|
I
<br />made shall be added to the pnnapal sum oM119 on the abo%e
<br />note, shall he secured hereby, and shall bear Interest at the rate set
<br />forth in the said note. until paid.
<br />7, That the Borrower hereby assigns, transfers and sets over to
<br />the Lender, to he applied toward the payment of the note and all
<br />sums secured hereby in case of a default in the performance of
<br />any of the terns and conditions of this instrument or the said
<br />taste. all the rents, revenues and income to be derived from the
<br />said premises during such time as the indebtedness shall remain
<br />unpaid. and the Lerwkr shall have power to appoint any agent or
<br />Mots it may desire fM the purpose of repairing said premises and
<br />of mstiag the same and collecting the rents, revenues and income,
<br />and it may pay out of said incomes all expenses of repairing said
<br />premises and necessary commissions and expense% incurred in rent.
<br />ing and managing the same and of cvtllecting rentals theref ont;
<br />the balance remaining. if any, to lx. applied toward the discharge
<br />of said indebtedness.
<br />R. That the B mrower will keep the improvv✓�vzvs now existing
<br />or hereafter erected on the property;; i:rsured as may be requ�a ,ol
<br />from time to time by the Lender 4gainst loss by fire and aYlycK:
<br />hazards, casualties and contingencies in such aauwnts and hV mvh
<br />periods as may be required by the Lender and %dull pay promptly.
<br />when due, any premiums on such insurance M00%65ion for payment
<br />of which has ncA been made hereinbefore. All in %urance shall be
<br />carried in companies approved by thr Lender and the policies and
<br />renewals thereof dull be held bee t L- Lender and have attached
<br />thereto lass payable clauses in fasvr of and in form acceptable to
<br />the Lender. In event of ins Borrower will She immediate notice
<br />by mail to the Lender. who may make proof of loss if not made
<br />promptly by Borrower, and each insurance company concerned is
<br />hereby authorized and directed to make payment for such toss.
<br />direct4 to the Lender instead of to the Borrower and the Ltr4em
<br />jointly. and the insurance proceeds, or any pan thereof. may• tr
<br />applied by the Lendrec at its option either to the reduction of the
<br />indebtedness hereby s=red or to the restoration or repair of t1te
<br />,._ I t.... _I,_.. C
<br />pi3yci�} wnraay. to c.ci.1 a•, �.nwtvauic v, iliiS Iiliss.ili.cvxi aT
<br />other transfer of title to the m9dSx yed property in extinguivi mint
<br />of the indebteYfnm secured hemkNXr aldi right. title and intro of
<br />the Borrower in and to any insu:a-tme policies then in force shall
<br />pass to the purchaser ass grantee. :.
<br />9. That as additional and coi�xcral security for the payment of
<br />the note described, and all sums to become due under ttv aixstru-
<br />ment, the Borrower hereby assigns to the Lender all prol.14M
<br />revenues. royalttes.. rrttau and benetits accruing tna the Borrower
<br />under any and all 41.. artd gas leases on said prrases. with the
<br />right to receive and receipt for the same wrid apply them to s ,d
<br />indebtedness as well before as afterdefai:dt in the conditior;�s+af
<br />this instrument, and the Lender tl,a 3 demand, sue for and •rc?cover
<br />any such payments when due and payable. but shall not be ye-
<br />quired so to do. This assignment is to terminate and become .null
<br />and void upon release of this instrument.
<br />10. that the Borrower wiU keep the buildings upon said pr=ises
<br />in goasf repair. and neither coshes nor permit waste upon said
<br />land, nor suffer the said premises to be used for any unlawful
<br />purpose.
<br />11. Ibm if the premises, ov,=.y, put thereof, be condemwd
<br />undcudie power of eminent dow.1da. or acquired for a public use.
<br />the damages awarded. the procev& for the akitu of, or the con-
<br />sideration for sueh uquisition. to the extent of the full amount of
<br />indebteduss upon (#cis; instrument acrd the note which it is given to
<br />secure remaining unpaid. are hereby assigned by the Borrower to
<br />the f etWa. and shall be paid forthwith to said Leader to be ap-
<br />plied by the latter on account of the next maturing installments of
<br />such indebtedness.
<br />1
<br />89-0 103361
<br />12. The Borrower further agrees that should this Instrument and
<br />the note secured hereby nat be eligible for insurance under the Na-
<br />tional Housing Act within eight months from the date hereof
<br />(written statement of any officer of the Department of Housing
<br />and Urban Development or authorized agent of the Secretary of
<br />Housing and Urban Development dated subsequent to the eight
<br />months' time from the date of this instrument, declining to insure
<br />said note and this mortgage. being deemed conclusive proof of
<br />such ineligibility), the Lender or holder of the note may, at its op-
<br />tion, declare all sums secured hereby immediately. due and payable.
<br />Notwithstanding the foregoing, this option ma's kvt, be ewiised
<br />by the Lender or the holder of the note when tt;te.ine!4ittXA* for
<br />insurance under the National Housing Act is duct to Oetvwki's
<br />failure to remit the mortgage insurance premium'to tho Lhtt�tvrt•
<br />ment of Housing and Urban Deveopment.
<br />13. That if the Wrro::er fails to make any payments of money
<br />when the same become due, or fails to conform to and comply
<br />with any of the conditions or ag,>ieements contained in this instru-
<br />ment, or the note which it secures, then the entire pritnciod turn
<br />and accrued interest shall at once become due and payable; at the
<br />election of the Lender.
<br />Lender shall give notice to Borrower prior to accelerarloa
<br />following Borrower's breach of any covenant or agreemton in this
<br />instrument (but not prior to acceleration under pwagrap!a lid "
<br />unless applicable taw provides otherwise). The notice shall specify:
<br />(a) the default; (b) the action required to cure, {'ate default; (c) a
<br />date, not less than 30 days from the date the notice is given to
<br />Borrower, by which the default must be cured; and (d) that failure
<br />to cure the default on or before the date specified in the notice
<br />may result in acceleration of the sums securedd by this instrument
<br />and sale of the Property. The notice shall Oixdxr inform Borrower
<br />of the right to reinstate after acceleration and. the right to bring a
<br />court action to assen the non - existence of a, default or any other
<br />defense of Borrower to acceleration and sale�'tf the default is not
<br />cured on or before the date specified in the no0o. Lender at its
<br />vjn.vir ir'gy ;cqui:v iuu,n"ii city yvymi.. in all gum.; rear d
<br />by this instrument without further demand and may invoke the
<br />power of sale and any other remedies permitted by applicable law.
<br />Lender shall be entitled to collect all expenses incurred in pursuing
<br />the remedies provided in this paragraph 13, including, but not
<br />limited to, reasonable attorneys' fees and costs of title esidence.
<br />If the power of sale is invoked. Trustee shaU•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 prescribW by
<br />applicable law to Borrower and to the other person pcet,.:ribed by
<br />applicable law. After the time required by applicable law; Tlriistee
<br />shall give public notice of sale to the per0m, mad in the manner
<br />prescribed by applicable law. Trustee, within. demand on Bor-
<br />rower, shall sell the Property at public auci6i to the highest bid-
<br />der at the time and place and under the terms designated in the
<br />notice of sale in one or more parcels and in any order Trustee
<br />determines. Trustee may postpone sale of all or any parcel of the
<br />Property by public announcement at the One and place of any
<br />previously scheduled sale. Lender or its designee may purchase the
<br />Property at any sak.
<br />Upon receipt of payment of the' price bid, Trustee shail,rlaliver
<br />to the purchaser Trustee's deed conveying: the Property. T'lft:
<br />recitals in the Trustee's deed shall be prim: 'Wtiie evidena•of the
<br />truth of the statements made therein. Thutte shaU apply the pro -
<br />cceds of the sale in the following. order. (a) to all expenses -of the
<br />sale, including, but not limited vo.' Trustee's fees as permitted by
<br />applicable law and reasonable attorneys' fees; (b) to all sums
<br />secured by this Security Instrument; and (e) any excess to the per-
<br />son or persons legally entitled to it. , ,
<br />Pape 3 of 5 i rfN1D�21agDT
<br />s
<br />,w
<br />i �
<br />
|