88103330 - Laserfiche WebLink

Browse

88- 1033,3.0, event of loss Borro~er will give immediate notice by mail to the Lender, wWo may make proof of loss if not made promptly by Borrower, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to the Lender instead of to the Borrower and the Lender jointly, and the insurance proceeds, or any part tbereof, may be applied by the Lender at its oplhn either to the reduction of the indebtedness hereby secured or to the restoration or repair of tbe property damll8ed. [n event of foreclosure of this instrument or otber transfer of title 10 the mortgaged property in extinguishment of the indebtedness secured bereby, all right, title and interest of the Borrower in and to any insurance policies then in force shall pass to the purchaser or grantee. 9. That as additional and collateral security for the payment of the note described, and all sums to become due under this instrument, the 9orrower hereby assigns to the Lender all profits, revenues, royalties, rights and benefits accruing to the Borrower under any and all oil and gas leases on said premises, with the right to receive and receipt for the same and apply them to said indebtedness as well before as after default in tbe conditions of this instrument, and the Lender may demand, sue for and recover any such payments when due and payable. but shall not be required so to do. This assignment is to terminate and become null and void upon release of this instrument. 10. Thattbe Borrower will keep the buildings upon said premises in good repair, and neither commit nor permit waste upon said land, nor suffer tbe said premises to be used for any unlawful purpose. I I. That if tbe premises, or any part tbereof. be condemned under the power of eminent domain. or acquired for a puNic use. the damages awarded. the proceeds for tbe taking of. 07 the consideration for such acquisition. to the extent of the full amount of indebIedness upon this instrument and tbe note which it is gIven to secure remainiDl unpaid, are hereby assigned by tbe Borrower to the Leader. and sball be paid fortbwitb to said Lender to be applied by the 1auer on aa;ount of the next maturing installments of such indebledness. 12. The Borrower furtber agrees that should this instrument and the nOle secured hereby not be eligible for insurance under the National HousiDl Act within eight months from the date hereof (written Sla1ement of any officer of tbe Department of Housing and Urban Development or authorized agent of the Secretary of Housing and Urban Development dated subsequent to the eight months' time from the date of this instrument, declining to insure said note and this lnortp&e. being deemed conclusive proof of such ineligibility). the Lender or bolder of the note may. at its option, declare all sums secured bereby immediately due and payable. Notwithstanding the foregoing. tbis option may not be exercised by tbe Lender or the holder of the nOle when the ineliaibility for insurance undcr the National HousiDl Act is due to the Lender's failure to remit the IOOf1IIIe insurance premium to the Department of Housing and Urban Development. 13. That if the Borrower fails to make any payments of money when the same become due. or fails to conform to and comply with any of the conditions or agreements contained in this instrument,or tbe note which it secures, then the entire principal sum andacCru~ interest shall at once become due and payable, at the election of the Lender. Lender shall give notice to Borrower prior to aa:eleration following Borrower's breach of any covenant or agreement in this instrument (but not prior to acceleration underparapaphl2un1as applicable law provides otberwise). The notice shall specify: (a) the default; (b) tbe action required to cure the default; (c) a_not Iesii than 30 days from tbe date tbe notice is gilo'ento Borrower, by wbicb tbe default must be cured; and (d) that failure to cure the defaUlt on or before tbe date specified in tbe notice may result inaa:elendioo of tbe sums secured by tbis instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and tbe rigbtto bring a court action to assert the noD- existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this instrument without funher demand and may invoke the power of sale aod any other remedies permitted by applicable law, Lender shall be entitled 10 collect all expenses incurred in pursuing the remedies provided in this paragraph 13, including, but not limited to, reasonable anorneys' fees and costs of title evidence. If the power of sale is invoked. Trustee shall m:ord a notice of default in eacb county in wbich any part of the Property is IocaIed and sball mail copies of such notice in the manner presaibed by applicable law to Borrower and to the other persons prescribed by applicable law. After tbe time required by applicable Jaw. Trustee shall give public notice of sale to the persons and in the manaer prescribed by applicable law. Trustee. witbout demand 0II1b'rowu. shall sell the Propeny at public auction to the tupaI. bidder allbe time and place and under the terms desipated in the noIice of sale in one or more parcels and in any order Trustee determines. Trus1ee may postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously scbeduIed sale. Lender or its dcsipec may purchase the Property at any sale. Upon receipt of payment of tbe PrK:e bid. Trus1ee shall deli\'ef to the purchaser Trustee's deed conveying the Property_ The recitals in the Trustee's deed shall be prima facie evidence of the trUthoflbc statements made therein. Trustee shall apply the proceeds of die _ in tbe following order: (a) to all expenses of the sale. indudill@. but not limited to. Trustee's fees as pcrmiued by applicable lawa:td reasonable attorneys' fees; (b) to all sums secured by lhis S~alrity InstrumCJlt; and fc) any excess to the person or persons 1epI1~' entitled to it 14. Upon acceleration under paragraph 13 or abandonment or tbe Propeny. Lender (in person. by agent or by jlMliciaJly appointed receiver) shall be entitled to enter upon, take possession of and manage the Propeny and to collect the rents or the Property Including those past due. Any rents collected by Lender or the receivcr shall be applied first to payment oftM l"OSt.S of manqe~rll of the Propcny and collection of rents. including, but ftOt1imltcd 10. receiver's fees. premiums on recei\'cr'lI bomb and n:uonabk: allorneY'lI reo, and lhen to the foumll secured by thilllnlltrumml Page 3 01 !i HUD.U'4JDT.,