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Lender. In event of toss Borrower will give immediate notice by
<br />mail to the Lender. who may make proof of loss if not made
<br />promptly by Borrower, and each insurance company concerned
<br />is hereby authorized and directed to make payment for such loss
<br />directly to the Leader instead of to the Borrower and the
<br />Lender jointly, and the insurance proceeds. or any part thereof,
<br />may be applied by the Lender at its option either to the
<br />reduction of the indebtedness hereby secured or to the
<br />restoration or repair of the property damaged. In event of
<br />foreclosure of this instrument or other transfer of title to the
<br />mortgaged property in extinguishment of the indebtedness
<br />secured hereby. all right, title and interest of the Borrower in
<br />and to any insurance policies then in force shall pass to the
<br />purchaser or grantee.
<br />9. That as additional and collateral security for the payment
<br />of the note described, and all sums to become due under this
<br />instrument, the Borrower hereby assigns to the Lender all
<br />profits, revenues, royalties. rights and benefits accruing to the
<br />Borrower under any and all oil and gas leases on said premier, .
<br />with the right to receive and receipt for the same and apply .
<br />them to said indebtedness as well before as after default in t!
<br />conditions of this instrument, and the Lender may demand,
<br />for and recover any such payments when due and payable. bLa.
<br />shall not be required so to do. This assignment is to terminatr-
<br />and become null and void upon release of this instrument.
<br />10. That the Borrower will keep the buildings u;:n said
<br />premises in good repair, and neither commit ncr permit waste
<br />upon said land, nor suffer the said premises to be used for ata5 .
<br />unlawful purpose.
<br />11. That if the premises, or any part thereof, be condemner
<br />under the power of emirtent domain, or acquired for a public
<br />use, the damages awanitd, the proceeds for the taking of, or
<br />the cenvdr - -tti0a &r•ruch acquisitica -to the extent of the full
<br />ameuat of"jndelitriditjws upon this ivarttment and the note
<br />which it is, green t i ire remm ng unpaid. are hereby assigned
<br />by the Borrower iJ tlse Lender, and shall be paid forthwith to
<br />said Lender to be applied by the latter on account of the next
<br />maturing installments of such indebtedness.
<br />12. The Borrower further agrees that should this instrument.
<br />and the note secured hereby not be eligible for insurance under
<br />the National Housing Act within eight months from the date
<br />hereof (written statement of any officer of the Department of
<br />Housing and Urban Development or authorized agent of the
<br />Secretary of Housing and Urban Development dated sut;.sequent
<br />to the eight months' time from the date of this instrument,
<br />declining to insure said note and tilis mortgage, being deemed
<br />conclusive proof of such ineligibility), the Lender or bolder of
<br />the note may, at its option, declare all sumn secured hereby
<br />immediately due and payable. Notwithstanding the f:r.- .Soing.
<br />this option may not be exercised by the Lender or tae hcldev of
<br />:se nCle when the ineligibility for insurance under the riationain
<br />Housing Act is due to the Lender's failure td 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 become due, or flits to conform to and corn; !y
<br />with any of the conditions or agymments contained in this
<br />instrument, or the note which it secures, then tie entire
<br />principal sum and accrued interest shall at once: baxome due and
<br />payable, at the election of the Lender.
<br />f
<br />89- 101122
<br />Lender shall give notice t,,� ER-rower prior to acceleration
<br />following Borrower's breach cff:any covenant or agreement in
<br />this instrurxteat (but not p,'io± ifs acceleration under paragraph:
<br />12 unless applicable law prav;Ars otherwise). The notice shall
<br />specify_ (a) the defautx; (b) oa action required to mire the
<br />default; W a date. trot less Ong 30 days from the date the
<br />notice is given to Hnorroweri W which the default must be cured;
<br />and (d) that failure to c4rt.0eit default on or before the date
<br />specified in the notice may rmirit in acceleration of the sutra
<br />secured by this ins*r=eue and sale of the Property. The notice
<br />shall further inform Barrawetk, of the tight to reinstate after.
<br />acceleration and the right to erring a court action to assert the
<br />non - existence of a defau,St ce any other deferme of Borrower to
<br />acceleration and sale. If the.&.fault is not tetrad on or before
<br />the data sped in the aota e. JAnder at. ice. aeon may require
<br />im edict. payment in fuU 06-• 'gal ...Ms securer by this
<br />melt nwAt without further &wr . -atid MaY':iitvoke the power
<br />of salt:- and any other renrdilts permitted L-s 4pplicable law.
<br />Le dar shall be eatiided to� ceLect all expenms fitcurred in
<br />pursuing the rew4dies pro3jVxd in this paragttiph 13, including,
<br />%ic cot lirnited to, rearoae.fi: attorneys' fees• wd costs of title
<br />evidence. .
<br />-if the power of sale is insrsfed, Trustee sh4 i record a actice of
<br />default in each county ia..wtj ich any part 011-:6-a Property is
<br />IQ,nted and shall mail. cogiais of such nom in the manner,
<br />yressibed by aivEcaable I*vto Borrower and to the othei
<br />pennrz prescribed by aTpliitable taw. After the time required by
<br />applicable law, Trustee shall; give public notice of sale to the
<br />persons and in the m1mm E prescribed by apH dicable law.
<br />Trustee, without: dejL-LV_, crr Borrower, .sli4 ssell the Property at
<br />public auction to the bigrtast bidder at the ii�a and place and
<br />ur_afrx the terns danigrarnd in die rn.tice of i k in one or. more
<br />parnds and it any order Truster Mat' .
<br />po.5tpa:�ne sale of a1 or any parcel cF tie a7:,wMv b;Y ;oastl'iz
<br />wttr.limcement at the rate and place of �Zy r.- Miously sche3wed
<br />sate.. Lender or its desitrnte may purchase the Property at any
<br />sale.
<br />Upon receipt of payment of Foie price bid, Trustee shall deliver
<br />to the purchaser Truiam's dwi c-Inveying the Property. The
<br />recitala inn the Trustee 9 de«i droll be prisrea facie evidence of the
<br />truth of the ststrmnrt ma:; de-mriv Tnnh;e shall apply the
<br />proceeds of the sale iii the order: (a) to all expenses of
<br />the sale, includingz; but not United to, Trustee's fees as
<br />permitted by applirable law stud reasonable attorneys' fees; (b)
<br />to alt sums secured b1A this Security Instrument; and (c) any
<br />excess to the parson, Or persons legally entitled to it.
<br />14. U ;an acceleration under paragraph 13 or abandonment of
<br />the F'ro;erry, Ltitdes (in person, by agent or by judiciely
<br />arpoiored r,cei jer) shall be entitled to enter upon, take
<br />possessicu,ep and manage the Property and to collect the rents
<br />c Oe Property including those past due. Any rents collected by
<br />Lender or the receiver shall be applied fir.--s to payment of the
<br />tests of management of the Property and collection of rents,
<br />indua;ing, but not limited to, receiver's fees, premiums on
<br />receiver's bonds and reasonable attorneys' fees, and then to the
<br />sums secured by this instrument.
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