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<br />88-
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<br />1 03.0..B.3---
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<br />made shall be added 10 the principal sum o~mg on the above
<br />nOI~. shall be secured hereby. and shall hear interesl at t' ,e rale set
<br />forth in the said note. until paid,
<br />
<br />7, ThaI the Borrower hereby assigns. transfers and sets over to
<br />the Lender. to be applied toward the payment of Ihe note illld all
<br />sums se.::ured hereby in case of a default in Ihe performance of
<br />any of the lerms and conditions of Ih;s instrument or Ihe said
<br />nOle. all lhe rents. revenues and income ro be derived from the
<br />said premises during such lime as lhe indebledness shall remain
<br />unpaid. and lhe I.ender shall ha"e power to appoint any agent or
<br />agents il may desire for the purpose of repairing said premises and
<br />of renting t:le same and collecling the rem;. revenues and income.
<br />and il may pay our of said incomes all expenses of repairing said
<br />premises and necessary .::ommissiom and expenses incurred in rc"l-
<br />ing and managing the same and of collecting rentals Iherefrom;
<br />the balance remall1mg, If an~, Il1 be applied toward the discharge
<br />of said indebledne".
<br />
<br />X. Thai the Borrower \\ ill keep Ihe nnpro\ements now existing
<br />or hereafrer t'rected on the plOpert~. msured a, ma~ be requirec
<br />from lime to lime by the Lender again'l Ill\\' h) fire and other
<br />ha/ards. casualties a:Jd wntingencies in SUd1 amounlS and for ,uch
<br />periods as may be reqUired by the Lender and will pay promp!I~,
<br />\\hen due. an) premium, on ,uc", Illsuran,'e prO\I'-IOII fur payment
<br />01 which has nor lwen made herembcfore, .-\11 Ill,urance shall be
<br />earned :n compames appro' ,"d b) I he Lender and the policies and
<br />renewals thereof shall he held bl rhc l.eJlder and ha\t. a[(ached
<br />IherelO 10>\ payable clausl"s in 1,I\"r 01 and In lorm acceplable :.1
<br />the Lendn. In e,cnt of 10" Borrlmer Will g1\e nnllledlale nLltl,'e
<br />by mail ro rhe Lender. \\ ho m.i) rna!..~ plllol III Ill" II ncH mad~
<br />prompt" b) Borrower. and each In"Jranc~ c<1l11pan) concerned Is
<br />hereb~ aurhoriled and dlrec'tcd III ma!..e pa'menl fin ,uch 10"
<br />dlll:ctl) (() the lender msteaJ 01 (() Ih,' Bmrll\'er and Ilw lender
<br />)omtly, and the Illsuranee proceed~, cn any pan (hereof, mav he
<br />applied b) Ihe Ll'nder al Its optIon either III lhe redUClllln "I Ihe
<br />mdebtcdne~~ hercb~ secured or ro Ihe re'lmatll)n or repair of rhe
<br />propert~ damaged, In e\elll of loreclosure clllhlS lil'lrUmenl 01
<br />olher rra",l~r "l IIlle III the 111c1rtgaged propen\ m e\lIllgu"hmenl
<br />llf lhe mdehledne" sec'ured hereby, all "ghl, !Ilk dnd illl.:rc.1 ',11
<br />Ihe Bclrrower m and ILl an~ .",uran,'e i \111_,e, Ihcn III lorce ,hall
<br />pa" tLl rhe purchascl or granlee.
<br />
<br />9. fhar a, addll1llnal and C[>llareral ,,','ur 11\ for the paymenl of
<br />lhe note desdlbed, and:ill sums to ht'cUIII\' duc under this Instru-
<br />Illent. the Borrower hereby assigns to the Lender all pruhts.
<br />revenues, fllv'allies. fights and benefit> ac.:rumg to Ihe Borro~er
<br />under an~ and all 011 ;md ga~ Iea~e~ on said pI em 1'-""' , will rhe
<br />righr 10 reccI\c and rccelfll for Ihe same and appl, them ro said
<br />mdebtedness as well before as afrer ddauh in lhe condlliom of
<br />this instrumem. and the Lender may demand. 'ue for and recover
<br />any such payments \\ hen due and pa~ able, bUI shall not be re-
<br />quired so to do. This asslgnmenr is 10 lerllllnale and become null
<br />and void upon release of thi, m,rrumenl.
<br />
<br />10, That the Borrower "ill keep the butldlllll!o upon said prelnlLes
<br />in good repair, and neither commil nor permn \\ asle uptln saId
<br />land. nor suffer Ihe said pn:mlSC" 10 be u!oeJ lor any unlaw lul
<br />purpose '
<br />
<br />II. ThaI If (he premist:!>. or an~ part Ihereclf. b,' condemned
<br />under ihe power of eminent domain. or aL"(julred for a public u!oe,
<br />the damages awarded, the proceeds for the laklllg of. or the con-
<br />~ideration for such acquisilion, 10 the eXlent of the full amount of
<br />indebledness upon this instrument and lhe nOle whleh II IS given to
<br />secure remaining unpaid. are hereby assign,'d b) the Borrower ro
<br />the Lender, and shall be paid forthwilh to said lender 10 be ap-
<br />plied by the lauer on account vI' the next maluflnl! inslallmellls of
<br />such indebtedness,
<br />
<br />12, The Borrower further agrees that should lhis inslrument and
<br />lhe nore secured hereby not be eligible for insurance under the Na.
<br />lional Housing Act within eight mOlllhs from the date hereof
<br />(wrillen statement of any officer of the Deparlment of Housing
<br />and Urban Development or authorized agent of the Secretary of
<br />Housing and Urban Development dated subsequelll 10 the eighl
<br />months' time from the date of this instrumelll, 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, al its op-
<br />tion. declare all sums secured hereby immediately due and payable,
<br />Notw;~hstanding the foregoing, this option may not be exercised
<br />by t he Lender or the holder of lhe note when the ineligibilily for
<br />insurance under the National Housing Act is due to the Lender's
<br />failure to remil the mortgage insurance premium to the Depart-
<br />ment of Housing and Urban Deveopment.
<br />
<br />13, That if the Borrower fails to make any paymellls of money
<br />when Ihe ,ame become due, or fails to conform to and comply
<br />\\ ith any of the condilions or agreemellls cOlllained in this instru-
<br />mell1, or the nOle whi,h it \ecure\. then lhe ell1ire principal sum
<br />and accrued imere,t shall al once be,o:ne due and payable. at the
<br />e1eclion of lhe lender.
<br />
<br />l..c'nder \hall give nOlice to Borrower prior to acceleration
<br />fllllowing Borrower':; brea,h of any covenant or agreement in Ihis
<br />m,lrumelll (but nOI prior to al:Celeration under paragraph 12
<br />unle", applicable law proVIdes otherwisel, The notice shall specify:
<br />ta) the default; (b) lhe action required to cure the defaulr; Ie) a
<br />date. not les.. than 30 days lrom the date the notice is given to
<br />Borrower, by which rhe default must be cured; and (d) that failure
<br />10 ,'ure I he default on or before the date specified in the notice
<br />ma\ re,ult in aCC'eleration of the sums secured by this instrument
<br />and sale of Ihe ProperlY, The notice shall further inform Borrower
<br />of Ihe fight to reinstate after acceleration and the right to bring a
<br />coun a,'tlOn to assert the non-existence of a defaulr or any olher
<br />dr:feme of Borrower 10 acceleralion and sale, If the default is not
<br />cured on or before the dale specified in the notice. Lender at its
<br />'prlOn may require immediale paymem in full of all sums secured
<br />b) thiS inslrumell1 without further demand and may invoke lhe
<br />pO\'er of \aJe and any other remedies permillcd by applicable la\\.
<br />Lender shall be entitled to mllect all expenses in,urred m pursuing
<br />the remedies provided in this paragraph 13, including. but not
<br />limited to, reasonable auorneys' fees and costs of title evidence.
<br />
<br />If the power of sale is invoked. TrUSlee shall record a notice of
<br />defaull in each coumy in which any part of the ProperlY is located
<br />and shall mail ,opies of such notice in the manner prescribed by
<br />applicable law to Borrower and 10 the other persons precribed by
<br />apl'ltcablc law After the time required by applicable la~, Truslee
<br />shall &I\C public notICe of ,ale to the persons and in the manner
<br />preSCribed by applicable la~, Trustee, without demand on BOl-
<br />ro~er. shall selllhe Properly al public auction to the highesl bid.
<br />der al the tunc and place and under the terms designated in lhe
<br />nOIlLC of ~Ille in one or more parcels and in any order Trustee
<br />delernllnes, Truslee may postpone sale of all or any parcel of the
<br />Property by publi, announ.::ement at the lime and place of any
<br />I're\lllmh \Chcduh:d sale, Lender or its designee may l'ur.::hase Ihe
<br />PIOper! y al any sale,
<br />
<br />Upon receIpt of payment of the price bid, Truslee shall deli\er
<br />III the purchll!;er Trustee's deed ,onveying the Propert), The
<br />reellals tn the Trustee's deed shall be prima facie e\'idenL"C of I,hc
<br />t ruth lit thc statelllent\ made lherein, Truslee shall appl~ lhe pr,'-
<br />ceeds of the sale in Ihe following order: (a) to all expenses of Ihe
<br />sale. including, bUl nOI Iimiled 10, Trustee's fees as permilled b\
<br />applicable law and reasonable attorneys' fees; (b) to all sum,
<br />secured by this Security Instrument; and (c) any ex.:ess ro the per,
<br />son or persons legally entilled 10 it,
<br />
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