrower fails to make any payments of money
<br />stFea the same become due, or fails to conform to and comply
<br />with any of the conditions or agreernmis contained in this instru-
<br />ment, o: th_ note which it secures, then the entire principal sum
<br />and a.crued interest shall at once tm%ome due and payable, at the
<br />clec.ton of the lxader.
<br />Lender shall give cotice to Fx *-r. ver prior t: aa='.uatlan
<br />following Borrower's biz -. of any covenant or aSreemezt in this
<br />instrument (but not prim To acceleration under paragraph 2
<br />unless applicable law prsi3cs otherwise). The notice shall specify:
<br />(a) the default; (b) the action required to cure thr •default. (c) a
<br />date, not less than 30 days from the date the notice is given to
<br />Borrower, by which the default must be cured; and (d) that ft.:ture
<br />to cure the default on or before the date specified in the noti�
<br />may result in acceleration of tte sums secured by this ins,runierit
<br />and sale of the Prorer) . Thee n dce shall further inform $ortow'>'r
<br />of the right to reinstate afro: azzeleration and the right to bring a
<br />court action to assert th.- c. a- -txiitence of a default or any other
<br />defense of Borrower to accelsnaflor, and sale. If the defauit•is not
<br />cured on or before the date specified in the notice, Lender at its
<br />option may require immediate payment in full of all sums secured
<br />by this instrument without further demand and may invoke the
<br />power of sale and any other remedies permitted by applicable law.
<br />Lender shall be entitled to collect all expenses incurred in pursuing
<br />the remedies provided in this paragraph 13, including, but not
<br />limited to, reawtlauic atio.ueyi' fees and costs of title cvidca.c.
<br />if the power of sale is invoked, Trustee shall record a notice of
<br />default in each county in which any pan of .tit Property is located
<br />and shall mail copies of such notice in the mariner prescribed by
<br />applicable law to Borrower and to the other persons precri'ned by
<br />applicable law. After the time leqairedl by applicable law. Trustee
<br />shall give public notice of sale ro the persons and in the manner
<br />prescribed by applicable law. Trustee, without demand on Bor-
<br />rower, shall sell the Property at public auction to the highest bid-
<br />der a: the time and place and -under the terms designated in the
<br />nori:gs° sale in one or more j;>;,rcels and in any order Trustee
<br />det:t•- mJn.es. Trustee may pas ;site sale of all or any parcel of the
<br />Propeny by pub,.;:,: sr.,~^ ncemcnt at the t -mr, and place of any
<br />previously schedt:3 -. sc.i.L-. tender or its dei,l n.e may purchase the
<br />Property at any sale.
<br />Upon receipt of payment ,�,' wit price tid,� Trustee s, ayii .deliver
<br />to cite purchaser Tt- ustee's dept =iveyin$ :(;: Prom:- ir0rs
<br />recitals in the Tnint:w's deed shall be prima ,`age eviderce of the
<br />truth of tine statements made therein. Trar.szr shall apply the pro -
<br />ceraf,•; of the sale in the following order: (a;f -is, all expenses of the
<br />,i .. islcluding, but not limited to, Trustee's fees as per,,nV- : :d by
<br />applicable law and reasonable v :Drneys' fees; (b) to a
<br />secured by this Security Instrument; and ( -l• 3.-:y ex.e .: 'tt- me per-
<br />son or persons legally entitled to it.
<br />Page 3 of 5: �� hUr�- 9214aC:
<br />L
<br />I.J
<br />._.J
<br />a
<br />li*�,
<br />r.j
<br />tU
<br />1.
<br />
|