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<br />event of Ions &ff- -, ver will give immediate notice by mail to the
<br />Lender. who may matte proof of loss if riot made promptly by
<br />Borrower, and each insurance company concerned is hereby
<br />authorzed acid dirt to make payment for such loss directly to
<br />the Lender instead of 0 the Borower sad the Lender jointly, and
<br />the insurance praceeda,or any part thereot may be applied by the
<br />Leader at its opffm either t�, the reduction of the indebtedness
<br />hereby secured or. to the resWaation or repair of the property
<br />daamgcd,. In event of foreclosure cf this instrument or other transfer
<br />Of title to the mortgaged property iR extinguishment of the
<br />indebtedness secured hereby, all right, title and interest of the
<br />Borrower in and to ariy ineutrance policies then in force shall pass to
<br />the purchaser or grWOM
<br />9. That as additir -" and eolla:eratsecurity for the payment of the
<br />note dexter aardt all suns to become due under this instrument,
<br />the % t:ower bereby 46 igas to the Lender all profits, revenum
<br />royal&sy rights and benefits accruing to the Bomwear under any and
<br />ajl CZ Wa igas leases on said pren'.ises, with the :fit to receive and
<br />t? x fix- the some and apply ftm to said indeaWness as well
<br />i�e�ac*e i fter default in the condii of this instrument, and the
<br />1e66ac M' Ay demand, we for and recover any such payments when
<br />due ala payable, but shall not be required so to do. This assignment
<br />is la Tva iaate and become null and void upon release of this
<br />ins cM .
<br />M IM-111111C BoMWU will keep the buildiass Win said premises
<br />in good repair. and neither commit not permit wVz upon said land,
<br />nor sdterft said premises to be used for any unlawful purpose.
<br />I I. Th2l if the premises. or any pint thereof. be condemned under
<br />the power of eminent domain, or aNuired for a public use. the
<br />damages awarded, the proceeds for the taking of, or the
<br />consideration for such acquisition, to the extent of the full amount of
<br />indebtedness upon this instrument and the note which it is given to
<br />secure remaining unpaid, are hereby assigned by the Borrower to the
<br />tender, and shall be paid forthwith to said Lender to be applied by
<br />the latter on account of the next maturing installments of such
<br />indebtedness.
<br />12. The Borrower further agrees tft should this instrument art
<br />the note secured hereby not be e4,.t ,- for insurance under the
<br />National Housing Act within eight months from the date hereof
<br />(written statement of any officer of the Department of Housing and
<br />Urban Development or authorized agent of the Secretary of Housing
<br />and Urban Development dated subsequent to the eight months' tine
<br />from the date of this instrument, declining to insure said note v:d
<br />this mortgage, being deemed conditt re proof of such ineligibeity /,
<br />the Lender or holder of the note rr. %' a; its option. declare all sums
<br />secured hereby immediately due and rz table. Notwithstanding the
<br />foregoing, this option may not be w ranw;W by the Lender or the,
<br />holder of the note when the inelig�hist.j for insurance under th,s
<br />Natio%-a Mousing Act is due to the, L ndees failure to remit the
<br />mongag; imurance premium to the Department of Housing and
<br />Urban Devv):y -t.
<br />13. That if the Bcnr* M ar fails to make any payments of money
<br />when the same becorre date, or faits to conform to and comply ..b
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<br />any of the conditions or agreements contained in this instrumen4 or
<br />the note which it secures, then the entire pnzncipal sum and accrued
<br />interest shall at once become due and payable. at the election of the
<br />Lender.
<br />Lender shall give notice to Borrower prior to acceleration
<br />following Borrowers breach of any covenant or agreement in this
<br />instrument (but not prior to acceleration under paragraph 12 unless
<br />applicable law provides otherwise), The naive shall specify: (a) the
<br />default; (b) the action required to cure the default; (c) a date, not less
<br />than 30 days from the date Cie notice is given to Borrower. by which
<br />the default must be cured;. and (d) that failure to cure the default on
<br />or before the date specified in: tire notice may result in acceleration
<br />of the sums secured by this ihit6atent and sale of the Property. The
<br />notice shall further inform Bb"6"Wer of the right to reinstate after
<br />acceleration and the right to brim a court action to assert the non-
<br />existence of a default or any ctheidefense of Borrower to
<br />acceleration and sale. If the default is not cured on or before the date
<br />sp —__iffM in the cctfcc, Lender at its option. may require immediate
<br />payment in full of all sums secured by this .itim ment without
<br />further demand rind may invoke the power of sale and any other
<br />remedies permitted by applicable law_ Lender stall be entitled to
<br />Collect all exlrenses incurred in pursuing the remedies provided in
<br />this paragraph 13 including, but not limited u% reasonable
<br />attorneys' fees aM c',sts of title evidence.
<br />tires_ power ew slr €s to oketf•,. Trustee shall record a notice of
<br />defa.Ar, ut each xarrq'_ in whirls any pan of the Property is located
<br />and sliall mail c: p� of such notice in the manner prescribed by
<br />applicable law to Borrower and to the other prisons prescribed by
<br />applicable law. After the time required by &LWicable law. Trustee
<br />shall give public notice of sale to the persons and in the manner
<br />prescribed by applicable law. Trustee, without demand on Borrower.
<br />shall sell the Property at public auction to the highest bidder at the
<br />time and place and under the terms designwxd in the notice of sale
<br />in one or more parcels and in any order Trjria: determines. Trustee
<br />may postpone sale of all or any parcel of tas• Pwperty by public
<br />announcement at the time and place of arc ,, viously scheduled
<br />sale. Lender or its designee may purchase tha Property at any sale.
<br />Upon receipt c1 pt w:nent of the price bid;, Ymstee shall deliver to
<br />ft purchaser Trus 's deed conveying tka R- uperty. The recitals in
<br />lte Vrastee's deed shall be prima ftt.ie evidenx of the truth of the
<br />=l=uns made therein. Trustee shall apply the proceeds of the sale
<br />give the following order: (a) to alt erpenses of,tlte save. indu&-U4, but
<br />not limited to. Trustee's fees as per m,"ed b aWv %cable law and
<br />reasonable attorneys' fees; (b) to a1. =._:,m 5a:,ta:rtd by this Severity
<br />Instrument; and (c) any excess w cb.: cr7 persons legiiiy
<br />entitled to it.
<br />14. Upon acceleration under paragraph 13 or abandonment of the
<br />Property, Lender (in person, by agent or by ja-icially appointed
<br />receiver) shall be entitled to enter upon, take possession of and
<br />manage the Property and to col:oct the rents of the Property
<br />including those past due. Any rents collected by Lender or the
<br />recei � er shall be applied first to payment of the costs of management
<br />of the Property and collection of rents, including. but not limited to.
<br />receiver's fees. premiums on receiver's bonds and reasonable
<br />attorney's fees, and then to the suns secured by this instruramt.
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