|
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 />7. That the Borrower hereby assigns, transfers and sets over to
<br />the Lender, to be applied toward the pa)-ment 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 saifl'..p=nises and
<br />of renting the same and collecting the.:ris2; revem�c5 d innome.
<br />arid it may pay out of said irfx'-�'t es- al?: Zilches of roparrirg said
<br />premises and necessary cornmissi=s' z o 4 nSeS LD aSiC9� In.I'Rf1-
<br />ing and managing the sat ie anj.of -01 =t-ng rentals mart;. ,
<br />the balar:ce remaining. if atl .. to be applied toward 'M: i'trrce
<br />of said indebtedncss.
<br />S. That tilt= lorrower will keep the Im:pruvemems now existing
<br />or hereafter (:reeled on the property. ir,! v:,r-J as may he required
<br />from time to time by the Evader agaiti�?' :'3ss by fire and other
<br />hamrds, casualties and cor;br ti h�:es, i>3•.raeh amount., and for such
<br />periods as may be required C7t• rite Lc�i3ir.and will pay promptly,
<br />when due, any premiums on'suctf i;ns r.! °:= provision for payment
<br />of which has not been made hcrcinbc is Y;, %I) Insurance shall tie
<br />csrried in companies appraycd by the l.fr?.Jar and thc,.ppliiics and
<br />;vY,Z,i%als tt:ereof shall be heis3, ` the Lerider and !t::= taclted
<br />y,:asx a :cuss payable claatj1i us fa%or of and in ford* : ca�;ptahlc to
<br />tit, Len-der. In event of foSs'13orrower %sill ei%e rouve
<br />by mall -.,y Q.:rLender, wnc may make proof at !•;:xi:',•':itot made
<br />prompt(. i&zyto-.ser, lnff each inmirarax ::impa,iv:; zycrncs
<br />hereh) :sifthdriied and dine; lta to make pavmint'f;ye Mach to <.
<br />local) to the Lender ilitt;f idl: of to the Aumnver :irid: ilie Lender
<br />jo:ntl), and the instal -sus j.r:.eed +, ur alts part tiler ot. Ina} tie
<br />applied b% the I.cndCt at' ether %Y the redii,tion rf the
<br />indcbtcdncsi hereby seen +:_^ of to the rrstoritioit (r repair of the
<br />property damaged. fr. cs ' ±f tbrct:luimn of !hi, in-trumeal of
<br />other transfer of title :�) vj7g: mortgaged prrrp.r.•, tit extingunluncnt
<br />of the indebtedness secured )tereby, all ritithi. title anJ tntele.t e1
<br />the fiistrower In and ro any utsurance pohtie, then in tur`s shuil
<br />pass to the purchaser or grantee
<br />4. Tltat as add:rnnal and collateral ke%unt% for the pit }rncnt•(ti
<br />the nuts' dc%LubeJ, at:,l ,:II sums to be./Imc duc under this Imtru-
<br />tncm, )tie ll,Irruwer hen.4,Y assigns to the Lcnda alt profits.
<br />revenues, rvyaltles, rights and bcnetu accrl;:ug. to the lh)rrowCf
<br />under any, .rod .'! oil noel eas !cases en ,ai,fi prcmnes, wnh ths.•
<br />right it) !Ci iv ::rid rCCCt� t f0f file -,.:.17r.C':kf.d ply them to I.a:(I
<br />utdcbtedncss a, %cell tvh,-.re.as after deVS61t m the c_- wdurons of
<br />this instrument, atiJ tit•: L.nrdcr ina) demat:d, s -4c fi:a;. ind rao%u
<br />any such pay;pmtn s%h:ii hive and payable, but ,t,.!i' r'• t he re.
<br />gvired ,,r, t,, do Ihis ac,ignment i% to ivtminate and 1- 41111c null
<br />and -.old u-, (oo rclra%e of this munimeftt.
<br />1U. Tttat file 1lorrossei ".sal keep file NIIIJnlgs upon .aid preuu,c,
<br />in good repair, and rteit'attt, Lonunit nlii llernlit %%rite upon %;rut
<br />land, nor sti!tcr the ia.Z premises to tic u+cd for ,try unlawful
<br />put p` sc
<br />11. That It` the preni see. s,r an% p,a'r t' :ereot, (4 condemnrJ
<br />,under the power,01' cntr;lenf domain, ar acyuirzd f07 d , ubht: u,t-
<br />the datnago awardeI, (lie ptoceeds for the takvipF oi.; of the Lon
<br />sideratism for such iic.lgisiiien, to the extent of the full amount tit
<br />indebtednitsnitfpon this instrument and the note whf,;h it (v gmerl IV
<br />secure rentaitiietg unpaid. are hereby wssigned by the torrower to
<br />the Lender. and shall t,,e paid forthwith to said Lender to be at,
<br />plied by the Litter on at:•wunt of the nrxt matming installments of
<br />such indebudriess.
<br />F
<br />fl: $9-- 104505 '
<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 authorized agent of the Secretary of
<br />Housing and Urban Development dated subsequent to the eight
<br />months' time from the date of this insimmint, declining to insult
<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 irnmediatel) due and payable.
<br />Notwithstanding 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 rational Housing Act is dire to the Lender's
<br />failure to remit the mortgage insurance premium to the beput-
<br />ment of Housing and Urban tDeveopment•
<br />13. That if the Borrower fails to make any payments of money• .
<br />when the same become due, or faits to conform to and comply..
<br />with any of tine conditions or agreements contained in this ins Mf
<br />mcnt, or the rate wliW1_is secures, then the entire pritil:i�pai sort+
<br />and accrued intere i ;r a11: at once become due and fiayable. at the
<br />election of the
<br />Lender shall give nalf�a to Borrower prior to acceleration
<br />following Borrov%er's bmath of any covenant or agreement in this
<br />instrument (but not prix(, tin acceleration under paragraph 12
<br />unless applicable tau pi(:vides otherwise), The notice shall specify:
<br />tat the default; (b) the action required:to cure the default; (c) a. .
<br />date, not im; - than 30 days from the ".e the notice is given to
<br />lfortower, by which the default mum ft cured; and (d) that fa-1 ire .
<br />to cure the default on or before thrdAX. specified in the notice
<br />inn} -,,:•suit In acceleration of the supra wCured b;) th-'A instrumcm-
<br />and sale tit, the Property. The not>ra:: J furttiA in;srtn Boric
<br />f•. i the t'4it:'cr reinstate after ac:do naim and the right to Whig- u• :
<br />Lours 3,:twit. to assert the non eto.•df.:taaaf a default or any other
<br />detense of Borrower :o acceleratiorra•ri iale. If the :lefautt is not
<br />cured on or before the date specified m the MAX, Lj::tder at its
<br />,plum tray require immediate payment in full of..: i �;t ::s..seeured
<br />b) rho itxiruinent without further demand and may ''dv64*:!:
<br />power of sale and any other remedies permitted by applica�.r!Iww.
<br />I ender shall be entitled to collect all expenses incurred in pursuing
<br />the remedies provided in tilts paragraph 13, including, but not
<br />limited to, reavonable attorneys' fees and costs of title evidence.
<br />It the power of tale is invoked. 'Trustee shall record a notice of
<br />default in each count) in which any part of the Property is la:ated
<br />and shall mail copies of such notice in the manner prescribed by
<br />applicable law to fis?a(jvscr arid to the other persons precribed by
<br />.Ippl:;able law. After (lire time required by applicable taw. Trustee
<br />shall give public notice of sate to the persons and in the manner
<br />pre,Lnbed b) applicable law. Trustee, without demand on Bor-
<br />rower, shall sell the property at public auction to the highest bid-
<br />der at the nine and place and under the terms designated in the
<br />notice of sale to one or more parcels and in any order Trustee
<br />Bete; nunc,. Trustee (nay postpone% sate of all or any p?rcel of the
<br />Property by public announcement at the time and place of ally
<br />pro iawTv- achedtdcd sate. fender or its designee may pur.ha14 the
<br />pruperi)•., :a any sale.
<br />upon tecelpt of ra r,?ra: !a the price bid. Trustee shall deis er
<br />tc, the pt,r:ha" hn:csrdr'i �.ccct conveying the Property. The
<br />recitale• tr tta rus ^te' _, �*mt i-mil be prima facie evidence at clx:
<br />troth .,r site statements !fare ll:oxim '1 rustee shall apply thp• jifpv
<br />seeds of the sale in the follownlg IN..4cr: (a) to all cspenses o1.0-.-'
<br />sale, including, but taus ttnnted to. Stustee's fees as prrtnitted b)
<br />applicable law and rne- ,liable attorneys' fees: (b) to all sums
<br />secured by this Somttt -, instrument: and (e) am excess to the per,
<br />son or Iv..nons legally entitled to it
<br />put;-, 3 of 5 ; Hti01Z143DT
<br />L
<br />u
<br />al
<br />A
<br />1
<br />t
<br />
|