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<br />made ~hllll be added 10 Ihe principal ~um O\l,ing on Ihe abo\e
<br />note. ~hnll be ~l."Cured hereb~, and ~hnll bear inleresl al Ihe mte \et
<br />forlh' in (he: 'aid note:, unlll paid,
<br />
<br />i. Thai the Borro"'cr hereby assigm, Iran!.fen and sel~ o\'er to
<br />Ihe lender, 10 be applied loward the payment of the note and all
<br />\um~ ~ecured hereby in case of a default in lhe performanl:e of
<br />an\' of Ihe lerms and I:ondilions of this instrument iJt lhe ~aid
<br />noie, "lithe rent\, re\'enue!! and income 10 be derived from the
<br />...aid premi~e~ during ~uch lime ill, lhe mdcbtednes\ \hall remain
<br />unpaid. and the Lender ,hall ha\'c po\\cr 10 appOInt an) agent or
<br />agent.. il m!!:; de\ire for thc purpo,c of repaltlng ...ald preml\C\ and
<br />of renllng the \ame and collecling th: rcm\. re\cnul."\ and mcome.
<br />and it may pay OUI of \aid income.. all e:\pemc\ of rcpaltlnll ..aid
<br />premi!.cs and nel:e,\ary ,omml\,ium and ('\pen'le.. Incurred to rent-
<br />In[/: and managmg the \ame and of collecting remal!> therefrom.
<br />Ihe balance rem:Jinil1g. If an). 10 be applied lm\ard the dh..har!!C'
<br />llf "'aid mdebledne....
<br />
<br />R. That the Borro\\er \,-ill ~ecp the tnlprO\ement.. no" e\l\tlng
<br />or hereafter erected on the property. in...ured a... mil) be reqUired
<br />from rime to time by rhe lender agalO~t !m.. b~ fire and other
<br />hazards. ca!>uailil:~ and ..:ontine:encie.. In ~u..:h amount.. and for ...u..:h
<br />period.. as may be required b~:- th~ Lender and \\ill ray promptly.
<br />\\hen Jue, any premium!> on ...u..-11 1Il,uran":l: rd1\!~IOIl flit ra~ment
<br />of \\hh.:h ha... not l:lec:n made h~relnbefore, Alllmurance \haJJ he
<br />...arr:ed in ..:ompanie~ appro\ed by Ihe Ll:nder and the roli"'le~ and
<br />rene\\ab thereof ..hall be held b\ Ihe lender and ha\e atta...hed
<br />thereto 1m!> payable dau!>e, in f~\"or C'f and In form aLeeprable 10
<br />the Lender. III e\"ent of lo!>." Borro,,"c:r will ~I\e Immediate nou..:e
<br />by mail to the Lender. who ma~ make pro~f of lo..!> if no! made
<br />promptly b~. Borro\\er, and each imurance ;,:ompam' ..:oneerned i..
<br />hereb~ aUlhorized and dire,red [0 make payment for ...ueh 10\!.
<br />direct" to the Lender rn..tead of 10 the Borro\\er and the Lender
<br />jointb-. and [he in..uranee rro.,;ecd.., or an~ pari thereof. ma~ be
<br />applied by the Lender al II.. orlJan cuher to the reduction of [he
<br />indeb[edn~" heoreby ..eo..:ured or to the re"loration or repair of lhe
<br />properl~ dama~ed. In l."H~nt of foredo"ure of Ihis imtrumem or
<br />othl."r Iramfer of lull:' to [he mongaged property in l."\Itnguishmem
<br />of [he Indebtedne...!> ..eL-ured hereby. all nght. rirle and imere!oI of
<br />the Borrm\er In and 10 an~ 1I1~urance poli":lt'!> then In force \hall
<br />pa.... 10 the pur..-h.her or grantee
<br />
<br />9. Thai a~ addlllona! and ~'ollaleral "ecut1l~ for the paymem of
<br />th... note Je!'i..:nb...d, ..Inu all ..um.. to hecome Jue under thlS instru-
<br />ment, the Burrower hereb>' assigns 10 the: lender aU profits.
<br />re"'enues. ro~'altles. rtght'.l and bene!1t~ accruing to the Borrower
<br />under any and all oil and ga.. leil.!le!o on said premises. .....ith the
<br />righl to recei\l:' and receipt for the ,ame and apply them 10 said
<br />indebtedness as "':ell before as after defaull in Ihe conditions of
<br />this instrument. and the lender ma)' demand. sue for and reco\'er
<br />any ~uch pa~.menl~ when due and payable. but ..hall not be re.
<br />quired so 10 do, Thi~ a..signment i!o to terminate and become null
<br />and void upon relea!te of thi!l instrument.
<br />
<br />10, That the BorroM'er will keep the buildings upon said premises
<br />in good repair. and neilher commit nor permit waste upon said
<br />land. nor suffer Ihe said premises to be used for any unlawful
<br />purpose.
<br />
<br />I J. That if the premises. or an)' part thereof, be condemned
<br />under the power of eminent domain. or acquired for a public U5C,
<br />thc damagcs awarded, the proceeds for the taking of, or the con-
<br />sideration for such acquisition, to the extent of the full amount of
<br />indebtedness upon this instrument and the nOle which it is given to
<br />secure remaining unpaid, are hereby assigned by the Borrower to
<br />the lender. and shaJl be paid fonhwith to said lcnder to be ap.
<br />plied by me latter on account of the next maturing installments of
<br />such indebtedness.
<br />
<br />BB-
<br />
<br />106622
<br />
<br />12, The Borro.....er further agrees that should Ihls Inmument and
<br />lhe nole secureod hereby not be eligible for insurance under the Na.
<br />tional Housing ACI within eight months from the date hereof
<br />(wrinen statement of any officer of the Deparlment of Housing
<br />and Urban Development or authorized agent of the Sccrelary of
<br />Housing and Urban Development daled subsequenl 10 the eight
<br />months' time from th~ date of Ihis inmument, declining 10 insure
<br />~aid note and Ihis mortgage, bcing deemed conclusive proof of
<br />,uch ineligibility), [he Lender or holder of [he nOle may, al its ap.
<br />lIon. declare all sums secured hereby immediolely due a'nd payable.
<br />:".'Ol"ithslanding the foregoing, this option may nor be exercised
<br />n\' the lender or the holder of Ihe note when the ineligibility for
<br />I~~urance under the ~alional Housing Act i!l due ro the lender's
<br />failure to remit the mongage insurance premium to Ihe Depan-
<br />ment of Hou..ing and L'rban De\'eopmenl.
<br />
<br />1). Thai if the Borrower fails to make any pa30ments of money
<br />\\ hen the ..ame become due. or fails to ,on form 10 and comply
<br />\\ ith any of the conditions or agreements contained in this instru.
<br />ment. or the nOle which it secures, thl:n Ihe entire principal sum
<br />and a-:-:rued interest ~haI1 at once become due and payabll:. al the
<br />election of the lender.
<br />
<br />lender !lhall give notice 10 Borrower prior to acceleration
<br />follO\\ing 80rro"er'.. breach of any covenant or agreeml:m in this
<br />znmumem (but not prior [0 al;celeration under paragraph 12
<br />unle~.. applicable law pro\'ides other\\:ise). The nmice shall specify:
<br />lOll lhe default; (hi the action required 10 cure the default: (c) a
<br />date, not less than 30 days from the date the nOlice is given to
<br />Borrower. b\' which Ihe defauh must be cured; and (d) thai failure
<br />ro cure Ihe default on or before Ihe date specified in the notice
<br />may re~ult in' acceleration of the sums secured b)' this instrument
<br />and ,ale of the PropcrlY. The nmice shall further inform Borrower
<br />()f the right to reinstate after acceleration and the right 10 bring a
<br />-:oun action to a5sert the non-(!xistence of a default or any other
<br />defense of Borro\\er to acceleration and sale. If the default is not
<br />-:ured on or before the date specified in the notice, lender at its
<br />option may requirc immediate payment in full of all sums secured
<br />by this instrument without funlter demand and may im'oke the
<br />po"'er of sale and any other remedies pennitled by applicable law.
<br />lender shall be entitled to collect all expenses incurred in pursuing
<br />the remedies provided in this paragraph 13, including, but not
<br />limited ro, reasonable attorneys' fees and C0515 of title e\;dence.
<br />
<br />If the power of sale is Invoked, Trustee shall record a notice of
<br />defauil in each count)' in which any pan of the Property is located
<br />and shall mail copies of such notice in the manner prescribed by
<br />applicable law to Borrower and to Ihe other persons precribed by
<br />applicable law. After the time required by applicable law, Trustee
<br />shall gi\'e public notice of sale to the per:ions and in the manner
<br />prescribe-d by applicable law, Trustee. .....ithout demand on Bor.
<br />rower, shall sell the Property at public auction [0 the highest bid-
<br />der at the time and place and under the terms desigIl3ted in the
<br />nDtice of sale in one or more parcels and in any order Trustee
<br />detennines. Trustee ma~: postpone sale of all or any parcel of the
<br />Propeny by pubUc announcement at the time and place of an}'
<br />prcviously scheoduled sale, lender or its designee may purchase the
<br />Propeny al any sale,
<br />
<br />Upon reteipt of payment of the price bid. Trustee shall delh'er
<br />10 the purchaser Trustee's deed conveying the Propmy. The
<br />recitals in the Trustee's deed shall be prima facie e\;dence of the
<br />truth of the statements made therein. Trustee shall appJ}' the pro-
<br />ceeds of the sale in me following order: (a) to all expenses of the
<br />sale. including. but nOI limited to, Trustee's fees as pennitted by
<br />applicable law and reasonable attorncys' fees; (b) to all sums
<br />secured by this Security Instrument: and (e) any excess (0 the per-
<br />son or persons legally entitled. to it.
<br />
<br />]
<br />
<br />Pago3 al5
<br />
<br />HUD-l21UDT
<br />
<br />...i
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