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� __ � � � I � � - . . � �� lt��l� -�� � madc shaU ae added to the principal sum owing an the above � !2. The Barrawer i'urthcr agrees that stuoutd this iRStrumem and note. shall bc:ecured hrreby. and shall bear interest at the iace set �he note secured h�reby not be eli�iblc for insurance under the Na- fo�th ia the said nate, until paid, uonal Housing Act within oight months from the date hcrcef (wricten statemenc of any office�of the lkputment of Housing 7. That �he Bor�ower hereby assigns. t�ansfen and sets over to and Urban Development or authorized agent of the Secretary of tho l.ende�� ta be applled toward the payment of the aate and all Housing and Urban Developm=nt dated subsequent to the eiaht sums secured hercby in case oP a def'ault in the performance of months' time from the d�te of thls instrument. declininp to insure any of the terms and conditions oP this inst�ument o� the said said nate and this mort�a�e, being deemed mnciusive proof oF note. all the re�ts, revenua and income ta be derived P�om the such ineligibility)� the Lender or holder of'the note may,at its op- said prcmius during such time as the indebted�ess shal! remain tion,declare all sums secured hereby lmmediately due and payable. unp�id. and the Lender shall have power to appoint any agcnt or Notwithstanding che fortgoing. this option may not be exercised a�ents it may desire Por the purpose of repairing said premises and by the Lcnder or che holder of the note wheo ehs ineligibility for of renting the same and collecting the rents,revenues and income, insurance under the National Nousing Act is dut to the Lender's and it may pay out of said incomes al! expenses of repairing said failure to remit the mortgage insurancs premivan to the Depart- premises and necessary commissions and expenses incurred io rent- ment of Housing and Urban Devtopment. ing and maaaging the same and of collecting rentals therefrom; the balance remaining, ii any. to be applied to«•ard the discha�ge 13. That if the Borrower fails to make any payments of money of said indebtedness. . ��•hen the same becotne due,or fails to wnform to and comply , ��ith any of�he conditions or agreements contained in lhis instru- 8. That the Bo�rower will keep the impro�•ements no�v existing ment, or ehe note which it secures, then the entire principal sum or hereaPte�erected on the propetty. i�asured as may be required and accrued interest shall at once become due and payable. at the Prom time to time by the Lende� against loss by fire and other election of the Lender. : hazards. casualties and wntingencies in such amounts and for such periods as may be required by thr Lende�and «•ill pap promptly, Lender shall give natice co BorroH•er prior to acceleratlon �.hen due. any premiums on such insurance pro�•ision for payment follo«•ing Borro�ser's breach of any covenant or agreement in this of which has not been made hereinbefore. Ail insurance shall be instrument (but not prior to acceleration under pazagraph 12 carried in companies appro��ed by the Lender and the policies and unless applicablt law provida otherwise). The notia shal)specify: renewals thereof shal! be held by the Lender and ha��e attached (a)the default; (b) the action requirtd to cure the default; (c)a thereto loss payable clauses in favor of and in form acceptable to date, not tess than 30 days fram thr date the notia is given to the Lender. In event of'loai Burro��-er wili gi�•e immediate notice Borro�ti•er, by which the default must be cured;and(d)that failure ` by mail to the Lender, who may make proof of loss if not made to cure the defaulc on �r before the date speciGed in the notice . promptiy bp Borrow•er, and each insurance company concerned is may result in acceleration of the sums seeured by this instrument ' ' hereby authorized and directed to make pa�•ment for such loss and sale of the Propeny.The notice shall further inform Borrower • directty to the Lender instead of to the Borro�ver and the Lender of the right to reinstate after acceleration and the right to brin� a f _ jointiy, and the insurance proceeds, or any part thr�:of, ma�•be cou�t action to assert the non-existence of a defaulr nr aR,V �rh.* . applied Dy the Lender at its option either to rhe �eduction of the defense of Bonouer ta acceleration and sate. tf the default is not �•-'} indebtedness hereby secured or to the rescoration or repair of the cured on or before the date specified in the notice, Lender at its property damlqed. In esent of foreclosure of this instrument or option may require immediate payment in futl of aU sums secured � other transfer of ticle to the mortgaged property in e�tinguishment by this instrument without further demand and may invoke the -- of the indebtedness secured hereby, all right.ci�le and interest of po��•er of sale and any other remedies permitted by applicable taw. . _ the Borrow•er in and to any insurance policies chen in force shall Lender shall be eatitled to callect ali expenses incurred in pursuing -R ;_a pass to t e purchaser or grancee. the remedies provided in this paragraph 13, including, but not limited co, reasonable attorneys' fees and oosts of title evidence. ` 9. That as additional and collaceral securit> for the payment of � the note described,and�ll sums to become due under this instru- if the power of sale is invoked. Trustee shall record a notice of ment,the Bonower hereby assigns to the Lender all profits, default in each county in which any part of the Property is located revenues, royaltia. rights and benefits accruing to the Borroa•er and shall mail copies of such notice in the manner prescribed by under any and all oi!and gas teases on said premisa, ��•ith the applicable law to Borcower and to the other persons precribed by right to receive and receipt for the same and apply them to said applicable law. Afur the time required by applicable law.Trustee � • indebtedness as well before as after default in the canditions of shall give public notice of sale to the persons and in the manner chis instrument.and the Lender may demand,sue for and recover pracribed by applicable law.Trustee, without demand on Bor- any such payments when dne and payable, but shall not be re- rower, shall setl[he Property at public auction to the highest bid• """' • quired so co do. This assignment is to terminatr and become null der at the time and place and under the terms designated in the +�� and void upon release of this instrument. notice of sale in one or more parcels and tb any order Trustee • determ9nes. Trustee may postpone sale of all or any parcel of the ' I0. That the Borrower will keep the buildings upon said premises Property by public announcement at the time and place of aay ' in good repair,and neither commit nor permit waste upon said previously scheduled sale.Lender or its daignee may purchase che land.nor suffer the said premises to be used for any unlawful Property at any sate. purpose. Upon receipt of payment of the price bid. Trustee shall detiver 11. That iF the premisa. or any part thereof. be condemnrd to the purchaser Trustee's deed wnreying the Property. 'fht uttder the po�ver of emineu[ domain. or acquired for a pubtic use, recitals in the Trustee's deed shall be prima facie evidence of the [he damaga awardcd, the proceeds for the taking of,or the con- truth of the stafeinents made therein. Trustee shall apply the pro- sideration for such acquisition. to the extenc of the fuil amount of ceeds of the sale in the following order: (a)to all expensa of the indebtedness upon this instrument and the note which it is given to sale. including, but not timited to, Trustee's fees as permitted bp secure remaining unpaid.are hereby assigned by the Borroµ•er to applicable law and reasonable attomeys' fees; (b) to all sums the Lrnder, and shaq be paid forthwith to said Lender to be ap- secured by this Security lnstrument; and (c)any excess to the per- plied by the latter on account of the next maturing installments of son or persons legally entitled to it. such indebtednas. .�- —, -- Page 3 ot 5 HUD�921430T � � ' � � ti �� _ � � ,. �' �, �