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<br />Lender. In event of loss 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 compiarty eonccrn --d
<br />is hereby authorized and directed, to make payment for such loss
<br />directly to the Lender 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 f` title to the
<br />mortgaged property in, xtinguishment of the indebtedness
<br />secured hereby, all right, title and interest of ttz Borrower in
<br />and to any insurance- policies then i3 force shall pass to the
<br />purchaser or grantee
<br />9. That as ad; lien and col: �^al sc:c itv; f� - the € a) =ncn7
<br />of the wnz des . •and all swms.10 beco nz . z: ra3 .this .
<br />t,.
<br />irstramoir. the 13otM%er hem's 2�iSns to ire : u:::r all
<br />p-ofts, w.venues. Toir4Stles, ric°s and benefits accruing
<br />Borrower under airy : .a, all . oil a_ni gas leases on said premixes,
<br />with the right to reOu-3!= and receipt for the same and apply
<br />then to said indebtedness as well before as after default in the
<br />conditions of this instrument, and the Lender may demand, sue
<br />for and recover any. such payments when due and payable. but
<br />shall not be required so to do. This assignment is to terminate
<br />and become null and void upon release of this instrument.
<br />10. That the Borrower will keep the buildings upon said
<br />premises in good repair, and neither commit nor permit waste
<br />upon said land, nor suffer the said premises to be used for any
<br />unlawful purpUse.
<br />11. That if ttr. premises, or any part thereof, be condemned
<br />under the power of eminent domain, or acquired for a public
<br />use, the damages awarded, the proceeds for the taking of, or
<br />the consideration fair such acquisition, to the extent of the full
<br />amount of indebtedness upon this instrument and the note
<br />which it is given to secure remaining unpaid. are hereby assigned
<br />by the Borrower to the Lender, and shall be paid forthwith to
<br />said Lender to be applied by the latter on account of the next
<br />matuTing inset llments of such indebtedness.
<br />12. -, to Borrower further agrcvs gnat xhis i-s,r u.:nnt
<br />a^.3 Ere, notesmunai hereby r.�. be e: ;gi= ::.`e'' insurance under
<br />the ti2ti•: cal Houdrng Act with r. eight months from the date
<br />l:zro f ovritten,statement of arn officer of the Departtneat of
<br />llcu ir..g and Urban Developrne- : or authorized agent a`. ;Ae
<br />g ;,7.r1z1y of Housing and Urb•2^. Development dated sctas,N.uent
<br />to _i a: eight months' time from the date of! `s' instrumer_:.
<br />dreli�:ag to insure said note and this more,:.rt. being deemed
<br />cot ;:elusive proof of such ineligibility), the L. =- +der or holder of
<br />the note mu. at its option, declare all sums secured hereby
<br />immediately due and payable. Notwithstanding the foregoing,
<br />Lender this option tray not be exercised by the Leer or the holder of
<br />the note whan the ineligibility for insuranw under the National
<br />Hou,3ing Act is due to the Lender's failure to remit the
<br />mortgage insurance premium to the Department of Housing and
<br />Urban Development.
<br />13. Tit.2t,if the Borrower fails to make any payments of money
<br />when ttr. same become due. or fails to conform to and comply
<br />with any of the conditions or agreements contained-in this
<br />instrurnznt, or the note which it secures. then the entire
<br />prirr.ipa) sum and accrued interest shall at once become due and
<br />payable, at the election of the Lender.
<br />89- 101268
<br />Leader shall give notice to Borrower prior to acceleration
<br />following Rarrower's breach of any covenant or agreement in
<br />this instrument (but not prior to acceleration under paragraph
<br />12 unless applicable law provides otherwise). The notice shall
<br />specify: (a) the default; (b) the action required to cure the
<br />default; (c) a date, not less than 30 days from the date the
<br />notice is given to Borrower, by which the default must be cured;
<br />and (d) that failure to cure the default on or before the date
<br />specified in the notice may result in, acceleration of the sums
<br />secured by this instrument and sale of the Property. The notice
<br />silr further inform Burrower of the right to reinstate after
<br />a6:6e-,ation and the right to �—:ng a court action to assert.1 e
<br />non-zxiste ce e, a default or any other deuense of Bormwe` o
<br />acrzleratMn and'. ale. €f Lae default 's .ot ru;ed on or yore
<br />the date specfsiaf.in db* nedm: Lender at is ertion may
<br />, immediate. payieent in fug o::`L: sums szM-ed:1•y :'3is
<br />mg-r -Ment with lut further d`tr- -=d and rsti iztol::: Nwer
<br />v�* sale and any cuter remedies permitted Iaw.
<br />'Under shall be entitled to collect all eupe- -ns mc-arred in
<br />pursuing the remedies provided in this p=graph 13, including,
<br />but not limited to, reasonable attorneys' fees and costs of title
<br />evidence.
<br />if the pcswer of sale is invoked, Trustee shall record a notice of
<br />default in each county in which any part of the Property is
<br />located and shall mail copies of such notice in the manner
<br />prescribed by applicable law to Borrower and to the other
<br />persons prescribed by applicable law. After the time required by
<br />applicable law, Trustee shall give public notice of sale to the
<br />persons and in the manner prescribed by appiicabfe law.
<br />Trustee, without demand on Borrower. shall sell the Property at
<br />public auction to the highest bidder at the time and place and
<br />under the terms designated in the notice of sale in one or more
<br />parcels and in any order Trustee determines. Trustee may
<br />postpone sale of all or any parcel of the Property by public
<br />announcement at the time and place any e previously at an scheduled
<br />sale. Lender or its designee may p chas
<br />sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver
<br />to the purchas; r Trustee's deed conveying the Property. The
<br />recitals in the Trustee's deed shall be prrna facie evidence of the
<br />truth of the statements made therein. Tn: —q°ce shall apply the
<br />proceeds of the sale in the following order: (a) to all expenses of
<br />the sale, includ' ^g, but not limited to, Trustees `ice as
<br />permitted b;p applicable law and reasonah'_e atto ?net's' sees; (i
<br />to all sums ia.'ated by this Security In. <.t:rusne t; and (c) any
<br />excess to &(i 1 erson or persons legal'', a :titled to it.
<br />14. Upon acceleration. zuder paragraph 13 or aba .donment of
<br />the Property, Lender (ir; jw.rson. by agent or by judicially
<br />appointed receiver) shad be entitled to enter upon, take
<br />possession of and manage the Property and to collect the rents
<br />of the Property including those past due. Any rents collected by
<br />Lender or the receiver shall be applied first to payment of the
<br />costs of management of the Property and collection of rents,
<br />including. but not limited to, receiver's fees, premiums on
<br />receiver's bonds and reasonable attorneys' fees, and then to the
<br />sun,% secured by this instrument.
<br />Pogo 3 of 5 ' IiJD-92143DT -1
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