|
<br />88- til164~
<br />
<br />Illade \hall be added to the principal sum owing un the abo\'e
<br />nOle, shall he secured hereby, and shall bear intcrest al the rate \1'1
<br />fort h in lhe s<tid note, umil p<tid,
<br />
<br />7. That the Borrower hereby assigns, transfers and sels over 10
<br />Ihe Lender, 10 be applicd toward Ihc paymcnt of Ihe note and all
<br />sums secured hereby in case of a default in l he performance of
<br />any of the Icrllls and condilions of this inslrumem or the said
<br />nOle, alllhe rents, revenues and income to be derived from Ihe
<br />s<tid premises during snch time as lhe indebll.'dness \hall remain
<br />unpaid, and lhe Lender shall have power 10 appoilll an\' agelll or
<br />..gems it may desire.' for the purpo\c of repairing said premises and
<br />of renling the same and collecling the rl'Ols. revenues and llll'Ollle.
<br />and it may payout of said income, all expenses of r.:pairing said
<br />prelllises and nl'cessary commissions and expenses incurred in rent-
<br />ing and managing lhe same and of collecling rentals therefrom:
<br />lhc balance remaining, if an\', to be applied Tn\\;uU the dh,l1;ug;;'
<br />of said indebtednes\,
<br />
<br />S, That the Borrower will keep the impro\emcnt\ Illm cxislLllg
<br />or hereafter ereeled on lhe property, ill"ured as ma\' be requlrl'd
<br />from lime 10 time by lhe Lender againsl k", hy fire and olher
<br />hazards, casualties and contingencies in stich all101llm and far such
<br />periods as may be reqUired b~ (he Lender and will pay promplly,
<br />when due, any premiurm on ,ueh in,urance pro\I\IOn for payment
<br />of which has not been made herembl'fore. .\11 lJ)~urance shall be
<br />carried in companies apprO\eJ by Ihe Lender and Ihe policie~ and
<br />renewal\ thereof shall be held \1) lilt' Lendl'r and hale allached
<br />lhereto loss payable c1ame\ Ifl favor of and in flmll acceptable to
<br />the Lender. !n event of 105\ Borrll\ler I\ill gl\e Imlllediate nOllce
<br />by mail Iv Ihe Lender, who may make proof of 10'>\ if nO[ made
<br />promptly by Borrower, and each Insurance c.Olll[la/l\ concerned i,
<br />hereby authorized and directed tll mak.: pa) mell! lelr 'lIch loss
<br />directly 10 the L.'nder imlead or 10 the Bonnll'.:r anJ th.: L('nder
<br />joinl!y, and IIle insurance proceed" Of any p,Hl Ihneof. may he
<br />applied by the Lender <II it, opllon .:nher Ell Ih.: redlKtlon of !he
<br />indebtednes~ hereby secured or [0 lhe r.'\lOraIlOll or repair of !h.:
<br />properly damaged. In ':H"nt 01 foreclo-.urc of [1m lIlstrumem or
<br />olhcr transfer of title to Ihc mortgaged propcrt) in extingUl\hmem
<br />of the indeb[edness secured hereby. all rIght. wit' and intere<,t of
<br />lhe Borrower in and to any In,ur,H1ce policle' then III force ..hall
<br />pass to the purchaser Of gr:lIltee,
<br />
<br />9. That as addilional and collateral securilY for lhe paymem of
<br />the nole described, and all sums 10 become due lJnder IIlls Insl ru'
<br />ment, the norrowcr hereby assigns 10 the Lendcr all proflls
<br />re\'enucs, royalties, rights and benefil\ accrulIlg 10 lhe Bo" ,1\1 el
<br />under any and all oil and gas leases on <,aid premises, wilh lhe
<br />right to receil.e and receipl for thl' ,a me and apply thl'lll 10 ,:ud
<br />indebledness as well before as afler de-fault in the condilions of
<br />this instrument, and the Lender may demand, sue for and 1\'\'O\.:r
<br />any such payments when due and payable, bUl ~hall not he reo
<br />quired so to do. This assignment is 10 lerminat(,' and h('L'ollle null
<br />and void upon release of this instrumem.
<br />
<br />10. That Ihe Borrower will keep the buildings upon said pn:mi\n
<br />in good repair, and neilher cOlllmil nor permit waste lIpon said
<br />land, nor suffer the said premises [0 be llsed for any unlawful
<br />purpose.
<br />
<br />II. That if the- premises, or any pan [hereof, be condemned
<br />under the power of eminel\l domain. or acquired for a public lise,
<br />the damages awarded, Iheproceeds for the taking of, or the con.
<br />sideration for such acquisition, to the exlent of the full amount of
<br />indebtedness upon this inslrument and the note which it is given 10
<br />secure remaining unpaid, are hereby assigned by Ihe Borrower 10
<br />Ihe Lender, and shall be paid forthwith to said Lender 10 be ap-
<br />plied by the laller on accol!nt of the next maturing inslallmenls of
<br />such indebtedness.
<br />
<br />12. The BOllOwer tUr1hl'l ;!grees thaI ,hould this imlrumcnl and
<br />the note ~ecured Ill'reb\' nOl be eligible for insurance under Ihe Na.
<br />tional Housing ACI within .:ighl 1II0lllhs frolll the dale hereof
<br />(wrluen slatemenl of an)' offh:er of lhe Deparlment of Housing
<br />and Urban De\elopment or aUlhoril,ed agem of the Secretary of
<br />Housing and LI ban De\'elopmenl dilled subsequent 10 the eight
<br />months' I imc from the dale of tins insl rUlllelll, de<:lining to insure
<br />,aid note and IlllS mortgage, being deemed conclusivc proof of
<br />such in.:lrgibilit\ J, Iht' Lend('r or holder of Ihe note may, at its op.
<br />I ion. declare all 'UI11~ ~ecllred hereby immediately due and payable.
<br />"otIIHh~landing the I' o ft'goIIIg, this oplion may nOl be exercised
<br />by lhe Lender or Ihe holder of the nOlI.' when lhe ineligibility far
<br />lI1surance under the National Housing ACl is due to lhe Lender's
<br />failure to rC1l11l [he mongage insurance premium to lhe Depan.
<br />ml'nl 01 Homlllg and L:rban Deveopmelll.
<br />
<br />1:1, That if Ihe Barrower fails to make any payments of money
<br />\I hen the ,allle bewme due. or fails to conform [0 and comply
<br />\1 jth am' 01 the l'Onditions or agreelllents contained in this instru-
<br />m<."lll. I>T the nOle which it secures, then Ihe enlire principal sum
<br />and accrued illler,:sl shall :II once become due and payable, al the
<br />.:Iecllon of tl;e Lender.
<br />
<br />Lender ~hall gi\.: notice 10 Borrower prior to acceleration
<br />lollow I!lg Barra\\.:r" hrcach of any co\'enalll or agreemenl in this
<br />imlfullIml (buI nOl prior to acceleration under paragraph 12
<br />un Ie" applicable law provides olherwise). The notice shall specify:
<br />WJ Ihe de-fault; (hI the action required to .:urc the default; (c) a
<br />date, nO! kss than 30 days from the date the notice- is given to
<br />Borrower. hy which lhe defaull must be cured; and (d) thaI failure
<br />to ,'ure the defaull on or before lhe date specified in lhe notice
<br />ma)' re<ult in acceleration of the slllns secured by this instfUmelll
<br />~lIld ..ale of lhe ProperlY, The 1l00ice shall further inform Borrower
<br />of the righl to reinstall' after accele-ration and (he right 10 bring a
<br />court acllOn to as\erl the non.exislence of a default or any other
<br />Jefell'oe M Borrower to acceleration and sale, If the default is not
<br />cUH'd on or before the dale specified in the notice lender a1 its
<br />c)pllon may require immediate paymcllI in full of all sums secur:d
<br />b~ (his imlrumelll withoul further demand and may invoke Ihe
<br />p()wer of sale and aJlY other remedies perlllilled by applicable law,
<br />Lender shall be emit led to collect all expenses incurred ill pursuing
<br />Ihe remedies provided in lhis paragraph 13, including, but not
<br />hmited 10, reasonable allorneys' fees and costs of litle e\'idence.
<br />
<br />If the power of sale is invoked, Trustee shall record a notice of
<br />ddauh in each l'Ounty in which any part of the Propeny is located
<br />ami ~hall mail copies of such notice in the manner prescribed by
<br />applu:ahk law to Borrower and to the other persons precribed by
<br />applicahle law. Afler lhe time required by applicable law, Trustee
<br />shall gi\C public notice of sale to the persons and in the manner
<br />prl'saihed hy applicable law. Truslee, wi[hoUl demand on Bor-
<br />rower. shall sell the Property at public auclion to the highest bid-
<br />d~r at the time and place and under the terms designated in the
<br />lIotice of sale in one or more parcels and in any order Trustee
<br />determines. Truslee lIlay postpone sale of all or any parcel of the
<br />Property by public announ('ement at the tillle and place of any
<br />pre\ iously scheduled sale. Lender or its designee may purchase the
<br />Properly at any sale,
<br />
<br />Upon receipt of paymenl of the price bid, Trustee shall deliver
<br />to the purchaser Truslee's deed conveying the Property, The
<br />recitals in the Trustee's deed shall be prima facie evidence of the
<br />!ruth 01 the slalcmcnls made therein, Trustee shall apply the pro-
<br />ceeds of the sale in the following order: (a) 10 all expenses of the
<br />sale, including, but nOI limited 10, Truslee's fees as permilled by
<br />applicable law and reasonable allorneys' fees; (b) to all sums
<br />secllrC'd by this Sc::urilY Instrulllem; and (c) any excess to Ihe per-
<br />son or persons legally entitled to it.
<br />
<br />Page 3 01 5
<br />
<br />, : ;, t: .HUD-92143DT
<br />
<br />L
<br />
<br />~
<br />
<br />L
<br />
|