|
<br />88-
<br />
<br />102295
<br />
<br />made shall be added 10 the pnnclpal ,urn o..mg on the above
<br />note, ;hall be ;ecured hereby, and ,hall bear interot at the rate ,et
<br />forth In the ;aid note, until paid.
<br />
<br />7. That the Borrower hereby a;,igns. transfer, and sets over to
<br />the lender, to be applied 1Ov,'ard the pa)-mem of the note and all
<br />sum, ~cured hereby in case of a default in the performance of
<br />any of the term, and conditions of thi, instrument or the ,aid
<br />nOle, all lhe rent" revenues and income to be derived from the
<br />;aid premises during such time as the indebtedness shall remain
<br />unpaid. and the Lender shall ha"e power 10 appoint any agent or
<br />agents il may de,ire for lhe purpo,e of repairing ,aid premi,e, and
<br />of reming the same and collecting lhe rent" revenues and income,
<br />and it may pay OUI of said incomes all expenses of repairing said
<br />premises and necessary commissions and expenses incurred in rem.
<br />ing and managing [he same and of coll~-ring remals therefrom;
<br />Ihe balance remaining, If an~, to be applied toward the di5Charge
<br />of said indeb[edne,s.
<br />
<br />8. That Ihe Borrower IHII keep rhe Improvemem, nO\\ existing
<br />or hereafter erected on the propeny. insured a, may be required
<br />from time to time b~ Ihe lender agalnS[ loss by fire and other
<br />hazards, casuallies and comingencies in such amounls and for ;uch
<br />periods as may be reqUired by lhe lender and will pay promplly.
<br />when due, any premiums on such Insurance provi,ion for payment
<br />of which has no' been made hereinbefore. All insurance shall be
<br />carried in compames approved by Ihe lender and the policies and
<br />renewals (hereof shall be held by rhe lender and have anached
<br />therelO loss payable clauses In favor of and in form acceptable to
<br />the lender In e\ em of loss Borrower will give immediate notICe
<br />by mall 1.0 the lender. IS ho may make proof of 1055 if nOI made
<br />prompll~ b~ Borro\\er. and each Insurance wmpany concerned I'
<br />hereby aUlhorlled and direcled to make paymem for such 10"
<br />direcrly 10 Ihe Lender 1I1\lead of 10 the Borrower and the lender
<br />Jointly. and Ihe Illsuran,"e proceeds. or any pan thereof. may be
<br />applied by the Lendt'r al liS oprlOn euher 1.0 the redUCllon of the
<br />indebredness herel" \e,'ured or ILl the reswra!lon ,lr repair of rhe
<br />properlY damaged, In event of foreclmure of rhis Instrument or
<br />other rransfer of rltle 10 the mortgaged properlY III extinguishment
<br />of the indebtedness secured hereby, all nghl. mle and interest of
<br />lhe Borrower III and I\) any Illsurance poIKl!:' then in force ~hall
<br />pass to the purchaser or grantee.
<br />
<br />9. ThaI as addilional and collateral ,ecuflly for lhe payment of
<br />Ihe nOle described, and all sums to hecome due under IhlS IllsllU-
<br />ment, the Borrower herehy assigns to Ih" Lender all pro hIs.
<br />re\'enues, royalties, rights and benet1ts accruing 10 Ihe Borrower
<br />under any and all oil and ga; leases on said premises. wnh the
<br />righl to recei\'e and receipl for lhe same and apply lhem lO said
<br />indebtedness as well before as afler defaull in the condinoru; of
<br />this instrument, and the Lender may demand. sue for and recover
<br />any such payments when due and payable, bUl shall nOl be re-
<br />quired so to do. This assignment is to terminate and become null
<br />and ,'oid upon release of this instrument_
<br />
<br />10. That the Borrower will keep Ihe buildings upon said premi,es
<br />in good repair. and neither commit nor permil wa;le upon said
<br />land. nor suffer the said premises to be used for any unlawful
<br />purpose .
<br />
<br />II. That if Ihe premises, or any pan thereof. be condemned
<br />under the power of eminent domain. or acquired for a public use.
<br />the damages awarded. the proceeds for the laking of. or the con-
<br />sideration for such acquisition, 10 the extent of the full amount of
<br />indebtedness upon Ihis instrument and the nOle which it is given 10
<br />5eCUTC remaining unpaid, are hereby assigned by the Borrower to
<br />the Lender. and shall be paid fonhwith to said lender 10 be ap-
<br />plied by the laller on account of the nellt maturing inslallments of
<br />sud1 indcblcdnc5s.
<br />
<br />12_ The Borrower further agrees that should this instrument and
<br />_ the note secured here b)' not be eligible for insurance under the Na-
<br />tional Hcusing Act within eight months from the date here()f
<br />lwriuen statement of any officer of the Department of Housing
<br />and Urban De\'elopment or authorized agent of ~he Se<:retary of
<br />Housing and Urban Development dated subsequent to the eight
<br />months' time from the date of this instrument, declining to insure
<br />said note and this mortgage, being deemed conclusive proof of
<br />such ineligibility), the Lender or holder of the note may, at its op-
<br />tion, declare all sums secured hereby immediately due and payable.
<br />Notwithstanding Ihe foregoing, this option may not be exercised
<br />by the Lender or the holder of the note when the ineligibility for
<br />insurance under the National Housing Act is due to the Lender's
<br />failure 10 remil the mortgage insurance premium to the Depan-
<br />ment of Housing and Urban Deveopment.
<br />
<br />13. That if the Borrower fails to make any payments of money
<br />when lhe same become due, or fails to conform to and comply
<br />"lIh any of lhe conditions or agreements contained in this instru.
<br />ment, or the nOle which il secures, then the entire principal sum
<br />and accrued interest shall at once become due and payable, at the
<br />e1eclion of the lender.
<br />
<br />Lender shall give nOlice to Borrower prior to acceleration
<br />1'0110\\ Ill!! Borruwer\ breach of any covenant or agreement in this
<br />Inmument (but not prior to acceleration under paragraph 12
<br />unless applicable law provides otherwise). The notice shall specify:
<br />la) rhe default; (b) the action required to cure the default; (c) a
<br />dale. nOI less than 30 days from the date the notice is given to
<br />Borrower, by which the default must be cured; and (d) that failure
<br />10 cure the default on or before Ihe date specified in the notice
<br />may result in acceleration of the sums secured by this instrument
<br />and ~ale of the Property. The notice shall further inform Borrower
<br />of lhe right to reinslate after acceleration and the right to bring a
<br />.:oun acrion to assert the non-existence of a default or any other
<br />defense of Borrower to acceleration and sale. If the default is not
<br />cured on or before the date specified in Ihe notice, Lender at its
<br />option may require immediate payment in full of all sums secured
<br />by this instrument without further demand and may invoke the
<br />power of sale and any other remedies permitted by applicable law.
<br />Lender shall be entitled to ('ollect all expenses incurred in pursuing
<br />Ihe remedies provided in this paragraph 13, including, bUI not
<br />limited to, rea~onable attorneys' fees and costs of title evidence.
<br />
<br />If the power of sale is invoked, Trustee shall record a notice of
<br />default in each coumy in which any pan 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 precribed by
<br />applicable law. After the time required by applicable law, Trustee
<br />,hall give public notice of sale to the persons and in the manner
<br />prescribed by applicable law. Trustee, withoul demand on Bor.
<br />rower. shall sell the Property at public auction to the Itighest bid-
<br />der at the time and place and under the terms designated in the
<br />notice of sale in one or more parcels and in any order Trustee
<br />determines. Trustee may postpone sale of all or any parcel of the
<br />Propeny by public announcement at the time and place of any
<br />previously scheduled sale. Lender or its designee may purchase the
<br />Propeny at any sale.
<br />
<br />Upon receipt of payment of the price bid, Truslee shall deliver
<br />to the purchaser Trustee's deed conveying the Property. The
<br />recitals in the Trustee's deed shall be prima facie evidence of the
<br />truth of the statements made therein. Trustee shall apply the pro-
<br />a:c:<h of the sale in the following order: (a) to all expenses of the
<br />sale, including, but not limited to. Trustee's fees as permilted by
<br />applicable law and reasonable attorneys' fees; (b) to all sums
<br />secured by this Security Instrument; and (cl any excess to the per-
<br />son or persons legally entitled to it.
<br />
<br />Page 3 of 5
<br />
<br />HUD-I2'4SDT
<br />
|