|
,4
<br /> i
<br /> � �
<br /> ��-�io����
<br /> r�iaslc shall bc addcd to thc �rm.�pal �um ��amg ��n the at+o�r 1�. TI►e H�no��rr furtiirr agrrcc tha� �haulcf ihiti insaumenc and
<br /> � ���tc, sl�all t+c se.ure�! I:rrrb>, und shall t►car �ntcrcct at the rate ret th,e nute�e�ured hereby not be eligibte far insuran[c updcr the Na-
<br /> fc�tth m thc said note, until paid. tional Hc�uSin� -�ct ��ithu►cight mmuhs f'rom thc datr herenf
<br /> (µnucn stetcn►ent of any officer uf thc pcpartmcm ai' Nausing
<br /> 7. That the Eic+rroKer herrby ;�.,signs, nansfcrs and scrs accr to and Urban Cfesetopmcnt or authorized agent of the Se.retary� of
<br /> the Lender, to t+e applicd t�wa�d thc paymcn� of thc notc and all Housing and Urban De�•elopment dated subsequcnt to the eight
<br /> sums secured hereby in cacr ol a dClault �n the perl'ormance uf mon�hs' Nme from the date of this instrument. declining to in�ure
<br /> any vi'the�erms nnd conditians of this insuument or the said said note and this mortgag�, being dcemed conclusi�•e p�oof'oP
<br /> note, aU the ren�s, re�enues and incame to be dericed irom the such ineligibillty). the Lender ar holder of the note may, at its op-
<br /> �aid premisec during cuch time ac ihe indehtMness shall remaiti tion, declure all sumc secured hereby immediately due and payable.
<br /> unpaid,and�hc Lendcr shall ha�e power cu aptwia� any agenr or Not«i►hst�nding ihe i'oregoing, this option muy not be exercised
<br /> agcnts it ma}desire fo� the purpocc of rcpairing said p�cmisra and by thc Lcndcr or ihe halder af the aotc wheo the ineligibility fo�
<br /> Uf�enting the same and coUecting the rents, re�enues and incom�, insurance under tlie National Hausins Act is due to the Lender'c
<br /> and it may pay out af�aid incames all expenses of'repairing said fadu�e to remit the mo�tgnge insurance premium ta the Depatt-
<br /> prcmiscs and necessary commixsion�and expenses inrurred in rent- mrn� of Housing and Urban De��eopment.
<br /> ing a�d managing the came and of�oltecting rentals therefrom;
<br /> the balance remaining, if any, ta hr applird taward the discharge 13. That if the Borra�ti�er fails to make any payments of money
<br /> ut said indebtednc��. �►hen ihe sAme become due, or f�ils ta wnfarm to and compl��
<br /> ��ith any of the conditions or agre�ments contained in this rnstru-
<br /> 8. i'hat the Borrt�wc� w►II kcep�he impro�emcnt. noa• existing ment, or the note afiich it securc^�, then the entire prinei�.+.3l.sum
<br /> or hereafter erected on the propem, incured as may be reqwred and accrued interest shall at once t�e►�on:e due�d payaate. at the
<br /> from time to time by the Lendcr againse to�s h� fire aad other clection of the Lender.
<br /> harards, casuaities and conungencies in .u�h amoeint� and for such
<br /> pericxts as may bc required by the Lender and ��dl pay� promptly, Lender shail giee notice to �arrow�er prior to acceleraziun
<br /> when duc, any prem�ums on su�h in�uran�r pr��i�ion far payment f��llu��ing Bor�ouer'� breach eS any cu��enant at agrtement in this
<br /> of wh�ch has nat been made hereint+efore. .411 mcurance sha0 tx in�trument (but nu� prior to acceleration under paragraph 12
<br /> carried m companics appro+ed h> the t_ender and the policies and anlr�s applicable law prorides athetwise). 1'he notice shall specify:
<br /> renew•als thereat shall be held by the Lender and hatir attached (al the d:fault;(b1�he action required ta ct�re the default; (c)a
<br /> thereto lo��pa��ble clause� in Pa�or of and in form acceptable to d3te, nat les� chan 30 days from the date the natice is giti•en to
<br /> the Lender. ln e�•ent uf loss Borruw�er Nill g�ve immediate natice Brnrawer, by w�hich the default must be cured; and(d)that faifure
<br /> b� mail tn the Lender, a�ho mati� make proof af lo�s if not made tu cu�e the defasic c�n or befare the date specified in the natiee
<br /> promptly by f3orrower, and eaeh insurance company cimcerned�� may result in aa�:eration of the sums secured by this instrument
<br /> hereby aulha:ized and directed co make paymen� f.�r �uch las� and sale of the Property. The notice shalt further inform Borrower �i ;
<br /> dircctly ta the Lendcr instead of to ehc BorraNCr and thc Lender uf the right to rcinstate aitcr accclaration and the right ta bring a �
<br /> jointly, a�d tht insurance prcxreds, or any part thereof, map he court action to assert the non-e:ristence of a default or any other � -
<br /> applied hy the Lender at ils option euher to the reduruon �f the defense uf Borrowet to acceEeration and sale. If the default is not ��
<br /> . 1DdlhlldR�S�htre6�� ticY'ured nt t�the rrctnrat�nn nr rt•na�r n( �hr :.,�„Mi.`.,r�r !wf_.=:I.w ora��C�.�� :�.w,MQ:w..�i.���� „i::b . --
<br /> propcny damagrd. In cvcnt af fore�tosure of chiti w;tru��ient ur upUon may rcyuire immediate payment in full of 311 sums secuted
<br /> other transfcr of titte to �he murtgagcd nropertp in exungui.itnicnt bp this inslrumcnt wi�hout further demand and may im•oke the
<br /> of the irtdebredness se�urai hereby, all righ9, ntle and mteresc o( pow•er of sale and any other remedies permitted by app'icabie Iaw. _
<br /> the Borrower in and to any �nwranre�uili��iec�hen in force tihall Lendtr shall be entitted to��ofEec�c nl!e�penses incuned in punuing
<br /> pass to the purcha.tier or grantee. the remtdits proLided in IhiS paragraph !3, including, buc not �
<br /> limited ta, tea.conabte uttorneys' fces and costs of tide e��idem�e.
<br /> 9. That ac additional and ��ollateral +e:unty fur il�e paymrn! of
<br /> the note desc:nbed,and all sums to Aecomr duc under th�,instru- If the power of sale is imoked. Trustee shall record a Rolice oi
<br /> ment,the Barrower hereby ass�ns to the Lendrr all profus, default in eanc�aunty in w•hich any part of the Praperty ia located
<br /> re�•enua, royaltia, rights and benelits accrumg �o the Qorrower and shall mail�bpies of such n�tice in the manner prescribed by
<br /> under any and all oil and gu leases on said premise;�, w•ith ihr applicable la«• to Borrow•et and to the other persons precribed by
<br /> tiyht to recei�•e and receipt for[he�ame and apply �hem co said applirable law. Atter the [imc requircd b>• a�p:i.^ablc faw, Trustee �'
<br /> indebtednas as a•ell before as after dePault in the conditions of shall gn�e public notice of sale [a the persons and in Ihe manner �
<br /> this instrument, and the Lender may demand, sue for and recurer prescribed by applicable law. Trustee. without demand an Bor- �
<br /> any such payments when due and payable, but chall not be re- �ower, shall scll thc Property at publi4 auction to tho highest bid• �
<br /> -3...:
<br /> qu�r so to do. Th�s assignment iti to term�nate and become null der at the titne and place and under the terms designated in the "
<br /> and �oid upon release of this ins:rument. notice of salc in one or more parcels and in any otder Ttustee
<br /> determines. Ti ustee may postpone sale of aIl or any parcel of the � �,
<br /> 10. That the Borrower will kcep the buildings upon said prem�ses Property by public announcement at the cime and place of any •
<br /> in good repair, and neither commit nor permit aaste upon said pre��ously scheduleA sale. Lrrtdet or its des�gnee may purehase the •
<br /> tand, nor snffer the said premises to be used for any unlaKful F'roperty at any sale. �
<br /> pur�osc.
<br /> Upon receipt of pt�yment of the price bid.Trustee shalt deliver
<br /> I1. That if the premises, or an� nart thereof, i�e condcinaed eo the purchaser Trustee's deeci com�cying thc Property. Thc
<br /> under �he power ot eminent da�rzain, or acquired for a public use, recitals in the Trustee's deed shall be prima facie evidence of the
<br /> the damages awarded, the proceeds for �he taksng of, or the con- truth af the st�teinents made thtrein. Trustee slialt aFF�J the pta
<br /> sidrsar,icsn for su:�.acquisitian,t�}ti-i�Ek"[ctti Jf[iir fuii amuunt of c,�ds oi the safe in the follou•ing order: (al to alt cxpertses nf the
<br /> indebtedness upon this instrumea�e and the note whicb it is givere ui sale, including, buc not limited to, Trus�ee'� fees as permittrd by
<br /> stcure remaining unpaid. are hereby assigned by the Borto��er to • applicable law and trasonable attorneys' fees;�b)to all tiums
<br /> the Lender. and shall be paid forthwith to said Lender to be ap� secured t+y this 5ecurity Instrument: and (c) any excess to the per-
<br /> ptied by the latter on account oP the next maicring in��allments of son or persons legally entitled to it.
<br /> such is�debtcdness.
<br /> Pape 3 at 5 . HUD-92t430T " —
<br /> ,
<br /> L • � �
<br /> .�
<br /> �
<br /> . .
<br /> :� ..
<br /> � �
<br />
|