|
- -- trade slag be added to the principal sum owing on the above
<br />irons. shall be secured hereby, and slftalt bear interest at the rate set
<br />- -- Y f t 3a - rttrt�ntrtii pidd: — - - — -- - - --
<br />y7. Tlnt the Borrower hereby assigns. transfers and sets ova to
<br />the 1.EriM. ra be apptfied'tbwIN the f iyl MI of the tree acid all
<br />mwts•secarred hereby in care of a default in the performance of
<br />any of tlte. tarns sad catdittioaa of ibis irmfument or the said
<br />mote. all the rents. reveaases and income to be derh -ed from the
<br />said prttaires dttrinS stack time as the indebtedness shaft remain
<br />unpaid, and the Lender shag have power to appoint any agent or
<br />writs, it may desire for the purpose of repairing said premises and
<br />of renting the same and collecting, the rents, revenues and income.
<br />MW it may pay out of said inCames all expenses of repaints« said
<br />pttrAm and necessary commksions wo expenses incurred in rent-
<br />II I$ Asti Managing the saftse aM of collecting rentals therefromi
<br />the balance remaining; if any, to, be applied toward the discharge
<br />of said indebtedness.
<br />.. S. That the Borrower will key the irnprovements now exintiitg ,
<br />or hereafter erected on the prop�tty:'irtsured as may be rr4diured
<br />from time to tints by the Lender against loci bye,. rite had other
<br />hazards, casualties and contingenCkSln su s ttttrrtttnts and for such
<br />periods as may be required by tote t,ttderitc9_ w)it pay promptly.
<br />when due, any premiums on such; fiisltr'anee provision for payment
<br />of which has not been trade hortrbiNfore. All Insurance shall be
<br />carried in companies approved bii.tlte•tt..endw 4nd the polices and
<br />renewals thereof shall be held by the L,ender'itid:have attached
<br />thereto loss payable clnitt:as in Ut tj r of and 4 4rm acceptable to
<br />the Lender. in event of Insx 1>wr€t;ber wtll'givir immediate notice
<br />by snail to the Lender. who r1i&j,. rraa'ke proof of loss if� trot rhtacle
<br />promptly by Borrower. and each4g6urance company caricxn 'ii.
<br />hereby authorized and directed to,iinil`re payment for such MA,,
<br />directly to the Lender instead of to the Borroti►er and the Lender
<br />jointly, and the insurance proceeds,,or any part thereof, may be
<br />applied by the Lender at its op&Av tither to the reduction of the
<br />indebtedness hereby secured or tit the restoration or repair of the
<br />property darnagod. In event of farcclosure of this instrument or
<br />other transfer of title to the mortgaged prop&�,ty- its extinguishment
<br />of the indebtedness, s>tstared hereby. all right. title and interest of
<br />the Borrower in a-i4,•rq any insurance policies then in force shall
<br />pass to the pur:ltaser, dr. grantee,
<br />9. That as Wir.bnal and collateral security for the pa�mm% of
<br />the note describedl.i[,nd all sums to become due under this rmstru-
<br />ment, the Borrowty hereby auigns to the Lender all profits,
<br />revenues. toyaltws. rights and benefits accruing t,s the Borrower
<br />under any and all oil and gas leases on said rtirises, %W, the
<br />right to receive and receipt for the same and Wiply them to said
<br />indebtedness as weft before as after defai& im; dote conditions of
<br />this instrument. and the Lender may demxrd,- Svo for and reco %er
<br />any such payments when due and payable, but shall not be re-
<br />quired so to do. This assignment is to terminate and become cull
<br />and void upon release of this itutrutnent.
<br />10. That the Borrower will keep the buildings upon said promises
<br />in good repair. and neither commit nor permit.. waste upon said
<br />land. nix suffer the said premises to be used U;r xwy unlawful
<br />Purpose.
<br />I).' Thu if the premises. or any part tJ;rr condemned
<br />under the power of Sminent domain, or acs Av3 for a public use.
<br />the daa wae3 aww", the proceeds, foe file faking of. or tits con -
<br />siderarioa for such acquisition, to the extent of the full amount of
<br />indebitc!"s upon this invrunmir and the note, which it is given to
<br />smurg; amtanipg unpaid, arc itr:4itlsq, assigned by the Borrower to
<br />the Lc%40. and shall be paid' Aviliwiiha to said lender io be ap•
<br />piird by the lattelr ;q)•raccoutai of'Cne next maturing installments of
<br />such indsbterbnesta.
<br />12, The Wirrower further aglow that 4MI4,ihis instrument and
<br />the note sencin`ed hereby not be eligible for insurance under the Na-
<br />. Pii ua.antsieergiP --
<br />(written statement of any efSa**r of the iJeppri -M ef;.>Elausiag
<br />and Urbia Dereloprnent or authorized agent r#' shit srg4toiry of
<br />Hoftsiffg'atsd Ut)taif DtrtietMetxtn; t[tttktt sitlsiiiilajedr ti):'i�'aig
<br />motubs' tittle from the dace of this ;ttstrumenr;. deelinalgYO insure
<br />said note and this mortgage. being damad cwchlsive proof of
<br />such ineligibility►, the Lender or &3W of? the nowt ifttty, at tits op-
<br />tion. declare all sums secured hereby imrrsetfiilcei t.tC(ib; nd MOW.
<br />Notwithstanding the foMoiri&.06 option ir4y, that h1 tmercised
<br />by the Lender or tare heldift of tltt; agate when the ineligibility -for
<br />insurance under the Igatkag Housing Act Is due to the Lender's
<br />failure to remit, the rnargage- insuranct.pretniurn to the Depart-
<br />ment cf Housing and Urbw... Deveopment.
<br />13. That if the Borrower fail!, to make any payments.4 mow
<br />when tbs same become due,. or tails to conform to and dumbly
<br />with any of the conditions or a$rtearnattts• coetiained in this instru-
<br />ment. or the note which it. seeum.. then ft. ensile principai sum
<br />(rnd.accrued Interest shall. at race become due ind payable, at the
<br />;luc'ilian of the Lender.
<br />Lender shall.gilut noose to Borrower prior to acceleration
<br />following EtarmwmV breach of any covenant or agreement in this
<br />instrument (but not prig to acceleration under paragraph 12
<br />utilirsf. applicable law providei. otherwise). The notice shall,specify:
<br />40; the. default; (b) the serkm c- quired to cure the defauk;10 a
<br />d0it ,;not less than alt days frori •the date the notice is &M, to
<br />Borrower. by which the default must be cured; and (d) :W, failure
<br />to cure the default on or before the date'spkdfied in the notice
<br />tghy result in acceleration of the sums sco reif-Lty this instrument .
<br />.41111. sale of the Property. The notice shall io'rther inform Borrower
<br />of Mir right to reinstate after acceleration and the right to bring a
<br />court action to assert the nor.- c %istence of a default or any other
<br />defense of Borrower to acceleration and sak. If the default is not
<br />cured on or before the date specified in th; mice, Leader at its
<br />option may require immediate bagmen in full of all sums secured
<br />by :phis instrument without futdw. demand and may invoke the
<br />menu- of sale and any other rcoodies permitted by applicable law.
<br />Lender shall be entitled to collect all expenses incurred in pursuing
<br />the remedies provided in this paragraph 13. including, but not
<br />limited to, reasonable attorneys' fees and costs of title evidence.
<br />f,'t the power of sale is invoked, Trustee shall record ai arer::ce of
<br />default in each county in which any part of the Properfjs: +i .. located
<br />and shall mail copies of such notice in the manner prescriivel by
<br />applicable lay. to, •Borrower and to the other persons precribed by
<br />applicable law. k. -ffir the time required by applicable law, Trustee
<br />shall give public .roface of sale to the persons and in the wanner
<br />priw ibed by appit"' * lt*% Trustee. without demand :its L3iyr-
<br />rower. shall sell t`,: lFfiaperty at public auction to the 19&st bid-
<br />der at the titre place and under the terns designated in the
<br />notice of sale ir, me c or more parcels and in any order Trustee
<br />determines. Trustee may postpone sale of all or any parcel,of the
<br />Frotacrty by public announcement at the time and placc,af any
<br />previously scheduled sale. larder or its designee may ps rafisrse the
<br />Property at any sale.
<br />Upon receipraf piiyment.of the price bid. Trustee shall *liver,
<br />to the purchaser 'Austee's dee>3 conveying the Property. The
<br />recitals in the Trustee's deed' hall be prima facie cvide_i. csf the
<br />truth of the statements wa& rherein. Trustee shalt aktiFZ,.ehc pro-
<br />ceeds of the sale in the following order: (-a) to all expenses of the
<br />safe, including, but riot limited to. Trustee's fees as permitted by
<br />applicable law and reasonable attorneys' fce.:�, (b) to all sums
<br />secured by this Security instrument; and (c) any excess to the per-
<br />son or persons legally entitled to it.
<br />Page 3 of 5
<br />a
<br />s.
<br />1
<br />r�
<br />�a
<br />
|