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<br /> � made shaU he added to the principa! sum o+�ing un the abmc 12. '(he Horra��•er furthrr a�;rres that shnuld tf�i� instrument and
<br /> note, shall be securecf hereb�. and shall bear interest at �he rutr,et [he nore s�cured hereby not be eligible for insutance under the Na-
<br /> fonh in the said note, until paid. tional Housing Act �vithin eight manths from thc date hereaf
<br /> (hrittea statement oP any officer af the Depanment af Housing
<br /> 7. That the Borrowet hereby assigns, transfers and sets o�•er ta and Urban Development or authorized agent of the Secretary of
<br /> the Lendcr, to be applied taward the payment oP the note and all Hausing and Urban De�•elopmeni daced subsequent to the eight
<br /> sums secured hereby in case of a dePault in�he performance of months' time from the date of this instrument, decilning tc+insurc
<br /> any of the terms and conditions of this instrument or the said said note and this mortgage,being deemed conclusice proaP of
<br /> nate, a!1 the rents, revenues and income to be derived f'rom the �uch inellgibllit�). the Lender or holder of the note may, at its op-
<br /> said premises during such time as the indebtedttess shaU remain tion. declare all sums s�cured hereby immediately due and payable.
<br /> unpaid,and the Lender shall have paw•er to appoint any agent or Notwithstanding the t'oregoing. this option may not be exercised
<br /> agents il may dairc for the purpose of'repairing said premises attd by the Lender or the hoider of the rtote when the incligibility for
<br /> of'renting the same and collecting the rents, revenues and income, insurance under the National Housing Act is due to the Lender's
<br /> and it may pay out oi said incomes all expenses of'repairing said failure to remit the mongage insurance premium to the Depart• •
<br /> premisa and necessary commissions and eapenses incurred in rent- ment of Housing and Urban De��eop�a►ent.
<br /> ing and managing the same and of coUerting rentals therefrom;
<br /> the balaace remaining, if any, to be app�ied toward the discharge 13. That if the Borrower fails to make any pa;mients of money
<br /> of said indebtedness. ��•hen the same become due,or fails to conform to and comply
<br /> �vith any of the conditions or agrcements contained in this instru-
<br /> 8. That the Bonower will kcep the impro�ements no�v existing ment, or the note which it secwes,then the encire prineipal sum
<br /> or hereafter erected on the propenc, insured as may be required and accrued interest shall at once become due and payable.at the
<br /> from time to time by the Lender a�inst loss by fire and other election of the Lender.
<br /> hazards, casualties and contingencies in such amounts and for such Lender shall gi��e notice to Borrower prior to acceleration
<br /> periods as may be required by the Lender and will pay promptly,
<br /> when due,any premiums on such insurance provision for payment foilo��•ing Borru�ver's breach of any cocenant or agreement in this
<br /> of which has not been made hereinbefore. All insurance shall be instrument (but not prior to acceleration under paragraph 12
<br /> carcied in companies approved by the Lender and the policies and unless applicable law provides othenvise). The notice shali specify:
<br /> renewals thereof shall be held by the Lender and have attached (a)the default;(b)the action required to cure the defauh; (c)a
<br /> ' thereto loss payable clauses in favor of and in form acceptable to date.not less than 30 days from the date the notice is given to
<br /> ehe Lender. ln event of loss Borrower will gi�•e immediate notice Borrower. by which the default must be curt�d: and (d)that failwe �.:
<br /> by mail to the Lender, who may make proof o2�oss if not made to cure the default on or befoae tt�e date speci�ed in the notice
<br /> promptly by Borrower, and each insurance company concerned is ma}result in acaleration of the sums securcd by this instrument
<br /> hereby authorized and dir�cted to make payment tor such loss and sale of the Propeny. 'i'he notice shaU further inform Horrower ;
<br /> dimtly to the Lender instead of to the Borrower and the Lender of the right to reinstate after acceleration and the right to bring a :
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<br /> jointty,and the insurance proceeds, or any part thereof, may be court action to assert the non-existence of a detault or any other � � i
<br /> I d Y N���_'�� �-'��^� �; zt�agi=��pi[her to the reduction of the defense oS Borro��•er to acceteration and sale. If the default is not
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<br /> indebtednoss hereby secured or to the restoratio�or repair o f t he cur e d o n o r b e f o r e t h e d a t e s p e C i f f e A i n t h e notioe. Lcncicr ai it�
<br /> � propeny damaged. ln event of foreclosure of this instrument or opti�n may rtquire immediate payment in full of all sums secured 7.
<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 powtr of sale and any other remedies permitted by applicable law.
<br /> the Bortower in and to any insurance policies then in force s�all Lender shall be entitled to collect all expensa incurred in pursuing . •
<br /> pass to the purchaser or grantee. the remedits provided in this paragraph 13.including,but not
<br /> limited to.reasonable actorneys' fees and rnsts of title evidena.
<br /> 9. That as additional and collateral security for the payment of �f the power of sale is invoked,Trustee shall record a notice of �
<br /> • the note described.and all sums to become due under this instru-
<br /> ment.the Borrower heteby assiF,►ss to the Lender all profits, default in each county in which any part of the Prop¢rty is located
<br /> revenua, royalties, rights and benefits accruing to the Borrow•er 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 law to Borrower and to the other persons precribed hy
<br /> right to receive and receipt for the same and apply them to said applicable law. After the time required by applicable law.Trustte
<br /> ' indebtedness as wel?before as after default in the conditions of shall give public notice of sale[o the persons and ih the manner
<br /> this instrument, and the Lender may demand. sue for and reco�•er prescribed by applicable law. Trustee.without demand on Bor- � :,
<br /> any such payments when due and payable, but shall not be re- rower, shall sell the Property at public auction to the highat 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 void upon release of this instrument. notice of sale in one or more pazcels and in any order Trusta
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<br /> dettrmines. Trustce may postpone sale of all or any parcel of the �,'-��-
<br /> 10. That the Borrower wiU kcep the buildings upon said premises Property by public announcement at the time and place of any � ;
<br /> ' in good repair. and neither commit nor permit waste upon said previously scheduled sale. l.ender or its designee may purchase the
<br /> land.nor suffer the said premises to be used for any unlawful Property at any sale. -- -
<br /> purpose.
<br /> �'pon receipt of payment oB the price bid. Trustee shall deLver
<br /> 11. That if the premises, or any pan thereof,be condemned to the pnrchaser Trustee's deed conveying the Propeny. The
<br /> unda the power of eminent domain,or acquired for a pvblic use, recitals in the Trustee's deed shail be prima facie evidence of the
<br /> ' • ttta dunages awarded, the procads for the takiag of, or thr�•on- tru#h of thc stateanents madt thesein_ Trustee sball apply the pta
<br /> sideration 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 upon this instrument and the note which it is given to sate. including, but not limited to, Trustee's fees as peranitted by
<br /> secure remainin8 unpaid. are hereby assigned by the Borrower to applicable law and reasonable attorneys' fees; (b)to all sums
<br /> the l.ender,and shall 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 indebtedness.
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