88104501 - Laserfiche WebLink

Browse

88- 104~Ol event of loss Borrower will give immediate notice by mail to the Lendcr, who may make proof of loss if not made promplly 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 tbc insurance proceeds, or any pan thereof, may be applied by lbe Lender at its option either 10 the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this instrument or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, 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 Borrower 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 tbc same and apply them to said indebtedness as well before a5 after default in the conditions of this instrument, and the Lender may demand, sue for and recover any such payments when due and payablc, but shall not be required so lo do. This assignment is to terminate and become null and \laid upon release of this instrument. 10. Thalthe Borrower will kcep the buildings upon said prcmlse' in good repair, and neither commit nor permit waste upon said land. nor suffer the said premises to be used for any unlawful purpos=. II. That if Ibe premises, or any pan thereof. be condemned under the power of eminent domain, or acquired for a public use, the damages awarded, lbe proceeds for lbe taking of. or the consideration for such acquisition. to the extent of the full amount of indebtedness upon this instrumer.t and the nole whu,;h it is given to secure remaining unpaid, are hereby assigned by the Burrower to the: Lender, and shall be paid fonhwilb 10 said Lender 10 be applied by the laller on account of the next maturing insllUmCnl!. of such indebtedness. 12. The Borrower funher agrees thai should thl~ mstrument and the nole secured bcreby nol be cligible for in,urance under the Nalional Housing ACI within eight months from lbe dale hereof (wrincn statement of any officer of the Depanmcnl of Housing and Urban Development or authorized agent of the Secretary of HOUSing and Urban Developmenl datcd subsequent to Ihe eighl monlhs' time from the date of this instrument. declining to insure said note and this mortgage, being deemcd conclusive proof of such ineligibilily), the Lender or holder of lbe note may, at its option. dcclarc all sums securcd hercby immediatcly due and payablc. Notwithstanding the foregoing. this option may not be exercised by the Lender or the bolder or tbe note when the ineligibility for insurance under the National Housing Act is due to the Lendcr's failure to remll the mortgage insurance premium 10 the Depanment 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 instrumcnI. or the note which il secures, then the entire principal sum and accrued interest shall at once become due and payable. at Ihe election of the Lender. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in thi!! instrument (but not prior to acceleration under paragraph J 2 unles.." applicable law provides otherwise). Thc notice shall specify: (a) Ihe default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this instrument and sale of the Property. The notice shall further inform Borrower of the righlto reinstate after acceleration and the right to bring a court action to assen the non- existence of a default or any nther defense of Borrower to acceleration and sale. If the default lS nol cured on or before Lhe date: specified in the notice. Lender at its option may require immediate payment in full of all sums !tccured by this instrument without further demand and may invoke the power of sale and any other remedies pcrmillcd by applicable law. Lender ,hall be entitled to collecl all expenses incurred in pursuing the remedies provided in thiS paragraph 13, includmg, bul nol limited to. reasonable attorneys' fCC5 and costs of title evidence. If the power of !.Ble is m....okcd. Trustee shall record a noUce of default in each county in which any part of the Propcny IS located BCIJ shall mail copies of such notice in the manner prescribed by applicable law 10 Borrower and to the other persons prescribed by applicable law. After Ibe lime required by applicable law, TI1l5Iee shall gi\lc public notice or sale to the persons and in the manner prcscribed by applicable law. Trustee. wilboUI demand on Borrower. shall scllthe Propcny al public auctIon 10 Ihe highest bidder allhe time and place and under the terms designated in the notice of sale in one or more parcels and in an)" order Trustee determincs. Trustee may postpone sale of all or any parcel of the Propeny by public announcement at tbe time and place of any previously scheduled sale. Lender or its designee may purchase the PTOpcny at any sale Upon receipt of payment of the price bid. Trustee shall deh,er 10 the purcl1ascr Trustee's deed conveying the Propcny. The n:C1tah m the TI1l5Iee's deed shall be prima faoe evidence of tbe trulh of Ihe statemenlS made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all expenso of the ~Ie, Including. bUI not limited to, Truslee's fco M permitted by applicable law and rusonable attorneys' fees: (b) 10 all surm. secured by IhL" Set:unly Instrument.; and (e) any eXcess to Ihe peISOn or pc:rsom legally entitled 10 it. 14. Upon acceleration under paragraph 13 or abandonment of Ihe propcny, Lender (in person, by agenl or by judicially appomted recei\ler) shall be entitled 10 enter upon, take possession of and manage the Property and to collect the rents of the Propeny including those past duc:. Any rents collected by Lender or the receiver shall be applied firslto paymen1 of the costs of management of the ProperlY and collcction of rents. including, but nOllimiled to. receiver's fees. premiums on receiver's bonds and reasonable attorney's feo. and then to the sum!l secured by this instrument. Page 3 01 5 hUD-92143DT-1