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event of loots Brx:ower will gave .mM%iate notice by and to the
<br />Lender, who coy make pram of lens if not crtade promptly by
<br />Borrower, and each insosatr_e cx-tpaay cm r-, teed is herebv
<br />authorized and directed to snake payment for such loss direly to
<br />the Lender instead of to the Borro%c.; and the. tender jointly, "
<br />the insura.n•.z proceeds, or any pail thereof, may be applied by the
<br />Lender at rs option either to 'be reduction cd the indebtedness
<br />hereby secured or to the restoration w repair of the property
<br />dznugcd. In event of foreclosure of this instrument or other transfer
<br />of till: to the mortgaged property can extinguishment of the
<br />indebtedness secured hereby, all right. tide and interest of the
<br />Borrow,:.- in and to any insurance ficlicies (hen in force shall Tress ;o
<br />.he purchaser or grantee.
<br />9. That as additional and collateral security for the payment of the
<br />note described, and all sums to become due under this instrument,
<br />the Borrower hereby assigns to the Lender all profits, revenues,
<br />roya:•ies, 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 :ame and apps% them to said indebtedness as well
<br />before as aftrr default to the conditions of this instrument, and the
<br />finer may dery and, sue for and recover any such payments when
<br />due and payable, but shall not be required so to do. This assignment
<br />is to terminate irid become null and void upon rel,asc of this
<br />instrument.
<br />10. fhat the Borrower will keep the buildings upon said premises
<br />can g(yx! pcpair, and neither commit nor permit route upon said land,
<br />nor sutler the said premises to be used for any unlawful purpose.
<br />11. That if the premises, or any part thereof, be condemned under
<br />th,r power of eminent domain, or acquired for a public use, the
<br />damages awarded, the proceeds for the 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 giver, 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 neat mat ring ins�al.ments of such
<br />indebtedness.
<br />12. fhe Borrower further agrees that �,�ould this instrument and
<br />the note secured hereby not be eligible for insurance under the
<br />National Housing Act within eight months from the date hereof
<br />(written strtcment of any ofFccr of the Departn-,nt of Housing and
<br />Urban Development or authc -razed agent of the Secretary of Houung
<br />and Urban Development dated subsequent to the tight months' Lime
<br />from the date of this intrumcnt, declining w 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 suns
<br />stewed hereby immediaiely due and payable. Notwithstanding the
<br />foregoing, this option may no; be exercised by the Loader or the
<br />holder of the note when the in6gcbility for insurance under the
<br />National Hou ing Act is due to the Lender's failure to remit the
<br />t°ortgage insurance premium to the Department of Housing and
<br />Urban Devclo,rmcnt.
<br />13. That if the Borrower fails to make any payments of money
<br />when the same become due, or fails to conform to anti comply wiah
<br />any of the conditiow or agreernerts contained in this instrument, or
<br />the note which it secures, then the entire principal suns and accrued
<br />interest shall at once become due sad payable, at the ekctioo of the
<br />Lender.
<br />Lender shall give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant or agreement ice this
<br />instrutent (but not prior to acceleration under paragra�!i 12 unless
<br />applicable law provides otherwise). The notice shall specify: (a) the
<br />default: (b) the action required to cure the defaulr: (c) a date, not !eat
<br />than 30 days from the date the notice is given to Borrower, by which
<br />the default must be eared; and (d) that fai:ure to cue the default on
<br />or before the date spec led in the notice may result in acceleration
<br />of the sums secured by thr; instrument and sat. of t1Y Pro f.rty. The
<br />notice shall further inform Borrower of the rig:lt to rcinsta.te after
<br />acczlcration and the right to bring a court action to asser, the non-
<br />existence of a default or any other defense ar Borrower to
<br />acceleration and sale. Y the default is nor. -uicd on or before the date
<br />specified in the notice. Lende: at its option may re -4uire immediate
<br />payment in f nil of a'.l sutras secured by this instrument without
<br />further demanc anti may invoke the power of Bait and any other
<br />remedies permini :J ny applicable law. Lender shall be entitled to
<br />collect all expertses incurred in pursuinr the remedies provided 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 inveko.f, Trustee shall record a notice cf
<br />default in each county in which any part of the Property is !opted
<br />and shall mail ospies of such notice in the manner prmribed 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 pe was and in the manner
<br />prescribed by applicable lain. Trustee, without demand on Borrower,
<br />shall sell the Property at public auction to the highest bidder at the
<br />Lime and place pad under the terms designated in the notice of sale
<br />in one or more -arccls and in any order Trustee deterrrancs. Trustee
<br />may postpone salt 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 Propeny at any sale.
<br />Upon receipt of payment of cbc price bid. Trustee shall deliver to
<br />the purchaser Tr zstee s deed conveving the Property. The recitals in
<br />the Trustee: deel 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 follow ing order. (a) to all expenses of the sale, including, but
<br />not limited to, i rustee's far as permitted by applicable law and
<br />reasonable attorneys fees: (b) to sill sums secured by this Security
<br />Instrument: and (c) any excess to the person or persons legally
<br />entitled to it_
<br />14. Upon acce.crauon under paragraph 13 or abandonment of the
<br />Property, Lender (in person, by agent or by judicially appointed
<br />receiver) shall be entitled to enter upon, take possession of and
<br />manage the Property and to collect the rents of the Property
<br />including those past due. Any rents collected by Lender or the
<br />receiver shall be applied first to payment of the costs of management
<br />of the Property and coUec"Or" of rents, including, but not limited to.
<br />receiver's fees, premiums on'reccivcr's bonds and reasonable
<br />attorney's fees. and then to the sums secured by this cnsir,imrnt.
<br />Paige 3 0: 5
<br />MUD -921 a3OT -1
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