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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 />801rower,."d each insurance company concerned is hereby
<br />ZJ ;? xmt.csaz?xted to make payment for such lc 4ireci',i :try.. _
<br />wRr`ii�s; rjari�. to. the Borrower and ther�it'isissa,` :
<br />z�sere
<br />cr any part thereof; may � �ycm�,u
<br />Lender at its bptian either to the reduction of the inrit_�dness
<br />hereby secured or to the restoration or repair of the property
<br />damaged. in event of foreclosure of this instrument or other transfer
<br />of title to the mortgaged property in extinguishment of the
<br />indebtedness secured hereby, all right, title and interest of the
<br />Borrower in and to any insurance policies then in force shall pass to
<br />the purchaser or grantee.
<br />9. That as additional and collaterdl secunty for the payment of the
<br />note described. and all sums to become due under this instrument.
<br />the Borrower hereby assigns to the Lender all profits, revenues.
<br />royalties, rights and benefits accruing to the Borrower under any and
<br />all oil and gas leases on said premises, with the right to r cci re aad
<br />receipt for the same and apply them to said indebtedness as well
<br />before as after default in the conditions of this instrument, and the
<br />Lender may demand, sue for and recover any such payments when
<br />due and payable, but shall not be required so to do. This assignment
<br />is to terminate and become null and void upon release of this
<br />instrument.
<br />ICJ. That-the Borrower will keep the buildings upon said prkMipx
<br />in good rVair. and neither commit nor permit waste upon said faak
<br />nor suffer the said prentires to he used for any unlawful purpose.
<br />11. That if the premises, or any ptrt: thereof, be condemned ufl&r
<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 amcimt of
<br />indebtedness upon this instrument and the note which it is gives (;i.
<br />secure remzining unpaid, are hereby assigned by the Borrower t;a, tJ.is
<br />Lender, ind, shall be paid forthwith to said Lender to be applied l;�
<br />the latter aY account of the next maturing installments of such
<br />indebtedness.
<br />12. The Borrower further agrees tlts:c �ibould this instrument aru
<br />the note secured hereby not be eligih;e Cyr insurance under the
<br />National Housing Act within eight mortfis 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 Housi-a
<br />and Urban Development dated subsequent to the eight months' tfml:
<br />from the date of this instrument, decli:ting to insure said note acts
<br />this mortgage, being deemed conclusive proof of such ineligibility,
<br />the Lender or holder of the note may. at its option, declare all
<br />secured hereby immediately due and payable. Notwithstanding
<br />1°oregoing, this
<br />option may not be exerdu;J by the Lender or 0%
<br />t'wtder of the note when the ineligibility for insurance under tke
<br />National Housing Act is due to the Lender's failure to r e:;.a 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 become due, or faits to conform to and comply with
<br />89- iOO9Q9
<br />any of the conditions or agreeme ts,1kY ;,,mined in this instrument, or
<br />the Bore, which. it. secures, then t� emi r fititicipal sum and accrued
<br />iltt;d! »� shall at t�ntx [t4r.ff;i d. e �� :�ti��� � itite election of the
<br />Leinier shall give notice to-Borrower prior to acceleration
<br />following Barrawer's breach of`any covenant or agreement in this
<br />instrument (but not prier to acceleration under paragraph 12 unless
<br />applicable ink p frnlrfes otherwise). The notice shall specify: (a) the
<br />default; (b) the action required to cure 'the default; (c) a date, not less
<br />than 30 days from the date the notice is given to Borrower, by which
<br />the default must be cured; and (d) that failure to cure the default on
<br />er before the date specified in the notice may result in acceleration
<br />Of the sums secured by this instrument and sale of the Property. The
<br />notice shall further Inform Borrower of the right to reinstate after
<br />aecelurdtion and the right to bring a court action to assert.tIt C non -
<br />exit-lance of a default or any other defense of Borrower to
<br />accebtration and sale. If the default is not cured on or before the date
<br />sp "hied in the notice. Lender at its option may require immediate
<br />Payment in full of all sums secured by this instrument without
<br />furher demand and may invoke the power of sale and any other
<br />remediits permitted by applicable law_ Lender shall be entitled to
<br />cetlt :ctnll•expenses incurred in pursuing the remedies providW in
<br />this parWaph 13, including, but not limited to, reasonable
<br />attome3m fees and costs of title evidence.
<br />I ttie power of sale is invoked. Trustee shall reoa -3 a notice of
<br />4 -Taal in each county in which any part of the pw-Operty is lx&lzd
<br />and shall mail copies of such notice in the maary s 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 manr_er
<br />Prescribed by applicable law. Trustee, without demand on Borrower,
<br />shall sell the Property at public auction to the Mv,)est bidder at the
<br />time and place and under the terms designated i* the notice of sale
<br />in one or more parcels and in any order Trus!;oedl%— mines. Trustee
<br />may postpone sale of all or any parcel of the Pm4 , ty by patj1,c
<br />annew cement at the time and place of any pr.; r , l y Schell -'ed
<br />sale. Lender or its designee may purchase the lara,-,eny at any sale.
<br />Upon receipt of payment of the price b;a'. Tnzs -,= shall deliver to
<br />the purchaser Trustee's deed conveying t!' -e R'cperly. The recitals in
<br />the Trustee's deed shall be prima facie evi:er„e of the truth of the
<br />statements made therein. Trustee shall apply cr,: ,proceeds of the sale
<br />in the following order: (a) to all expenses of elae 3�.•:, including, but
<br />not limited to, Trustee's fees as permitted by apptri:xble law and
<br />reasonable attorneys fees; (b) to all sums secu :Dj; icy this Security
<br />Instrument; and (c) any excess to the person or persons legally
<br />Cas: 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 the
<br />receiver shall be applied first to payment of the costs of management
<br />of the Property and collection of rents, including, but not limited to.
<br />receiver's fees, premiums on receiver's bonds and reasonable
<br />attorney's fees, and then to the sums secured by this instrument.
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