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r <br />1 <br />L <br />event of loss Borrower will give immediate notice by mail to the <br />Lender, who may make proof of toss if not made promptly by <br />'grower, and e*ch insurance comnsnv concerned is hereby <br />authorized and directed to make payment for such toss directly to <br />the Lender instead of to the Borrower and the Lender jointly. and <br />the ifisufance proceeds, or any pan thereof, may be applied by the <br />Lender at its option either to the reduction of the indebtedness <br />Lereby secured or to the restoration or repair of the property <br />ct:srsaged In event of foreclosure of this in.rument or other transfer <br />of title to the mortgaged property in extinguishment of the <br />indebtedness secured bereby. all right, title and interest of the <br />Borrower in and to any insuraurar policies then: in force shall pass to <br />the purchaser or FJgW; .: <br />�. 1'��Y�;drlilirsruiE rrt?t� - ;h,( sje^� it t r. jiu ttsr pzty *r„ ref a�tt <br />9xttili13�?i,11C�r tt;lbrriiciGdct ttrrt:`k'.tCliisit3r'i�i ;Cnt, <br />tlir: )itrssver hereiay assigiit: nr1lt ender dill prat tk; ;rr�iays. <br />royaljies, rights and benefts Wan, deg to the Borrower stn any and <br />all a and gas leases on said premises• 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 the <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 Borrower will keep the buildings upon said premise% <br />in good repair, and neither commit nor permit waste upon said land. <br />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 />indebtedness upon this instrument and the note which it is given to <br />secure remaining 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 />ivdear:dness. <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 />(written statement of any officer of the Department of Housing and <br />Urban Development or actin r_izod agent of the secretacf, u Housing <br />and Urban Development d4xd subsequent to the eight months* time <br />from the date of this instrument, declining to insure said note 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 immediateli, C,:g and payable. Notwithstanding the <br />foregoing, this option may :aav be exercised by the tender or the <br />holder of the note when the iV. -4 ryt iiitp (4 insurance under the <br />National Housing Act is due Cott lender's failure to remit the <br />mor,SW insurance premium to the Department of Housing and <br />Urban Development. <br />13. That if the Borrower fails to make any payments of money <br />when the some become due. or fails to conform to and comply with <br />89.' 104649 <br />any of the conditions or agreements contained in this instrument, or <br />the note which it secures, then the entire principal sum and accrued <br />interest shall st 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 dale. not less <br />than 30 days from the date the notice is given to Borrower, by which ; <br />the default must he cured; a tc13 *htx fa "arc to cure the default on <br />ur before tLn Speer � CCi`!: a»� z';v result in accceientix° - ,; <br />ire rl~e s�tt� ism by is s,�ai: ... . <br />lime shush f &ter inform ar-tiueiz rilft' to re'V tw <br />a=feraticr ia tote right to bring a +_; to iz4t.the' trQ <br />existence rE i Mault or any other defsmse4 Borrower to <br />acceleration arsd sale. if the default is not Lured 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. Lender shall be entitled to <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 />shall give public notice of sate to the persons and in the manner <br />prescribed by applicable taw. Trustee, without demand an Borrower, <br />shall sell the Property at public auction to ft. Ugliest bidder at the <br />time and place and under the terms deJg,, 3114 4-, the notice of sale <br />in one or more parcels and in any order Trustee <br />may postpone sate of all or any parcel of the F ..e public <br />m <br />a inounceent at the time and place of any p ra�:4u i; �teduled <br />We. lender or its designee may purchase Ot Property at any sale. <br />Upon receipt of payment of the price ro'4. Trustee shall deliver rag <br />the purchaser Trustees deed conveying die Property. The recitals is <br />the Trustee's deed shall be prima facie evWence of the truth of (he <br />statements made therein. Trustee shall. al-eply the proceeds of the We <br />in the foli omi'Ing order: (a) to all expenses of the sale, including, brat° <br />not IimwnA !,:?, Trustee's fees as permitted by applicable law and <br />reasonable attorneys' fees; (h) 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 acceleration 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 collect 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 />recaiveres fees, premiums on receiver's bonds and reasonable <br />attorney's fees, and then to the gums secured by this instrument. <br />-"I <br />1 <br />Pacie 3 of 5 <br />V <br />�F <br />