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<br />Lender. In event of loss Borrower will give immediate notice by
<br />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 />re;tnration or repair of the property damaged. in event: of
<br />fareausure of this instrument or other transfer .Of.titfd :tu the
<br />m rs�iged
<br />property in extinguishment of the W141 elks
<br />seiii id hereby, all right, title and interest of the E :firer in
<br />Aa 40 any insurance policies then in force shall pass ter the
<br />user or grantee.
<br />9. That as additional and collateral security for the payment
<br />of the note described, and all sums to- bmcme due under this
<br />instrument, the Borrower hereby assigas to the Lender, all
<br />profits. revenues, royalties, e4hts acd` benefits accri ,.:tio. r�ha
<br />Borrower under any and aU etT,: and g9s leases on W..d
<br />with the right to receive and. rw' eipt fci i; : same and- apply
<br />them to said indebtedness as well befcj- a.� after default in the
<br />conditions of this instrvmeht.,and the i.erider may demand, sue
<br />for and recover any such l±ayntents when due and payable, but
<br />shall not be required so to da;'This assignment is to terminate
<br />and become null and void" ufin release of this instrument.
<br />10. That the 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 />.ij» lawful purpose.
<br />11. That if the premises, or any part thereof, be w.djemned
<br />Dialer the power of eminent domain, er n:quired fer a public
<br />use, the damages awarded, the proceeds for the taking of, or
<br />iii.- .consideration for such acquisition, vi t'he extent of the full
<br />=aunt of indebtedness upon this instrument and the note
<br />vaWch it is given to secure remaining unpaid, are hereby assigned
<br />by the Borrower to the Lender, and shall be paid forthwith to
<br />said Lender to be applied by the latter on account of the next
<br />maturing installments of such indebtedness.
<br />12. The Borrower further agrees that should this instrument
<br />and the note secured hereby not be eligible for insurance under
<br />the National Housing Act within eight months from the dare
<br />hereof (written statement of any officer of the Department of
<br />Housing and Urban Development or authorized agent of the
<br />Secretary of Housing and Urban Development dated subsequent
<br />to the eight months' time from the date of this instrument,
<br />declining to insure said note and this mortgage, being deemed
<br />conclusive proof of such ineligibility;, the Lender or holder of
<br />the note may, at ita option, declare all sums secured hereby
<br />immediately due and payable. Notwiilvaiwding the foregoing,
<br />this option may not be exercised by the C,ender or the holder of
<br />the note when the ineligibility for.insarance under the National
<br />Housing Act is due to the Lender's failure to remit the
<br />mortgage insurance premium to the MWariment of Housing and
<br />Urban Development.
<br />13, That if the Borrower lulls I'tJ itiaVw- any payments of money
<br />wilm, ilia same become due, ur tails to conform to and comply
<br />wilt any of the conditions or agreements contained in this
<br />instrument, or the note which it secures,. iflen the entire
<br />principal sum mid accrued interest shall at race become due and
<br />lies %able, at the election of the Lender.
<br />I
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<br />00954
<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; (bl the action required to cure the
<br />default; (c) a date, not less than 30 days from ilia date the
<br />notice is given to Borrower, by which the default must be cured;
<br />and (d) that failure to cure the default on or before the date
<br />specified in the notice may result in acceleration of the sums
<br />secured by this instrument and sale of the Property. The notice
<br />shall further inform Borrower of the right to reinstate after
<br />acceleration and the right to bring a court action to assert the
<br />non- exi-rtence of a default or any other defense of Bormwer to
<br />acceleration and sale. If the default is not cured on or before
<br />the date specified in the notice, Duider at its option may reg61M."
<br />immedia m payment in . full of all-sums secured by this
<br />instrument without fn-tlier demand! and may invoke the power,
<br />of saieat d-afxy other remedies rCrinitted.by applicable law:
<br />Lender. dis-,!l' .b� entitled to Ccllb:t aA expenses incurred in +
<br />purst: rig fhP•semediet paragraph 13, includiiigt
<br />but not limbed t6, t�'wrsaiils_ fees. and, costs of title:_
<br />ed3cnc:. .. - • .
<br />If the Peaty: 0:ialeis invoked,• Fmwtce shall: record a net:, iaf.,-
<br />default in ate It raunty in which anJ part of the Property is'
<br />located and shall mail copies of such notice in the manner
<br />prescribed by applicable law to Borrower and ti 13 13; a other
<br />persons prescribed by applicable law. After the mne required by
<br />applicable law, Trustee shall give public notice. cf.'sale to the
<br />persons and in the manner prescribed, by applczbie law.
<br />Trustee, without demand on Borrgwrm; shall. sell the Property at
<br />public auction to the highest bidder at the time. and place and
<br />under the terms designated in the notice of sale- in one or more
<br />parcels and in any 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-lis. the Trustee's deed•shall be prima facie evidence of the
<br />truth of -ilia statements made therein. Trustee shall apply the
<br />proceeds of the sale in the following order: (a), to all expenses of
<br />the sale, including, but not limited to, 7'rtttter s fees as
<br />permitted by applicable law and reasonable attorneys' fees; (b)
<br />to all sums secured by this Security Instrument; and (c) any
<br />excess to -the person or persons legally entitled to it.
<br />14. Upon acceleration under paragraph 13 or abandonment of
<br />the Propettn:• Lender (in person, by agent or by judicially
<br />appointed raceivaoshall be entitled to enter upon, take
<br />posses:ion,of and manage the Property and to collect the rents
<br />of the Property including those past due. Any rents collected by
<br />Lender or the receiver shall be applied first to payment of the
<br />costs of management of the Property and collection of rents,
<br />including, but not limited to, receiver's fees, premiums on
<br />receiver's bonds and reasonable attorneys' fees, and then to the
<br />sums secured by this instrument.
<br />Pago 3 of 5 WIX-92143DI.1
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