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<br />88-
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<br />10553-i
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<br />event of loss Borrower will live immediate notice by mail 10 the
<br />l.cnder, who may make proal 01 I"" il nol made promptly by
<br />Oo;:roWCT, and each insurance company concerned is hereby
<br />authorized and dim:ted to make payment for such loss directly to
<br />the Lender inslead of to the Borrower and the Lender jointly, and
<br />lhe insurance proc:<ed.s. or any pan llIereal, may be .pplied by Ihe
<br />I..eDder It ilS option either to the reduction of the indebtedness
<br />hereby secured or to the restoration or repair of the propel1Y
<br />damqed. In event of foreclosure of Ihi! instrument or other transfer
<br />of tide to lhe mortpJed propeny in extinSUishmen, 01 ,he
<br />~ secured bereby. III rilhlt title and interest of the
<br />Borrower in and to any insurance policies men in force shall pass to
<br />lhe purclwer or graDl<e.
<br />
<br />9, ThaI os additional and colloll:..! securilY ror llIe payment or Ihe
<br />DOte described. and all sums to become due under this instrumCDl,
<br />lhe Borrower hereby assigns to llIe l.cnder all profilS, revenues,
<br />royalties. riJhts and benefits accruing to the Borrower under any and
<br />&ll oil and ps leases on said (iremises, with the right to receive and
<br />receipt for the same and apply them to said indebtedness as well
<br />before as after default in the condiliol15 of this insuumcnl, and the
<br />Leuder may demand. SUe for and recover any such payments when
<br />due and payable, bUI sball nol be required so '0 do. This usignmen,
<br />i! to termitwe and beccme null and void upon reJC15C 01 Ilus
<br />iostrumenL
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<br />10, That lbe BolTOwer will keep lbe buildinp upon said premlSCS
<br />ill rood repair, aDd DCiIber tommit nor permit WUIe upon said land,
<br />uor suffer lhe said premises to be used for any unlawful purpose.
<br />
<br />II. That if ,he pmnises, or any pan lbereo~ be condemned under
<br />the power 01 emident domain, or acquired lor a public .... llIe
<br />damqes awarded. the proceeds lor the lIkiol o~ or lbe
<br />COIISideration for sucb acquisition, to the enent of the full amounl of
<br />iodcbIedoeso upoo lhis iostrument and the DOle wbicb it ~ given 10
<br />seaue I'CltIIiniq unpaid. an: ben:by uoigned by the BolTOwer to tbe
<br />Lender. and sbaD be paid lortbwilllto said l.cnder to be applied by
<br />the laaer on account of the next maturmJ installments of such
<br />iDdebIl:dness.
<br />
<br />12. The BolTOwer further _ that should lhis instrumen, and
<br />lhe nole secumI ben:by not be eligible lor iosuraoa: under llIe
<br />NIIional Housina Aa wilhiD Dipt montbs lrom lhe date hereol
<br />(- -. of any offittr of the Deportment of HousiDland
<br />UJban Devdopmeo, or alllhorim1 qent 01 lhe Secreury of Housiol
<br />and UJban Developmr:at dated subocquent to "'" eiJlbl montbs' time
<br />lm1'Ilhe date 01 lhis iostrumen~ declininlto insure said DOll: and
<br />litis IIIDf1IIIe, beioI deemed coadusive prool 01 such ~bility I.
<br />the I...eDder or bolder of me note may. at its option. declare all sums
<br />secumI ben:by illUllediatdy due and ~yable. NorwitbswJdin!! Ill.
<br />1"'"!Oin& lhis option may not be exen:ised by lhe l.cnder or ,be
<br />boider of lhe IIOIl: _ lhe ineligibility ror insurana: under the
<br />NuiooaJ. Housiq Aa is due 10 the Leoder's failure to n:llIil the
<br />DIOI1p&e iDswuce premium 10 the Depanment of Housinl!: and
<br />UJban Devdopment
<br />
<br />13, Tba1 iflhe Borrower fails 10 make any ~yments or money
<br />wilen the 5iIIDI: br:c:ome due.. or fails to COlIIform 10 aDd comply with
<br />
<br />any of the conditions or agreemenl5 conwned in this instrumcnI. or
<br />the note which il secures, then the entire principal sum and accrued
<br />interest shall al once become due and payable, 0.1 the election of the
<br />Lender.
<br />
<br />Lender shall give notice to Borrower prior 10 acceleration
<br />following Borrower's breach of any coven ani or agreement in this
<br />ioslrUmcnl (but nol prior to acceJeration under paragraph 12 unless
<br />applicable law provides otherwise). The notice shall specify: (a) the
<br />del'aul~ (b) the action required 10 cure the del.ule (c) a date, nOI I...
<br />than 30 day> lrom lbe dall: Ihe nOlice ~ gIVen 10 Borrow.r, by which
<br />the del'aull must be cured; and (d) ilia' failure '0 cure the d.f.ul' on
<br />or before the dale specified in the notice may result in acceleration
<br />of tbe sums secured by this instrumenl and sale of tbe Property. The
<br />notice shall fumer inform Borrower of the right 10 reinstare afrer
<br />acceleration and the rigbt to bring a coun action 10 assert Ibe non-
<br />existence of a default or any other defense of Borrower 10
<br />acceleration and sale. If the defaull is not cured on or before the dale
<br />specified in the notice. Lender at its option may require immediare
<br />payment in full of all sums secured by this instrument without
<br />further demand and may invoke the power of sale and any other
<br />remedies permitted by applicable law. Lender shall be entitled to
<br />collect all expenses incurred in pursuing the remedies provided in
<br />this paragraph 13, including, but not Iimiled la, reasonable
<br />attorneys' fees and costs of title evidence.
<br />
<br />If the power of sale is invokerl., Trustee shall record a notice of
<br />default io each coun,y in which any pan of llIe Propeny is located
<br />and sbaU mail copies of such notice in the manner prescribed by
<br />applicable law to Borrower and to the other persons prescribed by
<br />.pplicable law, Al'er lbe time required by applic:able law, Trustee
<br />shall give public notice of sale to lbe persons and in the manner
<br />prescribed by applicable law. Trustee, without demand on Borrower,
<br />shall sell the Property at public auction ro the highest bidder at Ute
<br />time and place and under the terms designated in the notice: of saJe
<br />in one or more parcels and in any order Tnmer: determines. Trustee
<br />may poslpoDe sale 01 all or any parcel of llIe Propeny by public
<br />IDDOuncement at the time and place of any previously scheduled
<br />sale, l.cnder or its designee may purchase llIe Propeny at any sale.
<br />
<br />Upon n:ceipl of payment of the price bid. Trustee shall delh'er to
<br />the purchaser Trustee's deed conveying the Property. The recitals in
<br />the Tl'U5tee's deed shall be prima facie evidence afthe truth aCthe
<br />_ts nwIe lhereio. Trustee sball apply the proceeds 01 tbe sale
<br />in the following order: (a, to aU expenses of the sale., including. but
<br />Dot limited to, Trustee's fees as pcmtitted by .Ipplicable law and
<br />reasonable attorney>' lees; (b) to all sums secured by Ibis SealrilY
<br />lnstrumene and (c) any exa:ss to llIe pe:son ~r per.;ons legally
<br />entitled to iL
<br />
<br />14. Upon a.cccleratioD under paragraph 13 or abandonment of the
<br />Propeny, l.cnder (in pe:son, by qeDt or by judicially appolDll:d
<br />receiver) s.hal..I be entitled 10 enter upon, like possession of and
<br />_ the Propeny and to collec\ the ""'ts 01 llIe Propeny
<br />iodllllml those pasl due. ADY rents collected by Lender or llIe
<br />receiver shall be applied first to payment of the costS of manaBement
<br />of the Property and collection of rents, includins, but not limited to,
<br />receivcr':i fc::cs. prcmiUDlS on receiver's bonds aDd reasonable
<br />anomey's fees, and then 10 tho: sums sccurcd by this instrumenL
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<br />PIIQII3 of 5
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<br />HUD-U1aQT-1
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