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<br />88-
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<br />105110
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<br />made ~h311 be added 10 ,he prmcipal ,urn owing on the above
<br />notl:, ..hall be ~ei:urc:d hC'rcb~. and \l1all bear inlCre~1 al Ihe rale !iel
<br />fonh in Ihe \aid nOle, until paid
<br />
<br />'. Thai Ihe Borrower hereby assign!.. lrll""rCr\ llnd "Cis o\'er 10
<br />the Lender. 10 be applied toward the pilyment of the nOle llnd all
<br />!.ums secured hereby in case of a de-faul! in Ihe performance of
<br />an\' of the terms and ..:ondilions of Ihis imlrUmcnt or Ihe 'iBid
<br />noie. all the renl'i, re\"enue... llnd income to be dcrh cd from the
<br />\aid premises during \u..:h time ill, the indeblcdnc.." shall remain
<br />unpaid. and the Lender ...hall ha\e po\\cr 10 appoint an>' agent or
<br />agen!" it may desire for the rmrpmc of rCl1illrlng said premises and
<br />01 reming Ihe "'amc and callcellng lhe remit, n'\'t:nuc,> and income.
<br />and il may pay OUI of ~ald in..:omt:~ all e\pcn\c\ of repairing ~aid
<br />premis..:-.. and ne,,:c!I,ary ..:ommi!oMon.. and e\pen\c' in..:urred in ren!-
<br />ing and managing Ihe ..alne- and I.}f .:olle..:ong ren!al~ Iherefrom:
<br />Ihe balan,e remammg. If an~. III hc applie:d 1\1\\anJ Ihe: di,..:harge
<br />of ,aid indeblcdn..:-""
<br />
<br />8. ThaI Ihc Borro\\cr \\illl..ecp lhe imprl\\eme-nh lllm e:\I"Ilmg
<br />or hereafler ~recled on lh~' ptorert~. il1"urcd :1\ m;l\ be requIred
<br />from lime 10 time b\" Ihe lender ill!am"l It'.... 1'1\ flrc and olher
<br />halard~. casual1ic, a'nd ..:onlmgen\.'I;.. III ,uLh al;lilllllh .Jnd for ..u..:11
<br />period.. as ma~' be required by Ihe Lender ami \\1]] pa~ prompll~.
<br />when dUe. an~ premium.. on "ul.:h In..urJlh':~' IUt1\I'lllll h\r pa~men!
<br />of \\hich has nOI been made hereinl1efun: .\11 lINlran.:L' ,hall he
<br />l.:Jrr:ed in .:ompanie:.. appn:l\cJ b~ lhe l~'nJer .JilL! IhL' pohl.:le.. and
<br />rcnewall> Ihereof ..hall be held h~ the lCI1L!er and nil\e iltla..:ltcd
<br />Iherelo 10'" payable dau~e" in fa\ llr I1f and In f~lrm il..:ceplable: III
<br />Ihe Lender. In e\cnt of 1m.. Borro~h'r \\,11 gl\e IInmeuiate noll..:e
<br />b~ mail to the Lender, \\lto ma~ make prOUI Ill" Ill" If not made
<br />promptly by BOrrO\H:r, and cadl m..uran..:e ..:nmpall~ con.:erned 1"1
<br />Itereb~ authOtlled and dire.:ted II' ma~e pa~lllenl tllr "Iu.:h 10"1"1
<br />Jircl.:tly 10 lhe Lender m..tead of III lite Bllrrll\\er and the lender
<br />Jointl~. and the imuranl.:e proceed". llT am parI thereof, ma~. be
<br />applied b~ Ihe lender J.I It-. opllon either III the rcuu.:llon or the
<br />indebtednc\"l hcreb~ ,ccure-d llr III rllt' lC"{III.1I11111 1lI repair of the
<br />rlTopeTl~ damaged. In l:\e1l1 ilf fOTl'do...ufl' III 1111' In'trumem or
<br />olher Iramfer of mle 10 Ille mOTlgaged pr~)peTl~ III c\lmgui,hmel1l
<br />of Ihe indebtl.'dne,," ",.'cured hereh\. .IJ1llghl. tllk .lI1d IllIere"lt ul
<br />Ihe BL'JTTO\\er 111 .Illd III .1n~ IIl"uralll.:e rlllIIL'lt'" thcn III fnrt:e: ,hall
<br />pa\"l h..' lhe purdlil,er lH granlce
<br />
<br />~. ThaI.!' addillonal and ~'ollaleral "I1.'cunn fur Ihe pa~menl 01
<br />the nOle JesdlbeJ. and J.1I SlInh tll hI'\. 0111 I.' JUl' unJer thiS Instru'
<br />ment. thl' Burro.....er Iwrl'h~ assigns 10 thL' It:nd~'r Jl1 profits,
<br />r~\.~nues. royalties. nghl"l and bencht, at:l.:rUllll!- 10 the Borro\\er
<br />under any and all 011 and gas lea..e.. 110 said premi~e5. wilh Ihe
<br />rig.ht II.} re~ei\e: and rCl.:Clpl fl.1f Ihe ,ame and apply them to said
<br />mdebledne", ..'" \\ell hefme a, afler default in the l,'ondilions of
<br />Ihl.. in..lrumenl. and Ihe lender may demand. sue for and r~co\"er
<br />an~ ",uch payment' when due and payable, bul ,hall nOI b.... r.....
<br />quired 'l0 10 do, TIm a"slgnmen! is 10 h:rminilte: and be.:ome null
<br />and \-oid upon n:lea!lc of thi!!. ins(Tumenr.
<br />
<br />10. That the Borrower "ill hoep Ihe building!!. upon said premise!!.
<br />in good repair, and neith..:r commil nor permn \\ aste upon said
<br />land, nor suffer the saId premises to be used for an~' unlawl"ul
<br />purpo'ie.
<br />
<br />11. That If the premises, or any patl Ihereof. be condemned
<br />under the power of eminem domain, or acquired for a public use,
<br />the damagC'5 awarded. the proceeds for the taking of, or the con-
<br />sideration for such acquisition, 10 the extent of the full amount of
<br />indebledness upon Ihis instrument and the note which it is given 10
<br />secure remaining unpaid, are hereby assigned by the Borrower to
<br />the lender, and shall be paid forthwith 10 said lender to be ap-
<br />plied by the laner on account of the next maturing installments of
<br />such indebtedile5s.
<br />
<br />12. The Borrower further agrees tlmt ~hould this Instrument and
<br />Ihe note secured hereby not be eligible for insurance under the Na.
<br />lional Housing Act within eight months from the date hereof
<br />(written stau:mem of any officer of the Department of Housing
<br />and Urban De\'C!lopment or authorized agenl of Ihe Secrcrary of
<br />Housing and Urban Development dat~d subsequent [0 the eight
<br />momhs' lime from the dale of this inslrument, declining to insure
<br />said note and this mortgage, being de~med conclusive proof of
<br />~uch ineligibility), the lender or holder of the nOle may, al its op-
<br />lion, declare all sums secured hereby immedialely due and payable,
<br />NOlwithstanding the foregoing, this option may nOI be eJterdsed
<br />by the Lender or lhe holder of the: note when the ineligibilitY for
<br />in~uranc~ under the :-.lalional Housing Act is due to the lender's
<br />failure to remit Ihe mortgage insurance premium to the Depart-
<br />melll of Housing and Urban De\'eopmem.
<br />
<br />13. That if the Borrower fails to make any pa)'ments of money
<br />\\ hen Ihe 'iamc becomc duc, or fails to conform to and campi)'
<br />\\ ith any of the conditions or agreements contained in this instTu-
<br />men!, or the note which il 'lecures, then the entire principal sum
<br />and a.:crued interest ~hall at once become due and payable, at the
<br />elel.:lion of rhe lender.
<br />
<br />lender shall gi\'e notice to Borrower prior to acceleralion
<br />fllllO\\ing Borrower's breach of any cO\enanl or agreement in this
<br />In"ltrumenl (bul not prior to acceleration under paragraph 12
<br />unlc..~ applicable 103\\ provides olherwise), The notice shall specify:
<br />lal the default: (bl the action required to cure the default; (c) a
<br />dale, nor less than 30 days from Ihe date the notice is given to
<br />Borro\\cr, bv which Ihe default musl be ..:ured; and (d) that failure
<br />ILl ":Uf~ the default on or before the date specified in Ihe notice
<br />may result in acceleration of the sums secured by this instrument
<br />and ,ale of the ProperlY. The nolice shall fun her inform Borrower
<br />of Ihe right to reinSlale after acceleration and the right 10 bring a
<br />coun action 10 J!tserl the non~existence of a default or any other
<br />defense of Borrower to acceleration and sale. If the default is not
<br />..:un:d on or before lhe dale specified in the notice, lender at its
<br />opllon may require immediate payment in full of all sums secured
<br />b\. this inslrument without funher demand and mal.' invoke the
<br />power of sale and any other remedies permitted bY. applicable law,
<br />lender 'ihall be emit led 10 collecl all expenses incurred in pursuing
<br />the remedies provided in this paragraph 13, including, bUI nOI
<br />limited la, reasonable altorne)'s' fees and costs of tide evidence,
<br />
<br />If the power of sale is im:oked, Trustee shall record a notice of
<br />default in each county in which any part of the Property is localed
<br />and shall mail copies of such notice in [he manner prescribed b)'
<br />applicable law to Borrower and to Ihe other persons precribed b):
<br />applicable law. A.fter the lime required by applicable law, Trustee
<br />..hall gi\'e publk notice of sale 10 the persons and in the manner
<br />prescribed by applicable law. Trustee. without demand on Bor-
<br />rower, shall sell the Property at public auction to the highest bid.
<br />der at Ihe time and place and under the lerms designaied in the
<br />notice of sale in one or more parcels and in any order Trustee
<br />delermines. Truslee may postpone sale of all or an)' parcel of the
<br />Propeny by public announcement at the time and place of any
<br />pre\.iously scheduled sale. lender or its designee may purchase the
<br />Propeny at any sale.
<br />
<br />Upon receipt of payment of the price bid, Trustee shall deliver
<br />10 Ihe purchaser Trustee's deed conveying the Property. The
<br />recilals in the Trustee's deed shall be prima facie evidence of the
<br />truth at the statements made therein. Truslee shall apply the pro-
<br />ceeds of Ihe sale in the followinK order: (a) to all expenses of the
<br />sale, including, but nOl limited to, Truslee's fees as permilled by
<br />applicable law and reasonable attorneys' fees; (b) to all sums
<br />secured by this SecurilY Instrument; and (c) any excess to the per.
<br />son or persons legally emitled 10 it,
<br />
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