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L event of loss Borrower will give immediate notice by mail to the Lender, who may make proof of lass if not made promptly by Borrower. and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to the Lender instead-of to the Borrower and the Lender jointly, and the insurance proceeds. or any part thereof, may be applied by the Leader at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this instrument or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right. title and interest of the Borrower in and to any insurance policies then in form shall pass to the purchaser or grantee. 4. Thaas Wditional and collateral smarity for fait: payment of the note described, and all sums to become drxe under tili< instrument. the Borrower hereby assigns to the Lender all profiis.,revenues, royalties, rights and benefits accruing to the Borrower under any and all oil and gas leases on said premises. with the right to receive and receipt for the same and apply them to said indebtedness as well before as after defu3i in the vondiflum of this instrument, and the Lender may denrand,#xe for and recover any such payments when due and payable, but dali not be required so to du. This assignment is to terminate and bt mn, a null and vrf d upon release of this instrument. 10. That the Borrower will keep tiie�buildings upon said premises in good repair, and neither commit nor permit waste upon said land, nor suffer the said premises to be used for any unlawful purpose. 11. Thu if.the premises, or any part thereof, be condemnrd udder the power.afeminent domain. or acquhrA for a public use, the damages awarded. the proceeds for the taking of. or the consideration for such acquisition. to the extent of the full amount of indebtedness upon this instrument and the note which it is given to secure remaining unpaid are hereby assigned by the Borrower to the Lender, and shall be paid forthwith to said Lender to be applied by the latter on aocount of the next maturing installments of such indebtedness. 12. The Borrower further agrees that should this instrument and the note secured hereby not be eligible for insurance under the National Housing Act within eight months from the date hereof (written statement of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Housing and Urban Development dated subsequent to the eight months' time frem the date of this instrument, declining to insure said note and this aiorrgage. being deemed conclusive proof of such ineligibility), the Lender or holder of the note may, at its option. declare all sums secured hereby immediately due and payable. Notwithstanding the foregoing, this option may not be exercised by the Lender or the holder of the note when the ineligibility for insurance under the National Housing Act is due to the Lender's failure to remit the morgW fi%surance premium to the. Department of Housing and Urban Development. 13. That if the Borrower fails to make any payments of mono.;; when the same become due, or fails to conform to and comply ;ol'" 89_.101558 any of the conditions or agreements contained in this instrument, or the note which it secures, then the entire principal sum and accrued interest shall at once become due and payable, at the election of the Lender. Lender shall give notice to Borrower prior to acceleration following Borrowers breach of any covenant or agreement in this instrument (but not prior to acceleration under paragraph 12 unless applicable law provides otherwise). The notice shall specify: (a) the default; (b) the actio+r required to cure the default; (c) a date, not less than 30 days from.dy: date the notice is given to Borrower, by which the default must be aszed; and (d) that failure to cure the default on or before the due spec -tfied in the notice may result in acceleration of the sums secured by. this instrument and sale of the Property. The notice shall further tnficnt Borrower of the right to reinstate after acceleration and the (Wit to bring a court actign to assert the non- existence of a default cr•aay other defense of Borrower to acceleration and sale. dtlii deftiAt.is not cured 6 or before the date specified in the notirw ,L;nder'at its-option may�te4pire immediate payment in full of 01 secured by this instrsrrrAt without further demand aril rray invoke the power of sd!z� rid any other remedies permirted by applicable law. Lender shaif be entitled: fn collect WT expenses incurred in pursuing the remedies provider in this paragraph 13, including, but not limited to, reasonaba� attorneys fees and.bivs of title evidence. If the power Of iLle ffi invoked, Trustee shall:n�, ea? t3 sa xii�e cf. default in each county in which any pan of the lzr+.i?en`v iv 6>cwe3 and shall mail copies of such nodici iii: the un=i=t p-: gibed by applicable law to Borrower and a1 the ether pcm rs prescribed by applicable law. After- the time mr bj applical3le law. Trustee shall give public nano: d`sdath.t' rsa ie gens tam in the manner prescribed by applicable ;:r: without demand on Borrower. shall sell the Property it public caution to the highest bidder at the time and place and under the terms designated in the notice of sale in one or more pwMa and in any order Trustee determines. Trustee may postpone sate, of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sate_ Wider or its designee may purchase the Property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the P113praty. The recitals in the Trustees deed shall be prima facie evidcmrae of the truth of the statements made therein. Trustee stall apply the proceeds of the sale in the following order: (a) to all menses of the sale. including. but not limited to. Trustee's fees as permitted by applicable law and reasonable attorneys fees; (b) to all sums secured by this Security Instrument; and (e► any excess to the person or persons legally entitled to it. - 14. Upon acceleraticsr under paragraph 13 or abandonment of the Property, Lender fin person, by agent or by judicially appointed receiver) shall be w0led to enter upon. take Vision of and manage the Property and to collect the farts of lbe Property including those past due. Any ref, m collected by Lender or the rw.Nmw shall be applied first to puyrwent of the costs of management of the Property and collection of :cats, including. but not limited to, receivers fees, premiums on receivers bonds and reasonable attorney's fees, and then to the sums secured by, ibis instrument. — -_�_ - - -- -Page 3 of S HUD- 92143OT -1 t] s VY i" e b + t