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<br />event of loss Borrower Will give immediate notice kyMail to the
<br />Lender, who may make proof of loss if not made promptly ky
<br />Borrower, and each insurance company concerned is hcrcbkv .
<br />authorized and directed to make payment for such loss directly to
<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 at its option either to the reduction of the indebtedness
<br />hereby secured or to the restoration or repair of the property..
<br />damaged. In event of foreclosure of this instrument or other transfer
<br />of title to the mortgaged property in extinguishment of the
<br />indebtedness secured hereby, all right. tide and interest of the
<br />Borrower in and to any insurance policies then in force sholl.pass to
<br />the purchaser or grantee
<br />9. That as additional and collateral security for the payment:of tha
<br />note described, and all sums to become due under this instrument;. .
<br />the Borrower bemb_v r; igtts to the Lender all profits, rmnues, .
<br />royalties, rids =I benefits, accruing to the Borrower under any and
<br />a[I oil and gas lenses cn mid premises, with the fight-to receive and
<br />receipt for the -sa-me and-applp them to said indebtedness- as well
<br />before as after default in the conditions of this instrument, and the "
<br />Lender may deatund, sue for and recover any such. payments when
<br />due and payable, but shall not be required. so to do. This assignment
<br />is to terminate and become null and void upon release of this
<br />instrument.
<br />10. That the Borrower will keep the buildings upon.said -pren ke,
<br />in good repair. and neither cemrnitl aor lxxmit waste upun •said land,
<br />nor suffer the said premim itr Ili ucel ffirany unlawfuLputpose.
<br />t1. That if the premises; or i tty part ihfanof, be condemned under
<br />the power of eminent domain, or acquiri d for a public use, the
<br />damages awarded, the proceeds for the taking oft 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 />Lender, 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 awes that should this inimiment and
<br />ttic— note secured hereby not be, r:tigible for insurance un4j.z- the
<br />National Hourr*.g Act within eight months r.Tom the date hereof
<br />Owniten stavnimt of any officer of the Department of Housing and
<br />Urban Deveb :pr-ent or auth�orired agent of the Secretary of Housing
<br />vid'Urban Iles dopmentdved subsequent to the eight rrt{tnths time
<br />t am the da:c Hof +:his instrtin c, declining to insure said note and
<br />this mortgage; burg deemed conclusive proof of such ineligibility),
<br />the Lender or hrt.er of the note may, at its option. declare all sums
<br />secured hereby smmediately .due and payaU'e. Notwithstanding the
<br />foregoing, this option ma« ort be exercised by the Lender or the
<br />holder of the note when ilt; ineligibility for insurance under the
<br />National Housing Act is date to the Lender s failure to remit the
<br />mortgage insuran x premium to the Deliittoat_nt of Housing and
<br />Urban Development.
<br />13. That if the Borrow" to make any paynitAits, of money
<br />When the same become dae. or fails to conform to and comply with
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<br />&%k of the conditions or agreements contained in this instrument. or
<br />1114 rlata which it secures, then the entire principal sum and accrued
<br />iht", t shall at once become due and payable. at the election of the
<br />L.ectder.
<br />Lender shall give notice to Borrower prior to acceleration
<br />following Borrower's 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 notice 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 dte the notice is given to Borrower, by which
<br />:the default must be cured: aardid).tbat failure to cure the deftaid.on
<br />or before the date speafkt r}i: may result in aceeierats%m
<br />of the sunns secured by tNs and sate of the Property.- Tf e
<br />notice shat! further infcr,-m-bon �itf the right to reinstate 'lei
<br />acceleration and the r•'gtt: ;:�. �r'qz'.a.rxurt action to assert the =n-
<br />existence of a defaultar-sas'Z'N. JSense of Borrower to
<br />acceleration and sale. Lfthe debaltts. not cured on or before theme
<br />specified in the rotic� 2.ender at its gption may require immediate
<br />payment =in full of ail sr.Ems secured by this instrument without
<br />further demand and mzy invoke the power of sale and any other
<br />remedies permitted by applicable law. Lender shall be entitled to
<br />collect all expenses incurred in pursuing the remedies provided in
<br />this paragraph 13. including, but not limited to. reasonable
<br />attorneys' fees and costs of title evidw.c..
<br />If the power of sale is invoked, Trustee shall record a notice of
<br />default in each county in which any part of the Property is 1OW411.
<br />and 511E11 mail copies of such notice in the manner prescribed by
<br />applicable: law to Borrower and to the other persons prescribed by
<br />applicable law. After the time required by applicable 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 designated in the notice of STIC
<br />in one or more parcels and in any order Trustee determines. Truzree
<br />may postpone sale of all or any parcel of the Property by pcdilic;
<br />announcement at the time and place of any previously schesdatloj
<br />sale. Lender or its designee may purchase the Property at ail 1 :ale.
<br />Upon receipt of payment of the puce. bid Trustee shall de'tivr to
<br />the purchaser Trustee's deed coney; nia 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 apply the proceeds of t1p sale
<br />in the following order: (a) to all expenses of the sale, incladr.rtir but
<br />not limited to. Trustee's fees as permitted by applicabet ia�v an�i
<br />reasonable attorneys' fees; (b) to all sums secured by this ✓:�i�:�+
<br />Instrument; and (c) any excess to the person or prawns legally
<br />entitled to it.
<br />14. Upon acceleration under paragraph 13 or abandonment rf rlie
<br />Property, Lender (in person. by agent er by judicialr!y :appointed
<br />receiver) shall be entitled to enter Tryon; take posmsiiitn of and
<br />manage the Property and io colSA s-.1 a rents of the Property
<br />including those past due. Any rods t infected by Lender or the
<br />receiver shalt be applied first to payment. of the costs of management
<br />of the Property and collection of recta, including, but not limited to,
<br />receiver's fees, premiums on receiver's bonds and reasonable
<br />attorney's fees, and then to the sums secured by this instrument.
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