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<br />12. The Borrower further agrees that should this instrument and
<br />the note secured hereby not be eligible 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 Sevetary of Housing
<br />and Urban Development dated subsequent to t'ne eight months' time
<br />from the date of this instrument, declining to insioe said row aT d
<br />this raor4age, being deemed conclusive proof of such ineligibi ity).
<br />the Leo w or holder of the note may, at its option, declare all sums
<br />secured hereby immediately due and payable. Notwithstanding the
<br />foregoing, this option may not be exercised by the Lender or the
<br />holder cf the note when the ineli&ibelity for insurance under the
<br />Nationg Housing Act is due to the I.r_nders failure to remit the
<br />mortgage insurance premium to the Department of Housing and
<br />Urban Development.
<br />13. That if the Borrower fails to make any payments of money
<br />when the same become due, or fails to conform to and comply with
<br />Upon receipt of payment of the price bid, Trustee shall deliver to
<br />the purchaser Trustee's deed conveying the Property. The recitals in
<br />the Trustee's deed shall be prima facie evidence of the truth of the
<br />statements made therein. Trustee shall Epp ?5 the proceeds of the sale
<br />in the following order: (a) to aL ", penses of the sale, including, but
<br />not limited to, Trestce's fees as permitted by applicable law and
<br />reasonable atternys' fees; (b) to all sums seccred by this Security
<br />Instrument; an.t; > any excess to the person ,or persons legally
<br />entitled to ;iu,
<br />14. Upon acceleration under paragraph 13 or abandonment of the
<br />Property, Lender (hr person, by agent or by judicially appointed
<br />receiver) shall L.e untitled to enter upon, tak: possession of and
<br />manage the Property and to collect the rents of the Property
<br />including those past due. Any rents collected by Lender or the
<br />receiver 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 aad reasonable
<br />attorney's fees, and then to the sums secured !:y this instrument.
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<br />event of loss Borrower will give immediate notice by mail to the
<br />any of the conditions or agreements contained in this instrument, or
<br />Lender, who may make proof of loss if not made promptly by
<br />the note which it secures, then the entire principal sum and accrued
<br />Borrower, and each insurance company concerned is hereby
<br />interest shall at once become due and payable, at the election of the
<br />authorized and directed to make payment for --ach loss directly to
<br />Lender.
<br />the lender instead of to the Borrower and the Lender jointly, and
<br />the insurance proceeds, or any part thereof, may be applied by the
<br />_ Lender shall give notice to Borrower prior to acceleration
<br />Lender at its option either to the reduction of the indebtedness
<br />following Borrower's breach of any emenant or agreement iii this
<br />hereby secured or to the restoration or repair of the property
<br />instrument (but not prior to acceleration under paragraph 12 unless
<br />damaged In event of foreclosure of this instrnrnent or other transfer
<br />applicable law provides otherwise). The notice shall specify: (a) the
<br />of title to the mortgaged property in extinguishment of the
<br />default; (b) the action required to cure the default; (c) a date; not less
<br />indebtedness secured hereby, all right, title and interest of the
<br />than 30 days from the date the notice is given to Borrower, by which
<br />Borrower in and to any insamce policies then in force shall pass to
<br />the default must be cured; and (d) that failure to cure the &-fault on
<br />the purchaser or grantee.
<br />or before the date specified in the notice inay result in acceleration
<br />9. That as additio+e311 •e14 OIIZtral security for the payment of the
<br />of the sums seethed by this instrument and sale of the Property. The
<br />notice shall further inform Borrower of fire right to reinstate after
<br />•:
<br />note desm3kd, and 4a Nums_ -p. aae due under this instnarmm aL
<br />acceleration and the right to bring a court action to assert the non-
<br />the Bo men r€• :iterelt �i�'ra�b-- LimAer all profits, revenues,
<br />exasm= of a default at any other defense of Borrower to
<br />royafSrs; ?rg5' is acd llratYel is accra- 'to the Borrower under any and
<br />aoz Uk ion and sale. If the f4m.'L t is not o -o a: r 4ate
<br />'
<br />r1G v °i acorn gas I sis;,sa d premises: arida flue
<br />eat t o, teceit e :mow
<br />,.
<br />la the nqi� ; ire'ri�r. v1 ils option tion may rr,
<br />Se' .. p Y tYag t
<br />: •
<br />t reci #4 6i'the same and ipply,the�a to said ind��r�1� �..�e� :';:'
<br />payiaerr in fW1 s�.i3�.sErrns snr�� c1 by this instrument wid��
<br />bef�;n. r ; �.er default in the conakmis'af this insixa eaP ► i ilk :;..
<br />further demand fir is; � i 'id a the power ar sale and any tthgr
<br />Lende,,epa derrpnd, sue for =4'i daaaer any such pay=er vaiiteri .
<br />remedies pemrit ; y'appIicahle- 4w. Leadncr � be.eatiOad -to .
<br />due ard.OR, r ti►t, Tit:t shall as 15e ;ri=ired m to {}rte :This asszg c
<br />collect all expenses incurred iz p auming the ran in
<br />:
<br />is to ter r tc i :ix�a rnt + ?i�Er z void upo�s.n. a of this '. `; ,
<br />ads paragraph 1" 3, including, bi.t r' t limited to, r�,.s�
<br />insa,on. ; : :. : '.
<br />3cCOrneys' fees tr rats » of title evidence.
<br />`..
<br />. ' ; . '•
<br />.:' :. :fill, iiiu :lull lkgn wer *till iivp Lhe buildings upon said prromsm
<br />If lire ixrwr�r Kati aEli: rs invoked. Trusts~ ijt�l uric? a notice cif
<br />vs v r�i:ii; awi:'nc be,r commit nor permit waste upon said land,
<br />default�iriciu i & -unt, in which any part oftim C'tvperiy_ ixlri
<br />rrsi ,r the said pmmises to be used for any unlawful purpose.
<br />and sli3lt ¢1Lt1'oZpei of such notice in the manner prescribed by
<br />.:
<br />applicable law to Borrower and to the other persons prescribed by
<br />11. That if the premises, or any part thereof, be condemned under
<br />applicable law. After the time required by applicable law, Trustee
<br />the power of eminent domain, or acquired for a public use, the
<br />shall give public notice of sate to the persons and in the manner
<br />damages awarded, the proceeds for the taking of, or the
<br />prescribed by applicable law. Trustee, without demand on Borrower.
<br />consideration for such acquisition, to the extent of the full amount of
<br />shall sell the Property at public auction to the highest bidder at the
<br />indebtedness upon this instrument and the note which it is given to
<br />time and place and under the terms designated in the notice of sale
<br />secure remaining unpaid, are hereby assigned by the Borrower to the
<br />in one or more parcels and in any order Trustee determines. Trustee
<br />Lender, and shall be paid forthwith to said Lender to be applied by
<br />may postpone sale of all or any parcel of the Property by public
<br />the latter on account of the next maturing installments of such
<br />announcement at the time and place of any previously scheduled
<br />indebtedness.
<br />sale. lender or its designee may purchase the Property at any sale.
<br />12. The Borrower further agrees that should this instrument and
<br />the note secured hereby not be eligible 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 Sevetary of Housing
<br />and Urban Development dated subsequent to t'ne eight months' time
<br />from the date of this instrument, declining to insioe said row aT d
<br />this raor4age, being deemed conclusive proof of such ineligibi ity).
<br />the Leo w or holder of the note may, at its option, declare all sums
<br />secured hereby immediately due and payable. Notwithstanding the
<br />foregoing, this option may not be exercised by the Lender or the
<br />holder cf the note when the ineli&ibelity for insurance under the
<br />Nationg Housing Act is due to the I.r_nders failure to remit the
<br />mortgage insurance premium to the Department of Housing and
<br />Urban Development.
<br />13. That if the Borrower fails to make any payments of money
<br />when the same become due, or fails to conform to and comply with
<br />Upon receipt of payment of the price bid, Trustee shall deliver to
<br />the purchaser Trustee's deed conveying the Property. The recitals in
<br />the Trustee's deed shall be prima facie evidence of the truth of the
<br />statements made therein. Trustee shall Epp ?5 the proceeds of the sale
<br />in the following order: (a) to aL ", penses of the sale, including, but
<br />not limited to, Trestce's fees as permitted by applicable law and
<br />reasonable atternys' fees; (b) to all sums seccred by this Security
<br />Instrument; an.t; > any excess to the person ,or persons legally
<br />entitled to ;iu,
<br />14. Upon acceleration under paragraph 13 or abandonment of the
<br />Property, Lender (hr person, by agent or by judicially appointed
<br />receiver) shall L.e untitled to enter upon, tak: possession of and
<br />manage the Property and to collect the rents of the Property
<br />including those past due. Any rents collected by Lender or the
<br />receiver 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 aad reasonable
<br />attorney's fees, and then to the sums secured !:y this instrument.
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