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<br />".':1 88- 104581
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<br />Lender. In event of loss Borrower will give: immediate notice by
<br />moil (0 the lender. who may make proof of lo~s if nOI made
<br />promptly by Borrower. and each insurance company concerned
<br />is hereby authorized and directed 10 make poymcnl for such 1055
<br />directly to the Lender instead of to the Borrower and the
<br />Lender jointly, and the insurance proceeds. or any part thereof.
<br />may be applied by the Lender at its option either to the
<br />reduction of the indebtedness hereby secured or 10 the
<br />restoration or repair of the property damaged. In event of
<br />foreclosure of this instrument or other transfer of title to the
<br />mortgaged propert) in extinguishment of the Indebtedness
<br />secured hereby, all right. title and interest of the Borrower in
<br />and to any insurance policies then in force shall pass to the
<br />purchaser or grantee.
<br />9. That as additional and colhm:ral security for the payment
<br />of the note described, Bnd all sums Co become due under this
<br />instrument, the Borrower hereby assigns CO the Lender all
<br />profits, revenues, royalties, righls and benefits accruing to the
<br />Borrower under any and all oil and gns lenses on said premises,
<br />with the right to receive and receipl Cor the same and apply
<br />them to said indebtedness as well before iU lIC1er deCault in the
<br />conditions of this instrument, and the lender may demand, sue
<br />for and recover any such paymenls. when due and payable, but
<br />shall nol be required so 10 do. Thi!o LUsignmenl is to terminate
<br />and become null and void upon release of this instrument.
<br />10. That the Borrower will keep the buildings upon said
<br />premises in good repair, Bnd neither commit nor permit waste
<br />upon !laid land. nor mrrcr the said premises to be used for any
<br />unlawful purpose.
<br />II. That if the premises, or any part thereof, be condemned
<br />under the power of eminent domain. or acquired for a public
<br />use, the damages awarded, the proceeds for Ihe taking of, or
<br />the consideration for such acquisition, to the CJttenl of the full
<br />amount of indebtedness upon this instrument and the nOle
<br />which it is given to SCi:ure remaining unpaid, are hereby assigned
<br />by the Borrower to Ihe lender, and shall be paid forthwith to
<br />said lender to be applied by the laner on account of the next
<br />maturing installments of such indebledneu.
<br />J2. The Borrower further agrees thai should this instrumenl
<br />and the note secured hereby not be eligible for insurance under
<br />the National Housing Act within eight months from th~ date
<br />hereof (written slatement of BOY officer of the Department of
<br />Housing and Urban Development or aUlhorized agenl of the
<br />Secretary of Housing and Urban Deyelopment daled subsequenl
<br />to the eight months' time from the date of Ihis instrumenl,
<br />declining 10 insure said note and this mOrlgaSl:, beina deemed
<br />conc!uslve proof or such ineligibililY), Ihe' Lender or holdCf or
<br />the nOle may, at lis option, declare all sums secured hereby
<br />immediately duc and payable. Notwithstanding the forcioing,
<br />this option may nOl be cxercised by the lender or the holder of
<br />the nOle when the ineligibility for insurance under the National
<br />Housing Act is due to Ihe Lender's failure to remit Ihe
<br />mongage insurance premium to Ihe Department or Housing and
<br />Urban Development.
<br />13. Thai if the Borrower fails to make any pa)ntents of money
<br />when the same become due, or fails to confonn to and campi)'
<br />with any DC the conditions or agreements contained in this
<br />instrument, or the nole which it secures, then Ihe entire
<br />principal sum and accrued interesl shall 01 once become due and
<br />payable. at the election of the lender.
<br />
<br />Lender shall give notice to Bouower prior to acceleration
<br />following Borrower's bre8ch of nny l;ovcnanl or agreement in
<br />Ihis instrument (bUt not prior to acceleration under paragraph
<br />12 unless applicable law provides otherwise). The notice shall
<br />specify: (al the default; (b) the action required to cure the
<br />default; (el a dale, not ,." Iban 30 days from the dale the
<br />notice is given to Borrower, by which the default must be cured;
<br />and (d) that fallure to cure the default on or before the date
<br />specified in the notice may result in acceleration of the sums
<br />secured by this instrument Bud sale of the Property. The notice
<br />shall Cunher inform Borrower of the right to reinstate after
<br />acceleration and the right to bring a court action to assert the
<br />non~existence of a default or any other defense of Borrower to
<br />acceleration and sale. If the default is not cured on or before
<br />the date specified in the notice, lender at its option may require
<br />immediate payment in full of all sums secured by this
<br />instrument wilhoul fUrl her demand and may invoke the power
<br />of sale and any other remedies permitted by applicable law.
<br />lender shall be entitled to collect all expenses incurred in
<br />pursuing the remedies provided in this paragraph 13, including,
<br />but not limited to. reasonable allorneys' fees and costs of title
<br />evidence.
<br />
<br />If the power uf sale is invoked, Trustee shall record a notice of
<br />default in each county in which any pari of the ProperlY is
<br />located and shall mail copies of such notice in Ihe manner
<br />prescribed by applicable law to Borrower and 10 the other
<br />persons prescribed by applicable law. After Ihe time required by
<br />applicable law, Truslee shall give public notice of sale to the
<br />persons and in Ihe mnnner prescribed by applicable law.
<br />Trustee, wichout demand on Borrower. shall sell the Property at
<br />public auction to the highest bidder at the time and place and
<br />under the tenns designated in the notice of sale in one or more
<br />parcehi and in an)' order Trustee determines. Trustee may
<br />postpone sale of all or any parcel of the Property by public
<br />nnnouncemenl at the time and place of any previously scheduled
<br />sale. Lender or ilS designee may purchase the Properly at any
<br />sale.
<br />
<br />Upon rel.-eipl of paymem of the price bid. Trustee 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 Ihe statements made therein. Trustee shall apply Ihe
<br />proceeds of the sale in the following order: (a) to all expenses of
<br />Ihe sale, induding, but not limited to, Trustee's fees as
<br />permitted b)' applicable law and reasonable attorne)'s' fees; (b)
<br />to all !iums secured by this Securit)' Instrument; and (c) any
<br />excess to the person or persons legally entitled to h.
<br />
<br />14. Upon acceleration under paragraph 13 or abandonment of
<br />the Propeny, Lender (in person, by agen1 or by judicially
<br />appointed receiver) shall be entitled to enler upon. takc
<br />possession of and manage the Property and to collect the rents
<br />or the ProperlY including thosc past due. Any rents collecled by
<br />lender or the receiver shall be applied first to payment of the
<br />costs of management of the Property and collection of rents,
<br />including, but not limited to, receiver's fees, premiums on
<br />recei\ler's bonds and reasonable attorneys' fees, and then to the
<br />sums secured by this instrument.
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