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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 />?. Thaf the Borrower hereby assicns, transfers and sets over to
<br />the Lender, to be applied toward the payment of the note and all
<br />sums secured hertLv in case of a default in the performance of
<br />any of the terms.,and'cvnditions of this instrument or the said
<br />note, all the and income to be detived from the
<br />said premises ftit3g,such time as the indebtedness shall remain
<br />unpaid, and the'4t�tdcr 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 repaittnr .std
<br />Premises and necesyan commissions and im ;urtrd in rent-
<br />ing and managing the same and of colUtting rrnstitfsa therefrom.
<br />the balance remaining, if any. to be appl;4J..ftctvriYtl. the'di!�charge
<br />of _aid indebtedness.
<br />S. That the lorrower will keep the tmrrmements haw "jesting
<br />or hereafter erected on the property, insured as mas be tcv,r ircd
<br />from time to time by tit, Lender against loss by fire and ether
<br />hazards, +:asuaitie+ and contingencies in %wh amount, and for such
<br />periadc as may toe required by the I.cndrr and will pay prttrsptl",
<br />then duc, any nrenuums un su,.h insurance p rotision for lmtiptent
<br />of :1hA . hasi not been made hereinh: fore. All msurant.5: 111 riir' N..
<br />Carr: :. r- _,;,.Fame, approved by the Lender and the p lit -r *.alit'
<br />rcn_F: S cneruo` 4hall bt held by the Lender and have aitto-4
<br />1hC'C_7: iJ•i 'rSttlE clauses in fa..-ir of and in torn1 sL'CGIt(irJJIL' to
<br />the in eient of loss Borroucr %J1 give imntediatn nuri;e
<br />by rr.atl to the Le -Acr, who m.vy make loo, if not made
<br />promptly Ov F3nrt:: cer., and eactt insurances .ist°tpany ,;otwerned ,!,
<br />hereby autho +•t;::t4!;itr:d dir"ted to make payttie -411 for such to•,
<br />dtrcaly to rice t ettder instead o€ !,o Me WnTowcr and the Lender
<br />jointly. and the inwiance proceed,,, or any sari thereof nuvi be
<br />applied by the Lender at its optior: either to the :eduction vi the
<br />indebtedness hereby secured or to the rou,ratt;m or rcpvr trf the
<br />property danlagcy !st event of forea :isur -r.;i thus mstrurnent or
<br />other transfer 0'trt4^ to Itic rtrrlrlyal;ed propert% to c�ungwi.hnurnt
<br />of the mdcbt%witti"7• rcured herebs . all right, title and intcnrst tit
<br />the Wrioxer -,A and to any poll -te. then in L. :ra -:tail
<br />Pas,, to the rc'1*x.asvr or granree
<br />4. That as 4641 ,onal and .a!iaicial ,ct writs for the payment. nl
<br />the note dcxtainj, and All sums u, r,rciane due under this inatrmi•
<br />nient, the Bottuwer herchy assign;to thu Lender All I-ruftts,
<br />resenuw, royalties, right, and tmiclits as.tumng to rite fiutrowct
<br />and ,- .Any and all oil and Vas Icaws on said premi!c., with the
<br />ngftt sh receite and receipt for the same and c:,,ia� than lit said
<br />indelxrdne.s as utr;l before as after drfau!i aftlt,ct ._(ttfnions cif
<br />this imir+imenr; -pal the I ender may deirllnla, s.rr tot and o :cvi cr
<br />any such payments when due ;ind pay lbt... 1,,:s shall rot he re-
<br />quired so to do I Ns assign. -Mit i;. to ss; t, r ?!IC and hcconte null
<br />and void upon release of this
<br />10. That the Borrower a+!t keep rho N Yw,7ryn,, upon Paid premises
<br />in gourd repair, and neither ccmirnis nor ptsiwm, caste upon said
<br />land,, nor suffer the said pretv,4,c5 to be use4 for anv ur!,twful
<br />A — That if the premises, or any part thh-am be conuem,%ed
<br />under the po%tr of eminent domain, or aeylilirt~i for a public use,
<br />the damaEei awareol, the prmeeds for Mc s,ti.itlg of, or the con -
<br />sidenition for such acquisitivru, to the extent of the full amount of
<br />inM!C%"d.'tess upon this instrument and the note which it is given to
<br />sect;m : mtainin# unpaid. are hereby assigned by the. Borrower to
<br />the i -e tfe;r. snd shrill be paid forthwith to said .Lender to be ap-
<br />plie-i `!s1`'dhe latter on account of the next maturing installments of
<br />%xh, m4btedness.
<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 autherirA agent of the Secretary of
<br />Housing and (Urban Development dated subsequent to the eight
<br />month;' time from the date of this instrument. declining to insure.
<br />said note and this mortgage, being deemed conclusive proof of
<br />such ineligibiliti), the Lender or holder of the note may, at its op-
<br />Con. declare all sums secured herab immediately due and payable.
<br />Notwithstanding the foregcing. this option may not be eurcised
<br />by the Lender er the holder of the rote when the ineligibility for
<br />insurance under the National Housing Act is due to the Lender's
<br />failure to remit the morgage insurance premium to the Depart-
<br />ment of Housing and Urban Deveopment.
<br />13. That if the Borreu er fails, to make any payments of money
<br />when the same became due, or fails to conform to and comply
<br />tttth am. of tac condition, or agreements contained in this instru
<br />merit. or the nere which it secures, then the entire principal sura
<br />and accrued intere,l shall at once become due and payable, at the
<br />cica:on of the lender.
<br />Lender shall Hite netice it) Borrov.cr prior to acceleration
<br />1,rUounte Rorrotver% brcach.cf- any covenant or agreement in this
<br />insrrument (but no prnr to acceleration under paragraph 12
<br />unle„ aFplicaole laty prsavfei othcraise ►. The notice shall specify:
<br />(ai r:Ic default:. tb) the: action required to cure the default; (c) a
<br />Jaw. net ie„ than ?0 dugs from the date the notice is given to
<br />Po; r•_,vcr, hu Ouch Vic default must be cured. turd (d) that fai!urc
<br />W cure the default on or before the date specified in the notice
<br />ina;, rc,.alt at acieImatiun.rrf the sums secured by this instrument
<br />arid •.I!e of rite Noperrl : 171e nonce shall further infornR Wrrower
<br />Of rata right to rcinstare afiat acceleration and the right to bring a
<br />�rur- a;tton to a%wrt the nun - existence of a default or any other
<br />defame Of Bunrutter to acceleration and sale. If the default is not
<br />i.urc;i can or before the date specified in the notice, Lender at its
<br />opa3111 lnay rcctuuc nnmediate payment in full of all sums secured
<br />by tftil. moitiment without further demand and may invoke the
<br />p ver qfl tale and any other remedies permitted by applicable law.
<br />Lender t.liollihr entitled to collect all expenses incurred in pursuing
<br />tlic :.m;llitw provided in this paragraph 13, including, but not
<br />limited u,, reasonable attorneys' fees and cost~ of title evidence.
<br />•ti.; the power of sale is invoked. Trustee shall record a notice of
<br />default in each v ounty in which any put of the Property is located
<br />and shall mail copies of such notice in the manner prescribed by
<br />applicable lass to Borrower and to the other persons precribed by
<br />apphcablc law. After the time required by applicable law, Trustee
<br />shall give Public notice of sale to the persons and in the manner
<br />prescribed by applicable law. Trustee, without demand on Bor•
<br />rower, shall sell the Property at public auction to the highest bid-
<br />der at the Unto and place and under the terms desigratad in the
<br />notice of sale in one or more parcels and in any order Trustee
<br />determines. Trustee may postpone sate 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 p:.rJhase the
<br />Property at any sale.
<br />Upon receipt of payment of the price bid. Trustee shall deliver
<br />:o the purchaser Trustee's deed conveying the Prorert, :. The
<br />recitals in the "Trustee's deed shall be prima facie eviwnrce of the
<br />truth of the statements made therein. Trustee shall avViy the pro-
<br />ceed-, 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 />secured by this Security instrument; and (c) any excess to the per-
<br />son or persons legally entitled to it.
<br />Pape 3 of 5 r MUDlII1 1301
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