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<br />89- -- 10390,5
<br />event of toss Borrower will give immediate nolkc by mail to the
<br />Lender, who may make proof of loss if not made promptly by
<br />Borrower. and each unsurance company concerned is hereby
<br />authorized and directed to make payment for such loss directly to
<br />the Lender instead olt to the Borrower and the Lender jointly, and
<br />toe insurance proceeds, or any pan 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 />dammed. 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 fora shall pass to
<br />the purchaser or grantee.
<br />. 4. That as additional and collateral security for the payment of the
<br />t*4te cde=bed, and all sums to become due under this instrument,
<br />ib-- i mmower hereby assigns to the Lender all profits, revenues,
<br />royalties, rights and benefits accruing to the Borrower under any and
<br />aW mil awl gas leases on said premises, with the right to receive and
<br />feeeilea loch the same and apply them to said indebtedness as well
<br />before as after default in the conditcons of this instrument, and the
<br />Lender may dernarzd. sue for and recover any such payments when
<br />due and payable, but shall not be required so to do. This assignment
<br />its to terminate: and become null and void! upon release of this
<br />;;. irtstctrMent.
<br />1 Q.'ihat the Borrower will keep the buildings upon said premises
<br />W good repair, and neither commit nor permit waste upon said land,
<br />I nor suffer the said premises to be used for any unlawful purpose.
<br />11. 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 taking of, or the
<br />Consideration for such acquisition. to the extent of the full amount of
<br />ittdcWLVncsr. upon this in -s.rurnent and the note which it is given to
<br />sewer mmaining unpaid. are hereby assigned by the Borrower to the
<br />Lender, and shall be paid forthwith to said Lender to be applied by
<br />the latter on account of the next maturing installments of such
<br />indebtedness.
<br />12. The Borrower further agrees that should this instrument 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 />(writim statement of any officer of the Department of Housing and
<br />Debate Development or authorized agent of the Secretary of Housing
<br />[Bolan Development dated subsequent to the eight months' time
<br />from ),lie date of this instrument, declining to insure said note and
<br />chi;: masipSe, being deemed conclusive proof of such ineligibility),
<br />the Lendier or holder of the note may, at its option, declare all sums
<br />secun:4 hereby immediately due and payable. Notwithstanding the
<br />fonep6iog, this option may not be exercised by the Bender or the
<br />bolder( of the note when the ineligibility for insurance under the
<br />Nlstiriaat Housing Act is due to the Lender's failure to remit the
<br />hxw4 IC insurance premium to the Department of Housing and
<br />urtm €kwelopment..
<br />i3_• 16i if the Sosrowee fans to make any payments of money
<br />.whew floe same:. be o me due. or fails to conform to and comply with
<br />any of the conditions or agrcementi contxrr!cd in thm tmttumrnl. or
<br />the note which it secures, then the entire pfteogml run► 4nd.as4rur l
<br />interest shall at uncc become due and )►ayabdd, At IN ekcltoM of the
<br />Lender.
<br />Lender shall rive notice err liorto%er prior k► au•cleratitnt
<br />following Borrower's breach of any covenant of agtrerrKttt rn 11m.
<br />instrument (but not prior to acceleralm-A under p4ragraph'l2 unkot
<br />applicable law provides otherwise). Tic nolke shall spe, b, (a) the
<br />default, (h) the action required to cute the default: (o:) a dile. not les`
<br />than 30 days from the date the notice is given to Ikrnrwar, by whir:h
<br />the default must be cured; and (d) that failure to cure thodefault ore
<br />or before the date specified in the notice may rrsult in 36x1trallon
<br />of the sums secured by this instrument and sale of the 1'rrtperty. 'I he
<br />notice shall further inform Borrower of the right to rcrnWate after
<br />acceleration and the right to bring a court action to asstrl the none
<br />existence of a default or any other defenic of Botrower,tit
<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 requ4c. immediate
<br />payment in full of all sums secured by thtr imtromenl (without
<br />further demand and may invoke the power of sale anti any other
<br />remedies permitted by applicable law. Lender shall he entitled ter•
<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 shall 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 />snail give public notice of saie to one persons and in the manner
<br />prescribed by applicable law. Trustee. without demand on Borrowar.
<br />shall sell the Property at public auction to the highest bidder at the
<br />time and place and under the tars designr_t-Ain the notice of sale,
<br />in one or more 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. tender or its designee nuty purchase the Property at any sale.
<br />Upon receipt of payment of the price bid; Trustee shall deliver to
<br />the purchaser Trustee's deed conveying the. Property. The reciuds in
<br />the Trustee's deed shall be prima facie evidence of the truth d the
<br />statements made therein. Trustee shall apply the proceeds of for 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 applicable law and
<br />reasonable attorneys' fees; (b) to all stuns secured by this Security
<br />Instrument; and (c) any excess to the .person or persons legalty
<br />entitled to it.
<br />14. Upon acceleration under paragraph 13 or abandonmCnt of the
<br />Property, Lender (in person, by agent or by judicially appgtnted
<br />receiver) shall be entitled to enter -upon, take possession e6and
<br />manage the Property and to collect-the rents of the Property
<br />including those past due. Any rents collected by Lender ex the
<br />receiver shall be applied first to payment of the costs of pranagcment
<br />of the Property and collecticm of rents. including, but natilimited to,
<br />receiver's fees. premiums on receiver's bonds and reasontlble
<br />attorney's fees, and then to the sums secured by this imi6runoent
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