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<br />made shall be added to the principal sum owing on the above
<br />rote, shall be szzurk -.4 hereby, and shall bear interest at the rate set
<br />forth in thz said note, until paid.
<br />1. That the Serrower hereby assigns, transfcis and sets over to
<br />the Lender, r,7 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 cstuditions of this instrument or the said
<br />note, apache rents, r o.eoues and invor ie to tic derived from the
<br />said .(•rtfrifses.dutirg such time as the indebtedness shall remain
<br />unppii : i,d the tender shall have power to appoint any agent or,
<br />agctW, ib nay desirlt for the purpose of repairing said premises and
<br />of renting the satme ind collecting the rents, m6enuts and income,
<br />attd. it.n:ay pap out of said incomes all e-1tp:nses of repairing. said
<br />prmia :^v and necessan ;ommissions and c%penses incurred in rent-
<br />itlg;ttd.t 4=!ing the ,amc and of collecting rentah therefrom:
<br />the.haL•bt+:i tenvnitittq, if any, to he applied toward the diichatge
<br />o titdt:hft:tir:es�,.
<br />b. Thar.rhe' +sill keep the Impaute e2ts no» a+,isting
<br />or hereafter a : :,�t.c' :rM the prup:rty. insured t :nay be regci:cd
<br />from f;tne to time r, the Lender. against lo-,s fire and o:hcr
<br />lta2:ir!l'i;:ia,n3htes tcrd ;onttngc -;t.^ -rte in st1:h ,!k.t¢,5pnts and fist .ti -h
<br />periotls as may t'e T €rte teed by the I.end^r a-n� •,vii pay promptly.
<br />when due, any ptLct;i;;M% On su:h irsuran:C •;:,% :•;:ion tier payment
<br />of nhc!t.tias not ti, —m rnade herentbefore. 111 lnwra%e ihali be
<br />carry i� :ompaitics approved by the tender anJ the pulr:tcs and
<br />retie +vs ^r ;hereof shall be hall by the Lender and have attached
<br />there,+ 1 is% p3ti tbi= .. :iausci tit tat o! ar.J ;r. ';i :m ;.cptahie to
<br />he i Crider. In e,m.cwS 'loss Horroaer % %Itl k % il-IM dtate nrrti:t
<br />-t'y mail to the I.e11AL -i '.rho ntry ntsl.e prn: `::r,` ` :isi ,f no: ntadc
<br />Cr4t.:,:4YC6! by Horri ie rr. and ca,tt :�suram c .oltlpall) .On.ernC t,
<br />tic, vO' L'Li:hun/cJ acid durocd -o,, r., +sc paymer' r t +r
<br />d,rvti^i< ,,,- the t.ender instead , + :' za :n:; harrow cr .md the 1 ender
<br />)oinrly, and the ursuran,c prmccJ,, (IF en+ j'+ar: thrreut, 111.1% he
<br />applied by the i ender .-t it., opnori cithcr t,, tttc redi,,non of tt.r
<br />indebtedness herchy kc,u%ed (It t., ite rc,,vl.(:tt,n or repair ut fl::
<br />property damaged. to cter,t (,t torrdo :arc „t this in,rcurr.rr,r or
<br />other transfer of title to the rut,,tcaiva rr, ha t> in Cvunetu, :. :r :cr
<br />of the rrdebtedness sc,t.rcd licrch., all right, tltI :srt(t Intertst •. +1
<br />the I3orroaer In and to any mrurtn;c ;, +!., t: , !th_it IF, t,:r:e ih:dl
<br />pass to the punhaw, of granter.
<br />9. That as additional and colla%rrl sc:urny t,•r the pasitvcnt of
<br />the mite ,les,rrhed, and all status to hc,urne dug. under th.!..r.•;: tu-
<br />ment. ttic Horrowcr hereby asstL�n; t(, !hc 1 r,,'.er .ill pr„lrts•
<br />retenues. r(tyalttes, rights and benchts accrtung it, the Horr(i,wcr
<br />under any and all nil and gas Iea,e, tin said p+cuti,es, with the
<br />Itsthr It, receive and : r :crpt tar the same and apply them it, scud
<br />mdehtrtvfa;.ess as %tell bctore as after dclauir in the conditwn, of
<br />this s,tr.•i,rncm. and the !cider mas demand, suc tut ,aid re „tier
<br />any such payjimils.,shcii di,e .(std payaYdc, but shil'. It,., he is
<br />(furred so to do. •f h•., assipinit;nt 1, to tcrl+r.:,tt: and he..woe cull
<br />and void upon (CICJ�e of Ihis irstnitncnt.
<br />10 Mit the Horrovwer Kill keep the buildings upon sand ptenu,cs
<br />in Ccr.d r_•pau, and rtcirhcr commit nor pcnina waste upon said
<br />r li suffer the said prenmes to he used (:rr any unlavvfti!
<br />purp:' :e.
<br />Lt. Chair if the pientrso. or any part thereof. Irse condemned
<br />under' Chit power of eminent domain. cr acquired for a puh:.,; use.
<br />the darages awarded, the proceeds for the taking of, or the con -
<br />sideration for such Ktlulsitloa, to the extent tit the full amount of
<br />indebtedness upon this instrument and the rote which It is given to
<br />secure remaining unpaid, are hereby assigned b1y die Borrower to
<br />the Letider, and shall he paid forthwith to sand. k ender to be ap•
<br />phesil by the latter on account of the next matt^: trig installments of
<br />such indebtedness.
<br />1
<br />89- 10420
<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 due hereof
<br />(written statement of any officer of the Department of Housing
<br />and t; rban 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 note and this mortgage, being deemed conclusive proof of
<br />such ineligibility), the Lender or holder of the note may, at its op-
<br />tion, declare all sums secured hereby immediately due and payable.
<br />Now ithstanding the foregoing, this option may not be exercised
<br />by the lender or the holder of the note 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 Depart-
<br />ment of Housing and Urban Deveopment.
<br />13. That if the Borrower fails to make any payments of money
<br />tshcn the same become due, or fails to conform to and minply
<br />A nth any of the conditions or ;tfets_ements contained in this histru-
<br />ment. or the nwe -hich it se*vfes, then the entire principal sum
<br />and a,crtted irt, test; :shall at rhvC becoma dyi.c'and payable, at the
<br />c zoos of tht tc+ sf.
<br />Lz_ er ,hall etie notice to`Al rrovser prior to acceleration
<br />!r :utg Horrovser's breach of any covenant or agreement in this
<br />1',struntent (hut not prior to acceleration under paragraph 12
<br />unless applicabl; lass provides otherwise). The notice shall specify:
<br />t. .t he default. (b) the action required to cure the default; (e) a
<br />:wt less than 30 days from the date the notice is gis••rra to
<br />k a��ss,er, by which the default must be cured; and (d) ilr,`ufailure
<br />to is -r the Maul: on or before the date specified in th>: gvl.ce
<br />inas tcwlt in a%;el�.ation of the sums secured by this instrument
<br />and sate of tt P? i'T nty. The notice shall further inform Borrower
<br />of the right to'ca _rate after acceleration and the right to bring a
<br />,court a.uon to a ;�crt the nun - existence of a default or any other
<br />dctense of Borrower to accelzration and sate if the default is not
<br />,urcd on or before the date specified in the notice. Lender at its
<br />oppun may require Immediate payment to full of all sums secured
<br />In this instrument twithcwt further demand and may invoke the
<br />potser of sale and any other remedies permitted by applicable law.
<br />hall be entiticd to,N'.Ikl�,x :•ill expenses incurred in,pursuing
<br />`r ,r tellies provided in thiv ,,E 3graph 13, including, b;J:, i2nt
<br />Invited to, reasonable attorneys fees and costs of title ev^;_;ynce.
<br />It the power sale is invoked, Trustee !l: Al record a notice of
<br />default In each county in ahwh any part of i'.:a property is located
<br />and shall mail copies of such notice in the manner p,ras,:rlvd by
<br />applicable law to Horrovver and to the other persons r- r; -ibed by
<br />allph:ab!C rats After the lime required by applicable la'.s, Trustee
<br />,hill! Fir': puhftc nunve of sale to the per( „s ?;td.in the manner
<br />prescribed by applicable laA. Trustee, W ILi:,l(at - Arnaud (m Dior•
<br />row ^t shall sell the Property at public auction to the bid.
<br />Jt..% a', the time anti place and under the terms designa ::19 In the
<br />notice of sate in tine or more parcels and in any order Trustee
<br />determines. Trustee may postpone sale of all or any parcel of the
<br />Prop -sty by Put ;r,i announRment at the time and place of any
<br />previously schc;l, +;tcl satc. Lender or its designee may purchase the
<br />Propeny at any sett.
<br />Lyon receipt c•: Inc price bid. Trustee shall deliver
<br />to the purchaser 72ro- A',ee'& deed conveying the Property. 1ne
<br />recitals in the Trvv ce't deed shall be p6mi> fai:ie evidence of the
<br />tr,Ah of the staiinients made therein. Trus :cc shall apply 11a4 pro-
<br />ceetfis nif the sale in the follow;oj order: (a) to all exenn .,^ of the
<br />s.;t1C, Lncluding, but not limiter t6. Trustee's fees as per :,, trtd by
<br />arViioble law and reasonable attorneys' fees; (b) to all sums
<br />scented by this -' !itwutity Instrument; and (c) any excess to the per-
<br />son or persona kligGy entitled to it.
<br />Page 3 of 5 ()Dff f13DT
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