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<br />88-103562
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<br />apply them to said indebtedness as well before as after default in the conditions of Ihis instrument, and the Lender may de-
<br />mand, sue for and recover any such payments when due and payable, bUI shall nOI be required so to do. This assignment
<br />is to terminate and become null and void upon release of this instrument.
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<br />10. That the Borrower will keep the buildings upon said premises in good repair, and neither commit nor permit waste
<br />upon said land, nor suffer the said premises to be used for any unlawful purpose.
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<br />II. That if the premises, or any part thereof, be condemned under the power of eminent domain, or acquired for a public
<br />use, the damages awarded, the proceeds for the taking of, or the consideration for such acquisition, to the extent of the full
<br />amount of indebtedness upon this instrument and the note which it is given to secure remaining unpaid, are hereby assigned
<br />by the Borrower to the Lender, and shall be paid forthwith to said Lender to be applied by the latter on account of the next
<br />maturing installments of such inrlebtedness.
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<br />12. The Borrower further agrees that should this instrument and the note secured hereby not be eligible for insurance
<br />under the National Housing Act within eight months 'from the date hereof (written statement of any officer of the Department
<br />" ,of Housing and Urban Development or authorized agent of the Secretary of Housing and Urban Development dated subse-
<br />: "::;: quent to the eight months' time from the date of this instrument, declining to insure said note and this mortgage, being deem-
<br />, edconclusive proof of such ineligibility), the Lender or holder of the note may, at its option, declare all sums secured h~reby
<br />immediately due and payable. Notwithstanding the foregoing, this option may not be exercised by the Lender or the holder
<br />of the note when the ineligibility for insurance under the National Housing Act is due to the Lender's failure to remit the
<br />mortgage insurance premium to the Department of Housing and Urban Development.
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<br />13. That if the Borrower fails to make any payments of money when the same become due, or fails to conform to and
<br />comply with any of the conditions or agreement:; contained in this instrument. or the note which it secures, then the entire
<br />principal sum and accrued interest shall at once become due and payable, at the election of the Lender.
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<br />Lender shall give notice ~ Borrower prior to acceleration following Borrower's breach of any covenant or agreement
<br />in this instrument (but not prior to accelerration under paragraph 12 unless applicable law provides otherwise). The notice
<br />shall specify: (a) the default; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the
<br />notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the defaull on or before the
<br />date specified in the notice may result in acceleration of the sums secured by this instrument and sale of the Property. Thc
<br />notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert
<br />the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or
<br />before the date specified in the notice, Lender at its op~on may require immediate payment in full of all sums secured by
<br />this instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable
<br />law, Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 13, in-
<br />cluding. but not limited to, reasonable allorneys' fees and costs of title evidence.
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<br />If the power of sale in invoked, Trustee shall record a notice of default in each county in which any part of the Property
<br />is located and shall mail copies of such notice in the manner prescribed by applicable law 10 Borrower and to the other persons
<br />prescribed by applicable law. After the time required by applicable law, Trustee shall give public notice of sale to the persons
<br />and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the Property at public
<br />auction 10 the highest bidder at the time and place and under the terms designated in the notice of sale in one or more parcels
<br />and in any order Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public announcement
<br />at the time and place of any previously scheduled sale, Lender or its designee may purchase the Property at any sale.
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<br />Upon receipt of payment of the price bid, Trustee shall deliver 10 the purchaser Trustee'~ deed conveying the Property.
<br />The recitals in the TIUSIee's deed shall be prima facie evidence of the truth of the statements made therein. Truslee shall
<br />apply the proceeds of the sale in the following order: (a) to all expenses of the sale, including, but not limited to, Trustee's
<br />fees as permitted by applicable law and reasonable attorneys' fees; (b) to all sums secured by this Security Insuument; and
<br />(c) any excess to the person or persons legally en,titled to iL
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<br />14. Upon acceleration under paragraph 13 or abandonment of the Property, Lender (in person, by agent or by judicially
<br />appointed receiver) shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of
<br />the Property including those past due. Any rents collected by Lender or the receiver shall be applied first to payment of
<br />the costs of management of the Property and collection of rents, including, but not limited to, receiver's fees. premiums
<br />on receiver's bonds and reasonable attorneys' fees, and then to the sums secured by this instrument.
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<br />IS. Upon payment of all sums secured by this instrument, Lender shall request Trustee to reconvey the Property and shall
<br />surrender this instrument and all notes evidencing debt secured by this instrument to Trustee. Trustee shall reconvey the
<br />Property without warranty and without charge to the person or persons legally entitled to it. Such person or persons shall
<br />pay any recordation costs.
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<br />16,. Lender, at its option, may fr9m time to time remove Trustee and appoint a successor trustee to any Trustee appointed
<br />herewider by an intrument reco",ediit ihe county in whiCh this instrument is recorded. Without conveyance of the Property.
<br />the IlUccealOr trustee shall succeed to all the title, power and duties conferred upon Trustee herein and by applicable law.
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<br />t7~ Borrower requests that copies of the notices of default and sale be sent to Borrower's address which is the Propeny
<br />Addreu. ' ,. ,
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<br />18. If one or more riden are executed by Borrower and recorded togctbcr with this instrument, the covenants and agreements
<br />'of each aucll rider sI1I1l be incorporated into and shall amend and supplement die covenants and agreemenlli of this instrument
<br />.1 if the rlder(s) were a part of thiqllstTument.
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<br />19, 1be covClllDtl herein contained shall bind. and the benefilli and advantages shall inure to, the respective heirs, ex-
<br />ec:ulon, adminialtators, succeslOCS, and assigns of the plIrties hereto. Whenever UllCd. the singular number shall include the
<br />plural, the Plural the singular. and the use of aity Bender shall include all genders,
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<br />p. 3 01 4
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<br />Form HUo.I114J.DT Rev 2188 6LPI
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