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<br />88....1029172
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<br />made ~hall he added to the principal sum 0\'>'1I1g on the above
<br />note, ~hall be secured hereb~', and shall bear il1lere~t at the rate set
<br />forth in the said note, until paid.
<br />
<br />7, That the Borrow'?l hereby assigns, Iransfcr~ and seh over to
<br />the Lender, to be applied toward the payment of the note and all
<br />~ums ~ecurcd hereb~' in case of a default in the performance of
<br />an~ of the lerms and conditions of this instrument or the said
<br />nOle, all the reJ1ls. revenues and income to be derived from the
<br />,aid premises during ~uch time a, the indl:btedne,s shall remain
<br />unpaid, and the l.ender shall have power to app0ll11 any agem or
<br />agents it Illay desire for rhe purp()~c' of repamng ,aid premise, and
<br />of reJ1lmg the same and collecting rhe rcnl" revenue, and lI1coml:.
<br />and it may pa~ out of said lI1comes all c"pcn,..., of repairing ,aid
<br />premisc, and neccs~ar\ cornmlssiol1\ and npemc\ IIlcurred III rent.
<br />Ing and managing the ,ame and of .;olleclIng rema" Ihert'from:
<br />Ihl' balance relllallling, If ..ill I , lO be applinl IO\\;lld lhe JI,.-halgc
<br />of ':\ld mdehlcdllc,,"
<br />
<br />S, ThaI Ihe B..HrO\\l'r "III kcep Ihe Imprll\l'lIlt'IlI' n,," e'''lIng
<br />\Ir hereafter erec'[ed on the property, IIl'wed ," 111,1\ h,' lequIred
<br />from time to tlln.: hy ,hl' Lend.:r agalll\t /'"'' 11\ IlIe .md "Ihel
<br />hillanh. cJI._allles and cOllungencI,'\ III 'Ud1 dllllllilll' ;md II~r ,u.-h
<br />p.:nod' il\ may he reqUIred I,n Ihe I endcl .1nJ \\ III pa\ rrol11PII,.
<br />\\hcn due. any rn'nH\Jnl~ on ..lh:h 1I1'~Ur~ilht. prCl',I'\ltll1 I\.H p,l\rnl"nt
<br />of "hlch ha;. nol bc':n maJe herclnhd,),.. \ Ii I n,ul,lI1,e ,h.:lll bt'
<br />,arncJ III ,:ornpanle' ;IPPI(l\l'd h\ Ihl' 1",,,1<'1 .1Ild Ill,' [1IlI1"le' anJ
<br />IClle"a1\ lhl'reof ,hall be held b~ Ih.: I ,'Ihkl ,mJ hill" dlladl.:d
<br />Ihelt:lD Ii),\ pil~al'lt: dau,l'\ III faH" 01 ;llld ;n 101m au:cptar.k 1(1
<br />lhe l.cnJ<:f In ,,'em of 10\\ Born,,\er "III ~"e Illlmedlal,' nOll,e
<br />hy mail rll Ihe L':lldel, "h" ma~ ma~e pr"ol "I I.", It 11<11 ma,k
<br />prompll\ h~ Borro"...r. and ca.-11 Imlll an,... "llnp,lrI', con.-erned I'
<br />hl'reb\ aUltwnled and l,i1n....!(~d In rna~e 11;l"1l~1l1 1.'r 'u.-Il I,,,,
<br />dlre,'lh 10 Ihl' I,'n,k( IIl'h:iIlJ ,'1 ", Ihe [lolf.",,'r ,llld Ihe I t'nJ""
<br />j():nth. alld 'hl' In'Ulan,,(.' plllc.:eJ", .)r am pMl Iht'!,'OI, ma', "l'
<br />appll.:J l'\ Ihe l.l'n,lcr ill ll, oplh'll l'llhel I" 1he It'dlkll11f! ,,1 the
<br />II1deht,'dne" herd'\ 'cc\Hed "'I III Ih,' (\',1"1,1111'11 ,11 Il.'pllll (11 thc
<br />prof't'rl\ Jarn'lgcJ fro c\ t'lll l.)t fUlt:....:hhlHL' li' ~ hi" In...rr urncnl tlr
<br />(1tht'l 11;lmll'r 01 ntle fl\ IIll.' morll!a~l'J [';"rCI'\ 'n nlln!1ul,hmc!lI
<br />"I' Iht' Indd'll,dne" ,,:culed herel". .II! n~hl, !Ilk- ,rnJ \nle.,"'>l ,,(
<br />th\.' B,~tTll\\t.'"r IU Jilt! 10 an\ 1I)'UL)I1i..c..~ POII\.I{..'" :th.'!j Hi lnfL't" ...h,dl
<br />I'"'' I,' Ih,' pUrdHl'l'1 LII ,!tlanIC('
<br />
<br />'I Thai a, addllllm.:tl ,lnd colbt':l,ll 'CUll\!\ 1<11 rhc pa~Il'J('nl ..I
<br />thc n(ll,- ,lcs,nbnJ, Jntl..llJ sum~ t() hl'U""" ,ltH' Illhkl rhl' IIl,rIU'
<br />LIen1. ttH~ Bt:lHU\\l'r ht'f\.b~ dS~Jgn'!11u tht~ I..l'ndt.'f .ill i'rnbt~
<br />rc\C"nucs., ro\aJt\i::'\, llgh[... iuu.f hellcfu'\ ;!l..,\,:~tlln~ h' the Bl)fr(l\.\-r:r
<br />under ;Ill\' Jnd all ,),1 an,! ~a, k;t'>e' ,m ,.IlJ plt'Ill'''''. "llh !he
<br />r1!ih! ic' lec,'I\C and 1,'''<''!,1 fllL Ihe ';lInc ..lllJ ,Wph I ht,f1t In "uJ
<br />II1dr.'btednc" a, well odon: J' Jfll.'r defaulr III lhe n.1lldit!on' or
<br />thi, Ilblrumcnt. and rIll' I endt"l lila' demand, 'lie for and ro::\.'o<er
<br />;Ill~ ,udl pa~'IllC'1ll \ "hen .1Ill' ,Ino ra~:ll'k, hI! ,h,lH nOI be Ie.
<br />quned ~() III do TIn' a""gnrnclIl " !l1 [("lllllll,':" ,!IlJ Dt"CUrtle null
<br />and VOId upon rt'leil'><: of Ihi, in~rrum.:m
<br />
<br />10, That the Borrower '<Ill \;eep Ihe h\lIldlllg, upnn ;,ald pn:ml>c\
<br />in good repair, and neithcr commit nor pt"lllll! \\ ilste upon ~aid
<br />land. nor ~uffer lhe "''lid pn:mhe, 10 h.: 1I,e;j for an\' unlawful
<br />purpose
<br />
<br />II, That If Ihe prenme" or an) part there,'l. Dt' .-ond.:mned
<br />under the power of eminent domain, or acqurred for II public me,
<br />Ihe damages awarded, Ihe proceeds for the takmg or, or the con,
<br />sideratiol' for such acquhition. 10 the C'l:tffit of [he full amount of
<br />indehtedness upon this inMnlmenl and the note which 11 is given to
<br />sec~rc remaining unpaid, are hereby assigned by the Borrower to
<br />the Lender, and shall be paid forthwith 10 said Lender 10 be ap.
<br />plied by the laller on account of the ne"t maturing mslallments of
<br />such indl.'I:Hednesli,
<br />
<br />12, The Borrower further agr.:es lhat ~hould this ',Istrument and
<br />the note secured hereby not be eligible for insuranc: under the Na.
<br />tional Housing l\cr within eighl months from the dale hereof
<br />(written statement of any officer of the Department of Housing
<br />and Urban Developmenl or authorized agent of the Secretary of
<br />Housing and Urban Devclopm:nt dated subsequent to the eight
<br />months' time from th.: date of this instrument, declining to insure
<br />said note and this mortgage. being deemed conclusive proof of
<br />\Ut'h ineligibility), the Lend.:r or holder of lhe note may, at its op-
<br />tion, declare all sums secured hereby immedialely due and payable.
<br />~olwithst,ltlding the foregoing, this option may not be exercised
<br />by the Ll.'nder or the holder of the note when the ineligibility for
<br />IllSUralll:e under rhe National Housing Act is due to the Lerner's
<br />failurc to remit the mortgage insurance premium to the Depart-
<br />ment of HoU'ing and Urhan Deveopmcnl.
<br />
<br />1:1 ThaI If the Borrower fails 10 make any paymel1ls of money
<br />\\ hen the ':.Im<: become due. or fails 10 conform \.0 and comply
<br />\\ Ifh any of the conditiom or agreement, connined in this instru-
<br />mcnl, or th\:' not\:' \\ hich it ,ecure:;, lhen the emire principal sum
<br />and ilcclued II1terc,r ,hall at om'e becomt' due a~ld payable, at the
<br />de"lIon of the Lender,
<br />
<br />I ender ,hall glvC notice to Borrower prior to acceleration
<br />h,II"\\Hlg Borrowl'r', bleach of allY covenant or agreement in this
<br />11I,'rUlI1ent (but nOI pnor to accelera'ion under paragraph 12
<br />unlc', arpllcab1c 101\\ proVides otherwI5e), The notice shall specify:
<br />lit) the default: (bJ the action required to cure the def.ault: (c) a
<br />date, not bs than 30 day, from rhe date the notice is gIven \0
<br />Borrowel, hy whIch the default mllSI be cured; and (dlthat failure
<br />tn ,'ore the dd'auh on or betOre the dale specified ;n the notice
<br />rr.ay l"sult III acceleration of the sums secured by this inslrument
<br />and ,alt: of rhc Property, Th.: nOllce shall further inform Borrower
<br />01 the rlghl to rcinsta((' after accelt:ration and the right to hring a
<br />.-,)un iJcttOn 10 as"ert the non,cxistence of a defaulr or any other
<br />,kfellw of Borrowe! to ac.;:eJeration and sale, If the default i5 not
<br />cured on or before the dare speCified in the notice, Lender at its
<br />OpllOIl mil) r.:qull'l: IllltncdlaW payment ill full of all sums secured
<br />hy rhl' In'.!rument wnhout further demand and may invoke the
<br />power of sale and any other lerm:dles permilled by applicable la\'\
<br />I e-nder ,hall be entitled to collect all expenses incurred in pursuing
<br />Ihe lem.:dics pro\lded in tfm paragraph 13, including, but nOl
<br />limned 10. reasonable a!torneys' fe~ and costs of title ('\'idem'c.
<br />
<br />II Ihe power of ~alc i.. IllVoked. Trustee shall record a notke at
<br />J::f;IUIt III each county in which any part of the Pwpeny is IOl-ated
<br />and ~hall mail copics of such notice in the manner prescribed by
<br />apphcilble la" to Borrower and to the ether persons precribt'd 1-:
<br />appiKablt' la", Aher Ihe time required by applicable law. Trustee
<br />,hall gl\t' puhlic nDtlcc of ,ak 10 the per,om and in tht' manner
<br />prel>crih.:d by apphcahlc la\\, Trustee. without demand on Bor-
<br />rower, shall sell the ProperlY at puh!ic auction to lhe highest bid,
<br />der at rhe time and placl' arHI \Jnder the lerms designated in rhe
<br />notice of sak in one or morl' parcels and in any order Trustee
<br />determine;" Trustee may postpune \alt' of all or any parcel of the
<br />Property hy public announc,'ment at the rir.te and place of any
<br />pn:\'lollsly scheduled sale I ,'I1<l<-r <II 11< de,igl1l'e may purchase tht"
<br />Property al any sale,
<br />
<br />Upon receipt of payment of lhe pnce hid. Trustee shall deli\er
<br />to rhe purchaser Trustee's deed con<'eying lhe Properly, The
<br />recirals in the Trustee's de-ed shall be prima facie e\'idence of the
<br />[rut h 01 the statelll.:nls made therein, Ttllstee shall apply the pro-
<br />ceeds of Ihe salr in the following order: (a) to all expense-; of the
<br />sale, including, but not limitt'd to, Truslec's fees ;1S permitted by
<br />applicable law and reasonable a!torneys' fees; (b) to all slims
<br />secured by lhis Security Instrument; and (c) any execs' to the per.
<br />son or persons legally' enlitled to iI,
<br />
<br />Page 3 01 5
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