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<br /> 89-� i Q 513 5 � �4���44�,,,
<br /> � niadr .hall►�c+�d�IrJ tu thc p��nriE�al �w�i .���m� un �hc�iho�r 1?. I lic liurni��cr fiuthrr a�rcc� that should thi. in�truntcnt u�►d
<br /> �iote, shall be�creuc� Lr�rb�, :ind .hall txar intrre.t at thc �ate �ct ihr note s�tiurrd hereb�• n��t be eligible fur insurance unde� the NA-
<br /> fonh in the .aid nate, until�aid. tiunal Hausing Act «�ithin cight months f'ram the dute hereof
<br /> (�critten statement of any officer of the Department of H��usiog
<br /> 7. That the Barrawen c�rrby assigns, uansfer�and set� o�•er to and Urban De��clopment or authnrized agent of the Secrctary oP
<br /> the Lender, tu be applied taNard thc payment af the note and all Housing and UrUun De�•elopment dated subsequent to the eight
<br /> sums securcd hereby in case ot a default in the perfarmance of months' time from the dace of this inctrument, declining to insure
<br /> any oP the terms and conditions oP this instrument or the sai�l said note and this mangage.being deemed c�nclusi�•e proof of
<br /> note. all the rents,recenues and income to be deri�•ed from the such ineligibilit}�), the Lender oc holder of the note mAy. at its op-
<br /> said premises during such time us the indebtedness shal{remain tian, declare sill sums secured hereby immediatel�•due and payable.
<br /> unpaid,and the Lender shall ha�•e pou�er to appoint aa� acent or Not�vithstanding the foregoing, this option muy not be exercised
<br /> agents it mav dcsire for the purpose of repairing said premises and by the Lender o�the holder of the note «hen the ineligibility for
<br /> of renting the same and collecting the rents, recenues and inovme, insurance under the National Housing Act is due to the Lender's
<br /> and it may pay out of said income�'all expenses uf repairing said failure to remit the mortgage insurance premium to the Depart-
<br /> premises and necessary commissians and erpensc�incurred in rent- ment of Housing and Urban De�•eopment.
<br /> ing and managing the same and of collecting rentals therefrom;
<br /> the balance remaining. if an�•. to be applied to.►•ard the discharge 13. That if the Borroa•er fai�� to make any payments of money
<br /> . aP said indebtedness. «•hen the same become due, or Eails to conform to and compty
<br /> ��•ith any af the conditions o�agcYements contained in thi� instru-
<br /> S. That the Borro�.er ��ill keep the impra�•ements no�ti• existing ment,or the note�vhich it secu:es, then the entire princi�at sum
<br /> or hereafter erected un the propen>�, insure.i as ma�� be required and a�crued imereu shall ae rr,:e become due and payab?e,at the
<br /> from time to time by the Lender against luss by fire and other election of the Lender.
<br /> hazards,casualties and contingen��es in such amounts and for such
<br /> periods as ma}�be required b>-the Lender and ��ill pay promptly, Lender shaU gice notice to Borro�cer prior to acceleration
<br /> when due. any premiums on su:h insarance p�Q�ision for payment folloH•ing Borro��•er's breach of any covenant or agreement in this
<br /> of tivhich has not been made hereinbefore. Ail insurance shall be instrument (but not prior tP acceleration under paragraph 12
<br /> � carried in companies appro�ed D�•the Lender and the policies and unless applicable la�r pro�ides otherw•ise). The notice shall specify: .
<br /> - • renewals thereof sha!i t+e held b� th�Lender and have attach� (a) the default; (b)nhe a:tie�►required to cure the default; (c)a
<br /> �; d�eretu loss paya�ie eiau��iei fa.ur uf anJ iu fozu� ac.epiai�ir tu datr, not lrs� tEeai�:�cia>a frrm tlie date the notice is given to "
<br /> � the Lender. la even[ �f iuss 8orru�cer a•ill gi�e emn.ediate notice Borro��er, by a�hich the defaute �nust be cured;and (d)that failure
<br /> by mail to�he Lender,�vho may make proof uf loss if not made to rure the default on or before the date specified in the notice . -
<br /> promptly b�� Borro��er,and each insurance company concerned is may result in acceleration of the sums secured bp this instrument � �
<br /> hereby authorized and direcced ta make payment Por .+uch loss and sale of the Property. The notice shall further inform Borrower
<br /> , directly t�the lender instead of to the Borroa•er and the Lender of the right to reinstate after acceleration and the right to bring a i .:�
<br /> jt3iiii:;.8i.3 L::i:�sara�r piB:C.:vS. cr a�y �art i�iCi�'*f3F, i'iiaj�i: iOiiTi dt'tiOii if3 dSacii iiic'i8ii�cKiiiclCc vi d ajc�nil�i vi di�}%viiiri
<br /> applied by the Lender at its option either to the reduction of the defense of Borrower to acceleration and sale. If the default is not � -
<br /> indebtedness hereby secured or to the restoration or repair of the cured on or before the date specified in the notice, Lender at its '=
<br /> property damaged. In e�ent oi foreclosure of this instrument or option may reyuire immediate payment in full of all sums secured .
<br /> other transfer of title to the mortgaged property in extinguishment by this instrument without further demand and may invoke the '
<br /> of the indebtedness secured hereby, all right. title and interest of power of'sale and any other remedies permitted by applicable law. �
<br /> the Borrower in and to any insurance policies then in force shall Lender shall be entitled to collect all expenses incurred in pursuing
<br /> pass to the purchaser or grantee. the remedies provided in this paragraph 1�. including, but not
<br /> limited to, reasonable attome}s' fees and costs of title evidence. "
<br /> 9. That as additional and collatera! security� for the payment of
<br /> the note described,and all sums to became due under this instru- lf the power of sale is im�oked, Trustee shall record a notice of
<br /> ment,ihe Borrower hereby assigas to the Lender all profits, default in each county in which any pazt of the Propeny is located
<br /> revenues, royalties,rights and berzetits accruing to the Horro��•er and shall mail wpies of such rtotice in the manner prescribed by
<br /> under any and all oiI and gas leases on said premises, ��ith the appti:abte la��� to Borros�er ana to the other persons precribed by
<br /> right to receive and receipt for the same and appl�� chem co said appEi:able lau. :�Fter the time�equired bp applicable law. Trustee
<br /> . indebtedness as well before a� after default in ehe conditions of shall give public notice of saie co the parsons and in the manner
<br /> this instrumtnt,and the i.ender may demand, sue for and reco�•er prescribed by apglicable law. Trustee. w�ithout demand on Bor-
<br /> • any such payments uhen due and payabte, but shall not be re- ron•er, shall sell the Property at public auction to the highest bid- '
<br /> quired so to do. This assignment is to terminate and become null der ac the time and place and ander the terms designated in the _-
<br /> and void upon reIease uf this instrument. noci�e of sale in one or more parcels and in any order Trastee ���=
<br /> determines. Trus[ee may postpone sale of all or any parcei of the �. n=
<br /> 10. That the&�rrower will keep the buildings upon said premises Property by pubiic announcement at the time and pIace of any ' '
<br /> in good repair,and neither com�ni: nor permit waste upon said pre�•iously scheauEe� sale. Lender or its desienee may purchase the �
<br /> tand. r.ot suffer the said premises io be uced fQr any untawful Property at any sale. ..
<br /> purpose. .
<br /> L;pon receipt of payment of the price bid, Frustee shall deliver
<br /> 1I. 'i'hat if the premises,or any part tl�ereof. be��otidemnc�! to the purchaser Trustee's deed com•eying the Property. The
<br /> under the po��er of eminent domain, or acquired for a public use, recitals in the Trustee's deed shall be prima facie evidence of the
<br /> the damaga awardtd.the proceeds for the taking of. or the con- truth of the statements made therein. Trustee shall apply the pro-
<br /> sideration for such acquisition. to the extent of'the full amount of ceeds of the sale ir. the following order: (a)to all expenses of the
<br /> indebtedness upon this instrument and the note which it is given to sale, including, but not limited to, Trustee's fees as permitted by
<br /> secare remzining unpaid. are hereby assigned by the Bonower to appiicable la«• and reasonable attorneys' fecs; (b) to all ce:ms
<br /> the l.ender,and shall Ue paid forthwith to said Lender to be ap- secured by this Security Instrument; and (c1 any excess eo the per-
<br /> plied by the latter on account of tbe next maturing installments of con or persons Iegally entitled to it.
<br /> such indebtedness. •
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