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r
<br />RE-RECORDED r'
<br />102982
<br />event of loss Borrower will give immediate notice by marl to the
<br />Lender, who may make proof of has if not made promptly hr
<br />Borrower, and each insurance company concerned Is hereby
<br />authorized and directed to make payment for such loss directly to
<br />the tender instead of to the Borrower and the I ender jointly, and
<br />the insurance proceeds, or any part thereof, mar he 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 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 />9. That as additional and collateral security for the payment (if the
<br />note described, and all sums to hecome due under this instrument,
<br />the Borrower hereby assigns to the lender all profits, revenues,
<br />royalties, rights and benefits accruing to the I1cirrower under anv 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 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 sit to do. This assignment
<br />is to terminate and become null and void upon release of this
<br />instrument.
<br />10. That the Borrower will keep the buildings upon said premises
<br />in good repair, and neither commit nor permit waste upon said land,
<br />nor suffer the said premises to he used for any unlawful purpose
<br />11. That if the premises, or any part thereof, be condemned under
<br />the power of eminent domain, or acquired for a public use. the
<br />damages awarded, the proceeds for the taking of, (ir the
<br />consideration for such acquisition, tut 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 Bornowcr to the
<br />Lender, and shall be paid forthwith to said Lender to be applied br
<br />the latter on account 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 from the date hereof
<br />(written statement of any officer of the Department of Housing and
<br />Urban Development or authorized agent of the Secretary of Housing
<br />and Urban Development dated subsequent to the eight months time
<br />from the date of this instrument, declining to insure said note and
<br />this rnortMe, 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 tender or the
<br />holder of the note when the ineligibility for insurance under the
<br />National Housing Act is due to the Lender's failure to remit the
<br />monpg9tc;insurance premium to the Department of Housing and
<br />Utz Development
<br />13. That if the Borrower fails to make any payments of money
<br />when the same become due, nr fads io conform to and comply with
<br />1
<br />1,01538
<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 etec:tiort of the
<br />Lender.
<br />lender shall giar notice to Rorfower prior to acceleration
<br />following Bonowet.s.t.tma,h s i any os agreement in this
<br />instrument (but not prrt a in4o.r.paragraph 12 uniess
<br />applicable law provides otherwise). Th; notice shall specify, (a1 tbs"
<br />default. (b) the action requited'to azure the default; (c) a date, not $- ms
<br />than 30 days from the date the notice is given to Borrower, by which
<br />the default must he cured; and (d) that failure to cure the default on
<br />or before the date specified in the uosise may result in acceleration
<br />of the sums secured by this ensitament and sale of the Property. The
<br />notice shall further inform Kmrower o` the right to reinstate after
<br />acceleration and the right to htirig a a^ciuSi action to assert the non-
<br />existence of a default or any ixhet do msa of Borrower to
<br />acceleration and sale. if the def'aw;t is tact: cared on or before the date .
<br />specifteoi in the notice, Iendessi iis.opiio4 may require'immediate
<br />payment in full of all sums su,v:;cd by this instrument without
<br />further demand and may invbke the power of sale and any other
<br />remedies permitted by applicate;'aw. Lender shall be entitled to
<br />collect all expenses incurred in pursuing the remedies provided in
<br />this paragraph 13, including. but mat limited to, reasonable
<br />attorncv%' fees and costs of title evidence.
<br />If thv 1% of sale is invoked. Trustee shalt record a notice of
<br />default in each county in which any part of the Property is located_
<br />and shall mad copies of such notice in the manner prescribed by .
<br />applicable law to Borrower and to the other persons prescribed by
<br />applicable law After the time required by applicable law, Trustee
<br />shall Rise public nonce of sate to the perssms and in the manner
<br />presoibed by applicable law. Trustee, without demand on Borrower,
<br />shall w 11 the Pnipeny at public auction cw the highest bidder at the
<br />time and place and under the terms designated in the Potice 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 I ender or its designee may purchase the Property at any sale.
<br />Upon ictcipt tut pay ment of the price Md. Trustee shall deliver to
<br />the purchaser 1 ruistee'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 sage
<br />in the following order (a) to all expenses of the sane, including, but
<br />not limited to. 1 itwee's fees as permitted by applicable law and
<br />reasonable (h) its all sums secured by thisSccuraty
<br />Instrument, and (c) any excess to the person or persons. egally' .
<br />entitled at it
<br />14. !1111111 ac.tielcran(in under paragraph 13 or abandonment of the
<br />Property. Vender fin person, by agent or by judicially appointed
<br />reuiver) shall be entitled to enter upon, take possession of and
<br />manage the Property and to collect the rents of the Property
<br />including thaw past due Any rents collected by Lender ur, the
<br />retenet shall be applied fast to payment of the ousts of management :
<br />of the ('roperty and udlccuon of rents, including, but not'Ninited ro.
<br />receiver's fees, piciniums tin recerscr's bonds and reasonable
<br />attorney's fees, and then to the •urns secured by this nmlruitieno`.
<br />Page 3 01 5, )
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