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<br /> 89-- 1062'76
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<br /> made �hall be ...ad tu the p�inripal .uin �»�inc an the aho�c 1=. The Horru��rr iu�tlic� .ig�rr.tl�al ,I�u�dJ ttu, �n,trumcnt and
<br /> note. .hall be ac:ured hereby, and .hnll hear intere�t at tlie r:�tr �et the note �ecurrd heieh} not he rligible fur in,►uance imder the Nu-
<br /> furth in the caid notc, unti)�atd. uonal HausinA Act ��ithin cight manths from thc datc hcrcof
<br /> ("" �«�nuen s�atement ol any off7ccr oP�he pcparUnent oF !�lausing
<br /> � 7. That the Sorro«•er henby aSSign..tr.imfer+ and �et�o�cr h► and Urban Ac��rtopmrnt or 9uthorired agcat af the 5eccetary a(
<br /> the Lendcr, M be applied to��ard the pa}�nent ot thc notc and all tiousi�g �nd Urban [h�elopment datcd suN.SCquent �o thc eight
<br /> sums sccured h:reby in case of a default in thc performance at manths' time iram the date ol this instrument, dectining tu i�tisure
<br /> any of the terms and wonditians of this instrume�t or thc said said note t►nd this mongagc, bcing deemed conclusice proaf of
<br /> note. all the rents, re�•enu��s and inrume�u l�r deri�ed irom thc such iaeligibili:y), the Lender or holder of the nate mav,at its ap-
<br /> said premises during such time as the indebtednecs shall rcmain tion, declare aU sums secured hereby immediatety due and payable.
<br /> unpaisi. and the 4ender shall ha�e pow�er to appoint anv agent or votwith�tanding the toregoing, this optian may not be exercised
<br /> agent� it may dcsirc far the pur�wse oi repairing said premises and b> the 4ender ar ihe holder of the note a�hen the ineligibility fot
<br /> af renting the same and roUecting thc rcn�s, re�•enues and income, insurance under the National Housing Act is due to the Lender's
<br /> and it may pay out of said incames all erpenses of repai�ing said failure to remit th¢mortgage insurance premium to the Uepart-
<br /> premises and �ecessary cammi�sions and expenses incurred in �ent- ment of Housing and Urban De�•eopment.
<br /> ing and manaaing the same and of collecting rentalc therefrom;
<br /> the balance remaining. if un}•, to be applied to«ard the discharge 1�. That iP the Bor�ow•er fails to make any payments of mone}
<br /> of said indebtedness. ��hen the same become due, or fails to canfarm to and camply
<br /> ��•ith any af'the conditions ar agreements contained in this instru-
<br /> 8. Tt�at the Borrower��ill keep the improcement�no�� existing ment,or the note��•hich it secures,then the entire principal sum
<br /> or hereafter erected on the propert��, insured as may be required and accrued interest shall at once become due and payablQ. at the
<br /> from time to time by the Lender against toss by fire and other election uf the Lcnder.
<br /> hazards, casualties and contingencies in fuch amount�and for such
<br /> periods as may be required by the Lender and ���ill pay prompti��, Lender shall gi�•e notice to Borra���er prior to acceleratian,.
<br /> when due, any premiums on such insurance provision for payment folla�ving Bono��•er's breach of any co�•enant or agteement in,this
<br /> of which has not been made hereinbefore. All insurance:hal! be instrument (but not prior to acceleration under paragraph 12
<br /> carried in companies appro�•ed bp �he Lender and the policies and unless applicable la«pro�•ides othen�•ise). The nolice shall specii'y:
<br /> renewals thereof shall be held by the Lender and have atiached (al the default; (b1 the action required to cure the defaulr (c)a
<br /> thereto loss payable clauses in favor of and in farm acceptable to date, not less than 30 days from the date the notice is gicen to
<br /> the Lender. ln ecent of loss Bortower w•ill gi�•e immediate notice Borro���er, bp which the default must be cured: and(d)that failure
<br /> by mail te:he Lender.�•ho may make proof of'toss if not made to cure the default on or before the date speci�ed in the notice
<br /> promptly b}� Borrower.and each insurance compan> concerned is may result in acceleration of the sums secured by this instrument
<br /> hereb�auchorued and dirzcted to make pa�•ment for such loss and sale of the Propen}•. The notice shaU Punher inform Borrower
<br /> directly to the Lendcr i�.;tead of to the Borro«•er and the Lender of the right.ta reinstate after acceleration and the right to bring a ;
<br /> jointly, and [he insurac�c�proceeds,or any pan thereof.may be coun activn to assen thr non-existenee of a default or an}�other `
<br /> applied by the Lender at its option either to che reduction of the defense of Borrower to acceleration and sale. If the default is not
<br /> indebtedness hereby secured or to the cestoration or repair of the cured on or before the date specified !n,the notice. Lender at its � :
<br /> propeny damaged. ln e��ent of foreclosure of'this instrament or option may require immediate payment�in,fult of all sums secured ��
<br /> as�h�r ts;.RSftt ef tit!? rn thP m�na�aed prooerc�• in ex[inguishment • by this•instrumem�vithout further demand and may invoke the
<br /> of the indebtedness secured hereby,all sight, title and iacerest uf power of�sale and anp other remedi�5 permitted by appticable iaw. c _
<br /> the Borrower in and to any insurance policies then in force shall Lender shall be entitled to colleet alt t^tpenses,incurred in pursuing
<br /> pass to the purchaser or grantee. che remedies provided in this paragraph 13. inciuding. but not
<br /> limited to, reasonable attorneys' fees and costs of title evidence.
<br /> 9. That as additional and collateral security for the payment of
<br /> the note described,ana�all sums to become dac under this instru- If the•power of sale is imoked, Trustee shal! recerd a notice of •
<br /> ment,the Borrower hereby assigns to the Lender all prafits, defautt�in each county in which any part of the Property is located
<br /> rtvenues, royaltia. rigi�as and benef�ts accruing to the Borrow•er and shali mail capies of su�h notice in the manner prescribed by
<br /> under any and all oil and gas leases on said premises, with the applicable law to Borrower and to the other persons precribed by
<br /> right to reaive and receipt for the same and apply them to said applicable law. After the time required by applicable law. Trustee
<br /> indebtedness as well before as aiter drtault in the conditions of shall give public notiee of sale to the persons and in the manner
<br /> this instrument. and the Lender may demand, sue for and recover prescribed by applicable law. Trustee.without demand on Bor-
<br /> any such payments when due and payabie, but sha0 no� be re- rower. shall sell the Property at gublic auction to the highest bid-
<br /> quired so to do. This assignment is to cerminate and become null� der at the time and place and cnAder the terms designated in the
<br /> and void upon release of this lnstru�eent. notice of sale in one or more parcels and in aa}order Trustee ;�-
<br /> � determines. Trustee may postpone sale of all or any parcel of the � "'
<br /> 10. That the BorroHer will keep the buildings upon said premises Property by public announcement at the cime and place of any ;•.-
<br /> in good repair. and neither commit nor permit�vaste upon said pre�iously scheduled sale. Lender or its designee may purchase the +��
<br /> land. nor suffer the said premises to be used for any unlawful Propertti at any sale. •
<br /> PurPose• �
<br /> Upon receipt of pay�ment of the price bid. Trustee shall deliver _
<br /> 11. That if the premises, or any�pan thereof. be condemned to the purchaser Trustee's deed conveying the Property. The
<br /> under the power of eminent�domain, or acquired for a public use. recitais in the Trustee's deed shaU be prima facie evidence of the
<br /> the damages awardeci,the praeeecSs for the taking ofa�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 og the sale in the follow�i�g�rder: (a)to all expenses of the
<br /> indebtedness upoa this instrumeut aad�the�note which it is given to sale. including. but �ot limited to, Trustee's fees as permitted by
<br /> secttrc remaining unpaid, are hereby assigned by the Borro�er ta• applicable law and reasonable attorneys' fees;(b)to ail sums
<br /> the Lendet:and shail.be paid forthivith to said Lender to be ap- secnred by this Security lnstrument; and (c) am�excess to the per-
<br /> plied by the latter on arCOUnt of the next maturing installments of son or persons legaqy entitled co i¢.
<br /> such indebtedness.
<br /> Page 3 of 5 HUD-92143DT
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