|
F
<br />■
<br />89i, 103263
<br />&g-- 14418.5 _
<br />event of lass Blorrowea will give immediate notice by mail to the
<br />Leader. who amy make prom of foes it not made promptly by
<br />Borrower, ad aeh insure= comepany eonatned is limb)
<br />awliorired ad directed to mate paymM for such 100 directly to
<br />the Lender hocad of to the Borrower and the Lender jointly, and
<br />the inswasm proceeds, or any part thered. may be applied by the
<br />Leader at its option either to the redecoios of the indebtedness
<br />hereby secured or to the restoration or repair of the property
<br />danoged In event of foreclosure of this instrument or other transfer
<br />of tick to the - nortgaged 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 fierce shall pass to
<br />the purchaser or grantee.
<br />9. ?flaws additional and coflateral'security for the payment of the
<br />tsoke din$ �t ed, turd all sums to become due under this instrument,
<br />the Borrower hereby assigns to the Lender all profits, revenues,
<br />royalties. rights and be:60 its accruing to the Borrower under any and
<br />all oil and gas k&MS on said premises, with the right to receive and
<br />receipt Ter the same and apply them to said indebtedness as ;bell
<br />befow as after default in the conditions of this instrrmem. and the
<br />Leader may demand. sue for and recover any such payments when
<br />due and payable. but shall not he required so to do. Thty assignment
<br />6 to terminate and became null and void upon release of this
<br />instruttarxti,
<br />10. TW:ibz Borrower well k"p tb� buildings upon said ptiarsits-
<br />in gonad -repbi. ,xwd,'nrNhtr commit nor permit waste upon said land.
<br />nor cufierthe stir 0 -tmvwi s to be used for any unlawful purpose.
<br />11 tfW; d the premises, or any lusru)ereof. be condemned under
<br />the pt %-x of eminent domain. or agkured for a Public use, the
<br />damages awarded, the proceeds for the taking of; +;rthe
<br />consideration for such acquisition. to the CUM. 'if the full amount of
<br />ids upon this ;nstrumeat and the note Mich it is given to
<br />secure remaining unpaid, are hereby a*Wxd by the Bstrrower to the
<br />Leader, &4 shall be paid fc ink* ith 6 acid Lender to be applied by-
<br />the letter on account g. the next ma;ux �g installments of such
<br />indebtedness.
<br />12. The Borrower further agree!:dint should this instrument and
<br />the mate secured hereby naa he elgrWe for insurance under the
<br />National Housing Act within eight months frtxn the date hereof
<br />(written statement of any officer of the Department of Housing and
<br />Urbana Levelopment or authorucd went of the Secretary of Housing
<br />and U.: -*o OcielopirKitt dated sub.-cquent to the tight months U-19
<br />from !.`ite. dart~ of this instrument, declining to insure said note Anil
<br />this colt )rtpgte, being darned cnaaclusive proof of such ineligibility).
<br />the Lender or holder of the note may. at its option. declare ailMatrrs
<br />secured hereby imn mUsiety due and payable. NouAi ttandmg the
<br />foregoing, this option may not he exercised by the lender „r the
<br />holder of the note when the ineltiMity for mwrakc under the
<br />National Housing Act is due to the Lender's failure a, remit the
<br />rnortpge insurance ptentuam to the Department v1 Housing and
<br />Urban Development.
<br />13. Tint if the Biwower fails to make any payments of money
<br />*Wit the same become duce. or fails to conform to and comply with
<br />env of the maditionF, or Wrermnts contained in this instrument, or
<br />the Rev which. it. Smuri m :01'G -1.00 entire principal sum and accrued
<br />interest shall'ar onim bmoifra due and payable, at the election of the
<br />Lender.
<br />Lender shall give notice -to- Burrower prior to Amleratim
<br />following sorrawer's-btraull:cif any covenant or agreement in ibis
<br />ingrument (hut. not, prior tit tt&-tleration under paragraph 12 unless
<br />applicable law pmvides adlerwise). The notice shall specify: (a) the
<br />default: (b) The f -jen tryuitcd to cure the default; (c) a daw not less
<br />than. 30 dates ft, at.fhe dafto floe notice is given to Borrower, by which
<br />the default must be cumL— and, (d) that failure to cure the default on
<br />or befnt+r -11sc darn spimified ig.the notice may result in acceleration
<br />of tWiirgs secun-1 by this instrument and sale of the Propeny. The
<br />notice shall further inform.6orrotser of the right to reinstate afar
<br />acceleration and the right to bring a court action to assert the non -
<br />existccix of a dcfault'ananu ;other defense o[ Borrower to
<br />acre #eiiitian and sale_ If the debult is not cured on or before the date
<br />spcci6jA la the notice, Lenddr at its option may require immediate
<br />payment in full. of all:surm vocured by this instrument without
<br />further demand and.may� invoke the power of sale and any other
<br />remedies permitttxf by' applicable law. Lender shall be entitled to
<br />oxilltt ail expenses incurred in pursuing the remedies provided in
<br />this paragraph l Kinctuding, butm7t limited to, reasonable
<br />attorneys fates aid ciiiis of title t vidence
<br />If the. poorer of sail: is involved. Trustee 6haq rc.;ord a notice of
<br />deftuall ini-egh county in which ally` part of the Property it;l?xzted
<br />and ureic tniil copies of such mica in the manner prestcribe i by
<br />applicable law to 64rowci and to the other persons prtstribed by
<br />applicable law. Af ra -the time required by applicable lawn, Trustee
<br />shall give public natant: of sale to the persons and in the runner
<br />prescribed by applicable law. 'trustee. without demand on Borrower,
<br />shall sell the Property at public a drun to the highest biddeca3 the
<br />time and place and under the ttmiv designated in the notice; f;,,mle
<br />in one or more parcels and in anyorder TrwAft:determines, Tiistee
<br />may postpone sale of all or any parcel of the.fttl"rerty by p�hic
<br />arnquacement at the time and place of any previously schW4, (W
<br />%je 1., inkier or it. designee may pttriA&w the Property at rfi.,Y sale:
<br />Upon receipt of payment of the pz.w bid, Trustee shall deliver to
<br />the purchaser Trustee's deed conveying the Property. The recitals in
<br />the 'f rustce's deed "I be prima facie evidence of the truth of the
<br />stalencnt% made therein. Trustee %hall apply the proceeds of the sale
<br />in tali, following order: (a) to aA eatpeases of the sale. including, but
<br />ma limited to. Trustee's fees as pert'nitted by applicable law and
<br />reasonable at(srneyV fees; (b) to all sums We4red by this Security
<br />Instrument; and (c) any excess to the pence ai, persons legally
<br />entitled to it.
<br />14 Upon acakration under paragraph 13 or abandonment of the
<br />PriV. erty, Lender (in person, by agent or by jWkially appointed
<br />receiver) shalt t)o-- eetatled to twer upon, takr, .ptwtssion of and
<br />manage the Property and to ecilket the rears Jibe Property
<br />including those past due Any iiubi collected by Lender or the
<br />recover shall he applied first to payment of the costs of mi ingement
<br />of the Property and collection of rents. indimbitg, but not limited to.
<br />receiver fees, premiums on receivers bonds and reasonable
<br />attorney 5 fees, and then to the sums secured by "this instrument
<br />Petae 3 of "U0.921143OT -1
<br />i (11`4e c ��
<br />J
<br />i
<br />r;�
<br />
|