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<br /> � rtiade shalt be added [o the principal sum o��ing on the abo��e l�. 7he Horro�rer furthrr a.grecw that should this instrument and
<br /> nate, shall be secured hereby, and shall bear mrerest at the rate ,et the note secured hercby not be eligible for insurance under the Na-
<br /> � forth in �I�r said note, until p�id, tional Housin� Act �vithin eight months f'rom the date hereof
<br /> (Nritten statement of any ollicer oi the Gepar[meni oi Housing
<br /> 7. That the Borro��er hereby assigns, transfers and sets o�er to and Urban Developmenc or autharized agent of the Secretary of
<br /> the Leader, to be applied to��•ard the payment of the note and aU Nousing and Urban De�•elnpment dated subseyuent to the eight
<br /> � sums secured hereby in case af a default in the pe�formance of months' time from the date of this instrument. dtclining to insure
<br /> any of the terms and conditions of this instrument or the said said note and this mortguge, bei�g deemed conclusive proof ot
<br /> note,all �he rents. re�•enuec and incame to be deri�•ed from the �uch ineligibility), the Lend�r ot holdet of the ttote may. at its op-
<br /> said premises during �uch cime as the indebtedness shall remain tion, declare al! sums secured hereby immediately due and pa)able.
<br /> unpaid. and the Lender shall ha��e po�rer to appoint any agent or Not���ithstandi�g the foregoing, this option may not be exercised
<br /> agents it may desire for the purpose of re�airing said premises and by the Lender or the holder of the note when the ineligibility for
<br /> of renting the same and collecting the rents, re�•enues and income, insurance under the National Housing Act is due ta the Lender's
<br /> � and it may pay out of said incomes all expenses of repairing said failure to remic the mortgage insurance premium to the Depart-
<br /> premises and necessary commissions and expenses incurred in rent- ment of Housing and Urban Deveopment.
<br /> ing and managing the same and of collecting rentals theref�om;
<br /> the balance remaining, if an}•, to be applied to���ard the discharge 13. That if�he Borro��er fails co make any payments of money
<br /> of said indebtedness. . �chen the same become due, or fails to conform to and comply
<br /> ��ith an}• of the conditions or agteements contained in this instru-
<br /> 8. That the Borron�er ��iU keep the improcements no�v e�isting meni, or the note �vhich it secures,then the entire principal sum
<br /> or hereafter erected on she p�opett�•, insured as may be required and accrued interest shall at once become due and payable. at the
<br /> fror.�!'s*ne to:i:,ir by tne Lender against loss b>• fire and other election of the Lender.
<br /> hazards. casualties and contingencies in such amounts and f'or such
<br /> periods as may be required by the Lender and ��•ill pay promptly, Lender shall gi�•e notice to Borrower prior to acceleration
<br /> . �vhen due, any premiums on such insurance pro�•ision for payment follo«�ing Horro�ver's breach of any covenant or agrcement in this
<br /> � of�vhich has not been made hereinbeforr. All insurance shall be instrument (but not prior to acceleration under paragraph 12
<br /> carried in companies appro��ed by the Lender and the policies and unless applicable law provides othentiise). The notice shall specify:
<br /> renewals thereof shall be held by the Lender and ha�•e attached (a)the dcfault; (b)the action required to cure the default; (c)a
<br /> __ thereto loss pa1able 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. ln event of loss Borro�ti�er w•ill gi�•e immediate notice Borro�rer, by�vhich the default must be cured: and(d) that failure . .
<br /> by mail to [he Lender, w•ho ma�• make proof of loss if not made to cure the default on or before the date speci�ed in the notice
<br /> promptly by Borrow•er, and each insurance companc 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 Property. The notice shall further inform Borrower
<br /> _. directly to the Lender instead of to the Borro�cer and the Lender of the right to reinstate after acceletation and the right to bring a �
<br /> � jointly, and the insurance proceeds,or any pan thereof, may be court action to assert the non-existence of a defauIt or any other ;
<br /> � � applieci by tite i.ender at its option either to tne reduction of tne defense oP Borrower to acceirration anu satr. ii ir:c uciauii u�i�[ _
<br /> indebtedness hereby secured or tc� the restoration or repair of the cured on or before the date specified in the notice. Lender at its
<br /> propeny damaged. ln e�•ent of foreclosure of thic instrument or option may require immediate payment in fuU of all sums secured
<br /> ' ather transfer of'title to the mortgaged property in extinguishment by this instrument without further demand and may invoke the
<br /> of the indebtedness secured hereby,all right, title and interest of pow•er of sale and any other remedie�permitted by applicable law. _ - `
<br /> : the Borro«•er in and to any insurance policies then in force shall Lender shall be entitled to mllect all expenses incurred in pursuing ;_
<br /> pass to the purchaser or grantee. the remedies provided in this paragraph 13. including, but not
<br /> limited 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 sale is invoked,Trustee shall recotd a notice of
<br /> ment,the Borrower hereby assigns to the Lender all profits, default in each county in which any part of the Propeny is located
<br /> revenues,royatties, rights and benefits accruing to the Borro�ver and shall mail copies of such notico in the manner prescribed by
<br /> under any and all oil and gas leases on said premises, with the applicable law to Borrower and to the other persons precribcd by ;
<br /> right to receice and receipt for the same and apply them to said applicable law. After the time required by appl'icable law, Trustee '
<br /> indebtedness as well before as after default in the conditions of shall give public notice of sale to the persons and in the manner � �' �
<br /> this instrument, and the Lender may demand, sue for and recover prescrilxd by applicable law. Trustx. without demand on Bor- �
<br /> any such payments when due and payable, but shall not be re- rower, shall seU 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 plaa and under the terms designated in the
<br /> and coid upon release of this instrument. notice of sale in one or more parcels and in any order Trustee '..�.`
<br /> � determines. 'trustce may postpone sale of all or any pazcel of the • :
<br /> ]0. That the Borrower a•ill keep the buildings upon said premises Property by public 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 unlawful Propeny at any sale.
<br /> purpose.
<br /> , Upon receipt of payment of the price bid, Trustee shall deli�•er
<br /> 11. That if the premises, or any part thereof, be condemncd to the purchaser Trustee's deed conveying the Property. The
<br /> under the power of emineni domain, or acquired for a pubiic uce, reCitalS in the Trustee's deed shall be prima facie evidence of the
<br /> the damages awarded,the proceeds for ihe taking of, or the con- truth of the statements made therein.rrustee shall apply the pro-
<br /> sideration for such acquisition, to the extent of the full amount of cceds of the sale in the following order: (a)to all expenses oP ehe
<br /> indebtedness upon this instrument and the note which it is given to sale, including. but not limited to,Trustee's fees as permitted by
<br /> secure remaining unpaid,are hereby assigned by the Borrower to applicable law and reasonable attomeys' fees; (b) to all sums
<br /> the Lender. and shall be paid forthwith to said Lender to be ap- secured by this Security Instrumenr and (c)any excess to the per-
<br /> plied by the latter on account of the next maturing installments of son or persons legally entitleci to it.
<br /> such indebtedness.
<br /> Page 3 0}5 � ••° � HUD-921430T
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