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<br />88-
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<br />10~3GO
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<br />made shall be added to Ihe principal sum owing on Ihe abo\'e
<br />note, SIL.;: be secured hereby, and shall bear interest al lhe rate se:
<br />f"nh in Ihe said note, until paid.
<br />
<br />7. ThaI the Borrower hereby assigns, transfers and selS (1\er to
<br />Ihe lender, 10 be applied loward Ihe payment of the note and all
<br />sums secured hereb~' in case of a default in the performance of
<br />any of the lerms and condilions of this instrument or the said
<br />nOle, all the rents, re\'enues and income 1.0 be derived from the
<br />said premises during such time as lhe indebtedness shall remain
<br />unpaid, and Ihe lender shall have power 10 appolllt an)' agent or
<br />agents it may desire for the purpose of repairing said premIses and
<br />of renting the same and collecting the renb, revenues and income,
<br />and il may payout of said incomes all e\penses of repairing said
<br />premlse~ and necessary commissions and e,~penses IIlcurred in rent-
<br />ing and managlllg Ihe same and of collecting rentals therefrom;
<br />Ihe balan.:e remairllng, If any, 10 be applied loward the discharge
<br />of said Illdebtedl1l:"
<br />
<br />S, Thai lite Bnrro\H'r \\ III keep Ihe Impr'" emelll' 1111\\ e'<lstmg
<br />llf hereafter erected on the property. II1'ured as ma\ be reqUired
<br />lrom lime to tIme by the lender again,1 1m, by fire and other
<br />hazards, casualtle' and contlllgenLles m surh amounts and for such
<br />pt'flods as may be required by the Lender and w III ray promptly,
<br />when due, an\ premiums on su.:h InSUlanc" prc" l'lon for payment
<br />Df which has not been made ht'rembefore, ,\11 Insurance ,hall be
<br />carned In l'ompalllCS approved by Ihe Lender and the rollclt:s and
<br />renewals thereof shall be held by the I .:nder and ha\c allached
<br />thereto Ill" payable dau~e~ In fa\O! of and In fllrm acc'eptahle III
<br />the Lender. In e\enl of los~ Borrower will give immediate nO,Ke
<br />hy rnatllo the Lender, who may make proof of loss If nm made
<br />promptly by Borrower. and each lllsuran.:e compal1\ ,'ollrerned I'
<br />hereb\ authorized and directed to make pay melll for such 1<",
<br />dlrecth to Ihe Lender instead 01 10 lhe Borro\\er Jnd Ihe l. ender
<br />JOllltl\, and tht' msurance prp,eed" or an\ part lhereo!, ma\ be
<br />applied by the lender at ll' llprlllll ellh!:r III the ledu,'llon 01 Ihe
<br />mdebr.:dne" hercby 'e(:ured or t(l the reswratior. ll! n:paT' of th!:
<br />plOpel1\ damaged, In even I of foreclosure of :hl' lllslrument or
<br />other transfer of Illle 10 the mortgaged pfllperly In 1'\lIngulShmel11
<br />llf t hc Illdebtedness secured hereh\, all TIght. tllle and Intere~t llf
<br />the Bllrrlmer 111 and 10 an\ Insurance pp!ides then tII fpr.:e ,hall
<br />pass 10 till' purchaser llr gramee
<br />
<br />l.} That as addlllonal and .:\'lIaleral ','.:mily 101 Ill,' payment 01
<br />the nute JescnbeJ, Jnd all sun" lu t""un\l' dUI' unL1er thl~ Illstru,
<br />men!. t he Borrower herehy assigns to the L."nlkr all prnf11 s.
<br />revenues. roy'al1les, lights and h,'nefm accrulllg 10 the Borrower
<br />under a!lY and all llll and gas lea~es on said prenJl~es, "llh the
<br />light to rec!:I\'e and r!:celpt Ill! Ihe same and apph rhem to ':lId
<br />mdebtednes~ as well hefore as afler dcf3ult III the ,'ondltlons at
<br />Ihl' Illstrumelll, and the lender may demand, 'lie for and re,'o\'er
<br />any ,uch paymel1l' "hen JUl' and payahle. hut ,hall not he re-
<br />qUired so to do, ThIS as"gnment " 10 lerrnmate and herome null
<br />and \OId upon release oj thiS 1I1strumem,
<br />
<br />10. That the Borrower will keep the building5 upon said premises
<br />111 good repair, and neuher commit nor permit waste upon said
<br />land, nOl suffer Ihe said premises [0 be used for any unlawful
<br />purpose.
<br />
<br />11. ThaI If the premises, or any part thC'reof, be condemned
<br />under t' , power of emmel1l domain. or acquired for a publir use,
<br />the damdges awarded, the proceeds for the taking of, or the con,
<br />sideration for slIch acquisition, to the extent of the full amoulll of
<br />mdebtedness upon this instrumenl and the note which it is given 10
<br />secure remaining unpaid, are hereby assigned by the Borrower 10
<br />the Lender. and shall be paid forthwith to said lender to be ap-
<br />plit:d by Ihe Jailer on account of the next maturing installments of
<br />such indebtedness.
<br />
<br />12. The Borrower f urlher agrees that should this instrument and
<br />the nOle secured hereby nOl be eligible for insurance under the Na-
<br />tional Housing Act within eight months from the date hereof
<br />(written statemelll of any officer of the Department of Housing
<br />and Urban Devclopmelll or authorized agelll of the Secretary of
<br />Hou5ing and Urban Development dated subsequent to the eight
<br />mClllths' time from the date of Ihis instrument, declining to insure
<br />said note and this mortgage, beine ~""md conclusive proof of
<br />such meligibilily), Ihe lender or holder of the note may. at its op-
<br />lion, declare all SUm5 5ecured hereby immediately due and paya'Jle.
<br />Notwilhslanding the foregoing, this option may not "'~ ~ ,,;'.-:~
<br />by Ihe lender or the holder of the note when the ineli" ~,"I: ler
<br />insurance under the National Housing Act i5 due 10 the Lender's
<br />failure to remit the mortgage in5urance premium to the Depart-
<br />ment of Housing and Urban D.:veopmenl.
<br />
<br />13, That if the Borrower faih to make any payments of money
<br />when the same become due, or fails to conform to and comply
<br />with any of the conditions or agreements colllained in this instru-
<br />ment, or the note which it secures, then the elllire principal sum
<br />and accrued intere5t shall at once become due and payable. at the
<br />cICCI ion of the lender.
<br />
<br />lender shall give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant or agreemelll in this
<br />lllS[rumel1l (but not prior to acceleration under paragraph 12
<br />unbs applicable law provides otherwise), The nOliee shall specify:
<br />(a) the default; (b) the action required to cure the default;(cl a
<br />dale, not less than 30 days from the date the notice is given to
<br />Borrower, by which the default must be cured; and td) that failure
<br />to cure the default on or before the date specified in the notice
<br />may result in acceleration of the 5ums secured by this instrument
<br />and sale of the Property, The notice shall further inform Borrower
<br />of I he right to reinstate after acceleration and the righl 10 bring a
<br />.:cwrt action iQ asserl the non-existence of a defaull or any other
<br />defense of Borrower to acceleration and sale. If the default is not
<br />l'ured on or bt'fore the date specified in the notice, Lender at its
<br />opllon may require immediate pa~mem in full of all sums secured
<br />by this imll umem without further demand and may invoke the
<br />power of sale and any other remedies permitted by applicable law,
<br />Lender shall be emitled to collect all expenses incurred in pursuing
<br />the remedies provided in thi5 paragraph 13, induding. but not
<br />limited to, reasonable attorneys' fees and costs of title e\;denCl:.
<br />
<br />If the power of sale is invoked, Trustee shall record a notice of
<br />default in each county in which any part of the Property is located
<br />and shall mail copies of such notice in the manner prescribed by
<br />applicable law to Borrower and to the other persons pre..-ribed by
<br />applicable Iilw. After the time required by applicable law. Trustee
<br />shall give public notice of sale to the persom and in the manner
<br />prescribed by applicable law, Truslee, withouI demand on Bor-
<br />rower, shall sell the PlOperty at public auction 10 the highest bid,
<br />der al the time and place and under the terms designated in the
<br />nOlieI.' of 5ale in one or more parcels and in any order Trustee
<br />determines, Truslee may poslpone sale of all or any parcei of Ihe
<br />Property by public announcement at the lime and place of any
<br />previollsly scheduled sale, lender or its designee may pur.:hal'e the
<br />Propert y at any sale.
<br />
<br />Upon receipt of payment of the price bid, Trustee shall deliver
<br />to the purchaser Trustee's deed conveying the Property, The
<br />recitals in the Truslee's deed shall be prima facie evidence of the
<br />truth of the statements made therein. Trustee shall apply the pro'
<br />ceeds of the sale in the following order: (a) to all expenses of the
<br />sale, including, but not limited to. Trustee's fees as permined by
<br />applicable law and reasonable attorneys' fees; (b) to all sums
<br />se.."Ured by this Security Instrument; and tc) any exces5 \(' the per-
<br />son or persons legally entitled 10 it.
<br />
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