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made shall be added to the principal suns 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 payment of the rote 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 />tote. all the rents, revenues and income to be derived from the
<br />said premises during such time as the indebtedness shall retrain
<br />unpaid, and the 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 commiss :r.xm and expenses incurred in rent-
<br />ing and managing the same and. ! b-atlecting,tv-1als therefrom;
<br />the balance remaining, if any, to be applic &.-towSid the discharge
<br />of said indebtedness:
<br />S. That the Borrow: wjii; .4:p i�.iv improvcnEM- now 1.74",
<br />or hereafter erected an the pmV.*MJ4, insured ;as . r,-.,-ay be re+cfVt d
<br />from time to time by the. Lender against loss by fire and other
<br />hazards, casualties and contingencies in such amounts and for such
<br />periods as may be required by the Lender and will pay promptly,
<br />when due. any premiums on su&'.- -,insurance provision for payment
<br />of which has not been made 1`:er*mbefore. All insurance shall be
<br />carried in companies approved `lYy the tender and the policies and
<br />renewals thereof shall be held by the Lender and have attached
<br />thereto loss payable clauses in favor of and in form acceptable to
<br />the Lender. In event of loss Borrower will give immediate notice
<br />by mail to the Lender. who rua_% make proof of loss if not :nude
<br />promptly by Borrower, and each insurance company concernvd is
<br />hereby authorizedd av1dtrected to make payment for such
<br />directly to the of to the Borrower and the Lender
<br />jointly, and the ii }Y1 t1 ti: pr A-mds, or any part thereof, may be
<br />applied by the Lender at Its oft' iLr; either to the reduction of the
<br />indebtedness hereby secured or, in c're restoration or repair of the
<br />property damaged. In event of fateclowty of this instrument or
<br />other transfer of title to the mortgaged property in extinguishment
<br />of the indebtedness secured hereby, all right. title and interest of
<br />the Borrower In and to any insurance policies then in force shall
<br />pass ice the purchaser or grantee.
<br />9A. as additional and collateral security for the payment of
<br />the note de* hf _a) rind ali sums to become due under this instru-
<br />ment, the -hereby assigns to the Lender all prufas.
<br />reventza, ioyaf r,.•rights and benefits accruing to the Ilorrowcr
<br />under' at;.y and all oil and gas 1'r uses on said premises. with the
<br />right" to receive and receipt for the same and apply them to said
<br />indebtedness as well before as after default in the conditions of
<br />this instrument, and the Lender may demand. sue for and recoser
<br />any such payments when due and payablt, but shall not be re-
<br />quired so to do. This wo ionmem is to terminate and become null
<br />and void upon release of this instrument.
<br />10. That the Borrower will keep the buildings upon saiu p-mu,cs
<br />in good repair. 04: neither commit nor permit waste upon said
<br />land,, rcr suffer ult said pretaiscs to be u,,:d for any unlawiul•
<br />pwww
<br />11. That if the Ti'tmists. or any part thereof, be condemned
<br />under the power,of irninent domain, or acquired for a public use.
<br />the dari4es J?.wilol, the proceeds for the taking of. or the con-
<br />sideration fca'sa:rb acquisition, to the extent of the full amount of
<br />i- tdutt('tttitttss upon this instrument and the note which it i, given to
<br />w' -oaq.: vernaining unpaid, are hereby assigned by the Fkm4lwer to
<br />Use Lender. and shall be paid fa- thwith to ,44 Lender to tae ap-
<br />plied by the lattet on account of the next maturing installmems of
<br />such indebtedness.
<br />f
<br />SS� 104542
<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 Dmelopment 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 />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 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 Devcopment.
<br />13. That if the Borrower fails to make any payments of money
<br />when the same become due, or fails to confc.-,n to and comply
<br />with any of the conditions or agreements QxM?� gcd in this instru-
<br />ment, or the nv_e :sshich it secures, then thewiire principal sum
<br />and accrued inuxr shall at once become S ri: «,d payable, at the
<br />election of the Lender.
<br />Lender shall yea" irmotice to Borrower prior to acceleraii:o.
<br />following Borra.,*q�•s breach of any covenant or agreenaWv. this
<br />instrument (but .!,%% prior to acceleration under paragragIT.
<br />unless applicable law provide.s•ctherwise). The notice sRxi7srecify:
<br />(a) the default; (b) the actin- ._t3spi red to cure the defa--iAn icl a
<br />date. not less than 30 days fr m:• :'he date the notice is liven to
<br />Borrower, by which the defau: must be ;c>t�L: and (d) that failure
<br />to cure the default on or before the date m< fr..�11:d in the notice
<br />may result in acceleration of the sums seen i!1 by this instrument
<br />and sale of the Property. The notice shall further infor=m Ztrrower
<br />of the right to reinstate after acceleration and the right 1V2• -g a
<br />court action to assert the non - existence of a default or aim; +••v'cher
<br />defense of Borrcwet to acceleration and sale. If the default is not
<br />cured on or bef,:w the date specified in the notice. Lender at its
<br />option may requite immediate payment in full of all sums secured
<br />by this instrument without fu -flier demand and may invoke the
<br />power of sate and any other imnedies permitted by applicable law,
<br />Lender shall be entitled to c -'Imr. all expenses incurred in pursuing
<br />the remedies prodded in this rres;aph :3•, i:tcluding, but not
<br />limited to, reasonable attorney,:; f . d^yt.a)14s of title evidence.
<br />If the power of Sale is invoknl. Trustee Shall record a notice of
<br />default in each county in which any part of the Property: is' located
<br />and shall mail copies of such notice in the manner prescribed by
<br />applicable law tC Borrower and to the other persons precribed by
<br />applicable law. After the time required by applicable law. Trustee
<br />shall gi%c publi; notice of solte tv the persons and in the manner
<br />prescribed by applicable law.. 'Trustee. without demand on Bor-
<br />rower, shall sell the Property' .Y. public auction to the highest bid -
<br />dcr at the ttmc and place and under the terms designated in the
<br />notice ( +f sate in one or more parcels and in any order Trustee
<br />determines. Trustee may postpone sale of all or any parcel of the
<br />Property by pt blic 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 reccq;a_ of payment of the price bid. Trustee shall deliver
<br />to the purchaser Trustee's deed conveying the Property. The
<br />recitals in the Trustee's decd shall be pritna facie evidence of the
<br />truth of the statements made therein. Trustee shall ap;li.? r.he pro-
<br />ceeds of the sale in the following order. (a) to all expenses of the
<br />tale. including. but not limited to. Trustee's fees as permitted by
<br />applicable taw and reasonable attorneys' feat (b) to all sums
<br />secured by this Security Ins:: •.men1. an; *- ,►sly a .ce.�,t(+ the per.
<br /><Zn or person'. legally entiuet3 : a it.
<br />it.i 48 ,0
<br />Pape 3 of 5 4 • Ht M1430T
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