|
<br />88-4.05339
<br />
<br />0, That as additional and coMaleraJ security far the Plymonl of the
<br />nole desaibecf. and .. sums to become due under this Inslrumenl. the
<br />Bonower hereby uslgns to the Lender I. pronls. revenues, roYlttles,
<br />r1ghlll and ba1eflt!1 acaulng 10 the Bonower und. any and aM aU and
<br />gu .SeI on saki premlses, with the right to receive and receipt far
<br />the same and .ppty them to aald Indebledneas liS well before as after
<br />defauh In the condltlons of this Instrument. and the Lender may de-
<br />mand. suo for and recover any such payments when due and payable,
<br />
<br />:~ =' ~:. ~= ~;~~ ~S~D~ t~~:I~nl5=~lto temllnBte
<br />
<br />10. Th., the Borrower wi keep the buildings upon said premises
<br />In good repU', .,d neflher commfl nor permt1 waste upon said land,
<br />nor sutfer the aaid pnmIses to be used in any unlawful purpose.
<br />11. That tf the prerfises, or any part thereof. be condemned under
<br />the power of fI'IWIen1 domUI, or IIcqulred for a pubic USl!, the dam.
<br />ages 1IWarded, lhe proceeds for the taking of. or the conslderaUon lor
<br />such acqulsftlon, to lhe exlent of the fuR amount of Indebtedness upon
<br />this lnsbumenl and the note whJch Ills given to sacure remaining un-
<br />paid, .... hereby assigned by the Borrower to the lender, and shall be
<br />paid forthwith to said Lend&-' to be applied by the laner on IIccount of
<br />the nllXl maturing installments of such indebted."1e3s.
<br />12. The Borrower further agrees that should this instrument and the
<br />note secured hereby not be eligible for insurance under the National
<br />Housing Act within eight months from the date hereof (written statement
<br />of any omc. 01 the Department 01 Houslng and Urban Development
<br />or authorized agent 01 the Secretary of Housing and Urban Development
<br />daled subsequent to the elghl months' time from the date of this Instru-
<br />ment. dednlng to Insure saki nole and this mortgage. being deemed
<br />conclusive proof of auch ineligibility), the lender or holder of the nole
<br />rTlIIV. al ils option, declare .. sums secured hereby Immecfi&tely due and
<br />payable. Notwlthstandi1g the foregoing, this option may not be exer.
<br />clSKt by the lena or the holder of the nole when the ineligibility for
<br />Insurance under the National Housing Act Is due to the lender's
<br />tanure to remit lhe mongage insurance pl1!f1'ium to the Department of
<br />Housing and Urban DBYeIoprn811.
<br />13. Thai If the Bomrwer falls to make any payments of money
<br />when the sarTHI become due. or tails to corlfonn to and comply whh
<br />any of the condiUons or agreements contained In this instrument. or
<br />lhe oote which II secures, then the entire prtndpaJ sum and accrued
<br />Interest sha! at once become due and payable, at the election of the
<br />Lender.
<br />lender shall give noUce to Borrower prior to accelerallon fonowlng
<br />Bomrwtl'"'s brelch 01 any covenanl or agreement In this Instrument
<br />(but no' prior 10 aeeeleraUon under paragraph 12 unlesa .pp6cah1e
<br />Iirw provldes oth.-wtse). Th. notlce shall specify: (I) the d4r1.uh:
<br />(b) the sellon required to cure the default: (cl a date. not less than
<br />30 dlys from the date lhe notice Is giYlIl to Borrower. by which the
<br />default must be OJrec:t; and 1dJ Ihllt tdure to OJre the deflult on Dr
<br />before the date specified 10 the notice may result In .cceleratlon of the
<br />sums secured by this Instrument and sale 01 the Property. The noUell
<br />shill further Inform Borrower of the right to "*tsllle .nor acceHntloo
<br />and the right to bmg a coon sction to .ssert the non-exislence of
<br />. delaull cw MY other defense 01 Bomrwer to .cceHnUon and sale.
<br />n the deIIIul Is not aJred on or before the dale specffled In the noUce,
<br />Lender at Ita option may ~lre Immediate payment In ful of .. sums
<br />aecured by thls instrument without further demand and,.,..y Invoke 1he
<br />POW" of saJe and any other remedies ptnnttIed by applicable law.
<br />Lender shal be enUlled to coIect .. exp.,ses lnaJlTId in pursuing the
<br />~ provided In this paI1Igraph t3, including, but nol Umlted to,
<br />reasonable anomeys' feel and COlSts at tiUe evidence.
<br />
<br />II the power 01 oalD Is Invoked, TRJstee shaH record 1!I notice of
<br />default In l!MIch county In whIch any part of the Property Is located Ind
<br />
<br />~~o~=I:rs l~tds~oc~h~O~~~1n P:'::;:'=ed.n~~ :u:c:~:':,
<br />After the lime required by eppllcable low, Tro.l.. .heil give public
<br />~:~ .:~.~~~~~u:~~nd'::d ~ lha=r: s~=~eb~:p1~
<br />
<br />al pubno auctfon to the highest bidder at the time and pllce :J
<br />under the terms designated In the notice at sale In one or more parcels
<br />and In any order Trustee determines, Trostee may postpone sale of all
<br />or any parcel 01 the Property by public announcement at the time and
<br />place of any previously scheduled sale, lender or Its designee may
<br />purchase the Proptwty at any SIde,
<br />
<br />Upon recetpt c;1 psymeflt 01 the price bid, Trustee shaD dellver to
<br />the purchuer Truste's deed conveying the Property, The recitals In
<br />the TRJstee's deed shan be prima facl, BYldence 01 the truth of the
<br />statements made IhEnin, Trustee shal apply the proceeds of the sale
<br />In the folewlng order: (a) to all expenses ol1he sale, Incfudlng, but not
<br />limited to, Trustee's fees .s permitted by Bpplcable law and reasonable
<br />attorneys' fees; (b) to aI a.ums secured by this Security Instrument:
<br />and (c) any excess to the person or persons legaHy entlUed to ft,
<br />
<br />14. Upon acceleration under paragraph 13 or abandonment of lhe
<br />Property, lender pn person, by agent or by judlclalfy appointed re-
<br />ceiver) shaD be entlUed to enter upon, ta$l.e pOlSSession of and manlge
<br />Ihe Property and to coDee! the ","Is of the Property includng Ihose
<br />past due. MY rents colected by Lender or the receiver shaff be appUed
<br />firsl to payment of the costs of mBM:gement at the Property and coDee-
<br />tlon of rents. including, but not limtlecf to, receiver's fees, premiums on
<br />recetver's bonds snd reasonable attomeys' foes, and then to the sums
<br />secured by this Instrument
<br />
<br />15. Upon payment of aM sums secured by this Instrument, lender
<br />shaH request Truslee to reccnvry the Property and shaH surrender this
<br />Instrument and .. notes evidencing debt secured by this Instrument
<br />to Truste. Trustee shd reconvey the Property without warranty and
<br />withoul charge to the person or persons legally entlUed to II. Such
<br />person or pEnons shall pay any recordation costs,
<br />
<br />16. lender. at lis option. may from time to lime remove Trusteo
<br />and appolnl . aucceuor Trustee to any Trustee llppoJnt~ hereunder
<br />by an Instrument recorded in the county in which this Instrumenl Is
<br />recorded. Without cooveyance of the Property, the successor trustee
<br />shall succeed 10 d the title. power and dunes confBrTBd upon Trustee
<br />hereto Ind by appUcable law,
<br />
<br />17. Borrower requesls that coptes of the notlen of dofault and
<br />sale be senl to Borrower's address which I~ thl! Property Address.
<br />
<br />18, If one or more rid.-s IIfII executed by BOlTOWer and recorded
<br />together wtth this Instrument, the covenants and a~ents 01 81ch
<br />such riel.- shd be incorpomed Into and shill amend and supplement
<br />Ihe covenlnts and agreements of thls Instrument u If the rider(s)
<br />were a part of lhls Instrument
<br />
<br />~lJ3.C11[06J!W5)
<br />
<br />11On3ZlrJ
<br />
<br />HUD-92143-OT
<br />
<br />PIlot' J 015
<br />
|