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event of loss SmiTaer wi1f. Ole immediate notice by mail to the
<br />Lender, who may makcc gro0a.9 lose if not nude promptly by
<br />Borrower, and each insursiv a company concerned is hereby
<br />authorized and directed to make payment foie such loss directly to
<br />the Lender instead of t i tine Vwrower and the Lender jointly, and
<br />the insurance proceed~. ex am'.. put thereof, may be applied by the
<br />Lender at its option ear tr ike reduction of the indebtedness .
<br />hereby secured or to the "ceation or repair of the property
<br />damaged. in event of f -cecia,°s.re of this instrument or other transfer
<br />of title to the mortMed pv4orrty in extinguishment of the
<br />indebtedness sewed her&3V, all right, title and interest of the
<br />Borrower in and to my insmitrice policies then in force shall pass to
<br />the purchaser or grantee
<br />Sy_ Thati as additional atib collateral security for the payment of the
<br />note.deso -b4 mad an swti4to become due under this instrument,
<br />the Borrower herebyaiprstto the Lender all profits, revenues,
<br />royalties, rights sad bencEpit accruing to the Borrower under any and
<br />all oil and gas leases ca -stud premises. with the right to receive and
<br />receipt fur the same aadsoy there to said indebtedness as well
<br />before mi after default in 6a conditions of this instrument, and the
<br />Lender may demand; sue Cor and recover any such payments when
<br />due and payable, but stroll dot be required so to of a. This assignment
<br />is to terminate and becom► . null and void upon release of this
<br />instrument.
<br />10. Tkat: the Bnower;will keep the buildings upon said premises
<br />in good mp r..;andneilike commit nor permit waste upon said land.
<br />nor suffer thesWd pirrnimres to be used for any unlawful purpose.
<br />1. That if the pr-mi�. or any pan thereof, be condemned ium. 2ir,
<br />the power of eminent dwnain, or acquired for 2 f,=rblic use, thz
<br />damages awarded, ilia proceeds fer the taking oC, cr 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 givsa to
<br />secure runaining unpaid, are hereby assigned by the Borrower ti,. the
<br />Lender, and shall be pa6l forthwith to said Lender to be applr.d 'by
<br />the latter an accuunt ofithe next maturing installments of such
<br />indebtedness. .
<br />12. Tier. Barsawer fiivther agrees that should ttw instrument and
<br />the nrrr.• secured her`b5p not be eligible for insurance under the
<br />National Housing Act within eight months frog , e date hew-f
<br />(written statement of tinny officer of the Depji., m cf Hoeing and
<br />Urban Development ev authorized agent of t!e 'R=ir aty of dousing
<br />and Urban Developmant dated subsequent to t!. eight mgluh:�' lime
<br />from the date of this instrument, da;h!r.ng to insure said nc, =dire$
<br />this mor Gage, being deemed cond-usive proof of such inelig;.laht -0.
<br />the Lender or haidc-rof the note may, at its option, declare e' taw-:
<br />secured hereby imme itely due and payable. Notwithstanding Ot e
<br />foregoing, this optico may not be exercised by the Lender or tr-
<br />holder. of the note: when the ineligibility for insurance under the
<br />A'oWni l Houting Act is due to the Lender's failure to remit die
<br />m6ii(tltge insurance premium to the Department of Housing and
<br />Urban Developmeiir.
<br />13. That if the Borrower faits to make any Oayarehts of rrnv.'y
<br />when Me same become due, or fails to conform ti; and comply wkh
<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 />instrument (but not prior to acceleration under paragraph 12 unless
<br />applicable law provides otherwisei. The notice shall specify: (a) the
<br />default; (b) the action required 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 fu7ure to cure the default on
<br />or before the date specified in the notice may result in acceleration
<br />of the sums secured by this instrument and sale of the Property. The
<br />notice shall further inform Borrower of the right to reinstate after
<br />acceleration and the right to bring a court actor to assert themon-
<br />existence of a default or any other defense of Borrower ta.
<br />acceleration and sale. If the default is not cured on or Wme°the date
<br />specified in the notice, Lender at its option may require immediate
<br />payment in full of all sums secured by this instrument without
<br />further demand and may invoke the power of sale and any other
<br />remedies permitted by applicable law. Lender shall be enwiel to
<br />collect all expenses incurred in pursuing the remedies pro%ibted in
<br />this paragraph 13, including, but not limited to, reasonable
<br />attorneys' fees and costs of title evidence.
<br />if the power of sale is invoked, Trustee shall record a notice of
<br />Mtkariz in each county in which any part of the Property is kicatcd
<br />dad mall mail copies of such nutkv in the manner prescribed by
<br />applicable law to Borrower and to the other persons prescribed by
<br />applicable law. After the time regv:Ted by apl$icable law, Trustee
<br />shall give public notice of sat to tbc per_ats : xmd in the manner
<br />prescribed by applicable law. Tn svov, without demand cn Borrower,
<br />shall sell the Property at public auction to the highest bidder at the
<br />time and place and under the terms designated in the notice of We
<br />in one or more parcels and in any order Trusauae determines. Trustee
<br />may postpone sale'of all or any parcel of the Property by public
<br />aneouncement at the time and place of any previously scheduled
<br />safie . Under or its designee may purchase the Property at &my sale-
<br />Upon' receipt of payment of the price bid, Trustee shall deliver to
<br />the purchaser TrusWs deed conveying the Property. The recitals in
<br />the Trustees deem dmll be prima facie evidence of the truth of the
<br />statements made r� .-in. Trustee Shall apply the proceeds of the sale
<br />in the f$;lowhzg rx;;er: (a) to &T gpenses of the sale, including, but
<br />not limited tr..: Trir ;.tee's fees as permitted by applicable law and
<br />reasonaL': raj ; }-n:y;s' fees; (b) to all sums soared by this Security
<br />any excess to the perscs rr Iw'suns legally
<br />avidwil to it. .
<br />la. Upon acceleration under paragraph 13 or aba iixment of the
<br />Property. Lender (in person, by agent or by judicia,'iy appointed
<br />receiver) shall be entitled to entar upon, takepossru -ion of and
<br />manage the Property and to collect the rents c' the Rcperty
<br />including those past due. Any rents collected by Ler,2r or the
<br />reowter shall be applied first to payment of the cos* -c d ititnagemem
<br />of the Property and collection of rents, indud ng,13ta a: s limited to.
<br />re::ci ;hr� fu:, pramiums on receivers bonds and reawrtacle
<br />arta;f9nry',: fees, h ,d then to the sums secured by-ill:s' insrument.
<br />Pape 3 of 5
<br />HUD- 9214SOT -1
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