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<br />event of loss Borrower will give immediate notice by mail to the
<br />Lender, who may make proof of loss if not made promptly by
<br />Borrower, and each insurance company concerned is hereby
<br />authorized and directed to make payment for such loss directly to
<br />the Lender instead of to the Borrower and the Lender jointly, and
<br />the insurance proceeds, or any part thereof. may be applied by the
<br />Lender at its option either to the reductiop of the indebtedness
<br />bereby secured or to the restoration or repair of the property
<br />damaged. In ever lof foreclosure of this instrument or other transfer
<br />of title to the ntosW41ed property in extinguishment of the
<br />indebtedness smurod hereby. all right, title and interest of the
<br />Borrower in and to any insurance policies then in force shall pass to
<br />the purchaser or grantee.
<br />9. That as additional and collateral security for the payment of the
<br />note described, and all sums to become due under this instrument,
<br />the Borrower hereby assigns to the Lender all profits, revenues.
<br />royattir . rights and benefits at:awng so tht Borrower under any and
<br />all on' trtI gas feasts on said premi*g,. with the right to receive and
<br />receipt.Gsv the same and apply tfimAo said indebtedness as well
<br />before as after deftuil M" the m:iJii:ions4 of this iisiti amen, and the
<br />Lender may demand,,,pte for and recover any .-.4)ipaymerrts when
<br />due s payable, but shall not be required so, II t� This "s uet;
<br />;x to w xu to and become null and void upon unease of this
<br />instrument.
<br />10. That the Borrower will keep the building: upon said pie wises
<br />in good repair. and neither commit nor permit waste upon sa. mod,
<br />nor suffer the said premises to be used for any unlawful purpmr
<br />11. That if the premises, or any pin thereof, be condemned under
<br />the power of eminent domain, or acquired for a public use. the
<br />damages awarded, the proceeds for the taking „J. cu the
<br />consideration 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 the
<br />Lender, and shall be paid forthwith to said Lcn?u to be applied by
<br />the latter on account of the next maturing inst.- Jlmtrents of such
<br />indebtedness.
<br />12. The Borrower further agrees Oxi should this instrument and
<br />the note secured hereby not be elio,ts for insurance under the
<br />National Housing A.(a within eight months frcxn the date hereof
<br />(written statement c r, a.y officer of the Depario.". t of Housing and
<br />Urbary Mvelopment or authorized agent of the Secretary of Housing
<br />and Uitgrt Development dated subsequent to the eight months' time
<br />from 11' agate of this instrument, declining to insure said note and
<br />this morgage, being deemed conclusive proof &f such ineligibility).
<br />the Lender or holder of the note may. at its option, declare all sums
<br />secured hereby immediately due and p&? able. Notwithstanding the
<br />foregoing, this option may not be by the Lender or the
<br />holder of the note when the inellg. +a.:, :y Of insurance under the
<br />National Housing Act is due to the Lender's failure to remit the
<br />mortgage insurance premium to the Department of Housing and
<br />Urban Development.
<br />13. That if the Borrower fails to make any payments of moni:y
<br />when the saute become due. or fails to conform to and comply w i-Ilt
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<br />any of the conditions or agreements contained in this instrument. or
<br />the note which it secures. then the entire prindpal sum and accrued
<br />interest shall at once become due and paysble� at the election of the
<br />Lender.
<br />Lender shall give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant or agreement in this
<br />instrument (but not prior to acceleration under paragraph 12 unless
<br />applicable law provides otherwise). The notice shall specify: (a) the
<br />default (b) the action required to cure the default; (c) a date, not less
<br />than 30 days from the date the notice is given to Borrower, by which
<br />the default must be cured; and (d) that failure to cure the default on
<br />or before the date specified in the notice may result in acceleration
<br />of the sums secured by this instrumeni and sale of the Property. The
<br />notice shall further inform Borrower of the right to reinstate after
<br />acceleration and the right to bring a court action to assert the non-
<br />existence of a default or any other defense of Borrower to
<br />acceleration and sale: If the default is not cured on or before the date
<br />specified in the ntida Lender at its option may require immediate
<br />payment in full of alVErums secured by this instrument without
<br />further demand and inay invoke the power of sale and any other
<br />rer tdies permitted by applicai'?I &law. Lender shall be eatriw to
<br />collect all expenses incurred is pursuing the remedies provider] in
<br />this paragraph 13, including but not limited to, reasonable
<br />attorneys' fees and costs of title evidence.
<br />if the power of sale is invokes, Trustee shall record a notice of
<br />default in each county in whio ;&ny part of the Property is located
<br />and shall marl copies of such notice in the manner prescribed by
<br />applicable law rim lk;reower and to the other persons prescribers by
<br />applicable law. Ary.er the time required by applicable law Xtimue
<br />sh>atgive pubfic oz ce of sale to the persons and in theutiri war
<br />prescribed by apoicable law. Trustee, without demand ou lIrrower,
<br />shall sell the Prorwy at public auction to the highest bidder at the
<br />time and place iris under the terms designatet in the notice of sale
<br />in one or more parcels and in any order Truster determines. Trustee
<br />may postpone sale of all or any parcel of the Property by prsblic
<br />announcement at the time and place of any previously sche :sled
<br />sale. Lender or its designee may purchase the Property at any sate.
<br />Upon receipt of payment of the price bid. Trustee shall deliver to
<br />the,ourchaser Trustees deed conveying the Property. The recitals in
<br />thr Trustee's deed shall be prima facie evidence of the tr wIt of the
<br />stxitatzents made therein. Trustee shall apply the prixs>rai arbe sale
<br />i, tYn following order: (a) to all expenses of the saie,.including, but
<br />na. °.Ilrnited to, Trustee's fees as permitted by aWAcable taw and
<br />rmwnable attorneys' fees; (b) to all sums seclm.1 by this Security
<br />Ins,"ment; and (c) any excess to the person or persons legally
<br />entitled to it.
<br />14. Upon acs ficration under paragraph 13 or a�andonment of the
<br />Property, Lendeff (in person, by agent or by y, lici:'11tic x� pointed
<br />recrr. rr) si:a21 be entitled to enter upon, take possesaao fXVYi
<br />mcna$e the Property and to undiga the rents of the Propmly
<br />in-dwIlcg those past due. Any m is collected by Lendw tned.'re
<br />rec; iv.r shall bs applied first to payment of Ow costs ct inxiagement
<br />of :fie Property and collection of rents, including, but not limited to,
<br />rw: ,vet s fees, premiums on receiver's boirds. ind reasonable
<br />W)X,. r ey's fees, and then to the sums secured by this instrument.
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