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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 ttnt:made promptly by
<br />Borrower, and each insurance company/concerned is hereby
<br />authorized and directed to make payment for such loss directly to
<br />the Lender instead of to the Borrower and the Lender jointly. and
<br />the insuranim proceeds, or any part theMof. may be applied by the
<br />Leader at its option either to the reduction of the indebtedness
<br />hereby secured or to the restoration or repair of the property
<br />damaged. M 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 pus to
<br />the purchaser or grantee.
<br />9: That as additional and collateral Wurity for the payumni of the
<br />note described, and all sums to becomcAtte under this kvavment,
<br />the Borrower hereby assigns tv the Lender all prafits, mvnues.
<br />royalties, rights and benefits accruing tit-tho Borrower under any and
<br />all oil and gas leases on said premise:s4mitb► the right to receive and
<br />receipt for the same and apply them to.said indebtedness as well
<br />before as after default in i& conditions ot'. this instrument, and the
<br />Lender may demand, sue-fbr and recoverany 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 />10. That the fie' -rawer wJ1 keep the buildings upm-%�d premisa~
<br />good repair, and neither commit nor permit waste r,ron said lst'cd,
<br />n7or suffer the said premises to be used. for any unlawful purpose.
<br />11. That if the premises, or any part thcmof. be condemned under
<br />the power of eminent domain. or acquired' for a public use, the
<br />damages awarded, the proceeds for this taking of, or the
<br />consideration for such acquisition, to the extent of the full amount of
<br />indebtedness upon this instrument and the note which it is given to
<br />secure remaining unpaid, are hereby assigned by the Borrower to the
<br />Lender, and shall be paid forthwith to said Lender to be applied by
<br />the latter on account of the next maturing installments of such
<br />indebtedness.
<br />12. The Sranuwer further agrees that should this instrument and
<br />the note seeu ml hereby not be eligible for insurance under the
<br />National Hou4ng Act within eight months from the date hereof
<br />(written statement of any eLi'u'cer of tho Department of Housing and
<br />Urban DeveLkipatent or authorized agent of the Secretary of Housing
<br />and Urban 1Je: ,-lopment dated subsequent to the eight months time
<br />from the dw&— ref this instrument, declining to insure said note and
<br />this mortgage, being deemed conclusive proof of such ineligibility),
<br />the Lender or bolder of the note may, at its option. drdarl all sums
<br />sxsured hereby immediately due and payable. Notwithstanding the
<br />foregoing, thix option may not be emcised by the Lender or the
<br />bolder of the note when the ineligibih!y f°.r insurance under the
<br />• National lfi ,46ng Act is due to the Lender's failure to remit the
<br />•fw4mge iieurance premium to the Department of Ho:. ing and
<br />U,14An Developtttent.
<br />13. That if the Borrower fails to make any payments of money
<br />when the same become due. or faille to conform to and comply with
<br />any of the conditions or agreements contained in this instrument. or
<br />the note which it secures, then the entire principal sum and accrued
<br />interest shall at once become due and payable, at the election of the
<br />Lender. .
<br />Lender shall give notice to Borrower prior to acceleration
<br />following - ,Borrower's breach of any covenant or agreement in this
<br />instrumeni: (but not prior to acceleration under paragraph 12 unless
<br />applicable law provides; otherwise). The notice shall specify: (a) the
<br />default; (L) the action n4uired 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 />or befmthe date specified in the notice may result in acceleration
<br />of the sums secured by this instrument and We of the Property. The
<br />notice shOl. further infuhn Borrower of the right to reinstate after
<br />acoeietatirr. and the right to bring a'court action to assert the non -
<br />exister,mr1`a default or any other defense of Borrower to
<br />accelzmtinn and sale. If the default is not cured on or before the date
<br />specified in the notice, Lender at its option may require immediate
<br />full of all s:.ms secured by this instrument without
<br />furth.r demand and may invoke the power of sale and any othei=
<br />remettics permitted by applicable law. Lender shall be entitled (W
<br />collect all expenses incurred in pursuing the remedies provided in.
<br />this paragraph 13, including, but not limited to, reasonable
<br />attorney% fees and costs of title evidence.
<br />if the power of sale is invoked. Trustee shall record a notice of
<br />default in each county in which any part of the Property is located
<br />and shall mail copies of such notice in the manner prescribed by
<br />applicable law to Borrriwar and to the other persno-.s;rrescribed by
<br />applicable law. Aftert5r. time required by appIisflaw, Trustee
<br />shall give public notice of sale to the persons a.: the manner'
<br />prescribe4 by applicable law. Trustee, without detriand on lair
<br />shall sell! the Property at public auction to the highest bidder`. vlft
<br />time and place and under the terms designated in the notice of site
<br />in one or more parcels and in any order Trustee determines. Trustee
<br />may pi>t}tpone sale of all or any parcel of the Property by public
<br />annousicement at the time and plaza: of any previously scheduled
<br />sale. Leader or its designee may C _ndrr_rse the Property at any sale.
<br />Uporr receipt of payment: of the price bid, Trusser: shall deliver to
<br />the puMbaser Trustees deed conveying the Property. The recitals in
<br />the Trustee's deed shall be prima facie evidence of the truth of dwe .
<br />staietnevia, made therein. Trustee shall apply the proceeds of ft si do
<br />in the following order: (a) to all expenses of the sale, including, butt
<br />not liniked to. Trustee's fees as permitted by applicable law and
<br />reasonable attorneys' fees; (b) to all sums secured by this Security
<br />lnstrum:c.t; and (c) any excess to the person or persons legally
<br />entitlaas it..
<br />14. Upon accelerat :!n under paragraph 13 or abandonment of the
<br />Property, Lender (in person, by agent or by ludk oily appointed
<br />receiver) shall be entitled to enter upon, take pvwa� --on of and
<br />mane:. the Property and to collect the rents of Ot' N,:,,perty
<br />inclarh-,g those past due. Any rents m4eeced by I.iau'Wt e r ihn,
<br />receiver shall be applied first to payment of the cmty iTmanagement
<br />of the Property and collection of rents, including. but not limited to.
<br />reeeiter s fees, premiums on receiver's bonds and reasonable
<br />attomey's fees, and then to the sums secured by this instrument
<br />Psae 3 of 5
<br />HUD- 92143DT -1
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