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r <br />event of loss Borrower will give immediate notice by mail to the <br />I=der, who may make proof of loss if not made promptly low <br />Borrower, and each insurance company concerned is hereby <br />authorised and directed to make payment for such loss directly to <br />the Lander instead of to the Borrower and the Lender jointly, and <br />the insurance proceed% or any pan thereof, may be applied by the <br />Le WU 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 of the <br />note described, and all sums to become due under this instrument, <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 gas leases on said premism 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 time <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 Bcsnu%iter will keep the buildings upon said premises <br />in good repair, and norther commit nor permit waste upon said land, <br />nor suffer the said premises to be used for any unlawful purpose. <br />11. That if *.c 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, or the <br />consideration for such acquisition, to the extent of the full amount of <br />indebtedness upon this. instrument and the now which it is given to <br />secure remaining unpeiaL, art barby assigned by the Borrower to the <br />Lender, and shall be paid £ r*-a*h to said Lender to be applied by <br />the latter on account of the nexi maturing installments of such <br />ir4__Nn dar <br />12. The Borrower further agrees that should this instrument and <br />the note secured hereby not be eligible for insunnoe under the <br />National Housing Act within eight months from: the date hecerraE <br />(written statement of any officer of the UepartmASat of Housing: aad <br />Urban Development or authorized agent of the Secretary of Kdusirg <br />and Urban Development dated subsequent to the eight months' time <br />from the date of this instrument, declining to insure said now and <br />this mortgage. 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 Lender or the <br />holder of the vote when the ineligibility for insurance under the <br />W <br />Nadd , Housing Act is due to the Lender's failure to remit the <br />mortgsge insurance premium to the Department of Housing and <br />Urban <br />opntettt; <br />13. That if the [iorrower fails to make any payments of money <br />when the same become due, or fails to conform to and comply with <br />r <br />. 89-103782 <br />any of the condition., 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 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 Property. 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. bender shall be entitled to <br />collect all expenses incurred ire pursuing.the remedies provided in <br />this paragraph 13, including, but not UmltO. to. reasonable <br />attorneys' fees and costs of title evidence. <br />[f the power of sale is invoked. Trustee shall record a notice of <br />dcfkWt in each county In which any part of the Property is located. <br />and shall mail copies of sr2ch notice in the manner prescribed-by <br />applicable law to. Borrower and to the oilresr persons prescribed by <br />applicable law. After the time required by applicable law. Trustee <br />sball give public notice of sulk to the persons and in the manner <br />prescribed by applicable low_'17twee. without demand on Borrower. <br />stall sell the Property at public auction to the highest bidder at the <br />time � Warp *nd und" d,w �trr..,,,.e ...t :.. 0" _V —I- <br />M ""m�,'i�".,,.......w u0SOCC aaw <br />in one or mom parcels and in any order Trustee determines. Trustee <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 may sale. <br />Upon receipt of payment of the price bid, Trustee shall deliver to <br />the purchaser Trustee's deed conveying the Property. The recitals in <br />the Trustee's deed shall be prima facie evidence of the truth of the <br />Mentents made therein. Ttu me 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. Trustees fees as Permitted.by applicable law and <br />reasonable attomeys' fees; (b) to all sums secured by this Security <br />Instrument; and (c:) any excess to the person or persons legally <br />entitled to it. <br />14. Upon a6cd=tion 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 craiiect the rents of the Property <br />including those past due. Any rents collected by Lender or the <br />receiver shall be applied first to payment of the costs of management <br />of the Property and collection of rents, including, but not limited to, <br />receiver's fees, pr' rMiums on receiver's bonds gad reasonable <br />attomeys fees; aitri then to the sums secured by this instrument. <br />Page 3 o/ 5 , <br />WD-MOOT-1 <br />U <br />t <br />•rt•: <br />It►� <br />