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<br />89 1.0140
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<br />Lender. • in etitent of toss Borrower will' give immediate notice by
<br />mail to i r'he: whet may., make proof of loss V cot made -
<br />prompt%.by -Zxn + ar. and each, insurance comraa y- concerned
<br />is -h:rek anv dissected. to• make payment for such loss
<br />directly ca t&te 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 indebtudness.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 forge shall pass to the
<br />purchaser or grantee.
<br />'9. That as additionaIiand,eollateral security for the payment
<br />of the note describedi and all! sums to become due under this
<br />instrument, the Borrower hereby assigns to the Lender all
<br />profits, revenues, r9yalties, rights and benefits accruing to the
<br />Borrower under, any- and, all: oil and •gas leases on said premises.
<br />with the right, to, receiira and receipt for the same and apply
<br />them to saidlindebiedness as well before as after default in the
<br />conditions ofi this instrument, and the Lender may demand, site
<br />for and recabsr any such payments when due and payable, but
<br />shall not be requitedl so to do. This assignment � es terminate
<br />and become nullland void upon release of this i n _�ument.
<br />10. That. the Borrower will ' keep the bit �:gs upon said
<br />premises in. goods repairs and neither o.- r i oar permit waste
<br />upon said: held*. nor suffer the said press s .es to. br used for any
<br />unlawful purpose..
<br />11. That if tho premises, or any part thereof, be condemned
<br />under the• power, of eminent domain, or acquired for a public
<br />use, tho damages awarded, the proceeds for the taking of, or
<br />*he consideration, for• such acquisition, to the ex-= of the full
<br />amount of. indebtedness upon this instrument t 4 ii c%he note
<br />which it is given, to secure remaining unpaid, are b.-reby 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 />maturing installments of such indebtedness.
<br />12. The Borrower, further agrees that should ft:i instrument
<br />and the note secured hereby not be eligible nor %na arance under
<br />the NattonaliHousing Act within eight months from the date
<br />hereofr(writtemstatetnew of any officer of the Department of
<br />Housing and,Utban,Devxtopment or authorized agent of the
<br />Secretary.,ofr Housing and Urhan Development diced subsequent
<br />to the eight, months" time fiom the date of tai,. m^ 'rumens,
<br />declining to insure suits note and this mortgage, being deemed
<br />conclusive proof- ofi such, incligibilicl ),-, the Lender or holder of
<br />the note may, aU itt~ opttonj declare alf sums s :cured hereby
<br />immediately due andi payable. Not;xt. astanding L' ^e foregoing,
<br />this option may not, be exercised b;. the LenW.r cr the holder of
<br />the note when, thc ineligibility for fcsas.ance u -"::r the National
<br />Housing Act is dou to -the Lender's faOure to remit the
<br />mortgage itlturauve premium �to the Department of Housing and
<br />Urban Develbpmenu
<br />13. That if the Bbtrower fails to muke any payments of money
<br />when the same became due.,ot, fails to conform to and comply
<br />with any of the conditions ot. agreements contained in this
<br />instrument. or the note which, it secures, then the entire
<br />principal sum and accrued interest. shall at once become due and
<br />payable, at the election of the Lender.
<br />Lender shall give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant or agreement in
<br />this instrument (but not prior to acceleration under paragraph
<br />12 unless applicable law pri3vides 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 instntment and safe of the Property. The notice
<br />shall further inform Borrower of the right to reinstate after
<br />acceleration and the tight to bring a court action to assert the
<br />non-existence of a defitult or any other defense. of Botrower to
<br />acceleration and sale. If the default is not cured on or before
<br />the date specified in the notice. Lender at its option may require
<br />immediate payment in full of all sums secured by this
<br />instrument without further demand and may invoke the power
<br />of sale and any other remedies permitted by applicable law.
<br />Lender shall be entitled to collect all expenses incurred in
<br />pursuing the remedies provided in this paragraph 13, including,
<br />but not limited to, reasonable attorneys' fees and costs of title
<br />evidence.
<br />If the power of sale is invoked, i -ustee shall record a notice of
<br />default in each county in which ary 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 ^pplicabir law. After the time required by
<br />applicable law, Ti e shall g.-e public notice of sale to the
<br />persons and in the manner pre&=�,bed by applicable law.
<br />Trustee, without demand on E -rowear, shall sell the Property at
<br />public auction to the highest b :d++ 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 We of all or any pa:zeZ of the Property by public
<br />annoutcement at the time and plaw of any previously scheduled
<br />sale. Lender or its designee .=j parchase the Property at any
<br />sale.
<br />Upon receipt of payment cf Cis: pries bid, Trustee shall deliver
<br />to the purchaser Trustee's dea -winveying the Property. The
<br />recitals in the Trustee's deed small Ge prima facie evidence of the
<br />truth of the statements made l .-a.n. Trustee shall apply the
<br />proceeds of the sale in the follovdog order: (a) to all expenses of
<br />the sale, including, but not limited to, Trustee's fees as
<br />permitted by applicable law and reasonable attorneys' fees; (b)
<br />to all .rims secured by this Semrf�y Instrument; and (c) any
<br />excess to the person or persr r ;. -_ fe ally entitled to it.
<br />14. Upon acceleration uadf.- paragraph 13 or abandonment of
<br />the Property, Leader (in person, by agent or by judicially
<br />appointed receiNrf) shall be entitled to enter upon, take
<br />possession of and m.anaZe tf .property and to collect the rents
<br />of tite Property including those past due. Any rents collected by
<br />Leader 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 />sums secured by this instrument.
<br />Page 3 of 5
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