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i <br />• <br />,oil <br />L <br />event of loss Borrower will give immediate notice by nutd 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 direewd to make payment for such loss directly to <br />the Lender iastead of to the Borrower and the Lender jointly, and <br />the insurance proceeds, or say pars thereof may be applied by the <br />Deader at its option either to the reduction of the indebtedness <br />hereby secured or to the restoration or repair of the property <br />dampd. In event of foreclosure of this instrument or other transfer <br />of title to the mortgaged property in extinguishment of the <br />i sdebtednm secured hereby. all right, tide and interest of the <br />Borrower in and to any insurance policies then in force shall pass to <br />the ptucha3erw pauun <br />9. That as additional and collateral security for the payment of the <br />age described, and all sums to became dw under this instrument, <br />the Borrower bereby anigas to the Leader all profits. revenues, <br />rapaltie% rti#s sad benefits accruing to the Borrower wider any and <br />*0 or3 and gas leases on said premises, wisb the right to r=ive and <br />nxeipi for the same and apply them to said indebtedness as well <br />before as after default in the conditions of 1" instrument, and the <br />Lender may demand. sue for and recover uu:.y such payments when <br />doe and payable, but shall not be required so to do. This assignment <br />ri�to terminate and become null and void upon release of, this <br />ieActrtrenent. . <br />10. That the Borrower will keep the b0dings upon said prernket <br />in good repair, and neither commit nor per rnit waste upon said lar4 <br />to suffer the said premises to be used for any unlawful purpose. ' <br />11. That if the premism or any pan tkge aof; be condemned under <br />the power of eminent domain. or acq! . --ai (j?r a public use, the <br />damages awarded, the proceeds Bride a "i- of, or sire <br />consideration for such acquisitvim tote extent of she full amount of <br />indebtedness upon this instrmrztW and the note whirr n i, given to <br />secure remaining unpaid. are !sereby assigned by the K'i-rower to the <br />(Leader, and shall be paid forthwith to std Lender to be applied by <br />the latter on 4rax3unt of the next mature' im,-,ullments of such <br />indebtedom - <br />12. The Borrower further agrees that should this instrument and <br />the note secured hereby not be eligible Sm insurance under the <br />National Hcasing Act within eight maatlis from the date hereof <br />I written statement of any officer of the .Department of Housing and <br />Urban Development or audw -find agent of the Secretary of Housiirg <br />and Urban Development dw4d subsequent to the eight months` time <br />from the date of this instrument, declining to insure said note and <br />This mortgage, being deemed conclusive proof of such ineligibility), <br />the Lender or holder of the note may, at its option, declare all sums <br />secured hereby immediately due and payable. Notwithstanding the <br />foregoing, this option may not be exercised by the Lender or the <br />holder of the note when the ineligibility for insurance under the <br />National Housing Act is due to the Leader's failure to remit the <br />mortgage iawraace premium to the Department of Housing and <br />Urban Development. <br />13. That if the Borrower fails to make any payments of money <br />when the same become due, or fails to conform to and comply with <br />Wm 104800 <br />any of the conditions or agreements contained in this instrument, or <br />the we which'it secures, then the entire principal sum and accrued <br />interest shall at. once become due and payable, 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 W- m the +rn+r iCsd.in.the rratice May result in acceleration - <br />of the seems secured by this instrument- and sale of the Property. The <br />notice shag further inform Borrvweraf.tbe right to reinstate after <br />acceleration and the riot: tar, Wing •a court action to assert the non - <br />'existeace of a default or any mherdefease of Borrower to <br />acceleration and sale. If the defa'olt, is not cured on or before the date <br />specified in the notice, Leader of R& uplida may require immediate <br />payment in full of all sums scoured: by1tis instrument without <br />further demand and may anti -A� i.'*a'power of sale and any other <br />remedies permitted by apph6ble law. Lender shall be entitled to <br />collect all expenses incurred in pursuing the remedies provided in <br />this paragraph 13, including, but not limited to. reasonable <br />attomeys' fires and costs of title evidence.. <br />If the power of sale i., invoked, Trustee shall, record a notice of <br />default in each county in which any pan of the Property is located <br />and shall mail copies of such notice in the manner prescribed by <br />applicable law to Borrower and to the other persons prescribed by <br />applicable law. After the time required by applicable law, Trustee <br />shall give public noticc of sale to the persons and in the manner <br />prescribed by applicable lacy. Trust- without demand on Borrower, <br />shall sell the Property at public aucNoo to the highest bidder at the <br />time and plam and under the terms &. ignated in the notice of sale <br />in one or more parcels and in any order Trust= daismines. Trustee <br />may postpone sale of ail. dr any parcel of the P w4yatj by pubtis: <br />announcement at the time and place of any prevkusty'scheduled <br />sale. Lender or its designee may purchase the Property at any sale. <br />Upon receipt of payment of tluv 17&t bid, Trustee shall deliver to <br />the purchaser Trustee's the Property. The recitals in <br />the Trustee's deed shall.he pzfmri (We evidence of the truth of the <br />statements made therdij, •Trutee. shoal apply the proceeds of the sale <br />ip the following order: (a) to all expetives of the sale, including, but <br />not limited to, Trustees fees as permihed by applicable law and <br />reasonable attorneys fees; (b) to all' r4tns secured by this Security <br />Instrument; and (c) any excess to the person or persons legally <br />entitled to it. <br />14. Upon acceleration under paragraph 13 or abandonment of the <br />Property. Lender (in person, by agent or by judicially appointed <br />receiver) shall be entitled to enter upon, take possession of and <br />manage the Property and to collect the rents of the Property <br />including those past due. Any rents collected by Lender or the <br />receiver shall be applied first to payment of the costs of management <br />of the Property and collection of rents, including, but not limited to. <br />receiver's fees, premiums on receiver's bonds and reasonable <br />attorney's fees, and then to the sums secured by this instrument. <br />Page 3 of 5 _ —' - - - _ — �~ HUD- 921430T -1 <br />J <br />