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<br />88-
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<br />106075
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<br />event of loss Borrower will give immediate notice by mail to the
<br />Lender, who may make proof of loss if DOt made promptly by
<br />Borrower,land eacb insurance company concerned is hereby
<br />authorized and directed to make payment for such loss directly to
<br />th. Lend.r i_d of to the Borrow.r and th. Lend.r jointly, and
<br />th. iasorance proceed3, Dr any part thereof, may be applied by th.
<br />Lend.r at its option .ither to the reduction of th. indebtedness
<br />bereby secured or to the restoration or repair of th. propeny
<br />damaged. In event of roreclosurc of this instrUment or other transfer
<br />of titl. to the mOr\gB8ed propeny in extinguisbm.nt of th.
<br />ind.b1edness secured h.reby, all rigb~ titl. and int.rest of the
<br />Borrower in and to any insurance policies thea in force shall pass to
<br />the purchaser or grantee.
<br />
<br />9. That as additional and collateral security for the paym.nt of the
<br />note descnbed, and all sums to become due under tbis iastrum.n~
<br />the Borrower bereby assigns to the Lender all profits, reveaues,
<br />royalties, rights and benefits seeming to tbe Borrower und.r any and
<br />all o~ and gas leases on said premises, with th. rigbtto receive and
<br />receipt for the same and apply them to said iodebledness as w.1I
<br />before as after default in the conditions of this iastrumen~ and the
<br />Lender may demand, sue for and recover any such payments when
<br />due and payable, but sball not be required so to do. This assignm.nt
<br />is to terminate and become null and void upon release of this
<br />instrumenL
<br />
<br />10. That the Borrower will keep the buildings upon said premises
<br />in good repair. and neither commit nor permit waste upon said land,
<br />nor suffer the said premises to be used for any unlawful purpose.
<br />
<br />II. That if the premises, or any part thereof, be condemned uader
<br />the power of emin.nt domain, or acquired for a public use, the
<br />damatles awardl:d, th. proceeds for th. taking of, or the
<br />coasid.ratioa for sucb acquisition, to tb. extent of th. full amount of
<br />indebtedness upon this In3trum.nt and th. note wbich it is giv.n to
<br />secure remaining unpaid, ar. b.reby assigned by lb. Borrow.r to th.
<br />Lender, and sball be paid fonbwith to said Lender to be appli.d by
<br />the latter on account of the next maturing installments of such
<br />ind.btedn....
<br />
<br />12. The Borrow.r funb.r agrees tbat sbould this iastrum.nt and
<br />th. note secured hereby not be .ligibl. for iasurance und.r tb.
<br />National Housing Act within .igbt months from th. date h.reof
<br />fwritten statem.nt of any officer of tb. Department of Housing and
<br />Urban Developm.nt or suthorized agent of th. Secretary of Housing
<br />and Urban Developmcut dated subsequent to th. .ight months' time
<br />from the date of this instrum.n~ declining to iasor. said note and
<br />this mOr\gB8e, being deemed conclusiv. proof of such ineligibility),
<br />the Lender or holder of the note may, at its option, declare aD sums
<br />secured b.reby immediately due and payabl.. Notwithstanding the
<br />foregoing, this option may nnt be .x.rcised by tb. Lend.r or tbe
<br />bolder of th. note wb.n the in.ligibility for iasurance und.r tbe
<br />National Housing Act is due to the Lender's liulure to remitth.
<br />mortpge insurance premium to lb. Departm.nt of Housing and
<br />Urban Developm.nt
<br />
<br />13. ThAt if th. Borrower fails to make any payments of mon.y
<br />wbcu lb. same becom. due, or fails to conform to and comply with
<br />
<br />any of the conditions or Bgreemen15 contained in this instrument. or
<br />the note which it secures. then the entire principal sum and accrued
<br />interest shall at once become due and payable, at the election of the
<br />Lender.
<br />
<br />Lender shall give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant or agreement in this
<br />instrument (but not prior to acceleration under paragraph 12 unless
<br />applicabl.law provides otberwise). Th. notice sball speciry: (a) tbe
<br />d.fault: (b) the action requir.d to cure tb. default: (c) a date, not less
<br />lban 30 days from tb. date the notice is given to Borrow.r, by which
<br />th. d.fault must be cured; and (d) that failur.to cur. tb. d.fault on
<br />or before the date specified in the notice may result in acceleration
<br />of the sums secured by lbis instrum.nt and sal. of th. Propeny. Th.
<br />notice shall further inform Borrower of the right to reinstate after
<br />acceleration and the right to bring a court action to assert the non-
<br />existence of a deCauh or any other defense of Borrower to
<br />acceleration and sale. If the default is not cured on or befon: the date
<br />specified in the notice, Lender at its option may require immediate
<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 />r.medies permiued by applicabl.law. Lend.r sbsll be entitl.d to
<br />collect all expenses incurred in pursuing the remedies provided in
<br />this paragraph 13, including, but not limited to, reasonabl.
<br />attorneys' fees and costs of title evidence.
<br />
<br />If the power of sale is invoked. Trustee shall record a notice of
<br />d.fault in each county in wbich any psn of th. Property is located
<br />and sball msil copies of sucb notice in lb. manner prescribed by
<br />applicabl. law to Borrow.r and to tb. olb.r persons prescribed by
<br />applicabl. law. Aft.r the tim. required by applicable law, Trustee
<br />shall give public notice of sale to the persons and in the manner
<br />prescribed by applicabl.IIW. Truste., wilbout d.mand on Borrower,
<br />sball soUtb. Propeny at public auction to the bigbest bidder at the
<br />tim. and place and und.r tb. t.rms designated in the notic. of sal.
<br />in one Of more parcels and in any order Trustee determines. Trustee
<br />may postpon. saI. of all or any parcel of tbe Propeny by public
<br />announcement at the time and place of any previously scheduled
<br />sal.. Lender or its designee may purchase Ibe Propeny at any sale.
<br />
<br />Upon receipt of paym.nt of tb. pric. bid, Trustee shall d.liver to
<br />th. purcbaser Truste.'s deed conv.ying th. Property. The r.citals in
<br />the Trustee's deed shall be prima facie evidence of the truth of the
<br />statements made th.reia. Trustee shall apply th. proceed.! of lb. sal.
<br />in lb. following ord.r: (a) to all .xpenses of the sale, including, but
<br />not limited to, Trustee's fees as permitted by applicabl. law and
<br />reasonabl. altorneys' fees; (b) to all sums secured by Ihis Security
<br />Iastrum.n~ and (c) any excess 10 the person or persons legally
<br />entitled to it.
<br />
<br />14. Upon acceleration under paragraph 13 or abandonment or the
<br />Propeny, Lender (ia person, by ag.nt or by judicially appointed
<br />receiver) sball be .ntitled to .nter upon, take possession of and
<br />manage th. Propeny and to collectth. rents of th. Property
<br />including those past du.. Any rents collected by Lend.r or the
<br />receiver shall be applied first to payment of Ihe costs of management
<br />of th. Propeny and collection of rents, including, but not Iimit.d to,
<br />receiver's fees, premiums on receivcf's bonds and reasonable
<br />attorncy's fees, and thcn 10 the sums secured by this instrument.
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