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(" Lender. In event of loss Borrower will give immediate notice by
<br />f mail to the Lender, who may make proof of loss if not made
<br />promptly by Borrower, and each insurance company concerned
<br />is hereby authorized and directed to make payment for such loss
<br />directly to the Lender instead of to the Borrower and the
<br />Lender jointly, and the insurance proceeds, or any part thereof,
<br />may be applied by the Lender at its option either to the
<br />reduction of the indebtedness hereby secured or to the
<br />restoration.or repair of the property damaged. in event of
<br />foreclosum of this instrument or other transfer of title to the
<br />mortgaged property in extinguishment of the indebtedness
<br />secured hereby, all right. title and interest of the Borrower in
<br />and to any insurance policies then in force shall pass to the
<br />purchaser cr krantee.
<br />9. That as;a43itional and collatesr3 security for the payment
<br />of the note,tteaxrf,!, and all sums to become due under this
<br />instrument, th-.,&rr hereby assigns to the Lender all
<br />profits, rove^: ; •;o i� . rights and•beneftts accruing to the
<br />Borrower t zaxr -wi =t d' ail oil and. #rs leases on said premises,
<br />with the rglr 'tareceive and reck -pz f:rtz,the same and apply
<br />them to s ;;�aebtedness as well tbef re as after default in the
<br />conditions of this ia.;==ment, and .ham Lender may demand, sue
<br />for and recover any --. payments when due acid payable, but
<br />shall not be .required io to do. This ossignment is to terminate
<br />and becci�.e , ull and void upon reiea . of this instrument.
<br />10. That n'.•.•: Borrower will keep the buildings upon said
<br />premises in good repair, and neither commit nor permit waste
<br />upon said land, nor suffer the said premises to be used for any
<br />unlawful purpose.
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<br />11. That if the premises, or any paart thereof, be condemned
<br />under the power of eminent domain,, ac acquired for a public
<br />use, the damages awarded, the prozev«s for the taking of, or
<br />the consideration for such acquisitica to the extent of the full
<br />amount. of indebtedness upon this ! =�ataent and the note
<br />which it seven to scaue remain rg, Lmpaid, are hereby assigned
<br />by the E,ornatver to the Lender, acid -l`- I be paid forthwith to
<br />said Lende: to be applied,by t hitter on account of the next
<br />maturing installments ..P such indebtedness.
<br />12. The Borrower f.md'ser agrees that should this instrument
<br />:::xd the W;ate secured hereby not be e'_igible for insurance under
<br />the National Housing Act withL-i'w.);Fjr months from the date
<br />hereof (written statement, cf a:-?; �; rrxr of the Department of
<br />Housing and Urban agent of the
<br />Secretary of Housing and C Tars, 041melopment dated subsequent
<br />One to the eight months' re frora tlty iii a of this instrument,
<br />declining to insure said note and tbcti Mortgage. being deemed
<br />conclusive proof of such 1neligibRW' 0,,. the Lender or holder of
<br />the note may. at its option. declars all sums secured hereby
<br />immediately due and payable. Notwithstanding the foregoing,
<br />this option may not Lv exercised by tite Lender or the holder of
<br />the note when the ineiigibility for insurance under the National
<br />Housing Act is due to the Lender's failure to remit the
<br />mortg_gt ihswra -v t premium to the Department of Housing and
<br />l:rit:n Gev-lcp-umt-
<br />13. Wr,v: T the Ecr3wer fails to make any payments of money
<br />when tJnv 4. mia bicz me due, or fajh- to conform to and comply
<br />with amg of Ch: — 11&iions or agrr"neAts contained in this
<br />instrumenc. or the atne which it hairs, then the entire
<br />principal sum and a=ued interest s1hall at once become due and
<br />payable. at the election of the Lender.
<br />Lender shall give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant or agreement in
<br />this instrument (but not prior to acceleration under paragraph
<br />12 unless applicable law provides otherwise). The notice shall
<br />specify: (a) the default; (b) the action required to cure the
<br />default:, (c) a date, not less than, 30 days from the date the
<br />notice is given to Borrower, by which the default must be cured;
<br />and (d) that failure to cure the default an ar before the date
<br />specified in the notice may result- in aaxeivn of the sums
<br />secured by this instruibdnilhli&�ide irf the PtopEr:y..The notice
<br />shall further inform Btsrrttvrr % ?; rTe. t g}ti try reinstate after
<br />acceleration and the r=glii fi - . ., .,z 4^urt action to assert the
<br />non - existence of a default •�r.:Lr defe'tse of Borrower to
<br />acceleration and sale:. it the d; .1 4 is- nor. -...rr. ,d on or before
<br />the date specified its the notic&, Lender af.fl s,,'Vtion may require
<br />immediate payment in full of ail ntms sec r,4'iy this
<br />instrument without further dema.Rd.artd may invoke the ��er
<br />of s9e and any other remedies: ! . m 'tied by .applicable ltsv,.
<br />Lender shall be entitled to collet wZ ee7sn incurred in
<br />pursuing the remedies provided.m - ?M"5_:sa: xph 13, including,
<br />but not limited te,, r=anable ,L-a� -. �: : _ and costs of title
<br />evidence.
<br />If Cite pu%ver ur sale IN shall record a notice of
<br />default in each county.:J-,i V bTJ h.ZX-,V ,past of the Property is
<br />located and shall Mi i4idies o i; rs.'r; ridje ir, the manner
<br />prescribed by applicaNti law to Bcr J'•+se: to the other
<br />persons Prescribed 17. 4pplicable law. Af`, kids time required by
<br />applicable law, rrLstee shall give public 6 6:i of sate to the
<br />persons and in the manner prescribed by adp.'1d ;Ie law.. -
<br />Trustee, without demand on Borrower, shall ;ydl. 6e Property at
<br />public auction to iiie.highest bidder at the 0ite ",nd place and
<br />under the terms deioated in the notice of sav: in one or more
<br />parcels and in ann order Trustee determines. Trustee may
<br />postpone sale of all or any parcel of the Property by public
<br />announcement at the time and place of any previously scheduled
<br />sale. Lender or its designee may purchase the Property at any
<br />sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver
<br />to the purchaser Trustee's deed conveying the Property. The
<br />recitals in the Trustee's deed shall be prima facie evidenodof the
<br />truth of the statements made therein. Trustee shall apply tltc
<br />proceeds of the sale in the following order: (a) to all er tV.zes of
<br />the sale, including, but not limited to, Trustee's fees as
<br />permitted by applicable law and reasonable attorneys' fees; (b)
<br />to all saint wecurcd by this Security Instrument; and (c) zny-
<br />excess to the pen :n or persons legally entitled to it.
<br />14. Upon accel'tNaison under paragraph ; 3' " abandonment of
<br />the Property, Letd:r (in person. by agent ar.l;y judicially
<br />appointed receiver) shall be entitled to enter upon, take
<br />possession of and manage the Property and to collect the rents
<br />of Cite Property including those past due. Any rents col'ected by
<br />Lender or the receiver shall be applied first to payment of the
<br />costs of of the Property and collection of rents,
<br />including, but 6'1-1 limited to, receiver's fees. premiums on
<br />receiver's burins a.TMtd reasonable attorneys' fees, and then to the
<br />sums secured t -�; Lbs instrume nt.
<br />Page 3 of 5 HUD- 92143OT -1
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