89102885 - Laserfiche WebLink

Browse

:s F made %hall he added to the principal suns owniw on the above note, shall he secured hcreb%, and shall hear intere,t at the: tat, set forth tit the said note, until paid T That the Borrower hereby wogm, transfer and set, o%er to the I ender, to Ix applied toward the payment of the note and all sums secured hereby in case of a default in the performance of any of the terms and conditions of this instrument or the said note, all the rents, rc%cnue% and income to he denied from the said premises during such bite as Otte indebiedne%% shall remaln unpaid, and the l ender shall have poser to appoint any agent or agents it may desire for the purpose of repairing said premises and of renting the carne and collecting the rents, ie%cnue% and income, and it may, pay out of said incomes all expenses of repairing said premises and necessary commission% and expenses incurred' in rent- ing and managing the same and of collecting rentals therefrom-. the balance remaining, if any, to he applied to%%ard the discharge of said indehiednevs. R. That the Borrower %sill keer the improvements now ;%lung or hereafter erected on the prrperty, insured as may he required front time to time by the Lender against toss by fire and other harards, casualne% and contingencies in such amounts and for such periods as may be required by the tender and \sill pay promptly, when due, any premiums on such insurance pro%ision for payment of which has not been made herembefore. All m%urance %hall he carried in companies appro\ed by the Lender and the polwic% and renewal% thereof shall be held by the Lender and ha%c attached thereto loss payable clauses in ta%or of and in, form acceptable to the Lender. In e%ent of loss Rorrouer %%ill gi%e immediate nonce by mail io the Lender, %%ho may make proof of loss it not made promptly by Borrower, and each : nsurance company concerned is hereby authoiimd and dints ted to make payment for such lv„ dircal% to the I ende.T instead of it, the Rorro%%er and the Lender lotntly, and the insurance proceeds, or an% part thereof, may he applied by the Lender at n% option either to the redu:non of the indebtedness hereby secured or to the restoration i +r repair of the property damaged. in e%eni of foreclosure tit tht% instrument or other tramter of title to the mortgaged propert% in cxangui%hment of the inde'rnetincscsecured hereby, all fight. title and interest of the Borrower in-and to any insurancc pohi ic> then in force %hall pass to the pumhawr or granter. 9. Thar 'as additional and collateral security for the payment of the note deactibrd, and all sums to hesonic ,luc under this instru- ment, the Borrower hcrrby assigns to the I -cider all profits. re%enue%, toyallies, right% and hcnef t% accruing to my Borrower under any and all oil and gas leases on said premiss%. urrh the right to recei%e and receipt for the same and appl% them to %aid indebtedncs% as %%ell before a% after default in the 'condition, of this instrument, and the Lender may demand. sue for and toxner any such payments when due and payable, but %hall not he re- quited so to do. This asognment is to terminate and beco=- nail and void upon release of this ininurnent. 10. That the Borrower will keep the building% upon %aid premises in good repair, and neither commit nor permit waste upon said land, nor suffer the said premises to he u%ed for any unlawful purpose. 11. That of l%-: premises, or any part thereof, be condemned under the power c%f eminent domain, or acquired for a public uric, the damages awa;dcd, the proceeds for the taking of, or the con - sidevation for such acquisition, to the extent of the full amount of indebtedness upon this instrument and the note which it is tijwn to inure remaining unpaid, are hereby assigned by the Borrower to the Lender. and ,hall be paid forthwith to said Lender to be xp- plied'b'y the latter on account of the next maturing instaRr -eras of such indebtedness. 1 89-102885 12 the Horrower further agrees that should this instrument and the note secured hereby not he eligible for insurance under the Na- tional Housing Act within eight months from the date hereof twnticn statement of am• officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Housing and Urban Development dated subsequent to the eight months' time from the date of this instrument, declining to insure said note and this mortgage, being deemed conclusive proof of such inehgibi5ty), the Lender or holder of the note may, at its op- tion. declare all sums secured hereby immediately due and payable. Now-ith`;anding the foregoing, this option may not be exercised by the Lender or the holder of the note when the ineligibility for insitrance under the National Housing Act is due to the Lender's failuro to mrnit the mongage insurance premium to the Depan- ment of Housing and Urban Deveopment, 13. That if the Borrower fails to make any payments:of money when the same become due, or fails to conform to and comply with any of the conditions or agreements contained in this instru- ment, or the note which it secures, then the entire principal sum and accrued interest shall at once become due and payable, at the election of the Lender. Lender shall give notice to Borrower prior to acceleration lollo%%ing Borrower'% breach of any cotenant or agreement in this instrument (but not prior to acceleration under paragraph 12 unlc%% applicable law provides otherwise). The notice shall specify: tat the default. (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this instrument and sale of the Property. The notice shag further inform Borrower- of the right to reinstate after acceleration and the right.tz bring a ce tit action to assert the non - existence of .a default pi: a ky other d• :tense of Borrower to acceleration and sale. if the defrault is not cured on or before the date specified in the notice, Lender at its option may require immediate payment ;.a to ?I of all sums secured by this instrument without further demand and may invoke the now•rr of %ale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing thr remedies pro%ided in this paragraph 13, including, but' not . limited to. reasonable attorneys' fees and costs of title evidence. It the power of %ale is invoked. Trustee shall record a notice of deiatrlt in each county in which any part of the Property is located and shall mail copies of such notice in the manner prescribed by applicable law to Borrower and to the other persons precribed by applicable law. After the time required by applicable law. Trustee shall gne public notice of sale to the persons and in the manner ptescribed by applicable law. Trustee, without demand on Bor- rowxr„ shall sell the Property at public auction to the highest bid- der ' at the time and place and under the terms designated in the notice of sale in one or more parcels and in any order Trustee determines. Tvastee may postpone sale of all or any parcel of the Property by public announcement at the time and place of any ptetiously scheduled sale. Lender or its designee may purchase the Property at any sale. Upon receipt of payment of the price bill, Trustee shall delher I o the purchaser Trustee's deed conveying the Property. The re:i`bals in the Trustee's deed shall be prima facie e% :deace of the Truth 3f the statements made therein. Trustee shall apply the pro - zez& of the sale in the fotlowing order. (a) to all expenses of the sale, including. but not limited to; Trustee's. fees as permitted by ax plicable 13- � 1d reasonable attorneys' Coos; (b) to all sums se :ured by this Security Instrument; and (cy any excess co the per- son or persons legally entitled to it. Page 3 of 5 MM92'113DT JJ� 'i Y fr. r� F.