|
f
<br />$9-- 105309 ,
<br />tnadrshall be added to the principal sum owing on the above
<br />acute. sP.all be secured hereby. and shall bear interest at the rate set
<br />forth in the said note, until paid.
<br />— - - -- T: Viet- t q Borrower y assigns. tfansirch auid sas over to
<br />the LtrstW, to be applied toward the pa)tnent of the note and all
<br />sums secured hereby itt care of a default in the performance of
<br />any of the tame and condAWns of this instrument or the said
<br />note. all the tints. revenues and income to be derived from the
<br />said premites during such Vow as the indebtedness shall remain
<br />unpaid, and the Lender shall have power .t7 appoint any agent or
<br />agents it may desire for the purpose of repairing said premises and
<br />of rentins the same and collecting the rents, revenues and income.
<br />aiad it may pay out of said incomes all expenses of repairing said
<br />premises and necessary commissions and expenses incurred in rent-
<br />ing and manng the same and of collecting rentals therefrom;
<br />stgi
<br />the balance temaining, if an)•. to be applied toward the discharge
<br />of said indebtedness.
<br />L
<br />$, That the Swower will keep the improsements now existing
<br />or hereafter erected on the property, intiured as may be required
<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 requirett by the Lender and will pay promptly,
<br />when due, any premiums on such insurance provision for payment
<br />of which has not been made hcreinbefore. All insurance shall be
<br />carried in companies approved by the Lender 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 tender. In event of loss Borrower will give imrne ite notice
<br />by mail to the Lender. who may make proof of loss if rot made
<br />promptly by Borrower. and each insurance company concerned is
<br />hereby authorized and directed to mire payment for such loss
<br />directly to the Lender instead of to the l- rrower and the Lender
<br />jointly, and the insurance proceeds. or any pan thereof. may be
<br />applied by the Lender at its option either to the reduction of the
<br />indebtedness hereby secured or to the restoration or repair of the
<br />properly darnaged. in event of foreclosure of this instrument or
<br />other transfer of title to the mortgaged property in extinguishrmt
<br />of the indebtedness secured hereby. all right. title and interest of
<br />the Borrower in and to azty insurance policies then in force shalt
<br />pass to the purchaser os sm -ace.
<br />W That as additional and collateral ; xuta v'b; .hc payment ce.-
<br />the note described, and all sums to this instrL-
<br />ntent, the Borrower hereby assigns to the Lender :xt, profits,
<br />revenues. royalties. rights ,and benefits accruing to ,ltw Borrower
<br />u.-Wer any and all oil ant';; pis [cases on said premis,:t; with the
<br />right to receive aced teoti�rn for the same and apply them to said
<br />indebtedsw. as well Wore as after default in the conditions of
<br />this instru:ismml. and the Lender may demand. sue for axd recovn-
<br />any such payments WhLt�:,1ue and payable. but shall not be re-
<br />gisired so to do. Tt.:.,, iiA gnment is to terminate and t^;. -.orre nu:t
<br />rend void upon rei aw of this instrument.
<br />10. That the Borrower will keep the buildings upon said prerm.es
<br />in good repair. and neither commit nor permit was7t rzpon said
<br />land. nor suffer the said premises to be used for an-.z unlawful
<br />purpose-
<br />If. Thx if the premises. ov any part thereof, be condemned
<br />under the plower of eminent domain, or acquired for a public use.
<br />the dirttages awarded, the proceeds for the taking of. or the con-
<br />sideration for such acg4Wtion, to the extent of the full amount of
<br />indebtedness upon this imarament and the note M1& it is given to
<br />secure retnaittirtg unpaid. are hereby assigned by t*.. Wno*er to
<br />the L.cndcr� isad shall be paid forthwith to said LcnAe to be ap -_
<br />plied by thi'•latter on account of the tu:Kt maturing installments of
<br />9wh indebtedness.
<br />12. The Borrower further agrees that should this instrument and
<br />the note secured hereby not be elWtk for insurance under the Na-
<br />tional Housing Act within eight months from the date hereof
<br />(written statawt of any officer of the Department of Hottsitng
<br />aril L'rban Development or authtxueder�E of tTte SeciNuy of
<br />ileiisiitg and Urban Development dated subst'quent 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 tote 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 Deveopment.
<br />13. That if the Borrower fails to make any payments of money
<br />wbzv the same become due. or fails to conform to and comply
<br />with any of the conditions or agreements contained in this instru-
<br />srer:t..or the note which it secures, then the entire principal sum
<br />and aceried interest shall at once become due and payable. at the
<br />election, of the 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
<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 30 days from the date the notice is given to
<br />Borrower. by which the default must be cured; and (d) that failure
<br />to cure the default on or before the date specified in the notice
<br />may result in acceleration of the sums secured by this instrument
<br />and sale of the Property. The notice shall further inform Borrower
<br />of the right to reinstate after acceleration and the right to bring a
<br />court action to assert the non-existence of a default or any otlrm
<br />defense of Borrower to acceleration and sale. If the default l�i nut
<br />cured on or before the date specified in the notice. Lender at its
<br />option may require immediate payment in full of all sutras secured
<br />by this instrument without further demand and may. invoke the
<br />power of sale and any other remedies permitted by applicable law.
<br />Lender shall be entitled to collect all expenses incurred in pursuing
<br />the rorutdies provided in this paragraph 13, including, but not
<br />IimotCi s,. reasonable attorneys' fees and costs of title evidence.
<br />t. %r -,^n ver of safe li invoked, Trustee shall record a notice of
<br />defz4: ; zach county in which any pan of the Property is located
<br />and trail copies of such notice in the manner prescribed by
<br />appj.jahk! law to Borrower and to the other persons precribed, (ry
<br />applicable law. After the time required by applicable law, Trt:;srree
<br />shall give public notice of sak to the persons and in the m ittne r:
<br />ere -vibed by applicable law. Trustee, without demand on We-
<br />,;,�er; shall sell the Property at public auction to the highesi lsid'�
<br />&rr ai chic time and place and under the terms designated in tW,
<br />mice of sale 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 public 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 receipt of payment of the price bid. Trustee shall deliver
<br />to the purchaser Trustee's deed atriveying> the Property. The
<br />recitals in the Trustee's deed shall be prima facie evidence of the
<br />truth of the statements made therein. Trustee shall apply the pro-
<br />ceeds of. the sale in the following ottfer: (a) to.all'expenses of the
<br />sale. itirtwling, but not limited ;o;, *rrustee's fees as permitted by
<br />applicable lave and reasonable atfpmvys' fees; (b) to all sums
<br />secured by this Security instruntri)ti.'rtnd (c) aby.ef=ss to the per-
<br />son or persons legally en-titled to +t,
<br />f%tO 3 of 5 F o ; HM$2143DT
<br />A
<br />J
<br />�f
<br />
|