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<br />106225
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<br />0....1 of I... Bonower will pve immediale notice by mBillo Ihe
<br />Lender, wbo mlY lIIIke proof of I... if not made promptly by
<br />Borrower, and each inslUallQl company concerned is hereby
<br />lulbori=l and directed to make paymenl for SlICb I... directly to
<br />the Leader inslead of to the Bonower and lbe Lender joinlly, and
<br />the insurance proceeds, or Iny part lbcreo~ may be Ipplied by thc
<br />Lender It its option eilber 10 lbe redUClioo of the indebtedness
<br />hereby secured or to lbe restoration or repair of Ibe propeny
<br />cIama&eclln event of foreclosure of this instrumenl or olller transfer
<br />of tille to tbe mortppd propeny in.extinguisbment of the
<br />iadebledoess secured hezeby, III rigbt, tille and interest of the
<br />Bonower in and 10 any insurance policies lIIen in force shall pass to
<br />Ibe purchaser or grantee.
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<br />9. That as additional and collateral security for Ibe paymenl of Ibe
<br />nOledescnllcd, and all sums 10 become due under Ibis iostrumeot,
<br />the Borrower hereby assigns to lIIe Lender all profits, revenues.
<br />royalties, rishts and beoefits accruins to Ibe Borrower under aoy and
<br />all oil and BAS I..... on said premises, willi the riShlto receive and
<br />receipl for the same and apply lbem 10 said iodehtedness as well
<br />before as after derault in lbe conditions of Ibis instrument, and Ibe
<br />Lender may demand, sue for and recover any sucb payments wben
<br />due and payable, but .hall nol be required 50 10 do. This assisnment
<br />is to terminate and become null and void upon release of Ihis
<br />instrument.
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<br />10. That Ibe Bonower will keep lbe buildinss upon said premises
<br />in good repair, and neither commit nor permit waste upon said land,
<br />oor sulfer Ibe said premises 10 be used for any unllwful purpose.
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<br />11. That if Ibe premises, or any pan Ibereof, be condemned under
<br />the power of eminent domain. or acquired for a public use, the
<br />damqes awarded, the proceeds for the takinS of, or Ibe
<br />consideration for such acquisition, 10 the extent of lIIe full amounl of
<br />indebtedness upon this instrumenlaod Ibe nole which il is siven to
<br />secure remaioins unpaid, are hereby assigned by Ibe Borrower 10 Ihe
<br />Lender, and sba1I be paid fonbwilb to said Lender 10 be Ipplied by
<br />the lattc:r OD account of the next maturins installments of such
<br />indebtedness.
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<br />12. The Borrower funber agrees thai should Ibis instrument and
<br />Ibe nole secured bereby nol be elipble for insurance uoder Ibe
<br />Natiooal HousinS ACl wilbin eiShl months from the date hereof
<br />(wrillen stalement of Iny officer of Ibe Department of HousinS and
<br />Urban Developmenl or lulbori=l aae~1 of Ibe Scaetary of Housins
<br />and Urban Development dated subsequenlto Ibe eiShl months' time
<br />from Ibe dale of Ibis instrumCOl, declioioS to insure said note and
<br />this mol\pBC, beiog deemed condWlive proof of sudl ineligibility),
<br />the Lender or holder of the nOle may, II its option, declare all sums
<br />secured bereby immedialely due and paYlble. NOlwithstandins Ibe
<br />f'oresoing, Ibis oplioo may not be exen:ised by the Lender or Ihe
<br />holder of the nole when the ineligibility for insurance under Ibe
<br />National HoWling ACl is due to the Lender's rlilure to remillhe
<br />mongaae iosunnce premium 10 tbe Department of Housing and
<br />Urban DevelopmcoL
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<br />13. Thal if Ibe Borrower laiIs to lIIIke any payments of money
<br />wbco the same become due. or fails to conform to and comply wilb
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<br />any or the conditions or Isreements contained In this instrument, or
<br />the note which it secures, then the entire principal sum and accrued
<br />loterest shall II once become due and payable, althe elec\ion of Ibe
<br />Lender.
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<br />Lender shill give notice to Borrower prior to acceleration
<br />followins Bonower's breacb of Iny covenanl or agreemenl in Ihis
<br />iOSlrumenl (but not prior to Icceleralion under paragraph 12 unless
<br />Ipplicable law provides olllerwise). The notice shall specify: (I) the
<br />deraul~ (b) lhe aclion required to cure Ibe defaull; (c) a date, noli...
<br />than 30 days from the date the notice is given to Borrower, by which
<br />Ibe deflult must be cured; and (d) thai failure 10 cure the default on
<br />or before the date specified in the notice may result in acceleration
<br />aelha sum.~ secured by this instrument and sale of the Property. The
<br />ootice shalllunher inform Borrow.. oT Ihe right to reinSlale aller
<br />acceleration Bnd the right to bring a court action to assert the non~
<br />existence of a default or any other defense of DoRow!:r to
<br />acceleralion and sale. If the defaull is not cured on or before Ihe dale
<br />specified in the notice, Lender at its option may require immediate
<br />paymenl in lull of all sums secured hy lIIis instrument witbout
<br />funber demand and mlY invoke Ihe power of sale and any olber
<br />remedies permitted by applicable law. Lender shall be entitled 10
<br />collecl all expenses incurred in pUlSuinS Ihe remedies provided in
<br />Ibis paragraph 13. includins, but not limited to. reasonable
<br />attorneys' fees and costs of title evidence.
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<br />If the power of sale is invoked, Trustee shall record a notice of
<br />default in each county in which any pan of tbe Propeny is localed
<br />and shall mail copies of such notice in the manner prescribed by
<br />Ipplicable law to Borrower and to Ibe olher persons prescnbed by
<br />applic&bl~ law. Afler Ihe time required by applicable law, Trustee
<br />shall pve pulllic notice of sale to Ihe persons and in tbe manner
<br />prescribed by applicable law. Trustee, wilhoul demlnd on Bonower,
<br />shall ..lIl11e Propeny at public auclion 10 the highest bidder at Ihe
<br />time and place and under tbe terms designated in Ibe notice of sale
<br />in one or more parcels and in any order Trustee determincs. Trustee
<br />may postpone sale of all or any parcel of Ihe Propeny by public
<br />annouocemenl atlbe time and place of any previously scbeduled
<br />salt. Lender or its desiJlllee may purchase Ibe Propeny at any sale.
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<br />Upon receipl of payment of the price bid, Trustee shall deliver to
<br />Ibe purchaser Trustee's deed conveying lIIe Propeny. The recilals in
<br />lbe Trustee's deed shall be primalacie evidence of Ibe truth of Ihe
<br />statements made lIIerein. Trustee sballapply tbe proceeds of Ibe sale
<br />in Ibe followillB order: (I) to all expenses of lIIe sale, including, bUI
<br />not limited 10. TrWltee's fees IS permitted by applicable Ilw and
<br />reasonable altorneys' fees; (b) to all sums secured by Ihis Security
<br />Instrumen~ and (c) lilY excess 10 Ihe person or persons Icplly
<br />entitled to it.
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<br />14. Upon acceleration under paragrapb 13 or abandonmenl of Ibe
<br />Property, Lender (in person, by asent or by judicially appointed
<br />receiver) shall be entided to coler upon, lake possession of and
<br />mal1l8e Ihe Propeny and to coUec\ Ihe rents of Ibe Propeny
<br />includillB tbose past due. Any rents collected by Lender or Ihe
<br />receiver shall be applied filSlto paymenl of Ibe costs of manasemenl
<br />of lbe Propeny and collec\ion of rents, ioduding. but nOllimited 10.
<br />receiver's fees, premiums on receiver's bonds and reasonable
<br />.uorney's fees. and tben to the sums secured by this.instrument,
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<br />Page 3 ot 5
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<br />i ' . HUD-mODT-'
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