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<br />event of loss eorr -~ will give immediate nr",z by Trail to the
<br />Lender, who may make proof of l� if acs 2044 :-,promptly by
<br />Borrower. and each insurance COMM. 'y ccncemod is hereby
<br />authorized and directed to maize PayQrM fear S,,10 loss directly to
<br />the Lender instead of to the 1im. Ower and Cie Limder jointly, and
<br />the insurance Proceeds, or any paw tirereed� maybe applied by the
<br />Lender at its option either to the mductica c f tit: indebtedness
<br />hereby secured or to the restoraden or repair. of the property
<br />damaged. In event of forecicsurt of this inrtrstment or other transf
<br />of title to the mortgaged prapertyr in extinguishment of the er
<br />indeLUdaess secured hereby, all right; title: and interest of the
<br />EICIM uer in and to any insurance policies tftea is forcx's/zzir LTA to
<br />the Parrrhaser or grantee.
<br />9. That as additional and cour ertl secutst'x; ffai th= oas-, of the
<br />note described, and all sums to become d+tu u`7. this *� a>;ent,
<br />the Borrower hereby assigns to gm Leader all prod&
<br />royalties, rights and benefits accruing td•tltiiBorroucy tinder any and
<br />III oil and gas 1e0:9-my, on said pa:mises, �ttb tier risbr to receive and
<br />receipt for dues me and apply them r,;. �3 212$ '.w°ans �S as well
<br />before asa ?. de i&Wt in We coaditicnn cf this instrument, and.ihe
<br />iuew^�wi mra:;•.demand, sue far and• recover any s� Paymeas ANNer,
<br />r r s °rrW Payable, but shall not be n:quired,so to d'.�, Tl*is astiament
<br />is W44wminate and become null and v.-id upon ;. o alts
<br />instrument.
<br />10. That the Borrower will keev tin buildings upon said premises
<br />in good repair, and neither commit nrr. permit waste upor said land,
<br />nor suffer the said premises a) be used ltr any unlawful pure
<br />11. ffm if the
<br />jut1Mua 1errany partirlereoL bccjvdemv� d under
<br />the ptiar cfeyinrantdamain, on acquired fora puhic usr_ tb-
<br />dA=;FS;F-wardv4'th a Praceeds for the taking cC o4 ibi
<br />con.4=don for such acquii> tion, to the extent •o'tree full amount of
<br />indebtedness upon this Itrsicument and the note '0lrtich it is given to
<br />secure remaining 1111padi, are hereby assigned by tche Borrower to the
<br />Lender, and shall; be paid forthwith to said Lenkr to be applied by
<br />the latter cn account of the next maturing installments of such
<br />indebeedam.
<br />12. The Borrower. £ +urther agrees that should ibhis instrument and
<br />the note secured hutelJy not be eligible for insuranx under the
<br />National. Housing Act within eight months from the date hereof
<br />(n+rittun statement of any officer of the Department of Housi� and
<br />Udten Development or authorized agent of the Secretary of 1rfozsing
<br />and Urban Development dated subsequent to the eight months' time
<br />from the date of this instrument, declining to irm.,w r said note and
<br />this mortgage. being deemed conclusive proof cYf _.Rrzh ineligibility).
<br />the Lender or holder of the note may, at its oprs��:,, declare all sums
<br />secured hereby immediately due mart payable. N-3twithstanding the
<br />foregoing, this option may not be caercised by tr.•e Lender or the
<br />holder of the note when the ineligibility for i:V W ce under the
<br />National Housing Act is due to the Lender's fsa'.a: a to remit the
<br />mortgage insurance premium to the Department of Housing and
<br />Urban Development.
<br />13. That if the Borrower fails to make any pay rnents of money
<br />when the same become due. or fails to confortr, is and comply with
<br />i
<br />89..�oa�ss
<br />any of the conditions or agreements contained in this instrument, or
<br />the note which it securm then the entire princiPal sum and am-cued
<br />interest `hall at once become due and payable. at the election of the
<br />Lender.
<br />Lender shall give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant or agreement in this
<br />instrument (but not prior to acceleration. under paragraph 12 unless
<br />applicable law provides otherwise)- The notice shalt specify: (a) the
<br />default; (b) the action required to cure the default; (c) a da;„ tt% less
<br />than 30 days from the date the notice is given to Borrower, � which
<br />the default must be cured; and (d) that failure to cure ter d�8a;. on
<br />or before the date specified ra. the notice may result in accelera..tion
<br />Of the sums secured by th s: imrument and sale of the Property: The
<br />notice shall further inform Borrower of the right to reins t.e 'er
<br />acceleration and the right to bring a court action to assert the m�-.-
<br />existence of a default or any other defense of Borrower to
<br />acceleration and sale. If the default is not cured on or before the date
<br />Wdfitred in the notice. Lender at its option may require immediate
<br />Payment in full of all sums secured by this instrument without
<br />farther demand and may invoke the power of sale and any older
<br />remedies permitted by ap?lizahTe law. Lec-der shall be entitled to
<br />collect all expenses incurW.it, pursuing clue remedies provided in
<br />this paragraph 13, includes, but not limited to, reasonable
<br />attorneys' fees and costs of Title evidence.
<br />It the Power of sale is invoked, Trustee sfzll record a notice of
<br />default in each c,,umy in which any part of the Property is located
<br />and shall mail copim of such notice in the manner preszrihed by
<br />ap-Tftable law to Borrower and to the other persons prYSar-pned by
<br />applicable law. After the tirmz required by applicable la►r, (rr stre
<br />sh49 give public notice of sale to the persons and in the manner
<br />Prescribed by applicable law. Trustee. without demand on Borrower,
<br />shall sell the Property at public auction to the highest bidder at the
<br />timz and place and under the terms designated in the notice of sale
<br />in ore or more parcels and in any order Trustee determines_ Trwe:
<br />may postpone sate of all or any parcel of the Prroperty by publr e
<br />announcement at the time and place of any previously scheiiultw
<br />sale. Lender or its designee may purchase the Property at any sale.
<br />VNo receipt of payment of the price bid. Trustee shall +fcda er to
<br />ctre :purchaser Trustee's deed conveying the Property. There ;7als in
<br />the Trustee's deed shall be prima facie evidence of the truth of the
<br />statements made therein. Trustee shall apply the proceeds of the sate
<br />in the following order: (a) to all expenses of the sale. incl +td -:n4 but
<br />r.:c h ;rnited to, Trustee's fees as permitted by applicable fav a:nd
<br />fun, -$ able attorneys' fees; (b) to all sums secured by this $J—Yj urity
<br />Instrument; and; (c) any excess to the person or persons legally
<br />entitled to it.
<br />14. Upon ZXXI ation under paragraph 13 or abandon. zx, t of the
<br />Properly, Lender (in person, by agent or by judicially apps Tied
<br />receiver) shall be entitled to enter upon, take possession of and
<br />manage the Property and to collect the rents of the Property
<br />including those past due. Any rents collected by Lender or the
<br />receiver shall be applied first to payment of the costs of tnaragement
<br />of the Property and collection of rents. including, but not Jinn ?ed to,
<br />receiver's fees., premiums on receiver's bonds and reasonat le
<br />attorney's fees, and then to the sums secured by this instraire7t.
<br />Page 3`of 5
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