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<br />88-102870
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<br />made ,hall be added to the prin..-ipal sum lJ\' ing on the abo\'e
<br />nOle, ,hall be secured hereby, and shall bear Illlerest al the rale set
<br />forth in Ihe ,aid nOle, until paid.
<br />
<br />7. That the Borrower hereby assigm, transfers and sets o\'er to
<br />the Lender, [Q be applied toward tl:e payment of the nOle and all
<br />sums secured hereby in case of a defauh in the performance of
<br />any of the terms and conditions of Ihis inslrument or the said
<br />nOle, all the rents, re\'enues and income to be deri\'ed from [he
<br />~aid premises during such time as the indebtedness shall remain
<br />unpaid, and Ihe Lender shall ha\'e power to appoint any agent or
<br />agents it may desire for the purpme of repairing said ptemises and
<br />of renting the same and collecting the rents, revenues and in.:ome,
<br />and it may payout of said incomes all c.'I\p.:nses of repairing said
<br />premises and necessary commissions and e:~pcnses m.:urrcd 111 rCIl!,
<br />ing and Ilnooaging [he same and of collecting rentals therefrom;
<br />the b"lance remaimng, if any, 10 be applied toward rhc lhscharge
<br />of said IIldebtedncs...
<br />
<br />R. That the Borrower will keep Ihe imprO\emenh no\\ e\i..llIlg
<br />or hereafter creC:led on the properly, insured as m,IY be rcqlllred
<br />from lime to lime by Ihe Lender agamst Jo..s by fire and ('ther
<br />hazards, c:asualtles and coming.,:ncies in suc:h amOUIll, imd for 'lIdl
<br />period, as milY be required by the l.endcr and will p.1\ prolllpt".
<br />when due, an~ premiums on ~uch Insurance prO\I~IOIl Illr p.IYJ1lc.'nl
<br />of .....hlch has nllr bcen made hereinbcfort>. All rn~urarlL'e.' shall hl'
<br />earned In c:ompanie.. appro'ed by lhe Lcnder and [Ill' (JOIt,'ll" and
<br />renewa1.s [hereof ,hall be held by lhc Lender and hase all<ldlCd
<br />iherelo loss payat~c daus~ In fa\'or of and III form ;Il'ceplabk III
<br />the Lender In e"ent of 10'>" Borrower will gll.e uTlllIedlille n,)II,l'
<br />by mail to Ihe Lender, who may make prool 01 1m, If nLll made
<br />pro"',ptly b~' Borrower, and each insurance clmlpam ,'ollcerned I'
<br />herc.'b~ alllhonled and directed 10 makc pajmenl lor I.ll,h 10"
<br />dlrel.'[lj ro rhe I ender instead of to Ihe Borr\\I.\er <.Inti Ihe I t'lHkr
<br />JOIntly, and Ih" IllSlIranc:e proc:eeds, t)f alll. parr r hneo" rn;1\ b('
<br />applied b~ [he Lcmler a: lis OpllOIl ('II her 10 Ihe I l'tllldIlHI III rhl'
<br />IIldcbtcdnc..~ hereby sCC:lUed or to rh., restoratloll Of H'Pili! ,,( Ihe
<br />properlj damagl'ti. In e'ent of loredoSlJl C III IIIIS 111,1 rumelll lH
<br />other lransfC'r of 1Ille 10 the mortgaged prop'-rl\ III e"Ill!1lmhmCIlI
<br />of the indebledness ~~'ured hereb~, all right. III k ,IlIJ Imere,l nl
<br />lhe Borrower III and 10 any lll..uranC:l' polin..., Ihell III tnr't' shull
<br />pass 10 Ihc purc:has>:r or grantee.
<br />
<br />I). ThaI .lS adLlillonal and c:ollateral ,eC:UIII\ for [he paynlt'1Il 01
<br />the note tkscribeLl, ;lntl all sums to Ol.'nlllll' dIll' undn thiS IllSTrU'
<br />ment, the Borrower herelly assigns to th~' Lender all proilts,
<br />revenues, royallle~, I'lghi.. and benelits ac:c:rurng [0 [he Ilorm\\ rr
<br />under allY and all oil and ga~ Ir:a~es on said pn:mlse!>. wilh Ill..
<br />fight to recei\'e and recelpr for Ihe .....file and apply them to ~ald
<br />indebtedness as well before as afler default 1I1 lht:' conditions of
<br />this instrument, and the Lender maj demand, 'Ill' for and rcco'er
<br />any such paymellls \\hen duc ,md payable, hUI ,hall not be re-
<br />quired so 10 do. This asslgnmem is to [enluna[c and bec:ome null
<br />and void upon rckase of this in:mulllenl.
<br />
<br />10. Thai the Borrower will keep Ihe building~ upon ..aid prenll~es
<br />In good repair. ilnd neither commit nOI I:><:rmll "a,,[e upon saId
<br />land, nor suffer the said premises to bc used fOf an} unla\< ful
<br />purpose.
<br />
<br />II. That If the premiM.'S, or any pan th.:rcol. be c:ondemnt'l.i
<br />under the power of eminent domain, or acqum:d for a pubhc ust',
<br />the damages awarded, thc procel-ds for th.: taking of, or the con.
<br />sideration for such acquisition, to the cxtent of Ihe full amount 01
<br />mdebtedness upon this instrumem and Ihc notc wtllch II IS given ro
<br />secure remaining unpaid, arc hercby assigncd by the Borrower 10
<br />Ihe Lender, and shall be paid forthwith to Said lender ro be ap-
<br />plied by the lauer on acc:ount of the ne.\t maturmg in51allments of
<br />such indebtedness.
<br />
<br />12. The Borrower further agrees that should this instrument and
<br />Ihe note secured l1ereby not be elig.ib:e for insurance under the Na-
<br />lional Housing. Act wilhin eight months from the date hpreof
<br />(wrillen statemelll of any officer of the Department of Housing
<br />and Urban Development or amhorized agent of the Secretary of
<br />Housing and Urban Development dated subsequent to the eight
<br />months' lime from the date of this instrument, declining to insure
<br />said note and this mortgage, being deemed conclusive proof of
<br />such ineligibility), the Lender or holder of the note may, at its op-
<br />tion, declare all sums secured hereby immediately due and payable.
<br />Notwithstanding the foregoing, this oplion may not be exercised
<br />by the Lender or the holder of the note when the ineligibilit:' for
<br />insurance under the National Housing Act is due to the Lender's
<br />failure [0 remit the mortgage insurance premium to Ihe Depart-
<br />ment of Housing and Urban Deveopmelll,
<br />
<br />D. Thill if the Borrower fails to make any payments of money
<br />"hell Ihe same bccome due, or fails to conforr.1 lO and comply
<br />wir h any of the conditions or agreemelllS contained in this instfu-
<br />ml'nl, or the note which it secures, thcn the entire principal sum
<br />and a~c:rued imere,t shall a[ once become due and payable, at the
<br />...k'ctlon of the Lender.
<br />
<br />I,'nder \hall give notke to !lorwwer prior to acceleration
<br />'LlIIL", IIlg norrower'~ breac:h of any C(Wenant or agreement in this
<br />illS I r urnelll (but not prior [0 acceleration under paragraph 12
<br />IlIlle" apphc:able law provides otherwise). The notice shall specify:
<br />(.n Ihl" defaulr; (bllhe action required to cure the default; (c) a
<br />dUle. lUll le,~ than 30 days from the date the notice IS gi\'en to
<br />BlH !tW, er, by which Ihe default must be cured; and Id) that failure
<br />rLl ,"ure.' Ihe default on or before Ihe date specified in the notice
<br />11H11. I e,ult In "c:cderation of the ~ums secured by this instrument
<br />,md ,alc of rhe Property. The nOlke shall further inform Borrower
<br />III [he light In relllstate afrer an'e!eration and the right 10 bring a
<br />,LlUIl acllon III assert lhe non-e\iSlenCe of a default or any other
<br />.krell'e 01 Borrower to a~c:eleration and sale. If the default is not
<br />llJll'd Oil or hefore lhe dare specified in lhe notice, Lender at its
<br />opr 1011 rnilj rcquire !nllncdime paymclll in full of aU sums secured
<br />'" Ihl\ IIIMrUmellt without further dermmd and may invoke the
<br />powcr of \ale alld any olhcr remedic.-\ perrnillcd by applicable law,
<br />I mder \hall be cntitled 10 (ollect all expenses incurred in pursuing
<br />Ihe.' f<:tlledlC~ pro\'ided in [his paragraph 13, including, but nOI
<br />limlled 1(1, rea~onable atlOrney~' fees and costs of title evidence,
<br />
<br />It [ht' power of sale IS Ill\'oked, Trustee shall record a notice of
<br />dcfilUlr in each coullly in which any pan of the Property is located
<br />and shall mail copie' of ,>u.:h nOlice in Ihe manner prescribed by
<br />.,ppllcable Jaw to Borrower and [0 the other persons precribed by
<br />applicable law. After the lime rt~quired by applicable law, Trustee
<br />,hall gJ\'e public nOllce (If sale to rhe persons and in the manner
<br />prl.'..cribed by applic:ablt.: la\'. Truslee, without demand on Bor-
<br />rower, shall sell the Property al public auction 10 Ihe highest bid,
<br />del' a: (he time and place and under the terms designated in the
<br />notice of sale in one or more parcels and in any order Truslee
<br />determines. Trustee may postpone sale of all (11' any parcel of Ihe
<br />ProJX'r~y by public announcemelll at the time .lIld place of any
<br />pre\'iousl)' scheduled sale. Lender or its ,lesignee may pmcllasc the
<br />PropC'rty at any sale.
<br />
<br />Upon receipt of payment of the price bid, Trustee shall deliser
<br />ro thc purchaser Tmstee's dl'Cd conveying Ihe Propen~. The
<br />reC:ltals in Ihe Trustee's deed shall be prima facie cvidence of the
<br />truth ul thl' statements made therein. Trustee shall apply the pro-
<br />c:eeds of the sale in the following order' (a) 10 all l':\.pClIses of the
<br />sak, induding, bUl nOl limiled to, Trustec', fees as permined by
<br />applicahle law lllld rcasonablc allorneys' fces; (b) to all "'m~
<br />secured by Ihb Security In'lrumcnt; and (c:) any exce.,., 10 Ihe pcr-
<br />,on or persons legally elll itlcd ll) It.
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<br />Page 3 of 5
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<br />HUD-92143DT
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