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1 i event of lass Borrower %1M give immediate notice by mail to the Leader, who may rnalae proof of loss if not made promptly by Borrower, and each insurance campaay concerned is hereby audmKiz7ed and directed to make payment for such toss directly to the Leader instead of to the Borrower and the Lender jointly, and the: insurance proceeds. or any part themes may be applied by the lAnder at its option either to the reduction of the inde�ess hereby secured or to the restorations or repair of the property damaged. In event of foreclosure of this instrument or other trans*r of title to the morgppd property in extinguishment of the indebtedness secured hereby, all right, title and interest of the Borrower in and to any insurance policies then in force shall pass to the purchaser or grantee. 9 That as additional and collateral secuiity for the payment of the not- described, and all sums to become due under this instrument, the Barrower hereby assigns to the Lender all profits, revenues, royalties. rights and benernts 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 theca to said indebtedness as well before as after default in the conditions 6f this instrument. and the Lender may demand, sue for and recover anrsuch payments when due and payable. but shall not be rega -Lrd so +av do. This assignment is to terminate and become null and void upon release of this instrument. 1?'-.1'bat the Borrower will keep the buildings upon said premises in goon repair. and neither commit nor permit waste upon said fund, nor suffer the said premises to be used for any unlawful purpose. 11. That if the premises, or any part thereof. be condemned under the power of eminent domain, ar acquired for a public use. the damages awarded, the proceeds for the taking of. or the consideration for such acquisition, to the extensof 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 account of the next maturing installments of such indebtedness. 12. The Borrower further agrees that shoal this instrument and the note secured hereby not be eligible for insurance under the National Housing Act within e:ghi months from the date hereof (written statement of any officer of the Department of Housing and Urban Development or authorized agent of tt-- Secretary of Housing and Urban Development dated subsequent to tLe eight months' time from the date of this instrument. declining to imure said note and this mortgage. being deemed eor.;lusive proof of such ineri'tWity), 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 Art is due n the Lender's failure to remit the mortgage insurance premium m the Department of Housing and Urban Develop=at. 13. That if the Boatower fails to make any payments of mrney when the same become due, or fails to conform to and comrJ.y� with any of the conditions or agreements contained in this instrument, or the note which it secures, them the entire principal sum and accrued interest shalt at once become due and payable, at the election of the Lender. Gender shall give notice to Borrower prior to acceleration following Borrower's 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 action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cared; aad (d) that failure to cure the default on or before the dare spec fmr �a; the notice may result in acceleration of the sums and We of the Property. The notice shall f tnh6- inii_rr.jB�rrower of the right to reinstate after acceleration and llti:.•rsa_- .Ire :w bring a court action to assert the non- existence of a defsik fx rrrv',Ztber defense of Borrower to acceleration and sup. Ef the default is not cured on or before the date specified in the nafim Lezdrr it its option may require immediate payment in full of a. sums secured by this instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 13, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If the power of sale is invoked, Trustee shall record a notice of default in each county in which -any part of the Property is located and shall mail copies of suchmotice in the manner presmbed by applicable law to Borrower and to the other persons pp--zn ed by applicable law.. After the time required by applicable law. Trustee shall give public notice of sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the Property at public auction to the highest bidder at the time and place and under tier terms designated in the notice of sale in one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the Property at any sale. Upon rec.ip9 of payment of the price bid, Trustee s'ni_''u deliver to the purchaser True tee's deed conveying the Property. The recitals in the Trustee's ---d shall be prima facie evidence of the truth of the statements nude therein. Trustee shall apply the proceeds of the sale an the following order: (a) to all expenses of the sale. including. but •mot limited to, Trustee's ices as permitted by applicable !caw and reasonable attorneys fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 14. Upon acceleration under paragraph 13 or abancbzmcm of the Property, l .,nder (in peysm. by agent or by judicially a cted receivers shall be anwied to enter wren, take possession of and manage the Property and to collect the rents of the Property including those past dire. Any rents collected by Lender or the river shall be applied first to payment of the costs (A management of the Property and collection of rents, including, but nut limited m. receiver's fees, premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this instrument. ':•r 4 .. Page 3 or g - - -- - — - - - -- -- — - ... - HUq-92143DT -1 !4