89100701 - Laserfiche WebLink

Browse

F 89,"" 10 0 fT Q 1 apply them to mid indebminrss as well I►t•fi►re as adtrr dt-fnulr lit tilt- conditions of this instrument, and the (.ender may de- mand, site for and recover any such payments when due and payable, but .hall not he required so to do. This assignment is to terminate and become null and void 111'4111 tole :tse tit Ibis ithlrttnlenl. 10. That the Borrower will keep the buildings upon said pvomises in gootf relmir, and neither commit nor permit waste upon said land, nor suffer the said premises to he used for any unlawful putimse. 11. That if the premises, or any pert thereof, he cotdienuncvl under One lxiwcr of eminent domain. or acquired for a public use. the damages awarded, tine proceeds for the taking of. tit the consideration for such acquisition, to the extent of the full amount of indebtedrteis upon this instrument awl the note which it i% given its secure remaining unpaid. are hereby assigned by the Borrower to the Lender, and shall be, paid forthwith In said I.c ndfcr to t% applied by the latter on account of the next maturing installments of such indebtedness. 12. The Borrower further agrees that should this insuunwill and! tilt, note secured hereby not be eligible for insurance under the National Housing Act within eight ux►nths from the date i eteof (written statement of any officer of the Department of Housing and Urban Development or authorized agent of the Sccrctary of Housing and Urban Development dated subse- quent to the eight months' time from the date of this insttunxmt, declining to insure said note and this mortgage, being deem- ed conclusive proof of such ineligibility), the Letdler of holder of the note may. at its option, declare all sums secured hereby immediately due and payable. Notwithstanding the foregoing. this option may not he exercised by the Lender or the holder of the note when the ineligibility for insurance under the National Housing Act is due to the Lender's failure to remit the mortgage insurance premium to the Department of Housing arki Urban Ikvelopment. 13. That if the Borrower fails to make any payments of inoney when the same become due, or fails to conform to and comply with any of the conditions or agreements contained in this instrument, or the note which it secures, then the entire princiR3l sum and accrued interest Shall at on_e b:vxim,e due ant! -:;ease. at the ele•ction of the - Under. Under.shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this instrument (but not prior to accelerration under paragraph 12 unless applicable law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default. (c) a date, nix less than 30:days from the date the notice is given to Borrower, by which the default must be cured: and (if) that failure to cure the deftiult on or before the date specified in the notice may result in acceleration of the sums secured by this instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non- existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice. Lender at its option may require immediate payment in full of all sums secured by this instrument without_ further demand and may invoke the rinwer of sale alai anv Mhrr renuvRex rr:rrrirrr i by aflnlivahle r-- -.•- -• -•-•-• --•••-- -- r-•• rr --- - law, lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 13. in- cluding, but not limited to, reasonable attorneys' fees and costs of title evidence. if the power of sale in invoked. Trustee shall record a notice of default in each county in which any part of the Property is located and shall mail copies of such notice in the manner prescribed by applicable law to Borrower aril to the odher persons prescribed by applicable law. After the time required by applicable law. Trustee shall give public n4mice of sale to the persons and in the manners prescribed by applicable law. Trustee, without demand on Borrower. shall sell the Property at public auction to the highest bidder at the: time and place and under the terms designated in the notice of sate in one or more parcels and in any order'Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or its designee itay purchase the Property at any sale. Upon receipt of payment of the price bid. Trustee shall deliver to the purchaser Trustee's deed conveying the Property. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all expenses of the sale, including, but not limited to. Trustee's fees as permitted by applicable law and reasonable attorneys' fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 14. Upon acceleration under paragraph 13 or abandonment of the Pmperty. Lender (in person, by agent or by judicially appointed receiver) shall be entitled to enter upon, take possession of and manage the Property arm) to collect the rents of the Property including those past due. Any rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the Property and collection of rents. including, but riot fintited to, recciver's fees, premiums on receiver's bonds and reasonable attorneys* fees, and then to the sums secured by this: in;truntent. 15. Upon payment of all sums secured by this instrument. Lender shall request Trustee to recon% y the Property and shall surrender this instrument and all notes evidencing debt secured by this instrument to Trustee. Trustee shall ecconvey the Property without warranty and without charge to the person or persons legally entitled to it. Such licrson or perso►ny shall pay any recordation costs. 16. Lender. at its option. may from time to time remove Trustee and appoint a succeswr trustee to ally "Trustee appointed hereunder by an intrumcnt recorded in the county in which this instrument is recorded. Without con%cyancc of the Property. the successor trustee shall succeed to all the title, power and duties conferred upon Trustee herein and h) applicable law . 17. Borrower requests that copies of the notices of default and sale be sent to Wrrowcr's address which is the 11top rty Address. 18. If one or more riders arc executed by Borrower and recorded together with this in,trumeiii, the cowiiain% �uul aierct ntenns of each such rider shall he incorporated into and shrill amend and supplement the tit du, unit unicat as if the rider(s) were a part of this instrument. 19. The covenants herein contained shall hind, and the benefits and advantages shall inure to, the ieslk•ttt,e b u rs e:utors, administrators, successors. and assigns of the parties hereto. Whenever used. the sni)tul.ir aunt 1cr ,h.ilf un (nit: the plural, the plural the singular. and the tine of any gender shall include all genders Nga3of4 F (am MR) 92143 DT If,,, �J F.: F': r -.._ - r.