|
F
<br />IN
<br />59-- 104676
<br />made shall be added to the principal sum owing on the above
<br />note. shalt be secured hereby. and shall bear interest at the rate set
<br />forth in the said note, until paid.
<br />7. That the Goriowtr hereby assigns, tinsfe s and sets over to
<br />die Lender, to be applied toward the payment of tht 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 intone 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 said premises and
<br />of renting the_same and collecting the rents, revenues and income.
<br />and it may pay rout of said incomes all expenses of repairing said
<br />premises and :&Npt ss y commissions and expenses incurred in rent-
<br />ing and manapng.,he same attd of collecting rentals therefrom;
<br />the balance remaining, if:4ih io.be applied toward the discharge
<br />of said indebtedness.
<br />8. That the'k1i rower will keep the improvements now existing
<br />or hereafter cry:. -d on the property, insured as may be required
<br />time from time to me by the Lr.rdcr against Toss by, fire and other
<br />hazards, casualties and ow, ?kggertcies in sueh amnunts'.turli for such
<br />periods as may be recluire ('&y the Lender and will M prrompilr..
<br />when due. any premiums ot; Such insurance provision rot' paym=
<br />of whkh has not been made hereinbeC,r�.•.?ell insurance %ball be
<br />carried in companies approved by tbe:'L,msuirr and the policies and
<br />renewals thereof shall be f;ed -•sty thir l�tiieiir and have attached
<br />thereto loss payable clauses iii !ivor of and in form acceptable to
<br />the Lender. In event of will give immediate notice
<br />by mail to the Lender, who t ii, mal:•c ;;-t -aof of loss if not made..
<br />promptly by Borrower, and each init;rawr company concerned n
<br />hereby authorized and Sueccex*; so masii,p.v,ment for such loss
<br />directly to the Lender insis eel of to the Borrower and *.Ix tinder•
<br />jointly, and the insurance.-pictxei.,ds, or am pan therec , nay be
<br />applied by the Lender at its; option either to the reduCrron of the
<br />indebtedness hereby secured or to the restoration or repair of the
<br />property damaged. In event of foreclosure of this instrument or
<br />other transfer of title to the,-nPrtgaged property in extinguishment
<br />of the indebtedness sevvre•:� ,irx-by, all right, title and interest of
<br />Ov Borrower in and to any•imurance policies then in force shall
<br />pas-, to the purchaser or grantee.
<br />9. 1 ls :, .-es:a4dnional and collateral -%e.unty for the paymcnt cif
<br />the .. ^.at: L!E i.:ribed, and all suoit to beconic +Btu• undet mss instru-
<br />ntzrir. il:e borrower hereby assigns to the Lender all ,•iir,fits,
<br />revenues- :allies, rights and benefits accruing to tl!e• $t: viower
<br />under art; ioid, all oil and gas leases on said premnsev. :iurh the
<br />right to re,er:ve and rc.eipt for the wane and apply them to said
<br />indebtedwev -0!, well before as after dcrs;c ?,r in the cordtions of
<br />this insiru:nm— ;'and the Lender may ,dth'and, sue for and recover
<br />t; -,:rch ,; ;e ;mints when due and parahie., but shall rot tie rc-
<br />oimd ka i`:.,ah. This assignment is tc ~:r-•,t mate and become null
<br />and +t! S ?)tr>rt ,r, tlease of this instrutncsp.
<br />id. That the Borroi,ver will keep the buildings upon said premi,e-,
<br />in good repair, and rrenber commit rest permit wast:r upon said
<br />land, not suffer the said ptemi %o, to t+e used for an; "im-lawful
<br />purpose.
<br />11. That if the premises, or an ;car, tivtwl. tee condemned
<br />undti the power of eminent dalm0h`.. ,:r al ;rod fvii a public use.
<br />the damage awarded. the pr ^c,, ;'s ";A ;,��; "Akics? t+{. ;.r the con-
<br />sideration for smh a :quisitiort, tc3 t'.x :.tv,G{:;.t of the �.'i amount of
<br />indebtedness upon this instrument ants i:1ee note which it is green to
<br />e rcrn�asnivi, wi }iiild. ate hucuy a,sigrtett by the Borrower to
<br />the~Lenck-r. aAd shall be paid forthwith to said Lend" to be ap-
<br />plied by the latter on account of the next maturing installments of
<br />such indebtedness.
<br />121. 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 Deputmmt of Hawing
<br />and Urban Dcvetopnient or authotiited agent of the Seucia?y of
<br />Housing and Urban Development dated subsbquent 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 Leader 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 tray 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 Deveoprrent.
<br />13. That if the Borrower fails to make any payments of money
<br />when the same become dare, or fails to conform to and comply .
<br />with any of the conduit. er agreements contained. in this inunt-
<br />meat, or the note which. :.=ures, then the entire griwipal sum
<br />and accrued_ interest shaf;a 1__e become due and: k^Ir=361e. at the
<br />election of the Lender.
<br />Lender shall give notice t,- Ec:..,oa m prior to acceleration
<br />'foll owing Borrower's ',re: --t.-of -any covenant or agreement in this:.
<br />instrument (but nor *:.acceleration under paragraph 12
<br />unless applicable law provides otherwise). The notice shall specify_
<br />(a) the default. (b) the action required to cure the default; (c) a
<br />date, not less than ?d days from the date the notice is given to
<br />Borrower. by which tq Default must be cured; and (d) that failurq
<br />as cure the default. on.�ar.Ceefore the date specified in the notice
<br />-May result in acceteta^iatr_ -of the sums secured by thl& instrument
<br />and sale of the Property. he notice shall further mb.-g H Borrower
<br />of the right to reinstate after accelrax.;i.'F<. and the iiihi to bring a
<br />court action to assert the non - exists crk�r a default or any other
<br />defense of Borrower to acceleration •ail :3ale. If the default is not
<br />cured on or before the d&!: specified in the notice, Lender at its
<br />option may require imme.sic c. ate payment in full of all sums secured
<br />,
<br />by this v;.'-_ :ment dies further demand and may invoke the .
<br />power t fi.sslf and any ;Xx tier remedies permitted by applicable },awl
<br />Lender shad be entitled• 4i� collect all expenses incurred in purlii rtg
<br />the remedies provided vii. ::cis paragraph 13. including, but not
<br />limited to, reasonable fees and costs of title evidence.
<br />If the power of sale is invoked. Trustee shall record a notice of
<br />default in each county in which any pan of the Property is lowed
<br />and %ball mail copies of such potice in the manner prescribed Ir}
<br />applicable law to Borrower and to the other personas precribed 1r;
<br />applicable la-+s. After the rime required by applicatf;v to +kt Trustee
<br />shall give public notice of sale to the persons and .ct ;';e ;� trtneT•
<br />prescribed by applicable law. Trustee, without demand .; ci 3tar-
<br />rower, shah sell the Property at public auction to the %. ighes�,tMd, .
<br />der at the time and place and under the terms desiVated in the
<br />notice of sale in one or awre pa -eels and in any otdo ,Trustee
<br />determines. Trustee vu; postpone sale of all or any. pay.e1 of the
<br />Property by public announcement at the time and jif4e of any
<br />previously scheduled sale. lender or its designee may purchase t1v
<br />Property at any sale.
<br />Upon rec.cipt of payajont of the price bid, "Truetfhr i tall deliver
<br />td the {purchaser Truwt r' :i deed conveying the Fr, yfw t '. The
<br />recitals in t'ite T'ran+,teu's, piped shall be prima facie evAt -not of 11
<br />truth sett {u r►3triat'+1tr, made therein. Trustee shall apt ig.ttter pre_•-
<br />ceeds of the sale its tlie•O.11owine, order: (a) to all t %posses of'thit
<br />sale. including, but not, limited to. Trustee's fees as-ltermitted by
<br />apple :able law and rc4;inable attorneys fees; (bt to all sums
<br />soured by this Security instrument; and tcl any ex --vets to the per-
<br />son t,r persons legally entitled to it
<br />Page 3 0 5 _ HM92143DY
<br />L
<br />*r.
<br />f"�
<br />
|