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<br />event of loss Borrower will give immediate notice by mail to the
<br />Lender. who may make proof of loss if not made promptly by
<br />Borrower. and each insurance company concerned is hereby
<br />authorized and directed to make payment for such loss directly to
<br />the Leader instead of to the Borrower and the Lender jointly, and
<br />the insurance proceeds, a any part 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 />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 />thepurchaser or grantee.
<br />1
<br />RE-RECORDED
<br />104794 89-- 104894
<br />any of the conditions or agntements, contained in this instrument, or
<br />the note wbich it secttr.s. thui,tha entire principal sum and accrued
<br />interest .shall at coca become: dtlu and payable, at the election of the
<br />Lender.
<br />9. That as additional and collateral security for the payment of the
<br />[tote described, and all sums to become due under this instrument;' .
<br />the Borrower - hereby assigns to the Lender all profits. revenum
<br />royalties, rights and benef - accruing to the Borrower under any and :
<br />all oil and gas leases on. s&4 premises, with the right to. receive and .
<br />receipt for them to said indebtedness as well
<br />before as aftrrr t Whuit'ic :jin° conditions of this instrument; and the
<br />Lender may drmw4 site fbt and recover any such payments when'.'
<br />due and payi ae, 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. T UL th .iorrower will keep the buildings upon said premitas
<br />in good rqu i'r. anct neither commit nor permit waste upon said turnf,
<br />nor suffer attar said premises, to be used for any unlawful purpose.
<br />11. That if tha- ;rwmfu%� -cr any pan thereof, be condemned. under
<br />the power of eminent domain, or acquired for a public use, tho
<br />damages awarded. the proceeds for the taking of, er 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 Harrower 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 installment; ersuch
<br />indebtedness.
<br />12. The Borrower further agrees that should this instrument and
<br />the note secured hereby nqt be eligible for insurance under the
<br />National Ifnut og Act within eight months firm the date hereof
<br />(written suitment of any officer of the Department of Housing ami .
<br />Urban Devdopment or authorized agent of the Secretary of Housing'
<br />artd Urban Development dated subsequent to the eight months' time
<br />ly *m the date of this instrument, declining tip insure said note and
<br />-this mortgage, being deemed conciumm. proof of such ineligibility),
<br />the Lender or holder of the note may., at i1b option, declare all sums
<br />secured hereby immediately due and payable. Notwithstanding the
<br />foregoing. this option may not be exercised by the lx9der or the
<br />IvIder of the note when file ineligibility for insurancx under the
<br />National Housing Act is due to ilia Lcndei s failure to remit the
<br />mortgage imutunce premium to the De)>Iittttient of !lousing and
<br />Urban Deveopment.
<br />13. That if the Borrawrff fails to make any paymenri of money
<br />when the same become due, or fails to conform to and comply with
<br />tender shall give notiue twila rower prior to acceleration
<br />fallowing Borrowier's breaeb:ef any covenant or agreement in this
<br />instrument ('jut not prior to acceleration under paragraph 12 unless
<br />applicable hula provides otherwise). The notice shall specify. (a) the
<br />debult; (b) the action required to cure the default; (c) a date, not less
<br />than 30 days (mat tiro date the notice is given to Borrower, by which
<br />the default must be Cored; and (d) that failure to cure the default on
<br />or befare 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 atid-the right to bring a court action to assert the non-
<br />existence d. d default or any other defense of Borrower to
<br />acceleration- and sate. If the default is not cured on or before the date
<br />specified imthe notice. Lender at its option may require immediate
<br />payment: fa full, of all s-Jms secured by this instrument withous
<br />furtrfer, demand and may invoke the power of safe and any other
<br />remedies peiimitted by applicable law. Lender shall be entitled to
<br />collect all expenses in&.rred 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 sal,. is finvoked, Trustee shall rear! d a notice of
<br />default in each county is which any pan of the Prcpnrty is touted
<br />and shall mail copies of such notice in the manner p-=ribed by
<br />applicable. law to Borrower and to the other persc ;p-,escriWJ by-
<br />applicaEUr law. After the time required by applic*bU law. Trustee
<br />shall give public notke of sale to the persons arc', ::r: rue manner
<br />prescribed by applicable_ law. Trustee. without demand on Borrower.
<br />shall sell the Property it public auction to the highest bidder at the
<br />time and place and under the terns designated in the notice of sale
<br />in one or more parcels and in any ovkr Trustee determines. Trustee
<br />may postpone sate of all or any paza-,1 ;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 any sale.
<br />Upcn receipt of payment of the price bid. Trustee shall delri x to
<br />the purchaser Trustee's deed conveying the Property. The reet�.:tit✓ i :o
<br />the Trustee's deed shall be prima facie evidence V. de truth of the
<br />statements made theremiL Trustee shall apply the proceeds of the sale
<br />in the following order. (a) to all expenses of the safe, including, but
<br />not limited to. Trustee's fees as pern;irted by applicable law and"
<br />reasonable attorneys' fees; (b) to all z-.ms 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 partpSaph 13 or e-andonmert, or, the
<br />Property, Lender (in person, by aip-ov or by judicWa q appo:flwd
<br />receiver) shall be entitled to enter tq cn, take pones- ;con of z;.til
<br />manage the Property and to collect the rents of .J1a.lhopery
<br />including those past dvrc. Any rents collected by Li ovfer or t_te
<br />receiver shall be applia first to payment of the costs of martagrMent
<br />of the Property and collection of rents, including, but not limited to,
<br />receiver's fees, premiums on receivers bonds and reasonable
<br />attorney's fees, and then to the sums secured by this instrument.
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