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<br />made shall be added to the principal sum owing on the above
<br />note, shall he secured hereby, and shall bear interest at the rate set
<br />forth in the said note, until paid.
<br />7. That the Borrower ligrstty uisigns, transfers and sets over to
<br />the L:ettder. to be applied tfrwflrtj. f)7g payincnr of the note and all
<br />sunk secured hereby in cafe !; a drfim-{x. Is) the performance of
<br />any of the terms and solid xii kf'.hiy instrument or the said
<br />note, all the rents, revenues waif• income to be derived from the
<br />said premises during such tine as the indebtedness shall remain
<br />unpaid. and rite 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 expemes 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 :aid indebtedness.
<br />A. That the Borrower will keep the tmptnsements now existing
<br />or hereafter erected on the property, insured as may be required
<br />from time to time by the Lender against loss h) fire and other
<br />hazards, cuualties and contingencies to such amounts and for such
<br />periods► at may he required by the t ender and will pay promptly.
<br />when due, an> premiums on such insurance prostsion for payment
<br />of which has not been made hereinbefore. All insurance shall he
<br />carried in companies approved by the Lender and thr policies and
<br />renewals thereof shall be held by the Lender and have attached
<br />thereto toss payable clauses in favor of and in form acceptable to
<br />the Lender. In event of toss Borrower will give immediate notice
<br />by mail to the Lender, who may make proof of toss if not made
<br />promptly by Borrower, and each insurance company concerned is
<br />hereby authorized and directed to make payment for such loss
<br />uiRSriJ iv ins 'ri i ' : +tLcnuci u VVtT0 i r—
<br />jointly. and the insurance proceeds, or any part thereof. may be
<br />applied b) the Lender at its option either to the reduction of the
<br />indebtedness hereby sewed- or to the restoration or rep" of (hr
<br />property damaged. in evert of foreclosure of this instrument or
<br />other transfer of title to the mortgaged property in extinguishment
<br />of the ind0nedness secured hereby, ail eight, title and interest tit'
<br />the Borrower ip and to any insurance policies then in force shall.
<br />pass to the purchaser or grantee.
<br />9. That as additional and collateral se,:urity for the pa >mcnt of
<br />the note described, and all sums to become due under this instru -,
<br />ment, the Borrower hereby assigns to the Lender all profits,
<br />revenues, royalties, rights and benefits accruing to the Borrower
<br />under any and all oil card gas teases on said premises, with the
<br />right to reot4t and receipt for the same and apply them to said
<br />indebtedness as well before as after default in the conditions of
<br />this instrunwrit. and the Lender may demand, sue for and recover.
<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 nor permit waste upon said
<br />land. not suffgr the said premises to be used for any unlawful
<br />purpose.
<br />11. That if the premises. or any part thereot, 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 Leader. and shall be paid forthwith to said Lender to be ap-
<br />plied by the tatter, 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 Urbana Vow.lopment or authorized agent of the Secretary of
<br />Housing atyy,). l,lrban Development dated subsequent to the eight
<br />months" si1tA: kaam the date of this instrument. declining to insure
<br />said ante siar� this mortgage, being deemed conclusive proof of
<br />such ineligibility). the Lender or holder of the note may, at its op-
<br />tion, aeciare all sums secured hereby unmediatmy slue sim Nayau o.
<br />Notwithstanding the foregoing, this oNon may not be exercised
<br />by the Lender or the holder of the now when the 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 D- -,,t-
<br />ment of Housing and Urban Mveopment.
<br />111 That if the Borrower fails to !Hake any payments of money
<br />when the same become due, or fails to conform to and comp:;
<br />with any of the conditions or agreements contained in this instru-
<br />ment, or the note which it secure;, 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 aceekration
<br />following Borrower's breach of any covenant or agreement in this
<br />instrument (but not prior to acceleration under paragraph 12
<br />unless applicable taw 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 failvare
<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 sate of the Property. The notice shall further inform Borrower
<br />.r :1`: tia%..t is aft'= "=ins and rhw Tight t[� hrin-9 a
<br />miurt action to assert the non-existence of a default or any other
<br />dtefense of Borrower to a�xeleration and sale. If the default is not
<br />s�.trcd alt .M before the date specified in the notice. Lender at its
<br />optrva trrzy require immediate payment in full of all sums secutted
<br />b. rhig t s:rument without funher demand and may invoke the
<br />povser oT sale and any other remedies permitted by applicable Law.
<br />L.tra4a !,Ball be entitled to collect •aU expenses incurred in pwsuins
<br />rhr remedies provided in this paragraph 13, including. but not
<br />ltrz -,cd via,, reasonable attorneys' fees and costs of title evidence.
<br />If the power of sale is invoked, Trustee sW remrd a notice of
<br />default in each county in which any part of the Pt•i r" is located
<br />and shall mail copies of such notice in the manner prescribed by
<br />app)icabk law to Borrower and to the other persetes preeribed by
<br />appUcaWr law. After the time required . by applicable law, Trustee
<br />shall ,giAm- public notice of sale to the arsons and in the manner
<br />prtscctbed by applicable law. Trustee, without demand on Bor-
<br />romtr, shall sell the Property at public auction to the highest bid-
<br />der at tie time aM place and under the t•nas designated in the
<br />actice eV We in one or more parcels and in any order Trustee
<br />d'etermlrns. 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 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 dad 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 iitstited to. Trustee's fees as permitted by
<br />applicable law 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.
<br />L,
<br />M-R t; 2119DT
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