|
°.�
<br /> � �
<br /> 89-- �05930
<br /> ; matic st�a{I Ne acic4eel tv �t►e prin+:ipal se�r�ti tx+ing o+i tlx alxar 1�. Thc Bo�roucr furthrr aFrccc ttwt shculld t�is iost�amcnt and
<br /> � note, sttaU be se:ureci hereb��,a�d chall bear intetetit at Ihe ratr�et the note�ecured herehy nat he eligible for inturnnce under thc Na-
<br /> furih in the said nute, untii paid. ti��nal Hvusit�g Act �r�thin eigh[ m�nths [rom thc date hcrcaf
<br /> Iwritten statement of any offictr of thc Department oP Housing
<br /> 7. That the Barrower hereby assigns, t�t�n5ic�.and ccr� o�er to und Utban De�•elopment or authorized agent of'the Secretary of
<br /> thc Lender, to bc applicd taw•ard the payment of the n�te dnd Ail Housing und Urban De��elopmcnt datai substquent to thc eight
<br /> sums secured hereby in ca.,r uf a defuult in the peri'armance�f months' time fcom�ha date oP this instrumont. declining to insure
<br /> any of the terms and conditio�s uf this instrument ar the said said note and this mortgage, being deemed conciusi�•r prooP of
<br /> nate, all the �ents, recenues and ineume to be deri�•ed from ihe such ineligibility), the Lender ar holder oF the note may,at its op- '
<br /> said premises during such timc as �he indebtcdness shall remain tian,declarc aU sums secuted hereb� immediately due and payable.
<br /> unpaid. and the Lender shall ha��e paw�er ta appolnt am•agcnt or Not��•ithstanding the fntegoing, this optlon may not be exercised
<br /> a,�rnts it may desire for the purposc of repairing said prcmises and b) thc Lei��ci or the holde�of the note when the ineligibllity for
<br /> of renting the same and collecti�g the rer►ts. re�•enues and income. insurance under the NAUonal Hausing Act is due to the Lender'c
<br /> and it may pay out ot said incam�s all expenses of repairing said faiiure ta remit the motlgage insurance p��emium to the Ikpan-
<br /> premises and necessat� cammissions and expenses incurred in rent- ment af Housing and Urban De�•eopmeRt.
<br /> in�and mana�ing the same and of wllecting rcntals thereProm;
<br /> the h�lance remainirrg, if any, to be applied taward the discharge 13. That iP the 8arrow�er fails to make anp payments of money
<br /> af said indebtedness. �tihen �he same t�ecome due,or fails to conform co and compty
<br /> ���ith any ot[he conditions or agreements contained in this instru-
<br /> S. That tl�e Borrow�er w�ill keep thr impro��emrnts now eti�ting ment, or the note which it secures, then the e�tire principal sum
<br /> ar hereafter erected un the property, insured as may be required and a�ce�:ed interest shall at once become due and payable, at the
<br /> from time to time by the Lender against loss by fire and oiher electian ��f the Lende�.
<br /> hazards, casualties and contingencie� in cuch zrttounts and for such
<br /> perio�ts as►nay be requirtd by the Lender and will pay promptly, Lender shall gi�•e notice to Borrow•er prior to acceleration
<br /> w�hen due, any premiums on surh insurance pro�•icion far paqment fallow�ing �orrow�er's breach af any covenant or agreement in this
<br /> of w�bich has noi been made hereinbefore. All insurance shall tx instrument (but nat prior to acceleration under paragraph 12 ,
<br /> cartied in com�+anies appra�•ed by the Lender and the policies and unl:ss applicabte law ptovides otheiwise). The notice shall spceify:
<br /> rcnew•aIs thereof shall be hetd by the Lender and ha�e attached (a1 [he default; (b)the action required to cure the default;(c)a
<br /> thtrtta Ioss payabie clauses in fa�or of and in form acceptable tv date, not less than 30�lays from the date the notice is gi�en to
<br /> the Lendc�. In e��em af toss Borrow•ec..ill gi+�e immcdiate noci��e Borroa•er. by which c.►te dtfault must be cured; and (d)that failure
<br /> by mai) to che l.ender, who mav rna�e proof af lo�s if not made [o cure the d�fault on or before the date specified in the notice
<br /> , promptly by Borrower, u.nd earh inswance compan}•concerned is may resuG in aceeleration oi the s�ms secured bp this instntment `
<br /> herehy authoriaed and cfirected to make payment f��such loss and sate af the Property. The notice shall further inform Bo�rower '�
<br /> � directty to the Lender instead of to the Borrawer and che Lender of thc�igfit to reinstate after acceleration and the rigfit to bring a j
<br /> jointly. and the insurance proceeds.or any part [hereof", may be court action to assert the non•existence oi a defauit or any uther �
<br /> - apptled Oy iNe Ltndtr at ii5 op[ian eiiner ro �ne reduction oi ine deTense oi etorrower to ace�ieration and saie. if the cicfauh is nat -
<br /> iedebtedness hereby secured or tu the restora�ion or repair of the cured on or before the date spcciFied in the notice, Lender at its
<br /> property damaged. In e��rnt of fareclosure of this instn�ment or option may require immediate payment in full of all sums secured
<br /> other transfer of titte to the mongaged propen�� in extinguishment by this iastrument without further demand and may invoke the
<br /> of the inQebtedness secured hereby. a!! right, title and interest of pawer of sale and any other remedies permitted by applicable law.
<br /> the Borrow•cr in and to any insurance�licie�then in force shall LeAder shall be entitlM to collect ap expettses incurred in pursuing
<br /> pass to the p:tirchaser or grantre. the reniedies ptovided in this paragraph 13. ittcfuding, but not
<br /> Eimited to, reasonable attomeys' fees and costs of title evidtnce.
<br /> 4. That as additianat and collateral security far thc payment of
<br /> the notc descdbed,and at!sums to beromc duc under thu�nstru• If the power of sale is im•oked, Trustce shall record a notice of
<br /> ment,the 9anowcr hereby assigns to the Lcnder�ll profits, default in each county in which any part of'the Propeny is located
<br /> rcvenues, ro►alties, rights and benefits acrruing to the Burrower and shall mail copies of such notice in the manner prescribed by
<br /> under any and all oil and gas leases on said premises, with the applicable !aw ta Borraw�er and to the other persons precribed by �
<br /> right to recei�•e and receipt for the same and apply them to caid applicable law. After the time required by applicable law,Trustee
<br /> indebtedness as w•ell Ixfore as afeer default in�he conditions of shall give pubiic notice of sale to the persons and in the manner —
<br /> this iastrument. and the Ltnder may demand,sue for and recocer pracribed by applic�ble law. Trustee, without demand on Bor-
<br /> any such payments when due and pzyable, but shall not be re- roH�er, shall sell the Property at public auction to the highest bid- �=
<br /> quired so to do. This assignmsnt is to terminate and becomr null der at the timc and�e[aa and under the terms designated in the • "
<br /> and coid upon rckase of this instrument. notice of sale in one or more parcels and in any order Trustse
<br /> determines. Trustce may postpone sale of all or any pazcel of the : �:'
<br />. 10. That the BorroNer uip kcep the buildir.gs upon said premises Property by public announcement at the t�rite and place of any •
<br /> in good cepair. and neich�r :ommit nor permit .vaste upon said pre�•iously scheduled sale. Lender or ics designee may purchase the •
<br /> land. nor suffer the said premises to be �!s!� for any unlawfut Property at any saie. .
<br /> P���
<br /> Upon receipt of payment of the price bid, Trustee shall deliver
<br /> 1!. That if the premues, or any part thereuf, be condemned �o thr putchaser Trustee's deed conveying the Property. The
<br /> under the pow�r�of emir�tnt duniain,or acquited for a publ�c use, �ecitats en the Trustee's deecf sha1S be prin�a facie evidence of'the
<br /> the dam�ts aa•arded, the proceeds fqr tfie taking of.or the con- truth ot ihe statetnents made therein. 7rustee shall apply the pro-
<br /> sidrration for such acquisition;to the extent of the full amount of ceeds of the sale in the following order:(a)to all expenses of the
<br /> indebtedness uDon this insirument and the note H�hich it is gi�an co sale, including, but not limited co. Trustee's fees as permitted by
<br /> securc rerttaining unpaid. are hereby assignetl by the Borrower to applicatzte law and reasonable attorneys' fces: (b) to all surt�s
<br /> the Lender, and sfiall be paid forihwith to said [.ender to be ap- secured by this Security Instrument: and Ic)any excess to the per-
<br /> plied by the latter on account of thc next maturing installments af son ur persons legally entitled to it.
<br /> such indnbtcdness.
<br /> r=-'_-°_"--
<br /> Page 3 of 5 * �. " INlO�ir211SDT •
<br /> L • t� �
<br /> �
<br /> ,:
<br /> �
<br /> �
<br /> � .
<br /> L.� �.!
<br />
|