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200702331 3 recorded simultaneously herewith, is incorporated in and made a part of this Mortgage. Upon default under the Regulatory Agreement and upon the request of the Secretary of Housing and Urban Development, acting by and through the Federal Housing Commissioner, the holder of the Note, at its option, may declare the whole ofthe indebtedness secured hereby to be due and payable; 4. That all rents, profits and income from the property covered by this Mortgage are hereby assigned to the holder of the Note for the purpose of discharging the debt hereby secured. Permission is hereby given to Mortgagor so long as to default exists hereunder, to collect such rents, profits and income for use in accordance with the provisions of the Regulatory Agreement; 5. That upon default hereunder the holder of the Note shall be entitled to the appointment of a receiver by any court having jurisdiction, without notice, to take possession and protect the property described herein and operate same and collect the rends, profits and income therefrom; ~ THat at the option of tHe Mortgagor tHe principal balaflee secured hereby tRay be reamortized on terms aeeeptabl0 to the Seeretary of HOHsiAg aRd UrbaR Developmont, aetiRg by and tRrmtgh the Fodefal HOHsiH!; CommissioAer if a partial prepayment res\:llts from an award ifl eondemFlatiofl ifl accorsaflee \vith paragraph 8 Hereifl, or from aFl ifls\:lranco paym0flt made ifl aeeordance witH provisions of Paragraph 7 kef0in, where there is a resultiflg loss of projeet ifleome. 7. That the Mortgagor will keep the improvements now existing or hereafter erected on the deeded property insured against loss by fire and such other hazards, casualties, and contingencies, as may be stipulated by the Secretary of Housing and Urban Development, acting by and through the Federal Housing Commissioner upon the insurance of the Mortgage and other liabilities as may be required form time to time by the holder of the Note, and all such insurance shall be evidenced by standard Fire and Extended Coverage Insurance Policy or Policies, in amounts no less than necessary to comply with the applicable Coinsurance Clause percentage, but in no event shall the amounts of coverage be less that 80% of the Insurable Values or not less than the unpaid balance of the insured Mortgage, whichever is the greater; and in default thereof the holder of the Note shall have the right to effect insurance. Such policies shall be endorsed with standard Mortgage clause with loss payable to the holder of the Note, and shall be deposited with the holder of the Note; That if the premises covered hereby, or any part thereof, shall be damaged by fire or other hazard against which insurance is held as hereinabove provided, the amounts paid by any insurance company in pursuance of the contract of insurance to the extend of the indebtedness then remaining unpaid, shall be paid to the holder of the Note, and, at its option, may be applied to the debt for the repairing or rebuilding of the premises; 8. That all awards of compensation in connection with condemnation for public use of or a taking of any of the property, shall be paid to the mortgagee to be applied to the amount due under the Note secured hereby in (1) amounts equal to the next maturing installment or installments of principal and (2) with any balance to be credited to the next payment due under the Note. That all awards of damages in connection with any condemnation for public use of or injury to any residue of that property, shall be paid to the mortgagee to be applied to a fund held for and on behalf of the mortgagor which fund shall at the option of the mortgagee, and with the prior approval of the Secretary of Housing and Urban Development, either be applied to the amount due under the Note as specified in the preceding sentence, or be disbursed for the restoration or repair of the damage to the residue. No amount applied to the reduction of the principal amount due in accordance with (1) shall be considered an optional prepayment as the term is used in this Rental - Rider to Mort Restr Mtg 09-15-04