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<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 make payment for such loss directly to
<br />the Lender instead of to the Borrower and the Lender Jointly, and
<br />the insurance proceed%or -any part thereat-may be spp W -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. title and interest of the
<br />Borrower in and to any insurance policies then in force shall pass to
<br />the purchaser or grantee:
<br />4 Tema as additional and collateral security for the paymev t. of the
<br />note descn'bed, and all sums to become due under this irw wrvanr,
<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 conddifuns of ibis 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 />It?. That the Borrower will keep the buildings upon said p_--raises
<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 purpase.
<br />11. That if the premises, or any p-. A thereof, be condemned under
<br />the power of eminent domain. or aa;aired for a public use, the
<br />damages awarded, the proceeds for the takine A or the
<br />consideratiun Our such acquisition. to alt u, the full amount of
<br />indebtedness upon this instrument w d the now 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 f rther agrees that should this instrument and
<br />the now secured hereby not be e _:Oble for insurance under the
<br />Naticnal Housing Act within eig�r 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 Smietary of Housing
<br />and Urban Development dated subsequent to lla eight months' time
<br />from the date of this instrument, declining to insure said note 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 />foregoing, this option may not be exercised by the Lender or the
<br />holder of the note when the ineti €ib4'Nty for insurance under the
<br />National Housing Act is due to tie l -cnder's failure to remit the
<br />mortgage insurance premium to the 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 hAs 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 />[ender 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 aweekation under paragraph 12 unless
<br />applicable law provides mterw,Lw). The ttotice shall specify: (a) the
<br />default; (b) the action regti-ed vo arre tae de`ult; (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 (di that failure to cure the default on
<br />or before the date specified is tht notice may resub 'n a -mlerati a
<br />of the sums secured by this instrument and We of the P'rcrxity. lane
<br />notice shall funher inform Borrower of the right to reinstate after
<br />acceleration and fthe right to bring a court action to assert the non-
<br />existence of a default or any other defense of Borrower to
<br />acceleration aed 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 Hof 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 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 rifle evidence.
<br />If the power of sale is invoked, Trustee <ha:; record a notice of
<br />dh -lt in each county in which any part of the Propemf is located
<br />end Oall mail copies of such notice in the manner prescribed by
<br />appfi�able laud Borrower and to the other persons prescribed by
<br />applicable lard Arter the time required by applicable law, Trustee
<br />shall give pL .L;. mztice of sale to the persons and in the manner
<br />arescribed 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 under the terms designated in the notice of sale
<br />in one or more parcels and in any order Trustee determines. Trustee
<br />may postpone We 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 of the price bid, Trustee shall deliver to
<br />the purchaser T- ustee's deed conveying the Property. The recitals in
<br />the Trustee's deed shall be prima facie evidence of the truth of the
<br />statements made therein. Trustee shall apply the proceeds of the sale
<br />in the following order: (a) to all expenses of the sale, including, but
<br />not limited to, Trustee's fees as permitted by applicable law and
<br />reasonable attorneys fees; (b) to all sums secured by this Security
<br />Instrument; and (c) any excess to the person or persons legally
<br />a, ?titled to it.
<br />14 Upon acceleration under paragraph 13 or abandonment of the
<br />ihcp� rty, Lender (in person, by agent or by judicially appointed
<br />receiver) sue lbe. entitled to enter upon, tale possession of and
<br />manage the Property and to collect the rents of the Property
<br />including those past due. Any rents collected by Lender or the
<br />receiver shall be applied first to payment of the costs of management
<br />of the Property and collection of rents. including, but no; limited to.
<br />receiver's fees, premiums on receiver's holds and reasonable
<br />attorney's fees, and then to the sums secured by this instrument.
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