|
<br />, 88- 106321
<br />
<br />evenl oC loss Bonower will &ive Immediate notice by mall 10 the
<br />Leader, who may make prooC oC loss if Dot made prompdy by
<br />Bonower, and each insurance company concerned is hereby
<br />authorilod and diroctod 10 make paymenl Cor .uch loss directly to
<br />the Lender instead OCIO the Borrower and the Londor joiady, and
<br />the insurance proceeds, or any pullhereoC, may be applied by Ihe
<br />Leader al iu option either to tho reduction of the indebtedn...
<br />beroby secured or 10 the restoration or repair oC the propeny
<br />dama&ed, ID evenl oC Corodosure oC this in.trumenl or other IransCer
<br />oC tide to the monpgod propony iD emnsuishment oC Ihe
<br />indebtedn... secured hereby, all righ~ title aDd interesl oC Ihe
<br />Borrower in and to Iny insurance policies dlen in force shall pass to
<br />the purclwor or granlOO.
<br />
<br />9. Thai as additional aDd collaleral security Cor the paymeDI oC Ihe
<br />Dote described, and all .ums to become due under this instrumen~
<br />the Borrower hereby assigns to the Lender all profiu, r..enues,
<br />royalties, righu and henefits accruiDg 10 the Borrower under any and
<br />all 011 and gas I..... OD said premises, wilh the righlto receive and
<br />receipt Cor the same and apply them to said indebtedn... as well
<br />beCore as after defaull io the conditions oC Ihis instrumen~ and the
<br />Londer may demand, .ue Cor aDd recover any such payments when
<br />due and payable, bUI .hall nol be required so to do. This assignmenl
<br />is to terminate and become null alid void upon rei.... oC this
<br />instrumenL
<br />
<br />10. Thai the Borrowe, will k..p the buildiogs UPOD said premises
<br />in good repair, and neither commit nor permit waste upon said land.
<br />Dor .uffer the said premises to be used Cor any unlawCul purpose.
<br />
<br />II. Thai iC Ihe premises, or any pan thereoC, be coDdemned under
<br />the power oC emiDenl domain, or acquired Cor a public use, the
<br />damaa<s awarded, Ibe proceeds Cor the liking o~ or the
<br />consideratioD Cor such acquisitioD, 10 Ihe e.teDI oC the Cull amount oC
<br />iDdobtedn... UPOD this iostrumenl and the note which it is given to
<br />secure remaining unpaid, lie hereby assigned by Ihe Borrower 10 the
<br />LeDder, and .hall be paid fonhwith to said Londor to be applied by
<br />the lalter on accounl oC Ihe nC'1 maluring installmenlS of .uch
<br />iodebtedD....
<br />
<br />12. The Borrower Cunher agrees lhal.hould Ihis instrument and
<br />the note secured hereby not be eli&ible Cor insuraDce under the
<br />Nalinnal HDusing Act within eigbl months Crom the date hereoC
<br />(wriuen statement oC aDY omcer oC Ihe De!llrlDleDI oC Housing and
<br />Urban DevelDpmenl or authorilod ageDI oC Ihe Secretary of Housing
<br />and Urban Development dated .ubsequent to the eighl mODths' time
<br />from the date of this instrumenr. dediniuS to insure said nQ~ and
<br />lhilI mort&qc, bciDJ dccmcd concluoive prooC oCsuch incli&ibililY),
<br />the Lendor or holder oC Ihe note may, al ilS OptiOD, declare all sums
<br />secured hereby immediately due aDd payabl.. NotwithstaDding Ihe
<br />Coregoiag, tbis OptiOD may not be e.ercised by the Londer or the
<br />holder oC the Dote when tbe IDeli/llbllity Cor Insurance under the
<br />Natiooal Housing Act is due to the Londer'. Cailure to remit the
<br />monpge iMorance premium 10 Ihe Depanment oC Housing aDd
<br />Urban Development
<br />
<br />13. Tbal iCthe Borrower Cail. to make aDY payments oC money
<br />when the same become due. or Cails t.J conCorm to and comply with
<br />
<br />any of the conditions or agreements contained In this instrument. or
<br />the note which it secures, then the enlire principal sum and accrued
<br />iDteresl ,hall at once become due and payable. at Ihe election oC Ihe
<br />Londer.
<br />
<br />LoDder .hall live Dotice to Borrower prior to acceleration
<br />followinB Borrower's breach of any covenant or aBr~ment in this
<br />instrument (but not prior to acceleration under pBrqraph 12 unless
<br />applicable law provides otherwise), The Dotice shall speciCy: (a) Ihe
<br />deCaul~ (b) the action required to cure the deraul~ (c) a date, not I...
<br />than 30 days Crom the dale the notice is giveD to Borrower. by which
<br />the doCault must be cured; and (d) Ihal Cailu,e to cure the dei.ult on
<br />or before the date speci6ed in the notice may result in acceleration
<br />of the .ums secured by this Instrumenl and sale oC the Properly. The
<br />notice shall further inform Borrower of the nBht to reinstate after
<br />acceleration and the right to bring a court action to assert the non-
<br />existeDce or a derault or aDY olher derense oC Borrower to
<br />acceleration aDd sale. IC the deraull is DOl cured OD or beCore the dale
<br />specif'Jed in the notice, Lender at its option may require immediate
<br />payment iD Cull of all sums secu,ed by Ihis instrumenl without
<br />further demand and may invoke the power of sale and any other
<br />remedies permlned by applicable law. Londer .hall be entitled to
<br />collect all expenses incurred in pursuing the remedies provided in
<br />this paragraph 13, including, bUI not limited 10. reasonable
<br />.attorneys' fee!! Ind costs of title evidence. .
<br />
<br />If the power of sale is invoked, Trustee shall record a notice of
<br />deCaul1 in IIch county In which any pan oC the ProperlY I. localed
<br />and .hall mail copies of such notice in the manner p'OSl:ribed by
<br />applicable law 10 Borrower and to the other peoon. prescribed by
<br />applicable law. ACter the time required by applicable law, Trustee
<br />.hall give public notice oC sale to Ihe persons and in the manner
<br />prescnbed by applicable law. Trust... without demaDd oa Borrower,
<br />.hall selllhe Propeny at public auction 10 the highest bidder at the
<br />time and place and under the terms desigDated in Ihe notice oC sale
<br />in one or more parcels and in Bny order Trustee determines. Trustee
<br />may poslpone sale of all or any parcel oC the Propeny by public
<br />anDouDcemeDI at the time and place oC any previously scheduled
<br />sale. LoDdor or ilS design.. may purchase the Propeny al any sale.
<br />
<br />Upon receipt oC paymeDI oC Ibe price bid. Trustee shall deliver to
<br />the purchaser Trustee's deed conveyins the Property. The recitals in
<br />the Trust.... deed shall be prima facie evideDce oC the truth oC the
<br />.tatemenlS made thereio. Trustee .hall apply the proceeds oC the sale
<br />In Ihe CollowiDg order: (a) 10 all e.penses oC the .ale, including, bUI
<br />not limited 10. Trustee'. Cees as permiued by applicable law and
<br />reasonable auomeys' Coes; (b) to all .um. $OC\Ired by thi> Security
<br />Instrument; Bnd (c) any cx(;css 10 the person or pcI50ns legally
<br />entitled to iL
<br />
<br />14. Upon acceleralioD uador paragraph 13 or abandonmenl oC the
<br />Propeny. Londor (ia persoD, by agent or by judicially appointed
<br />receiver) .hall be eDtitled to enter upon. take possession oC and
<br />manage the Propeny and 10 collect the rents or the Properly
<br />includiDg those past due. Any reDIS collected by Londer or the
<br />receiver .hall be applied first 10 paymenl oC Ihe COSIS oC managemenl
<br />oC the Propeny and collection or rents, iDcluding. but not limited 10,
<br />receiver's fees, premiums on receiver's bonds and reasonable
<br />attorney's fees, and then to the sums secured by this inslrumcnl.
<br />
<br />TOQJ8;
<br />
<br />HUD-U1ol3DT.'
<br />
<br />Page 3 of 5
<br />
|