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<br />event of toss Borrower will give immediate notice by mail to the
<br />Lender, who may make proof of loss if not made promptly by
<br />Borrower, and each insurance company concerned is hereby
<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 r<• -y part there p°_. tray be applied by the
<br />Lender at its option either c Z 1-61 redu:t m -S, the indebtedness
<br />hereby secmid.or to the re§2:�zmirsi oi: mra r of the property
<br />damaged. a "_ t of foredowr or tit s bviument or other transfer
<br />of title w tb - mortgaged prc,.my in extinguishment of the
<br />indebted-=E =ured hereby, al) right, title and in &- sz of the
<br />lanrmuw :in "A to any imuratnre pnl;r7ea t!W" in'-,.t,.;,..shall rmq% in
<br />the purehsser ar grantee.
<br />9. That as additional and collateral sorority for rise payment of the
<br />note described, and all sm± .o become due under th s :astruntent,
<br />Borrower hereby ssstm ce the Lender all profits, revenues,
<br />royalties, rq &z and ben --a iiccruing to the Borrower under any and
<br />all od sib f ;:uses ti 3 premises, with the right to receive and
<br />receipt `w °tbr same arc rilhly them to said indebtednms_n as well
<br />bercre e, ear default in ur, conditions of this instrument, and the
<br />iii %der Tray demand, r fe cos and recover any such payments when
<br />due and Fkmbls, but shsL: rot be required so to do. This assignment
<br />is to term,ncftand bem-ir null and void upon release of this
<br />Instrument.
<br />10. That the Borrower"wi4.1rep the buildings upum sv: d premises
<br />in good repair, and ne'.thucommit not permit wesw upon said land,
<br />nor suffer ttt said premises to be used for any unlawful purpose.
<br />11. That if the premises, or any pan thereof, be condemned under
<br />tic power of eminent do; slice, or acquired for a public use, the
<br />damages awarded, tht prweds for the taking of, or-the
<br />consideration for tab 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 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 />tlrban Development or authorized agent of the Secretary of Housing
<br />and Urban Development dated tubsequent to the eight months' time
<br />from the date of this instrument, declining to insure said note and
<br />this mortgage, being deemed conclusive proof of such ineligibility),
<br />the Lender 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 of the note when the ineligibility for insurance under the
<br />National Bowing Act it dhe to the Lender's failure to remit the
<br />mortgate insurance prrmium to the Department of Housing and
<br />Mban Development.
<br />13. That if the Borrower fails to make any payments of money
<br />who" the oae+o become due• or testa to conform to and comply with
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<br />any of the conditions or agreements contained in this instrument, or
<br />the note which it secures, then the enure principal sum and atxrued
<br />interest shall at once become due and payable, at the election of the
<br />Lender.
<br />Lender shall g(ve notice to Borrower prior to acceleration
<br />following Borrower's breach of act covenant or agreement In this
<br />instrument (but not g.-so° to as elastion under lixtegrapb -12 unla
<br />applicable law pro%ides m&,rwise)- The notice shC specify. (s) alit
<br />default. M the to cue the default; Zc) a dote; nok; =
<br />than 30. dkys.i'c+ t*t &:e the notice is given to Borrower, by which
<br />the elpf-anh ants? he :.n*. xi; and (d) that failure to cute the dl rtit rh
<br />or be"., the acem speci3:d In the notice may result in t,e.:el&t� vn
<br />of the s=s nx c:ed by thise instrument and sale of tht Progeita - The
<br />notice shat; farther inform Borrower of the right to reinttz:t: a
<br />acceleraft6n and the right to bring a == action -to assertah- wcr-
<br />exister..o` . f a default or any other &�_-rie of Borrower to
<br />accelerssan and sale. If the defau t F na', cured or, Or before the date
<br />specified in the notice, Lender at iif Jfiticn msp rr�aire immediate
<br />payment in full of all sums secured 6l this instrument without
<br />further demand and may invoke the Bower of-sale and any other
<br />rcmcsl.'xs permitted by applicable law. Lender•shall be entitled to
<br />collect alt expenses incurred in pursuing the comedies provided in
<br />this paragraph 13, including, but not limited to; reasonable
<br />attorneys' fees and costs of title evidence.
<br />If the rower of sale is invoked, Tn;:tme shall record. a rcVte of:
<br />default in Each county in which La); rMrt of the Progeny is l:,=ted
<br />and shall mail copies of such notice `n the :genre, *;-:scribed by
<br />applicable law to Borrower and to the other pem*crs prescribed by
<br />applicable law. After the time required by applicable law, Trustee
<br />thall give public ao:ice of Salt to tft p4r-4ns and id., the m:r, -e.:
<br />prescribed by applicable ia'w. Truv!n. without demand on Bo-Tower.
<br />shall sell the Property at public sus= to the highest bidder at the
<br />time and place, and under the tears designated in the notice of sale
<br />in one or more ptrcels and in ctry order Trustee determines. Trustee
<br />may postpone sale of all as any paxel of the Property by public
<br />annauncetntnt at the time and r': of any previously sched%isted
<br />satt. L:ndt: or. imdesignee may purchase the Property at any sale.
<br />Upon rectiitt of payment of the price bid, Trustee shall deliver to
<br />the punhaser Trustee's deed conveying the Property. The recitals in
<br />the Trustee's deed shall be prima facie evidence of the truth t;C the
<br />stattrrrerfis made therein. Trustee ilm-1 apply the proceeds of the sale
<br />in the following order: (a) to all expenses of the sale, including, but
<br />not limited to, T'rustee's fees as pernitted by applicable law and
<br />reasonable attorneys' fees; (b) to all sums secured by this Security
<br />Instrument; and (c) any excess to ilia person or persons legally
<br />entitled to it.
<br />14. Upon acceleration under paragraph 13 or abandonment of the
<br />Property, lender (in person, by agent or by jadi:lally appointed
<br />reeek er) shall be entitled to enter upon, take pcssession of acid
<br />men F_gc the Property and to collect the rents of the Pra pert;
<br />including those past due. Any tents collected by Lrc4er yr she
<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 />reeci.er's rcca, prcmit,ma nn rcuiver's binds and ,etsu„al le
<br />attorney's fees, and then to the sums secured by this instrument.
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