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<br />event of loss Borrower will give immediate notice by mail to the
<br />Lender, who may make proof of loss if not made promptly by
<br />Borrower, and each insurance company concerned is hereby
<br />authorized and directed to mike payment for such loss directly to
<br />the Lender instead of to the Borrower and the Lender jointly, and
<br />the insurance proceeds, or any part thereof, may be applied by the
<br />Lender at its option either to the reduction of the indebtedness
<br />hereby secured.or to the restoration or repa; r of the property
<br />damaged. In.%'=2 of foreclosure of this in��.tr ent or other transfer
<br />of tide to thli z„s ed property in extirr-. ish cent of the
<br />it°aeas se�ie.:ed hereby, atl right, title aad interest of the
<br />Socr-.%>w in and to any insuzance policies then in force shall pass to
<br />the purchaser or-grantee.
<br />9. That as ad 4e&A and
<br />,ccLateral security for the paymo�t.of tlu:
<br />now.described, ari► aG surf=s co become due under this r,:nt,
<br />t�ie iBonrower hereby assigns .�.t, & lender all profits, revenues,
<br />-- - - - - - .. *-zQLs its, rights and benelits:=.uing to the Doi tower under any and
<br />.z +: bil and gas leases on said premises, with the right to receive and
<br />receipt for the mmv. and apply them to said indebtedness as well
<br />before as after d%fault in the conditions of this instrument, and the
<br />Lender may demand, sue for and recover any such payments when
<br />due and payai:e. but shall not be required so to do. This assignment
<br />is to termine'.zr cart.* become nu &D and void t:pon release of this
<br />instrument.
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<br />V& That the Borrower will km,,? the buildings upon said premises
<br />in good repair, and neither commit nor permit waste upon said land,
<br />nor suffer the said premises to be used for any unlawful purpose.
<br />11. That if the premises, or any part thereof, be condemned under
<br />the power of eminent domain, or acquired for a public use, the
<br />damages awarded, the proceeds for the taking of. or the
<br />consideration for such acquisition, to the extent of the full a+ ;punt of
<br />indebtedness upon this instrument and the note which it is given to
<br />secure remaining unpaid, are hereby assigned by the Borrower to the
<br />under, and shall be paid forthwith to said Lender to be apl_31011;,i.
<br />tha ll -Iter on account of the next maturing installments of sutJ
<br />inhl.�redness.
<br />12. The Borrower further agrees that shoed this instrument and
<br />the note secured hereby not be eligible for insurance under the
<br />National Housing Act within eight months from the date hereof
<br />(written statement of any officer of the Department of Housing and
<br />Urban Development or authorized agent of the Secretary of Housing
<br />and Urban Development dated subsequent to the eight months time
<br />from the date of this instrument, declining to insure said note and
<br />this mortgage. being deemed oonclusive proof of such ineligibility).
<br />the Lender or holder of the note may, at its option, declare all sums
<br />secured hereby immediately due and payable. Notwithstanding the
<br />foregoing, this ort'on may not be exercised by the Lender or the
<br />holder of the no<;e when the ineligibility for insinance under the
<br />National Housing°4-C is due to the Lender's failze 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 payments of money
<br />when the same bemire due. or fails to cpnform to and comply with
<br />any of the conditions or agreements contained in this instrument, or
<br />the note w.bn�_ it secure.$, then the entire principal sum and accrued
<br />interest serif a. once become due and payable, at the election of the
<br />LWd-T_
<br />Under SbmK �..e Wtta-z to Borrower prior to acceleration
<br />fallowing 110-Mixivers si . f any covenant or agreement in this
<br />instrument (but not pribt Ear,mveleration under paragraph 12 unless
<br />applicable law provides cthra -rise). The notice shall specify. (a) the
<br />default; (b) the action required to cure ih4 default; (e) a date, not less
<br />than 30 days from the date the notices is gisim to Borrower, by which
<br />the default must be cured; and (d) that W: m to cure the default on
<br />or before the date specified in the aotf ~ r-.ay result in acceleration
<br />c%he sums secured by this insuume^t sed: Sale of the Property. The
<br />¢ratite shall further inform Borrower of tit-n i*� to. reitwtnte after
<br />acceleration and the right to bring a the non-
<br />existence of a default or any other defense of i6aiic.i;vz to
<br />acceleration and sale. If the default is not cured an or b6ore the date
<br />specified in the notice. Leader at its option may require immediate
<br />payment in full of all sums secured by this instrument without
<br />further demand and may invoke the power of sale and any other
<br />remedies petted by applicable law. Lender shall be entitled to
<br />colt - -r:t all expenses incurred in pursuing the remedies provided in
<br />Ut is paragraph 13, includ;,r& but not limited to, remp aible
<br />attorneys' fees and costs of title evidence.
<br />If the power of sale is invoked, Trustee sl�zll record a notice of
<br />default in each county in which any part 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 the other persons prescribed by
<br />applicable law. After the time required by applicable law, Trustee
<br />shall 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 />time and place and under th-r terms designated in the amicc of sale
<br />is one or more parcels and ir. any order Trustee deterinirm. Trustee
<br />MV postpone sale of all or any parcel of the Property Icy public
<br />=,nouncement at the time and place of any previously scheduled
<br />sale. Lender or its designee may purchase, the Property. a !� any sale.
<br />Upon receipt of payment' of tf c price bid, Truster skid). deliver to
<br />the purchaser Trustee's dear cznveying the Property. T� -e. recitals in
<br />the Trustee's deed shall be prima facie evidence of the troth of the
<br />statement; made therein. Trustee shall apply the pmo*!s of the sale
<br />it the following order: (a) to all expenses of the sale, including, but
<br />not limited to, Trustee's fees as permitted by applicabl* lain &ad
<br />reasonable attorneys' fees; (b) to all sums secured by tl;:,.13o;wfly,
<br />instrument; and (c) any excess to the person or persons legally
<br />entitled to it.
<br />14. Upon acceleration under paragraph 13 or abandonment of the
<br />Property. lender (in person, by agent or by judicially appointed
<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 clip
<br />receiver shall be applied first to payment of the costs of mimpmment
<br />of the Property and collection of rents. including, but nut limittd to.
<br />receiver's fees. premiums on receiver's bonds and reasonthbt+
<br />attorney's fees. and then to the sums secured by this irutturntnt.
<br />Pace 3 of 5
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