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<br />made shall be added to the principal sum awing on the above 12. The Borrower further agrees that should this instrument and
<br />note, shall be secured hereby, and shall bear interest at the rate set the note secured hereby not be eligible for insurance under the Na.
<br />forth in the said note, until paid. tional Housing Act within eight months from the date hereof
<br />7. That the BOrfOWU hereby assigns, transfers and sets over to
<br />the lender, 10 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 terms and conditions of this instrument 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 artd collecting t3,e rents, revenues and incotne,
<br />and it may Pay out OF said inrn!m2s 39; expenses of repairi o, yai;(
<br />premises and ttevic%. syy acid cv:penses incurred ..in W.t.
<br />irtg and Tate! IR ;.'y: same ar. D -of Mleciinq• ragAs thetei! c,T:
<br />i the. 1141.aa, e. reawliAln , ,if :,ny, et* 6c, applied of coati
<br />ad the
<br />s;vd irides „e4 nesc. dia:'targe
<br />g. That the Borrower will keep the improoements now existing
<br />or hereafter erected on the property, insured as may be required
<br />from time to time by the Lender against loss by fire and other
<br />hazards, casualties and contingencies in such amounts and for such
<br />periods as may be required by the Lender and will pay promptly,
<br />when due, any premiums on such insura rum. pro%i.ion for payment
<br />of which has not been made hereinbefore :111 insurance .hall he
<br />carried in companies. approved by the Lender and the policies and
<br />renewals thereof shall he held by the Lender and have attached
<br />thereto loss payable clausei in favor of and;in form acceptable to
<br />!hc Lender. In event of lo.s Borrower will Illy immediate notice
<br />by mail to the Lender, slto may make proof of loss if not made
<br />Promptly by llorrowcr, and each insurance ;company concerned is
<br />hereby authorized and directed to make p.1yrilent for such loss
<br />directly to the Lender instead of to the Borrower and the Lender
<br />jointly, and the insurance proceeds, or anypart thereof, may be
<br />applied by the Lender at its option either ib the reduction of the
<br />indebtedness hereby wcured or to the restaiation or repair of the
<br />Property damaged. In event of foreclosure.'
<br />oreclosure of this instrument or
<br />--*her ,'ConSfci of itirc to the mongaged properly in extinguishment
<br />Of the indebtedness secured hereby, all right, title and interest of
<br />..the 6baerfnvet in and to any insurance p-cI;c•:e: rl:::: i;, forte ;. call
<br />pass r%:� iT a purchaser or grantee.
<br />9. That as add tdajnal and collateral see^ :urrm. for the payment of
<br />x
<br />the note dr ribCd, 457,4 dll become rrrs to become duc under this instru-
<br />ment, the Borrowee'teseby assigns to the Lender all profits,
<br />revenues, royalties., rights and benefits accruing to the Borrower
<br />under any and alk iN7 and gas leases on said premises, with the
<br />right to receive and receipt for the same and apply them to said
<br />indebtedness as wehf before as after default in the conditions of
<br />this. imirument, and the Lender may demand. sue for and rexver
<br />any such payments when due and payable, but shall not be re-
<br />quired so to do. This assignment is to terminate and become null
<br />and void upon release of this instrument.
<br />10. That the Borrower will keep the buildings upon said premises
<br />in good repair, and neither commit not Pertrit waste upon said
<br />land, nor suffer the said premises to be used for any unlawful
<br />purpose.
<br />I I. That if the premises, or any part thereof, be 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 />(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 dote and this mortgage, being deemed conclusive proof of
<br />such ineligibility), the Lender or holder of the note. may, at its op-
<br />tia.t, declare all sums secured hereby immtwira ;ely; dk;,T ,t>frtd payable.
<br />PYWt+,it'ascanding the foregoing, this apt, ' rri;a1,1i6l btr'eat -sed
<br />fly •t!ftt: tendq- vs r!ts holder of the note A%tt:n ;tie ; �v, for
<br />ttuMnce under rlar Natiottat i Dowsing Aer'is.due rir ale :lt''s
<br />t';rJWC to remit the mortgage inso:sazce rprorniw:n (o ace rt_
<br />rl WI of Housing and Urban Has"ve*ai;tmeltr..
<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
<br />with any of the conditions or agreements contained in this instru-
<br />ment, 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 />follawing Borrower's breach of any covenant or agreement in this
<br />m.trument (but not Prior to acceleration under paragraph 12
<br />unless applicable lave provides otherwise). The notice shall specify:
<br />(a) the default; (b) the action required to cure the default; (c) a
<br />date. not less than 30 days from the date the notice is given to
<br />Borrower, by which the default must be cured; and (d) that failure
<br />to cure the default on or before the date specified in the notice
<br />may result in acceleration of the sums secured by this instrument
<br />and sale of the Property. The notice shall further inform Borrower
<br />of the right to reinstate after acceleration and the right to bring a
<br />court action to assert the non - existence of a default or any other
<br />defense of Borrower to acceleration and sale. If the default is not
<br />cured on or before the date specified in the notice, Lender at its
<br />onlion may remir.- imT..t .s.. ;=r r �t lit hill iriafi Sums sxcttrM
<br />by this instrument without further demand and may invoke the
<br />Power of sale and any other remedies permitted by applicable lave.
<br />Lender shall be entitled to collect all expenses incurred in •pr: rsuing
<br />the remedies provided in this. paragraph 13. including, ix=,c,at,
<br />limited to, reasonable attarttel ,` fees and costs of title d%fdf ,,4.s..
<br />If the power cC sale is invoked. Trustee shall record a r,6rice of
<br />default in each county in which any part of the Property is located
<br />and shall mail copies of such notice in the manner prescribed by
<br />appf cAble law to Borrower and to the other persons
<br />rw e
<br />,TFW _ :able law. After the time required by applicable a Trustee
<br />S!16- f give public notice of sale to the persons and in the manner
<br />pt'Escribed by 400cable law. Trustee, without demand on Bor-
<br />rower. shall self the Property at public auction to the bwg est bid -
<br />dter' at the time and place and under the terms designate in the
<br />n0duv of sale in one or more parcels and in any order Trustee
<br />determines. Trustee may postpone sale of all or any parcel of the
<br />Property by public announcement at the time and place of any
<br />previously scheda!,' 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 deed shall be prima facie evidence of the
<br />truth of 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 law and reasonable attorneys' fees; (b) to all sums
<br />sewed by this Security Instrument; and (c) any exctss to the per-
<br />son or persons legally entitled to it.
<br />J
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