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<br />lender. In event of los5 Borrower will give Immediate notice by <br />maitto the Lender, who may make proof of 1055 If not made <br />promptly by Borrower, and each insurance company concerned <br />Is hereby authorized ond directed to make payment for such loss <br />directly to the Lender instead of to the Borrower and the <br />Lender jointly. nnd the insurance proceeds, or any pari thereof. <br />may be applied by the Lender at Its option eltller 10 the <br />reduction of the indebtedness hereby secured or to 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 property in extinguishment of the indebtedness <br />secured hereby, all right. title and inlerest 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 collateral security for the payment <br />of the note described, and all sums to become due under this <br />instrument, the Borrower hereby assigns to the Lender all <br />profits. revenues, royalties, rights and benefits accruing to the <br />Borrower under any and all oil and gas leases on said premises. <br />with the right to receive and receipt for the same and apply <br />them to said indebtedness as well before as after default in the <br />conditions of this instrument. and the Lender may demand. sue <br />for and recover any such payments when due and payable, but <br />shall not be required so to do. This assignment is to terminate <br />and berome null and void upon release of this instrument. <br />10. That the Borrower will keep the buildings upon said <br />premises in good repair, and neither commit nor permit waste <br />upon said land, nor suffer the said premises to be used for any <br />unlawful purpose. <br />1 I. That if the premises, or any pan thereof, be condemned <br />under the power of eminent domain, or acquired for a public <br />use, the damages awarded. the proceeds for the taking of, or <br />th~ considtaation for such acquisition. to the extent of the full <br />amount of indebtedness upon this instrument and the note <br />which it is given to secure remaining unpaid, are hereby assigned <br />by the Borrower to the Lender, and shall be paid forthwith to <br />said Lender to be applied by the latter on account of the next <br />maturing installments of such indebtedness. <br />12. The Borrower further agI"C'CS that should this instrument <br />and the note secured hereby not be eligible for insurance under <br />the National Housi.ng Act within eight months from the date!! <br />hereof (wriUen statement of any officer of the Department of <br />Housing and Urban Development or authorized agent of the <br />Secretary of Housing and Urban Development dated subsequenl <br />to the eight months' time from the date of this instrument, <br />declining to insure said note and this mortgage, being deemed <br />conclusive proof of such ineligibility), the Lender or holder of <br />the note may~ at its option, declare all sums secured hereby <br />immediately due and payable. Notwithstanding the foregoing, <br />this option may not be exercised by the Lender or the holder of <br />the Dote when the ineligibility for insurance under the National <br />Housing Act is due to the Lender's failure to remit the <br />mongage insurance premium to the Department of Housing and <br />Urban Development. <br />13. That if the Borrower fails to make any payments of money <br />when th= same become due. or fails to conform to and comply <br />with any of the conditions or agreements contained in this <br />instrument. or the note which it secures, then the entire <br />principal sum and accrued interest shall at once become due and <br />payable, at the ejection of the Lender. <br /> <br />88- i06846 <br /> <br />Lender ~hnll give notice to Borrower prior 10 acccleratlon <br />following Borrower's breach of any covenant or agreement In <br />this instrument (but not prior to acccleration under paragraph <br />12 unless applicable law prOVides otherwlsc). The notice shall <br />specify: (0) the default; (b) the action required to cure the <br />default; (c) a date. not less than 30 days from the date the <br />notice is given to Borrower, by which the default must be cured; <br />and (d) that failure 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 and sale of the Property. The notice <br />shall further inform Borrower of the right to reinstate after <br />acceleration and the right to bring a coun action to assen the <br />non~existence of n default or any other defense of Dorrower 10 <br />acceleration and sale. )f 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 without further 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 />bUI not limited to, reasonable attorneys' fees and costs of title <br />evidence. <br /> <br />If the power of sale is invoked~ Trustee shall record a notice of <br />default in each county in which any part of the Property is <br />located and shall mail copies of such notice in the manner <br />prescribed by applicable law to Borrower and to the other <br />persons prescribed by applicable law. After the time required by <br />applicable law, Trustee shall give public notice of sale to the <br />persons and in the manner prescribed by applicable law. <br />frustee, without demand on Borrower. shall sell the Property at <br />public auction to the highest bidder at the time and place and <br />under the terms designated In the notice of sale in one or more <br />parcels and in any order Trustee determines. Trustee may <br />pOStpone sale of all or any parcel of the Property by public <br />announcement at the time and place of any previously scheduled <br />sale. Lender or its designee may purchase the Property at any <br />sale. <br /> <br />Upon receipt of payment 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 the statements made therein. Trustee shall apply the <br />proceeds of the sale in Ihe following order: (a) to all expenses of <br />the saie, including, but not limited to. Trustee~s fees as <br />permitted. by applicable Jaw and reasonable attorneys' fees; (b) <br />to all sums secured by this Security Instrument; and (c) any <br />excess to the person or persons legally entitled to it. <br /> <br />14. Upon acceleration under paragraph 13 or abandonment of <br />the propeny. Lender (in person. by agent or by judicially <br />appointed receiver) shall be entitled to enter upon~ take <br />possession of and manage the Property and to collect the rents <br />of the Property including those past due. Any rents collected 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 />receivcr's bonds and reasonable attorneys' fees. and then to the <br />sums sccured by this instrumen1. <br /> <br />Page 3 of 5 <br /> <br />HUO.921 4301.' <br /> <br />.J <br />