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r - - 89 77-ILUS-72- event of lass Harrower will give immediate notice by null to the Lender, who may make proof of lass if not made promptly by Borrower, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to the Lender instead of to the Borrower and the Lender jointly, and the insurance proceeds. or any part thereof, may be applied by the Lender at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. in event of foreclosure of this instrument or other transfer of tick to the mortgaged property in extinguishment of the iadebtedatas secured hereby, all right, tide and interest of the Borrower.? in and to any insurance policies then in force shall) pass to the pw tests or grantee. 9. That as'a;{tJirimtstit and collateral security for the payment of the note described, anv?n2 sums to become due under this instrument, the Ikvrower hereby assigns to the Lender all profits, revcnt# rol�tUcir � rights and benefits sccruirtg to the Harrower wader, ar�r. turd atl;�±+la and W eases on said premises. wiUh the right to reuei�,e and for the same and apply them to said indebtedness a3 vt4il befiare as after default in the conditions of this ictttrutnent. arhrt. the Leedrsr may demand. sue for and recover any such payment when due nttruf payable, but shall net be required so to do. This assignment is to terminate and become null and void upon release of this instrument. I CA, That the Borrower will kmp the buildings upon said premises is CoW repair, and neither co inis.nor permit waste upon said land, troy ,aft the said premises to be used for any unlawful purpose. 11. That if the premises, or any part tbereof,.be condemned under the power of eminent domain, or acquired for a public use. the damagr:s awarded. the proceeds for the taking of. or the conskkmtion for such acquisition; to the extent of the full amount of •_ Jt O ri f.• :.w «,,,,M wet a.. wN • Whirk it k viven in . t..N t wwr «.� ii....r - - secure remaining unpaid, are hereby assigned by the Burrower to the Lender, and shall be paid forthwith to said Lender to be applied by tk lam-! :.n zcwC':::4 th- r-It in irina imullments of such indebtedness. 12. The Borrower further micas that should this instrument and the note secured hereby not be eligible for insurance under the National Housing Act within eight months from the date hereof (written statement of any officer of the Department of Housing and Urban Development or authorized ageat of the Semury of Housing and Urban Development dated subnequent to the eight months' time from the date of tMis instrument. declining to insure said note and We rmortpge, being deemed conebasive proof of sucb ineligibility), the Leader or bolder of the note may, at its option, declare all sums secured hereby immediately dirt uW payable. Notwithstanding the foregoing. this option may not ba exercised by the Lender or the bolder of the note when the ineiiaibility for inKurance under the National Honing Act is due to the Lenders failure to remit the mortgage issaraaoe premium to the Department of Housing and Urban Development. 13. Motif the Borrower fails to make arty payments of money when the same bera3me due. or fails to conform to and comply with any of the cti +nditions or agreements contained in this instrument, or the note which it secures, then the entire principal sum and accrued interest shalt at once bowme due and payable, at the election of the Lender. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this instrument (but not prior to acceleration under paragraph 12 unkss applicable law provides wherwise). The notice shall speclfy: (a) the default; (b) the action required to cure the default; (c) a date. not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this instrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after aecekntion artO the right to bring a court action to asst the non- existence of A, &AW11, or any other defense of Borrower %, acceleration Wr4le. If the default is not cured on or before the date. specified in the txsicc Lender at its option may require immediate payment in 6& of all sums sewed by this instrument without further ddwmTd and may ift%*v the power of sale and any other remedies perrnitigd by appiikatble law. Lender shall be entitled to collect all expo ses incurred in pursuing the remedies provided in this paragraph [A including, but not limited to, reasonable attorneys fees and costs of title evidence. If the power of sale is invoke!, Trustee shall record a notice of default in each cramty in which any pan of the Property is located and shall mail copies of such notice in the manner prescribed by . applicable law to Borrower and to the other persons prescribed by applicable law. After the time required by applicable law. Trustee shall give public notice of sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower. shall sell the Property at public auction to the highest bidder at the rime cad dce a and under the terms detitnated in the notice of sale in one or more parcels and in any order Trustee determiam Trustee may postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sae. Lender at its designee may purchase the Property at any sale. Upon retrttp( of payment of the price bid. Trustee shall deliver to- the pmr.dum Trustee's decd conveying. the Property. The recitals in the 'F'rus wldeed shall be pima facie evidence of the truth of the atatenteab rtanrtie therein. Trwtee shall apply {Le praoeeda of the sale in the tenor** grder: (a) to all expenses orf the sae, including. but not limited to. Trustees fees as permitted by applicable law and reasonabk attorneys' fees; (b) to all sums secured by thi`t Security Instrument; and (c) any excess to the person or persons rally entitled to it. 14. Upon acceleration under paragraph 13 or abandonment of tine. Property. Lender (in person. by agent or by judicially appointed receiver) shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of the Property including those put due. Any rents collected by Lender or the receiver sba.TJ'be applied first to payment of the costs of manailcmerze of the Prgrty and colkction of rents. including, but not limited to . rimer: s rems, premiums on receiver's bonds and reasonable afil miy's lies, and then to the sums secured by this inWument. -- -- �- -+_ - -� u. Pass 3 of 5 a ` Nuoaiuoi -� J N�4