|
r.
<br />1
<br />89'-- 103277
<br />event of loss Bturower will give immediate notice by maul to the
<br />Lender, who may make proof of loss if not ma& promptly by
<br />Borrower, and each insufsOM canpany 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 proceeds, or any part thereof. may be 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 tide 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. Tlut as additional and collateral security for the payment. of the
<br />note described, and all sums to become due under this inswiMent.
<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 go 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 instrumenti•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 />10. That the Borrower will Beep the buildings upon said premises
<br />in good repair, and neither commit nor permit waste upon said land.
<br />am suffer the said premises to be used for any unlawful purpose.
<br />I I. 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 takin= of, or the
<br />cwnsiderltion for such acqubstion, to the extent of the full amount of
<br />indebtedness upon this instrument and the aisle which it is given to
<br />secure remaining :unpaid, are hereby assigwA lay the Borrower to the
<br />Leader, and shall be paid forthwith to said Lad" to be applied by
<br />the tatter on account of the next maturing iasWments of such
<br />indebtedness.
<br />12. The Borrower further agrees that sbovfd this instsument 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 Secretuy of Housing
<br />and Urban Development dated subsequent ra the eight months' time
<br />from the date of this instrument. declining to insure said note and
<br />title mortgage, being deemed conclusive proof of such ineligibility),
<br />the. E:ender or holder of the note may, at its op i am dedxre all sums
<br />secured hereby immediately due and payable. NctwMaiading the
<br />foregoing, this option may not be exercised b3 the Lende -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 />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 urne.become due, or fails 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 enure principal sum and accrued
<br />interest shall at once become due and payable, at the election of the
<br />Lender.
<br />Lender 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 acceleration under paragraph 12 unless
<br />applicable law provides otherwise). The notice shall specify: (a) the
<br />default; (b) the action required to cure the default (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 (d) that failure to cure the default on
<br />or before the date specified in the notice may result in acceleration
<br />of the sums secured by this instrument and sale of the Properly. The
<br />notice shall further inform Borrower of the right to reinstate after
<br />acceleration and the right to bring a court action to assert the non-
<br />existence of a default or any other defense of Borrower to
<br />acceleration and 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 of 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 title evidence.
<br />If the power of sale is invoked, Trustee stall record a notice of
<br />default in each county in which any part of the Property is located
<br />and shall mail 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 give public notice of sale to the persons and in the manner
<br />nresc6W by applicable law. Trwet, washout d-m- vir at,rrvwcr:
<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 pareek and in any order Trustee deterrnines. Truastec
<br />may postpone sale 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 pagfimnt of the price bid. Trustee shall deliver tov
<br />the purchaser•Trustec's,deed conveying the Property. The recitals &..
<br />the Trustei:sdeed 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 applicaibte law and
<br />reasonable attorneys' fees; (b) to all sums secured by this Security.,
<br />Instrument; and (e) any excess to the person or persons legally
<br />entitled to it.
<br />14. Upon acceleration under paragraph 13 or abandonment of the
<br />Property, Lender (in person. by agent or by judicially appointed
<br />receiver) shall be entitled to enter upon, take possession of and
<br />manage the Property and to collect the rents of the Propcnq
<br />including those past due. Any rents collected by Lender.or*the
<br />receiver shall be applied first to payment of the costsufmanagement
<br />of the Property and Collection of rents, including, but not limited to,
<br />reooivc:'s fees, Premiums on receiver's bonds and reasonable
<br />attomey's fees, and then to the sums secured by this instrument.
<br />Page 3 of 5
<br />HUD- 94"43DT -1
<br />i
<br />�.I
<br />
|