89103373 - Laserfiche WebLink

Browse

matte shall be added to the princii%il sum 0ntintll on the above note. %hall be secured hcrcby. and shall bear tt,teicst at elm rata set forth in the said uotc. until paid. 7. That the Borrower hereby assigns. transfer> and sets, over to the Lender. to be applied coward the payment of the note And all turns 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. revenues and income to be derived from the said premises during such time as the indebtedness shall remain unpaid. and the Lender shall have power to appoint any agent or Writs it may desire for the purpose of repairing said premises and of renting the sane and collecting the rents, revenues and income. and it may pay wit of said i.tvOnles all expenses of repairing said premises and necessary ccmvmas4ons and expenses incurred in rent- ing and managing the same 4-ttc8 of collecting rentals therefrom; the balance rettii "Ing, if iny to be applied toward the discharge of said indebtc-fttem 89- 103371 12. ilut I?,rtrrr+rr f:►nnet agrees that should 11t1v instrument and the nntr, �r.,cured hereby "ill INC eligible for insurani. under the Na• tinttid I-jousing %Ct %vitldn ripht axmths from the date hcrf if (wttn. ..n statem"t of eny nffieer of the Daputatent of Ilousing and Urlv►n Developrttent or authorized agent of the Se.�retaty of Housing and Urban Development dated subsequent to the eight montht:° tittle from the date of this instrument, declining to ituure saki nato and this mortgage. being deemed conclusive proof of such inaligiblli*% the Leader or holder of the note may. at its op- tion, i1cchae all-sums secured hereby immediately due and payable. Notwithstanding the foregoing, this option tray not be exercised by the Leader or the holder of the note when the ineligibility for insurance undo the National Housing Act h due to the Lender's failure to remit the mortgage insurance premium to the Depart- ment of Housing and Urban Deseopment. fl. That the Borrower will keep the imre�' ;e writs now existing or hereafter erected on the property, insurca� as may be required from time to time by the Lender against loss by fire unit vtbhr hoards, casualties and contingencies in such dmounts and• for such periods as may be required by the Lender and will pay ptomptly, . when due, any f tmiums on such insurance provision for payment of which has not been made hereinbefore. Ali insurance shall be carried in companies approved by the Lender and the policies and renewals thereof shall be held by the Lender and have attached thereto loss paya* clauses in favor of and in form acceptable to the Lender. In eoetttt of loss Borrower will give immediate notice by mail to the Lander, who may make proof of loss if riot made promptly by IkVM ver, and each insurance company -concerned is hereby authorimd and dite-U4 to make payment for itwh loss directly to the La..4v instead of to the Burrow+tt and Ikiv Lender jointly, and the irsurance proceeds. or any pat- thereof, may be applied by the 1:xiWkr at its option either to the reduction of the indebtedness hereby secured or to the rmtoration or repair of the ....,....., d, %m2*M, in event of forecimute of this instrument or vtPret transfer of title to the mortgaged. property in extiiW4is meat of the indebtedness secured hereby. allitight, title and interest of the Borrower in and to any insurance policies then in force shall pass to the pumhaler us g mice. 9. That as additional urtd collateral stmii ty for the 1123m-M3 of." the note described. and all Suites to become due under this inst.tu ment. the Borrower hereby assigns to the Lender all profits. rr.denua, roy4ties. tights and benefits accruing to the Borrower W&kr any and am8 oil and gas leases on said premises. with the rig(ti to receive and receipt for the same and apply them to said iie"edness as well before as after default in the conditions of this instrument. and the Leader may demand, sue for and recover any such pa )?tents when due gad payable, but shall not be re- quired so to do. '?Kris assispiveni is to terminate and become null and void upon release of tKs.instrument. 10. That the Borrower 4.W. -keep the buildings upon said premises in good repair. and neither commit nor permit waste upon said tend. nor suffer the said premises to be used for any unlawful purpose. 11. That if the prMises. or any part thereof. be condemned under the power of erninm domain, or acquired for a public use. ale damages awarded. the proceeds for the taking of, or the con sWeMtkx+t 7Rsc *ucb acquisition. to the extent of the full amount of jmk+jAd6t'idjWon thin: ing runtent and rise note which it is riven to sedwt,ttmaitting tltlpaid. arc hereby anigned by the Borrower to tfmr I avier. and sW be paid forthwith to said Lender to be ap- pjk4 by tie latter on account of the next maturing installments of such indebtedness. 13. That if the Borrower fails to make any payments of mOney when the same become due. or fails to conform to and compl, with any of the conditions or agreements contained in this instru- atenr, 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 fallowing Borrower's breach of any covenant or agreement in this instrument (but not prior to acceleration under paragraph 12 -unless applicable law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default, (e) a date. not less than 30 days from the date the notice is given to 13moM er. by which the default must be cured: and (d) that failure to cum the default on or before the date specified in the notice may re%wt tin acceleration of the sums secured by this instrument and sale of the Properly. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the nonexistence of a default or any other defense of Borrower to acceleration and sale. if the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by thin irufrw. —ic�.i wit. ".:.:st fust!�'.r dentwrd 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 One remedies provided in this paragraph 13. including, but not limited to. reasonable attorneys' fees and costs :,f till: cs:.'' :trd. If the power of sak is invoked. Trustee shall record a notice of default in each county in which any part of the property is located and shall trail copies of such notice in the manner ptecribe d by applicable taw to Borrower and to the other persomt . P applicable law. After the time required by applica%5+t• law. Trustee shall give public notice of sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Bor- rower. shall sell the Property at public auction to the highest bid- der at the time and pt=. and under the terms designated in the notice of sale in one or.awr parcels A of all n or r Trustee determines. Trustee may postpone the property . by. public announcement at the time and place of any: previousTM: scheduled sale. Lender or its designee may purchase dje Properly at any safe. Upon receipt of payment of the price bid. Trustee shall deliver to the purchaser Trustee's deed conveying the Property. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the Pro- ceeds of the sale in the following order: (a) to all expenses of the sate, including, but nar limited to, Trustee's fees as permitted by applicable law and reasonable attorneys' fees; (b) to all sums secured bg this Security instrument; and (c) any excess to the per- son or persons legally entitledpitn.r, U t- i