89103198 - Laserfiche WebLink

Browse

a F 0 F- 89---t103198 event of Ica Borrower will give immediate notice by mail to the Lender. who may nuke proof of loss if not made promptly by Borrower, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to Nee Lender instead of to the Borrower and the Lender jointly. and the insurance proceeds, or any part thereof, may be applied by the Leader at its option either to the reduction of the indebtedness hereby secured Of to the restoration or repair of the property damaged. 10 event of forocbwre of this instrument or other transfer Of tide to the 1nor4agod property in extinguishment of the indebtedness secured hereby. all right, title and interest of the Borrower in and to any insurance policies then in force shall pass to the purchaser or grantee. 9. That as additional and collateral smurity for the payment of the ante desmIxxt and all sums to become due under this instrument, the Borrower hereby assigns to the Lender all profits, revenues, royalties, rights and benefits accruing to the Borrower under any and all oil and gat leases on said premism with the right to receive and receipt for the same and apply them to said indebtedness as well before as after default in the conditions of this instrument. and the Lender may demand, sue for and recover any such payments when due and payabe, but shall not be required so to do. This assignment is to terminate and become null and void upon release of this instrument. I.Q. Thai the Borrower will keep the buildings upon said premises in good'repair. and neither commit nor permit waste upon said land, nor suffer the said premises to be used for any unlawful purpose. 11. That if the premises, or any part thereof, be condemned under the power of eminent domain. or acquired for a public use, the uru and a:.ar- the proceeds for the taking of. or the consideration for such acquisition, to the extent of the full amount of indebtedness upon this instrument and the note which it is given to secure remaining unpaid, are hereby assigned by the Borrower to the Lender, and shall be paid forthwith to said Lender to be applied by the latter on account of the next maturing instalments of such indebtedness. 12. The Borrower further area that should this instrument and the mote secured hereby not be eligible for insurance under the National Housing Ace within eight months from the date hereof (written statement of any officer of the Department of Housing and Urban Development o t 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 morWV. being deemed conclusive proof of such ineligibility), the lender or holder of the note may. at its option. declare all sums Secured hereby immediately due and payable. Notwithstanding the foregoing, this opton may not be exercised by the Lender or the holder of the note when the ineligibility for insurance under the National Rousing Aux is due to the Lenders failure to remit the mortgagrr fiisstranoe premium to the Department of Housing and Urban Deftkvnent. 13. That if flee Borrower fails to make any paynuarsof money when the skme become dm or farts to conform to sad comply wield- any of the conditions or agreements contained in this instrument, or the note which it securm 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 following Borrowers breach of any covenant or agreement in this instrument (but not prior to acceleration under paragraph 12 unless applicable law provides otherwise). The notion shall specify: (a) the default; (b) the action required to cure the default; (c) a date. not less than 30 days from. tk. 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 roams secured by this instrument and sale of the Property. The notice shall further iinform Borrower of the right to reinstate after acceleration and the raht to bring a coun action to assert the non- existence of a defiiult or any other defense of Borrower to acceleration and sale. If the defautx is not cured on or before the date specified in the notice. Lender at its option mays require immediate payment in full of all sums secured by this instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 13. including, but not limited to. reasonable attorneys• fees and casts of title evidence. If the power of We is invoked, Trustee shall record a notice of default 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 prescribed by applicable law. Meer the time required by appGc We law. Trustee Shall Give public. hutfce.of sale to the Mrennc amd .,� the g. Pres�'bed by.�ficable law. Trustee. without demand on Barrmwer, shall se@ the Property at public auction to the highest bidder _e 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. Trustee may postpone sale'efall or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the Property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Property. The recitals in the Trustees deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order. (a) to all expenses of the safe. including, but M limited to. Trustee's fees as permitted by applicable law and reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 14. Upon acceleration under paragraph 13 or abandonment of the Property. Lender (in person. by agent or by judicially appointed receiver) shall be entitled to enter upon. take possession of and manage the Property seed to collect the rents of the Property including those past "due. Any rents collected by Lender or ft receiver shall be applied first to payment of the casts of rruanaga ment Of "he Property and collection ol'rrnis, includkt &.but not iiimiitrd "to, receiver's fees, Premiums on receivers bonds and reasonable attorney's fees, and then to the sums secured by. this instrument. Page 3 o15 L HUD- 92143DT.1 J n f b