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<br />88- <br /> <br />10~3GO <br /> <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 /> <br />,---- <br /> <br />Page 3 01 5 <br /> <br />tfUD-t21 UDl <br /> <br />L <br /> <br />~ <br /> <br />,.' <br />