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<br /> � inade �hai1 br addrel tu !hr F�nnr�pal vui�i r«ing �m �hr a1x��•c 12. fhe Borra«�cr turthcr aGrecc �hat ahauld tNic intitrumcnt and
<br /> note, �hall be.rrurrd hrrchp, and shall bra� intrrest ai thr iaie �ct thc nrne secured hc�cby� nat bc rligihle for insurancr under the Na-
<br /> � fonl� in ihe k�i�! note, until paid. tinnal Hnucim• A�t .cirhin.•iohr mnit!hs frnm!he d�+.: h.::�''
<br /> � (�v�itcen �tatement of uny of�rer af thc Department af Housing
<br /> 7. That the Barroµ•cr hereb}• ati�igns, transPers and�et� o��er ta and U�han De��elopment ar autho�ized agent of thc Secrctary of
<br /> the Lender, ta be applied toward the payment of the nate and all Housing and Urhan pe��elopmcnt dated subsequent to the eight
<br /> sutns serured hereby in rase af a default in the perPormance of months' time from the date of this instrument, declining ta insure
<br /> � any of'the terms and conditions of this i�strument ar the said said note and this mort�age. beins deemed conclusi�•e proof of
<br /> note, all the rents, re�enues and income to be deri�•ed fram the such ineligibility), the Lender or holder of the note may, at its op-
<br /> said premises du►ing such time as the indebtednexs shaU remain tiaa,declare all sumx secured hereby immediately due and payable.
<br /> = unpaid,and the Lender shall have paa•er to appoint any agent or Notwithstanding the foregoing, this aption may nn� t,e�pYPrciced
<br /> agents it ma��desire tor thc purpose of repairing said premises and by the Lender or the holder of[he note when the ineligibility fbr
<br /> of renting the same and collecting the rents, re��enues and income, insurance under the National Housing Act is due to the l.ender's
<br /> and it may� pa>• out of said incomes all expenses of repai�ng said failurc to remit the mungage insurance premium to the Depatt-
<br /> premises and necessary commissions and expenses incurred in rent- ment of Hou�ing and Urban De�•eopment.
<br /> ing and manzging the same and of collecting rentals therefrom;
<br /> the batance remaining, if am, to be applied to�vard the discharge 13. That if the Borro��er fails to make any payments of mo�ey
<br /> af said indebtedness. a�hen [he same become due, or fails to conform to and comply
<br /> �vith any ot'the conditions or agreements contained in this instru-
<br /> S. That the Botto��er ��•ill keep ihe impro��ements now existing ment, or the note �tihich it secures, then the entire principal sum
<br /> or hereafter erected on the property, insured as may be required and accrued interest shal! at once become due and payable, at the
<br /> from time to time by the l.cnder againat lo�s bp fire and other election of the Lender.
<br /> hazards, casualties and cantingencies in such amounts and for sueh
<br /> periods as may be reyuired by the Lender and�vil)pay promptly, Lender shall give notice to Borro��•er prior to acceleration
<br /> when due, any premiums on such insurance provisian for payment follo�sing Borro���er's breach of any co�•enant or agreem�nt in this
<br /> of�vhich has not bcen madr hrreinbeforr. All insurance shall be in�trument (but not priur to :tcreleration uttder paragraph 12
<br /> carried in companies approced by the Lender and the policies and unless applicable la�r provides othern•ise). The notice shall specify:
<br /> renewals thereof shall be held by the Lender and have attached (a) the default; (b)the action required to cure the default; (c)a
<br /> thereto loss payable clauses in fa�•ar af and in form acceptable to date,not less than 30 days f'rom the date the notice ic ei�•en to
<br /> the Lender. In event of'loss Borrower will gi�•e immediate natice Borrower,by which the default must be rured; and (d)that failure
<br /> by mail to the Lender, w•ho may make praof of loss if not made to cure the default on or before the date specitied in the notice
<br /> promptly b� Borrower, and each insurance company concerneci is may result in acceleration of the sums secured by this instrument
<br /> hereby authorized and directed to makr payment for such loss and sale of the Property. The notice shall further inform Borrower
<br /> directly to the Lender instead of to the Borro�cer and the I.ender of the right to reinstate after accsleration and thc right to bring a
<br /> � jointly.and the insurance proceeds, or any pan thereof, may be court action ta assen the non-existence of a default or anv other _
<br /> applied by the Lender at its option either to the reduction of the defense uf Borrower to accelcration and sale. If the default is not
<br /> � indebtedness hereby secured or to the restoration or repair of the cured on or before the date specified in the notice. Lender at its
<br /> property damaged. In e�•ent of forectosure of this instrument or option may require immediate payment in full of all sums secured
<br /> other ttansfer of title to the mortgaged proj►eny m exunguishment by this instrument without further demand and may im•oke thc '
<br /> of the indebtedness secured hereby, all right, tit[e and interest of power of sale and any other remedies permitted by applicable law.
<br /> the Bonower in and to any insurance poHcies then in force shall Lender shall be entitled to collect all expenses inrurred in pursuing
<br /> pass to the purchaser or grantee. thc remedies pro�•ided in this paragraph 13. including, but not � _
<br /> limited to, reasonable attorneys' fees and costs of title evidence. • ���
<br /> 9. That as additional and collatera!security for the payment of �
<br /> the note described,and all sums to become due under this instru- If the power af sale is invoked. Trustee shall record a notice of
<br /> ment,the Bonower heteby assigns to the Lender all profits, default in each county in ��•hich any part of the Property is located
<br /> revenues, royalties, rights and benet5ts aceruing to the Borrower and shall mail copies of such notice in the manner prescribed by :�
<br /> under any and all oil and gas leases on said premises,with the applicable la�►• to Borrow•er and to the other persons precribed by �
<br /> right to receive and receipt for the same and apply them to said aDplicable law. After the time reyuired by applicable law, Trustee ,
<br /> indebtedness as �vell before as after default in the conditions of shall give public notice of sale to che persons and in the manner �,
<br /> this instrument. and the Lender may demand,sue for and recover prescribed by applicable laa•. Trustee, without demand on Bor- '=
<br /> any such payments when due and payable, but shall not be re- rower, shall sell the Property at public auction to the highest bid- ,
<br /> quired so to do. This assignment is to terminate and become null der at the time and p)ace and under the terms designated in the � �x
<br /> and void upon release of this instrument. notice of sale in one or more parcels and in any order Trustee :
<br /> determines. Trustee may postpone sate of all or any pazcel of the
<br /> !0. That the Borrower will keep the buildings upon said premises Propeny by public announcement at the time and place of any
<br /> in good repair, and neither commit nor permit waste upon said previousiy scheduled sale. Lender or its designee may purchase the
<br /> land. nor suffer the said premises to be used for any unlawful Nroperty at any sale.
<br /> purpose.
<br /> Upon receipt of payment of the price bid, Trustee shall deliver
<br /> 11. That if the prernises,or any part thereof, be condemned to the purchaser Trustee's deed conveying the Propeny. The
<br /> under the power ot eminene domain, or acquired for a public use, recitais in the Trustee's deeci sl�ail be prima facie evidence of the
<br /> the damages awarded, the proceeds for the taking of,or the con- truth of the statements made therein. Trustee shall apply the pro-
<br /> sideration for such acquisition,to the extent of the Cull amount uf ceeds of the sale in the following order: (a)to all expenses of the
<br /> indebtedness upon this instrument and the note which it is given to sale, inctuding, but not limited to, Trustee's fees as permitted by
<br /> secure remaining unpaid, are hereby assigned by the Borrowcr to applicablr la�v and reasonable attorneys' fees: (b) to all sums
<br /> the Lender, and shali be paid forthwith to said Lender ta be ap- secured i�y this Security Instrument; and (c) any excess ta the per-
<br /> plied by the latter on account of the next maturing installments of son or persons legally entilled to it.
<br /> such indebtedness.
<br /> � Page 3 of 5 HUD-92143DT '
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