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<br /> ��'- 1 Q 3 916 �aECORn�o _
<br /> 89�- 106339
<br /> � made �hafl he added to the prin�ipai sum rneing on the abace 12. The gorro���e� f'urther agrees thac should this instrument and
<br /> nate, �hali be +crurcd hcreh}•, anci �hail hcar interest at thc rate�ct thr note �ceured hcreby not he eligible for insurance under thG Na-
<br /> Ponh in�he said natc, uotil paid, tional Hou�ing Act ��•ithin eight mon[hs from the date hereoP
<br /> (��•ritte� statement af any officer af'the Deparcmenc of Housing
<br /> 7. 7'hat the Borra�er herebr assigns, uansle�.and sets ovcr to and Urban De�•elopmertt nr nucharized agent of tlie Secreiary of
<br /> the 4cnder, to be applied �rn�ard �hc pa�ment of the notc and ali Housing and Urban Development daced subsequent co tho eight
<br /> sumc secured hereby in r�se o�a eielault in ihe pe�f'ormince oP manihs' time from the date of this instrument, declining to insure
<br /> am� oi'the terms and conditio�s of thi� instrument or the said said aotc and this mortgage� being deemed conclusive proof of
<br /> nate, all the rents, re�enues and inrome ro be deri�•ed from the ,urh ineligibility), the l.ender or holder of'tha nate may, at its op-
<br /> said premi�es during such time a� the indehtedness shall remain tion, declare all sums secured hereby immediatety due and payable.
<br /> unpaid,and the Lender shaU ha�e po��er t�.appoint an� agent or Not��•ithstandi�g the foregoing, this option may not be exercised
<br /> agems it may desi�e for the gu:pose of repairing said premises and by the Lender ur the holder of the note when the ineligibility far
<br /> oi'�enting the same and caller�;�g the rents, re��enues and income, insurance under the National tiousing Act is due to the Lender's
<br /> and it ma>• pa��out of'said inromes aq r�penses o( �rpai�ing Said failure to remit the mortgage insurance premium to the Depart-
<br /> premises and �ecc�sar>• commissions and e�penses inrurred in rent- men� of Housing and Urban Ueveopment.
<br /> ing and managing the same and ��f collecti�g remals therefrom;
<br /> �he balanre remaining. if an>�, to be applied ro�►�ard thz �i:charge 1?. That it'the Borro«er fails to make any payments of money
<br /> ��f said indebtedness. . ��hen thr�ame become due. or fails t�:onform to and comply
<br /> aith an}• of the conditions or agreements contained in this instru-
<br /> 8. That �hz 43orro��•er��ill keep the im�ra>�ements no��•e�isting ment,or the note�vhici� it secures, then the entire principal sum .
<br /> or hereaf'ter rr�cted on the property, insu7ud as ma>• be required .and acc�ued interest s�hali a2 once become due and pay�ble.at the �
<br /> ; from time to aimz f�y the Lender agains[ l�ss h�• fire and other �iection af the Lender.
<br /> � hazards, casual;i;s and contingencies in such amounts as�d tor :uch .
<br /> . periods as may he req�irrLL t+}� :he Lend�r and ��ill pa�� promp[l�. Lend;r shall gi��e notice to Botrower prior to acceleration
<br /> �t•hen due, an�• premiums .�n�cach :nsurar.:r pro�i�ion far pa>�ment fallot�ins_t Borro�cer's breach of any co�enant or agreement in this
<br /> ' of��•hich has not been made hereinbei;�rc. :1]1 insuran:e shall hr ;:�strument (but not prior to accele�ation under paragraph 12 .
<br /> carried in com�anies appra�ed b>• the Len�zr and the palirie� ahci �,nl:sc applE:able la�v provides othenvise). The notice shall speeify:
<br /> � reae���als chereoi shall be held b}�the Lender and ha�e atta.hed ra1 the detaulc; (b)the action reyuired to cure the default: (c) a
<br /> • c�:e:z;o loss pa�abtr�lauses in fa�or aS an� in forrn accep:able to date, 110i ItSS�han 30 days from the da'te the notice is given to
<br /> ¢9:N�ender. In e�•ent of luss B�rrouer«i71 gi�r �mmediat�notice Borrow•er, b� a•hlch the default must be cured; and (d) that failure
<br /> by mail to the Lender, ��•ho may mal�e proof of loss if not made to cure the default on or before the date speci�ed in the notice
<br /> promptly by Borro��•er, and each insurance company concerned i� may result in acceleration of the sums secured by this instrument '
<br /> hereb> authorized and directed to make payment for tiuch loss and sale of the Propetty.The notice shall funher inform Borrower �
<br /> directly ta the Lender instead of t� the Horro��•cr and the l.ender of che right to reinstate after acceleration and the right to bring a
<br /> jointly, and the insurance proceeds, or any part thereof, ma�� be �ourt action to atisert the non-existence of a default or any other
<br /> applicd b>• the Lcndc� at its option cither to thc reduction of the del'ense af Borroa•er to acceleration and sale. IP the default is n�: � � � '
<br /> -�.,
<br /> - iii�c`vic�i'icii t�C�C�Y ictiiicu oi iv iiic icaiv��ii��n�» �rE�au �i ii�c cu�ev ou or 'vciurc iiie uaic apecircti in tne ttvltce, i.entier at its � •�
<br /> property damagcd. In e�rnt nf foreclotiurc of thic in�trument or option map require immediate payment in full of all sums secured �
<br /> ather transfe� of titlr to the mortgagcd property in exunguishment by this inscrumem w•iihout further demand and may invoke the -
<br /> of'the indebtedncss secured hereb>•, all right, titic and intcre�l of� po��•cr of sale and any other remedies permitted by applicable law.
<br /> the Borrower in and to any imuranrr policics then �n torcc ,hall Lender shall be entitled to copecc all expenses incurred in pursuing —
<br /> pass to ihe purchaser or grantce ihe remedies provided in this paragraph 13. including, but not •
<br /> limited �o, reasonable attorneys' fees and costs of title evidence.
<br /> 9. That as additional and collateral tccurit�� for thc pay�mcnt of - ' �
<br /> thr notr JcscribcJ,and�ll sunt�to he���mc du�undrr th�ti mstru- If the po�vcr of sale is invokcd, Trustee shall record a notice of a�
<br /> ment,thr Borruwer heteby assigns to the Lender all profits, default in each county inµ•hich any part of the Propeny is loeated
<br /> revenues, roya�ties, rights and benef'its accruing to the Borro«•er and shall mail copies of such notice in the manner preseribed by
<br /> , under any and all oil and gas leases on caid premises, w•ith �he applicable law to Borrower and to the other persons precribed by
<br /> right to recei�•e and receipt for the same and appl�� them to said applicable law. After the time required by applicable law, Trustee
<br /> indebiedness as well before as af[er default in the conditions of shall gi��e public notice of sale to the persons and in the manner r
<br /> this instrument.and the Lender may demand, suc for and recover prescribed by applicab3e law. Trustee, withaut demand on $or- '• t
<br /> ' any such payments when due and papable, but shall not be re- rower, 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 at the time and place and under the terms designated in the �,
<br /> and coid upon release of this instrument. notice of sale in one or more pazcels and in any order Trustee ;.,
<br /> determines. Trustee may postpone sale of all or any parcel of the �,��`;;
<br /> 10. That the Borrower��•ill keep[he buildings upon said premisea Propeny by public announcement at the time and place of any . '.
<br /> in good repair. and neither commit nor permit waste upon said previously scheduled eale. Lender or its designee may purchase the
<br /> ' land. nor suffer the said premises to be used for any unlawful Propeny at any sale. . '
<br /> purpose.
<br /> Upon receipt of payment of the price bid, Trustee shall deliver
<br /> 11. That if the premises, or any parc thereof. be condemned to the purchaser Trustee's deed conveyiag the Property. The
<br /> under the power of eminent domain,or acquired for a public use, recitals in the Trustee's deed shall be prima facie evidence of the
<br />: thr damages awarded, che proceeds for the taking of,or the con- truth of the statements n►ade therein. Trustce shall apply the pro-
<br /> , sideration for such acquisition. to the extent of the full amoun[ of ceeds of the sale in the fotlowing 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 permittM b>
<br /> secure remaining unpaid,are hereby assigned by the Bonower to applicable law and reasonable attorneys' fees; (b)to all sums
<br /> the l.ender.and shatl be paid forthwith to said Lender to be ap- secured by this Security Instrument; and (c)any excess to the per-
<br /> plied by the latter on account of the next maturing installments of son or persons legally entitled to it.
<br /> such indebtednas.
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