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made shall be added to the principal sum owing on the above <br />note, shall be secured hereby, and shall bear interest at tine late set <br />forth in the said note, until paid. <br />7. That the Borrower hereby assigns, transfers a,td sits a:rr to <br />the Lender, to be applied toward the payment of the note and all <br />stuns secured hereby in case of a default in the pertotmance of <br />any of the terms and conditions of this instrument or the said <br />note, all the rents, revenues and ineorne tv be derived from the <br />said premises during such time as the indebtedness: shalt remain <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 collating the rents, revenues and income, <br />+ and it may pay out of said incomes all expenses of repairing said <br />premises and necessary commisyintls-and expenses incurred in rent- <br />ing and managing the same and of`>iilecting rentals therefrom; <br />the balance remaining, if any, to be applied toward the discharge <br />of said indebtedness. <br />$, 'Iijttt the Borrower will keeps rlii'r � +spprovements nou e_ti <br />s'. or het�arj9tr•erected on the prope $, inured as may be require'll'. . <br />from ti `trr .tirtrt <br />?*:_the Lender against fgss.lff. Ji-re and other <br />hazards, castrnitits ?nsi contingencies in such :mr =nts and for such <br />periods as may i:t: ripuired by the Lender and.,411 pay promptly. <br />when due, any pieniiums on,sudi ,Insurance provision for payment <br />of which has not been made (tun:itibefore. All insurance shall be <br />carried in compania, appraml (lyi the Lender and the policies and <br />renewals thereof shali be hdd: 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 mall! to the Lender, who may make proof of loss if net.madi <br />prest 1157 by Borrower. and each insurance company concerWil is <br />hereby authorired-and directed to make payment for such <br />directly to the i.crldCM instead of to the Borrower and "the Lender <br />jointly. and the imuranie proceeds, or any part thereof, may be <br />applied by the Lender at itt, option either to the reduction of the <br />indebtedness hereby secure:d'orito the restoration or repair of the <br />property damaged. In event of foreclosure 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 to the purchaser or grantee. <br />4. That as addit. -arral and collateral security for the payr,:OA' of <br />the note described. Jnd all sums to become due under th�S n,tru- <br />ntent, the Borrowur hereby assigns to the Lecidt r all prof:a:. <br />revenues. royalties ;,O�jhts and benefits accruit ;.. io; the ikfr•;cver <br />under any and all o.1 and gas fr;�tes.on said premises, with the <br />right to receive and r , t';t f X ih dame and apply them to said <br />indebtedness as we'i' 1 ;(ii:;tt`sifi�r default in the conditions of <br />this instrument, and; t!te L.cnclaer May demand, sue for and recover <br />any such payments when due and payable. but .hall not be re- <br />quired so to do. This assignment is to tern-tinate and become null <br />and' ot;id upon rrlease of this instrument. <br />10. That the Borrower will keep the buildnt ?s upon said premises <br />in good repair, :mill tt:"ither commit nor permit' sv aste upon said <br />land, nor suffer ;.1,f: tald premises to he used lcir any unlawful <br />purpose. <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 fro*.n the date hereof <br />(written statement of any officer of the I)epartment 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 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 ft Lender or the holder of the note when the ineligiSi(ity; for.' <br />insurance under the National Housing Act is due to the Undet°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 />wt`s kbe same become due, or fails to conform to and WMP1Y <br />ug 1i --*l of the conditions or agreements contained in this instru- <br />me,;, or the note which it secures, then the entire principal sum <br />arch "crued interest shall at once become due ,,iaii payable. at the <br />:fern= of the Lender. <br />lY °attic shall give notice to, Fdtv*:+wer prior to acceleracfeP <br />folkv,ins Borrower's breach.of any covenant or agreem�a,t n this <br />instrument (but isms prior to acceleration under paragraph 12 <br />unless applicai ss zr�o provides otherwise). The notice shall specify: <br />(a) the default; (b) the action required to cure the default;.�c) a <br />dare ;t;rat less than 30 days from the date the notice is SfT,= to <br />2 rr©aer, by -,&J ,ch the default must be ct»,cd; and (d) that f ailure <br />to cure the &Ff 'i:n or before the date srssci:ied in the notice <br />may result in i� Li ration of the sutras secW, --C 1. by this instrument <br />and sale of the Vroperty. ThG mace sttiJ- fiaif:ter inform Borrower <br />of ihr right to reinstate after r,.acr� MW.rr �m: Idle right to bring a <br />cga.ix.-action to assert the non - existence of a - e:fault or any other <br />def"u-nie of Burrower to acceleration and said. If the default is not <br />cured on or before the date specified in the -.111tice. Lender at its <br />option may require immediate payment in full of all sums secured <br />bw this instrument without further demand and may invoke the <br />law. <br />re•rtrr of sale and any other remedies permitted by applicable <br />Lftrsiar shall be entitled to collect all expenses incurred in pursuing <br />,he remedies provided in this paragraph 13, including, but not <br />limited to, reasonable attorneys' fees and costs of title evidence. <br />if the power of bate is invoked. Trustee shall record a notice of <br />.W:y,,1t in each county in whicis any part of the Property is located <br />,pid` shall mail copies of sut(r•ne;ttice in the manner prescribed by <br />applicable law to Borrower w.,� to the other persons precribed by <br />applicable 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 wli the Property at public auction to the highest bid- <br />der at the time and place and under the terms designated in the <br />notice of sale in one or more parcels and ill any order Trustee <br />determines. Trustee may postpone sale edi sli' or any parcel of the <br />Property by public announcement at the taint,-and place of any <br />pie%iousiy schedulcd sate. L €o&r or its dcu,3nee way purchase the <br />Property at any sale. <br />11. That if the premises. Or any part thereof. be condemned <br />under the power of vmr Gent C t °:a+n, or acquired for a public use. <br />the damages aw aaircvli the proceeds for the tat ing of. or the con- <br />sideration for suclt.a.,cyu ' to the extec;:: of the full amount of <br />indebtedness upon -fu's instrument and the note which it is Li %en to <br />secure remaining unpaid. arc hereby assigned by the 13or:OW v to <br />the Lender. and shall be paid forhwith to said Lender to be ap- <br />plied by the latter on account of the next maturing installments of <br />such indebtedness. <br />Upon receipt of payment of the price laid., Trustee shall deliver <br />to the purchaser. Trustee's deed conveying t;te Property. The <br />rentals to the Tri.stee's deed Shall be prima facie evidence of the <br />truth sat the statements made.therein. Trustee shall apply the pro <br />tcW, of the salr in the follovong order: (a) to of the <br />sal:. �ncludinp, but not limited to, Trustee's fee: as permitted by <br />appircabir 'saw au.d reasonable attoneys' fen. (b) to all sums <br />sccur,d !iy this Security Instrument; and i:y any excess to the per - <br />san +ir persons legally entitled ro it. <br />Page 3 of 5 i ; HUD-921430T <br />LJ <br />;i <br />• i« <br />F, <br />d s <br />