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<br />88- 10282B
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<br />mad~ shall be added \0 the principal ~um owing on the above
<br />nOlc, shall he secured hereby, and shall bear mlereST at the raIl.' set
<br />forth m the said nOle. until paid,
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<br />i. That the Borrower hereby as~jgns. transfer> and Sl'ts over to
<br />rhe Lender, to be applied toward the payment of the note and all
<br />sum~ secured hereby in case of a default in the performance of
<br />any of the term~ and conditions of lhis instrumem or the said
<br />nOll.', all the rents, revenues and income to be derived from lhe
<br />said premises durmg such time as tbe indebtedness shaJJ remam
<br />unpaid, and rhe Lender shall have power to appoint any agent or
<br />agents it may desire for Ihe purpose of repairing said premises and
<br />of renting the same and collecting the rems, re\'enues and income,
<br />alid it may payout of said mcomes all expenses of repairing said
<br />premises and necessary commiSSIOns and expenses mcurred in rem.
<br />ing and managmg the same: and of collec!lng rental, therefrom;
<br />the balance n:ma:ning, If al1~. w be applied lOw ind The discharge
<br />of said indebTedness,
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<br />8. ThaI The Borrower Will kel~p tilt' trnflllHemcnts m1\\ cxhtmg
<br />or here<lfter erecled on Ihl" pr(lp<~rt~. Irlsured as ma\ be required
<br />from lime to time b~ the 1 enlkr agall1~1 I"" 11\ fin: and other
<br />hazards, c4\Sualtle~ and l'OIllU1!\en<:ln ,n '.,u,'h amount, and for ,u<:h
<br />period~ a, may be requlIrd Il\ 111(" lC'nder an(] Will pay promptly.
<br />when due, am prl'miull1s on sud1 lll\ur,UlI:,' pro\ I,\on tor pa~'ment
<br />of winch ha, nOI heen lllmk tll'lclllbefnrc :\11 IT1\1Han<:e ,hall De
<br />earned IT\ compamCl appl'l)\ ell b\ t h(' L('ndl'r ,md I tH' pohde, and
<br />renewab Ihereof ,hall IX' held t1\ Ihe ! emkr ilnd han' all.Khed
<br />thereto los, payanlt' dam(', III t';tvor of and In form aCl~cptable io
<br />tht:' Lender In t'\elll of It,,~ Borrower Will 1\.1\ l~ 1II111lCdrall' not I,,'
<br />by mall 10 the (l'lIdt'r, who lTIay llIa~(' proof of 10\, If nOl made
<br />prompt Iy 0\ Borrower. ,mo each lIl\Ur.Hlct' comp.U1\ cOIKerned IS
<br />hereby autholln'd ilnd directed 10 make pa\llKrll for slldl loss
<br />directly 10 the Lenuer Ill\lead of to lhL' 13'''1'''\('' and Ih,~ I elldl'r
<br />101mly, and the In\UfUnCC plt'(;l't:'lh, (II <tIn part 111(,!l'O!, Illil\ hl'
<br />applied b~ the L,'nd{~r al II, optlOll cllhel 1<' Ihe It'ducilllfl "I Ihe
<br />rndeblednc.., hl"ren\ ,C'cmed or 10 I ht' ICS1< II ,111011 of rl'pall ,,1 1 hr
<br />propeny damaged. In l'H:llI 01 forl'do\dr<' ,,1 IhlS lIl~tnIJTll'111 Ilt
<br />other lransfer of lItle 10 Ihe 1110rlllil!!t:d prnpt'r1\ ill e'llnI!Ul\tum~nl
<br />of rhe mdebl(..dnt'S~ ~e.urcd hcrcb~, ,III nll-Ill, IIIIe and IlIll'rl'SI ,ll
<br />the Borrower IfI and to an) lfI,ur;UK," ll<ll"'ICs Ihen III lorn' shall
<br />pass to The purcha,er Dr grant.l'C
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<br />'l ThaI as addl\lOIlUI and collateral sC't'llrH\ ror Ihe pavlTlcll! of
<br />I Ill' note dcscnhl'd, and all UIIllS to ht~l'om~ dlll' tinder tIllS instru-
<br />ment. Ihe Borrower hercby a,sslv.m 10 fht' l.xntll'r all profits.
<br />tcvenues, royaltlcs, ngtus and belldlh u(CrUlnl/. to thc Borrower
<br />undet any and \III 011 and ~a~ kuse~ lln said prcml"'c~. wllh the
<br />nght to rCCCIVl' and rccclpt 1m th" samc MId apply Ihem ro ,aId
<br />mdebtedne~s as well be 1'0 It: as altel default 111 the (,'onditiom of
<br />thiS inslrumelll, ;Ind [hl' Lcnder mal' dC1)liUHi. sue for and f('CO\'CI
<br />any such pl1rml'nts "hC'n dllt, and payabk, hUI ..h.a.ll nOl be re-
<br />quired so to do TIlls a\SI!lumenl IS to tell1l1nalC and become null
<br />and \'old upon relC'u..... nf 11m IIlMrUllIem,
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<br />10, That the Bont.lwer \\'I1I keep the buildmgs upon said premise>
<br />In good rep"ur. and t1C'l1hcl ,'ornrnu nm permn wa~te upon said
<br />land, nor suffcl thl" \ald pll:rnl~C> lO be used for an) unlawful
<br />purpose.
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<br />II, ThaI If [he prClTIISC.. or dil) pan tlll:rn>l, he condcrnm:d
<br />under the power of emincnt domain, or acqUIred for ;\ public use,
<br />the damages awarded, the prtl\;ced, for tht: laking of. or the con.
<br />~ideratioll I'm ~u,h acquisition, 10 the cXlcm of the full amount (,I'
<br />indebtednes, upon this illslrumt'1H and the note whICh !1 I!> given to
<br />secure remaining unpaId. arc hereby as.signed by the Borrov.cr l()
<br />the LendC'f, and shall Oc paId fonh\\'ith to saId lendcr 10 be ap'
<br />rlied by the lallt'r on a.xount of Ihe next mlllUnng IIlstallmcnrs of
<br />~IH,'h indeblednc.s,
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<br />] 2, The Borrow.er further agrees thaI" _. Jld this instrument and
<br />lhe note secured hereby not be eligible for insurance under the Na.
<br />tional Housing Acr within eight months from the dale hereof
<br />(wriuen statement of any officer of the Department of Housing
<br />and Urban Developmem or authorized agent of the Secretary of
<br />Housing and Urban Development dated subsequent to the eight
<br />months' time from the date of this instrument, declining to insure
<br />said note and this mortgage, being deemed conclusive proof of
<br />s!lch ineligibility), Ihe Lender or holder of Ihe note may. at its op-
<br />[ion, declare all sums secured hereby immediately due and payable.
<br />NotwithSTanding th,: foregoing, thi~ option may not be exercised
<br />by Ihe Lender or the holder of the note when th~ ineligibility for
<br />insurance under the Nalional Housing Act is due to the Lender's
<br />failure to remit the mongage insurance premium to the Depart-
<br />menr of Housing and Urban DeveopmenL
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<br />13, That if lhe Borrower fails 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 contained in this instru-
<br />ment, or the nole which it ,ecures, then the entire principal sum
<br />and accrued interest shail at once become due and payable, at [he
<br />dC1:lion of the Lender.
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<br />Lender shall g.ive notice 10 Borrower prior 10 acceleration
<br />following Borrower's breach of any cov':nam or agreement in thiS
<br />inSlnlmelll (bUT not prior TO acceleration under paragraph l2
<br />unless applicable Iav. pro\'ides Otherwise), The notice shall specify:
<br />(a) the default; (b) the action required 10 cure the default; (c) a
<br />date. nO[ less than 30 days from Ihe date the notice is gi\-en to
<br />Borrower. by whICh the default must be cured: and (d) that failure
<br />lO cure lhe default on or before the date specified in the noLicr
<br />may result in acceleration of thl:' sums secured by this instrument
<br />and ,ale of the Property, The notice shall funher inform Borrower
<br />of the right to reinstate after acceleration and the right 10 bring a
<br />c(l11I1 itCtlOll to assert the non-existence of a default or any other
<br />defense of Borrower to acceleration and sale, If the default is not
<br />cured on or hefore lhl:' dale specified in the notice, Lender at its
<br />opllon may require immediate paymrnt III full of ail sums secured
<br />by this instrument withOUT fun her demand and may inmke the
<br />power of sale and any other remedies pcrmitted by applicable law,
<br />I ,en del' shall be entitled 10 collect all expenses incurrt'd in pursuing
<br />Ihe remedies pro\'ided in thiS paragraph 13, induding, but not
<br />!tmilC'd to, reasonable attorneys' fees and costs of 1Ille e"adenee,
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<br />If the power of sale is lIl\oked, Trustee shall record a notice of
<br />default III each county III which any pan of the Property is located
<br />and ,hall mail copies of such notlCc 1Il the manner pr~cribed l:>~
<br />appli<:able law to Borrower aad To the Olher persons prl'cribed b~
<br />3ppli~cable law. AfleT the lime required by applicable law, Trustee
<br />;hail give public notice of ""ie 10 the penom and in the manner
<br />prese.rilled by apphcable law, Trustee, without demand on Bor.
<br />rower. shall selllhe Property at public auction to the highest bId-
<br />der lit lhe time and place and under the term; designated in the
<br />notice of sale in one OT rtwre parcel; and in any order Truslt'C'
<br />dctennines, Trustee ma} pOMpone sale of all or allY parcel of the
<br />Propeny b~ public announcement at the time and place of an~
<br />prenously \Cheduled sak It'nder or m deSIgnee may pun:ha,c Ihl"
<br />Property al any ,ale,
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<br />Upon receipl of pa~'n1C'nt of the price bid, Trustee ,hall deli\cr
<br />to Lhe purchaser Tru;lec's deed conveying the Pwperty, The
<br />redta" in lhe Trus[ee'~ dL>ed shall be prima facie t'\'idence of The
<br />TrUTh tot Lilt' statements made therein, TrusTt'e shall apply the pm-
<br />Ct"Cds of the ,ale in the following order: la) \{\ all expenses of the
<br />,ale. IlIcluding. but not limited to. Truste,'" fel" as permitl~'d h\
<br />applll:able lay, and reasonable al1orneys' fees, (1:>) w all sums
<br />S('Curl'd by IhlS SeCUrIll Instrument; and (e) all~ t'\CelS tl' the p<::l-
<br />,on or persom legally cnlllled to II
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