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<br />made shall be added to the principal sum owing on the above
<br />note, shall be secured hereby, and shall bear interest at the rate set
<br />forth in the said note, until paid.
<br />T. That the Borrower hereby assigns, transfers and sets over to
<br />the Lender, to be applied toward the payment of the note and all
<br />sums secured hereby in case of a default in the performance of
<br />any of the tams and condicim of this- iiistturrient or the said
<br />note. all the rents, revenues and income to be derived from the
<br />said premises during such time as the indebtedness shall remain
<br />unpaid, and the Lender shall have power to appoint any agent or
<br />agents it may desire for the purpose of repairing said premises and
<br />of renting the same and collecting the rents, revenues and income.
<br />and it may pay out of said incomes all expenses of repairing said
<br />premises and necessary commissions and expenses incurred in rent-
<br />ing and managing the same and of collecting rentals therefrom;
<br />the balance remaining, if any, to be applied toward the discharge
<br />of said indebtedness.
<br />8. That the Borrower will keep the improvements now existing
<br />or hereafter erected on the property, Ensured as may be required
<br />from time to time by the Lender against loss by f e and other
<br />hazards. casualties and contingencies in such amounts and fer such
<br />periods as may be required by the Lends and will. pay promptly,
<br />when due. any premiums on such insurance pto%ision for payment
<br />of.which his not been made hereinbefore. All imniatsce shall be
<br />imt ied in companies approved by the Lender and- itiie,•policies and
<br />t- mewals thereof shall be held by the Lender and have.•attached
<br />�'rhereto loss payable clauses in favor of and in form a'sieptable to
<br />the Lender. In event of loss Borrower will give immediate notice
<br />by mail to the Lender, who may make proof of lass if not made
<br />promptly by Borrower, and each insurance company, concerned is
<br />hereby authorized and directed to make payment (gr•suiih loss
<br />directly to the Lender instead of to the Borrower wd ttie lend!:$.
<br />jointly, and the insurance proceeds, or any pan thereof, may h;;
<br />applied by the Lender at its option either to the reduction of else ,
<br />indebtednevi hereby secured or to the restoration or repair of the
<br />t:soperty damaged. In event of foreclosure of this instrument or
<br />cdwr transfer of title to the mortgaged property in extinguishment
<br />1*1- the indebtedness secured hereby, all right. title and interest of
<br />.rte Borra% .:r in and to any insurance policies then in force shall
<br />pass to i ie purchaser or grantee.
<br />9. That ai additionzl and collateral security fer.•.thepayment of
<br />the note :',MrLbvd: aatd all. sums to become due under lists inrrru-
<br />ment. the, RL1MJ,*r assigns to. 'the Lender AL lire fits.
<br />revenues, roya'_ties. + } hs : s 1 lye nci.t., a, :cruing to the Sorreacr
<br />under any and all oil a d r._6 czw,cs rat .,aid premiws, with the
<br />right to receive and rece•,:lyt for O- L- 4 ,,uxic and apply them to said
<br />indebtedness as well before as aft_f dttPault in the conditions of
<br />this instrument, and the Lender t~:a demand, sue for and recover
<br />any such payments when due and hty sf11e, but shall not be re-
<br />quired so to do. This assignmen it t„ terminate and become null
<br />and void upon release of this irs:rotmytt.
<br />10. That the Borrower will keep ;lit buildings upon. said premises
<br />in good repair, and neither commit nor permit waste upon said
<br />land. not suffer the said premises to be used for any unlawful
<br />purpose.
<br />11. That if the premises, or any part thereof. Ix: condemned
<br />under the power of eminent domain, or acquired for a public use,
<br />the damages awarded, the proceeds for the taking of. or the con-
<br />sideration 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
<br />the Lender. and shall be paid forthwith to said Lender to be ap-
<br />plied by the latter on account of the next maturing installments of
<br />such indebtedness.
<br />12. The Borrower further agrees that should this instrument and
<br />the note secured hereby not be eligible for insurance under the Na-
<br />tional Housing Act within eight months from the date hereof
<br />(written statement of any officer of the Department of Housing
<br />and Urban Development or authorized agent of the Secretary of
<br />Housing and Urban Development dated subsequent to the eight
<br />months' time from the date of this instrument. declining to insure
<br />said note and this mortgage. being deemed mn -lusi ve prof of
<br />such ineligibility). the Lender or holder of the note may, at its op-
<br />tion. declare all sums secured hereby immediately due and payable.
<br />Notwithstanding the foregoing, this option may not be exercised
<br />by the Lender or the holder of the note when tpe ineligibility for
<br />insurance under the National Housing Act is due to the Lender's
<br />failure to remit the mortgage insurance premium to the Depart-
<br />ment of Housing and Urban Deveopment.
<br />13. That if the Borrower fails to make any payments of money
<br />-when the same become due. or faits to conform to and comply
<br />with any of the conditions or agreements contained in this instru-
<br />meet. or the note which it secures, then the entire principal sum
<br />and accrued interest shall at once become due and payable. at the
<br />election of the Lender.
<br />Lender shall give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant or t —ment in this
<br />instrument (but not prior to acceleration under paragraph 12
<br />unless applicable law provides otherwise). The notice shall specify:
<br />ta) the default; (b) the action regttii6f to cure the default; (c) d
<br />date, not less than 30 days from 4th date the notice is given ea.:`
<br />Borrower. by which the default m ±z'be cured; and (d) that iailtue
<br />to cure the default on or before t1rc sate specified in the notice
<br />may rei tilt in acceleration of the mMi s, secured by this instrumrivc
<br />an.¢ sale of the Property. The nm ne �itall further inform Sewrawer
<br />of the right to reinstate after acce,ar on and the right to btu: a
<br />court action to assert the non-existen:e of a dtfiintlt or any other
<br />defense of Borrower to acceleration and sale.. CE tire: default is not
<br />cured on or before the date specified in the r,.elii„„ `Lender at its
<br />option may require immediate payment in fuji.af'ali sums secured
<br />by this instrument without further demand and may invoke the
<br />power of sale and any other remedies permitt& by applicable law.
<br />Lender shall be entitled to collect all expen_wx: thcgrred in pursuing
<br />the remedies provided in this paragraph 13, induding, but not
<br />limited tto,.reasonable attorneys'. fees- and costs of title evidence.
<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 :4- 1a aated
<br />and shall mail copies of such notice in the manner prescrtbW,, (s
<br />applicable law to Bormwer and to the other persons precribaf by
<br />applicable law. After the time required by applicable law. Tnlstt:e
<br />shall give public notice of sale toy me persons and in the manner
<br />prescribed by applicable law. Trusim, without demand on Bor-
<br />rower. shall sell the Property as public auction to the highest bid-
<br />der at the time and place and under the terms designated in the
<br />notice of sale in one or more parcels and in any order Trustee
<br />determines. Trustee may postpone s,..ie of all or any parcel of the
<br />Property by public announcement at the time and place of ally
<br />previously scheduled sale. Lender or its designee may purchase the
<br />Property at any 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 died shalt be prima facie evidence of the
<br />truth tit the statements made therein. Trustee shall apply the pro-
<br />ceeds of the sale in the following order: (a) to all expenses of the
<br />sale. including, but not limited to. Trustee's fees as permitted by
<br />applicable taw and reasonable attorneys' fees: (b) to all sums
<br />secured by this Security Instrument; and (c) any excess to the per•
<br />son or persons legally entitled to it.
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