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<br />ever; of loss Borroww -w-M give immediate notice by man to the ,
<br />Lender. who may FwJro proof of loss if not made promptly by :
<br />Borrower. and each insurance company concerned is hereby
<br />authorized and direcled to make payment for such loss directly to
<br />the Lender instead of to the Borrower and the !.ender jointly, and
<br />the iasurance proceeds, or any part thereof, may be applied by the
<br />Lender at its option either to the reduction of the indebtedness
<br />hereby secured or to the restoration or repair of the property
<br />damaged. In 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 fora shall pass to
<br />the purchaser or grantee_
<br />9. That as additional and collateral security for the paymentof4he"
<br />note described, and all sums to become due under this instrument,
<br />the Borrower hereby assigns to the Lender all profits, revenues,
<br />rovaltim rights and benefits accruing to the Borrower under any and
<br />all oil and gas leases on said premises, with the right to receive and
<br />receipt for the same and apply them to said indebtedness as well
<br />before as after defauit La ih: conditions of this instrument, and the
<br />Lender may demand. sue for and recover any such payments when
<br />due and payable, but shall not to required so to do. This assignment
<br />is to terminate and lr.tome null end void upon release of this
<br />instrument.
<br />IQ That the Borrower will keep the buildir. s upon said premises
<br />in good repair, and neither commit nor permit waste upon said land,
<br />nor suffer the said prert r:: ir: be used for any unlawful purpose.
<br />11. That if the premises. or any part thereof, be condemned under
<br />the power of eminent dern.'ri, or acquired for a public use, it--
<br />damages awarded, the pr.-,- -xds is .r the ta_inq of, or the
<br />consideration for such acquisition, to the extent of the r+a amount of
<br />indebtedness upon this instrum =t and the note which : .s giver, to
<br />secure remaining unpaid, are hereby assigned by the & rawer to the
<br />Lender. and shall be pr.'d forthwith to said Len&-. t> be zpplied by
<br />the latter on account of the next maturing installmerr; of ouch
<br />indebtedness.
<br />12. The Borrower further agrees that should this instrument and
<br />the note secured hereby not be eligible for insurance under 6e
<br />National Housing Act within eight month:: (torn the date hereof
<br />(written statement of any officer of the Department of Housinp and
<br />Urban Development or authorized agent of the Secretary of Housing
<br />and Urban Development died subsequent to the eight months' time
<br />from the date of this instrun.snt, declining to insure said note and
<br />this mortgage, being deemed conclusive proof of such ineligibility).
<br />the Lender or holder of the note may, at its option, declare all sums
<br />secured hereby immediately due and payable. Notwithstandir.q citc
<br />foregoing, this option may not be exercised by the Lender or the
<br />holder of the note when the ineligibility for insurance under the
<br />National Housing Act is due to the Lender's failure to remit the
<br />mortgage insurance premium to the Department of Housing and
<br />Urban Development.
<br />l3. That if the Borrower fails to make any payments of mono,
<br />when the same become due, or fails to conform to and comply wirh
<br />any of the conditions or agreements contained in this instrument, or
<br />the tote which it seeitres, then the entire principal srm and accrued
<br />interest shall at once become due and payaWc. at eletttoo of the
<br />Under.
<br />Lender shall give notice to Bortowf prior to acceleration
<br />following Borrowers breach of any m. mnnt or agreement in this
<br />instrument (but not prior to acceleration under paragraph 12 unless
<br />applicable law provides otherwise). The notice shall sp..csfy: (a) the
<br />default (b) the action required to cure the 'efault; (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 ctfred, and (d) that failure 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 Borower of the right to reinstate after
<br />acceleration and the right to bring a court action to assert the non-
<br />existence of a default or any other defense of Borrower to
<br />acceleration 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 />payment in full of all sums secured by this instrurrtent without
<br />further demand s, d -nay invoke the power of sale and any other
<br />remedies permitted by applicable l +_w. Lender shall be entitled to
<br />collect all expenses iw..!rred in pursuing the remedies providtxl in
<br />this paragraph 13, including, but not limited to, reasonable
<br />attorneys' fees and ref's of title evidence.
<br />If the power of sale is invoked, Trustee sha€1 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 winner prescribed by
<br />applicable law to Borrower and to the other persons prescribed by
<br />applicable law. After the time required by applicable law. Trustee
<br />shall give public notice of sale to the persons and in the manner
<br />prescribed by applicable law. Trustee, without demand on Borrower,
<br />shall sell the Property at public auction to the highest bidder at the
<br />time &i' place and under the terms designated in the notice of sale
<br />in one or mere parcels and in any order Trus ;ee determines. Trustee
<br />may pos!poar sale of all or any parcel of the Property by public
<br />announcement a! the time and place of any previously scheduled
<br />sale. Lender or its designee may purchase the Property at any sale.
<br />Upon receipt of payment of the prime bid, Trustee shall deliver to
<br />the purchaser Trustee's deed conveying the Property. The recitals in
<br />the Trustee's deed shall be prima facie evidence of the truth of the
<br />statements made therein. Trustee shall apply the proceeds of the sale
<br />in the following order: (a) to all expenses of the sale. including, but
<br />not limited to, Trustee's fees as permitted by applicable law and
<br />reasonable attorneys` fees; (b) to all sums secured by this Sr:.urity
<br />Instrument; and (c) any excess to the person or persons legally
<br />entith:d to it.
<br />14. Upon acceleration undo- paragraph 13 or abandonment of the
<br />Property, Lender (in person, by agent or by judicially appointed
<br />re%iver) shall to entitled to enter upon, take pos-mion of and
<br />manage the Property and ro collect the rents of the Property
<br />including those past due. Any rents collected by Lender or the
<br />r ;ceiver shall be applied first to payment of the costs of management
<br />t„ the Property and collection of rents, including, but not limited to,
<br />r.7xiver's fees, ilremiums on receiver's bonds and reasonable
<br />ssttorney's fees, and then to the sums secured by this instrument.
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