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<br /> . RE-RECOROED
<br /> - - - $9— . i0�8�8� q�.._- 10�an�
<br /> � made shall be added to the prii�ripal sum o�ving on the abo�•e 12. The Borra��er furthcr agrces that should this insuument and
<br /> note, shall be secured hereby, and shAll bear interest at the ratr �et the n�te secured hereby npt be eGgible for insurance under the Na-
<br /> forth in the said note, until paid. tianal Housing Act �vithin eight months f��m the date hereof
<br /> (�vritten statcment oi'any officer of the Aepartment oP Housing
<br /> 7. That the Borro�ver hereb}•assigns, transfers nnd sets o�•er to and Lfcban D;.ti-etopmrnt oi autho�iee�i agcut uf tLr Sccrclary vi
<br /> the Lender, to be applied co�vard the payment of the note and all Housing and Urban Developmznt dated subsequent to the eight
<br /> sums secured hereby in case of a default in the peribrmance of months' time Prom the date of this instrument, declining to insure
<br /> any at the terms and conditions of this instrument or the said said note t�nd this mortgage. being deemed conclusi�e praof'of
<br /> � note. al) the �ents, revenues and income to be deri�•ed P�om the such ineligibility), the Lender or holder of the nate may. at its op-
<br /> said premises during such time as the indebtedne�.a shall remain tion,declare all sums secured hereby immediately due and payable.
<br /> unpaid,and the Lender shall ha�•e po��•er to appoint any agent or Nut«�ithstanding thc foregoing, this option ma}• nat be exercised •
<br /> agents it may desire for the pur�nose of repairing said premisec and by thc Lender or thr hotder of the nate w•hen the lneligibility for
<br /> of renting the same and coltecting the rents, re��enues and incomr, insurance under the Nutional Hausing Act is due to the Lender's
<br /> and it may pay out of said incomes all expense� aP repairing �aid f:�ilurc to�rmit �he mortguge insu�ance �remium to the Depurt-
<br /> � Premises and necessA�y commissions and expenses incurreci in rrnt• mem of'Housing and Urban Oeveopment.
<br /> ing And managing the same and of'collecting rental� thereProm;
<br /> the balancc remaining, iP any, to bc applied to���ard the di�rhargc 13. That if the 8orra��e� fails to make am� payments of money
<br /> of said indebtedncss. ahen the same become due, or fails to conform [o and comply
<br /> �vith am•of the conditions or agreemems contained in this instru-
<br /> 8. That the Bo�ro��•er w•ip keep�the impro�ements no�+� existing ment,or the note�vhich it secures, then the entire principal sum
<br /> or hereafter erected on the property. insured as ma>• be required and accrued interest shall at once become due and payable, at the
<br /> from time ta time by the Lender against loss by fre and other election of the Lender,
<br /> hazards, casualties and conlingencies in such amounts and f'ot such
<br /> periods as may be required by the Lender and u•ill pay promptly. Lender shall give notice to Borro��•er prior to acceleration
<br /> when due. any prem�ums on such insurance pro��ision for payment follo�ving Eorro��•er's breach of any covenant or agreement in this
<br /> af which has not been mude hereinbefore. All insurance shall be instrument (but not prior to acceleration under pa�agraph 12
<br /> . carried in companies approved by the Lender and the policies and unless applicable law• provides otherwise). The notice shall speeify:
<br /> renewals thereof shall be held by the Lender and ha�•e attached (a)the default; (b)the action required to cure the default; (c)a
<br /> � thereto loss payable clauses in favor of and in form acceptable to date,not less than 30 days from the date the notice is given to
<br /> • the Lender. In ecent of loss Borrower will gice immediate notice Borro�►•er, by which the default must be cured; and (d)that failure
<br /> ' by mail to thz Lender,uho may make proof of loss if�►ut made co cute the default on or before the date specitied in the notice •
<br /> promptly by Borrow•er,and each insurance company concerned is may result in acceleration of the sums secured by this instrument �
<br /> hereby authorized and directed to make payment for such loss and sale of the Propeny. The notice shaU further inform Borrower �
<br /> directly to the Lender instead of to the Borrow•er and the l.ender of the right to reinstate after acceleration and the right to bring a
<br /> jointty,and the insurance proceeds.or any part thereof. may be court action to assert the non-existence of a default or any other � �
<br /> applied by the Lender at its option either to the reduction of the defense of Borrawer to acceleration and sale. lf the default is not � ?.>
<br /> � - i:�ds�;�lr.:� :s.-r�by s.;,:::�;,;t:,th���stcrati����; :�,a;r o.ii�c cureci on or oefore tne aate specineci in the nocice. Lender at its - -.
<br /> propeny damaged. !n ecent of foreclosure of this instroment or option may require immediate payment in full of all sums seeured �
<br /> other transfer of title to the mongaged propeny in extinguishment by this instrument without further demand and may invoke the --
<br /> of the indebtedness secured hereby. alt right.title and interest of power of sale and any other remedies permitted by applicable law.
<br /> the Borro�ver in and to�ey insursr:cc policics ttt¢rt :n force shall Lender shatt Ue eatitied to cottect atI expenses incurreri in pursuing .--- —
<br /> pass to the purchaser or grantee. the remedies provided in this paragraph l3, including, but not
<br /> limitcd to, reasonable attorneys' fees and costs of title evidence. �
<br /> 9. That as additional and collateral security for the payment of
<br /> the note described,and all sums to become due under this instru- If the power of sate is im•oked, Trustee shall record a notice of
<br /> ment,the Borrower hereby assigns to the Lender all profits, default in each county in �vhich any part of the Propeny is located
<br /> revenues, royalties,rights and benefits accruing tp the Bonower and shall mail copies oP such notice in the manner prescribed by
<br /> • under any and all oil and gas leases on said premises. a•ith the applicable law to Borro�cer and to the other persons pre�.�ribed by
<br /> right to receive and receipt for the same and apply them to said applicable law. After the time required by applicable law, Trustee �
<br /> indebtedness as well before as after default in the conditions of shall give public notice of sale co the persons and in the manner ,
<br /> this instrwnent,and the Lender may demand, sue for and reco�er prescribed by applicable law. 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 nult der at the time and place and under the terms designated in tht .=�'_
<br /> and void upon relrase of this instrument. notice of sale in one or more parcels and in any order Trustee ;.•�._
<br /> • determines. Trostee may postpone sale of all or any pazcel of the �
<br /> 10. That the Borrower will keep the buildings upon said premises Property by pub3ic announcement at the time and place of any •
<br /> in good repair.and neither commit nor permit waste upon said previously scheduled sale. Lender or its designee may purchase the
<br /> land, nor suffer the said premises to be used for any unlaw•ful Property at any sale. . .
<br /> purpose.
<br /> Upon receipt of payment of the price bid. Trustee shall deliver
<br /> 11. That if'the premises.or any part thereof, be condemned to the purchaser Trustee's deed conveying the Property. The
<br /> under the power of eminent domain,or acquired for a public use. recitals in the Trustee's deed shall be prima facie evidence of the
<br /> the�amages awarded. the procceds for the taking of. or the con- trutl►of the statements made therein. Tnistee shall apply the pro-
<br /> sideration for such acquisition. to the extent of the full amount of 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 gi�•en to sale, including, but not limited to, Trustee•c feec a�permitted by
<br /> secure remaining unpaid, are hereby assigned by the Borrower to applicable law and reasonable attorneys' fees; (b)to all sums
<br /> , the Lender,and shall be paid fonhwith to said Lender to be ap- secured by this Security Instrument: and (c)any excess to the per-
<br /> plied by the latter on account of the next maturing installmen;s of son or persons legally entitled to it.
<br /> such indebtednas.
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