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event of loss BorroWQr will give immediate notice by mad to the
<br />Lender, who may make proof of loss if not made promptly by
<br />Borrower. and eaaft insurance company concerned is hereby
<br />authorized and dircc" to make payment for such loss directly to
<br />the Lender instead of t:,* the Borrower and the Lender loindy, and
<br />the insurance prxrcceds. or any part thereof, may be applied by the
<br />Lender at imoptifin either to the reduction of the indebtedness
<br />hereby secured or, w the restoration or repair of the property
<br />damaged. 10 MOW 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 ttr.any insurance policies then in force shall pass to
<br />the purchaser or grantee.
<br />9. That as additional and collateral security for the payment of the
<br />note dewdhtid, and all sums to become due under this instrument,
<br />the Borrower hereby assigns to the Leoder.ali profits, revenues,
<br />royaltiLm, eights and benefits accruing t % the Borrower under any and
<br />all'odlandi gas leases on said premises, with the right to receive and
<br />receipt for the same and appky them to said indebtzdam as well
<br />befent as after default in the conditions of this instrument, and the
<br />Lender may demand sue fit and recover any such payments when
<br />due and payable, but shall hbi he required so to do. This assignment
<br />is to terminate and tiewme nulB and void upon release of this
<br />instrument.
<br />10, That the Borrower will keep the buildings upon said premises
<br />in ggod repair, and neither commit nor permit waste upon said land,
<br />non suffer the said premises to be used for any unlawful purpose.
<br />1 I. That if the premises, or any part thereof, be condemned under
<br />the 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 />indphirstripcc samn this t„c�n�wat an tlhe note - :cl: t
<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 fatter on account of the next maturing installments of such
<br />indebtedness.
<br />12. The Borrower further agrees that should 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 statement of any officer of the Department of Housing and
<br />Urban Development or authorized agent of the Secretary of Housing
<br />and Urban Development dated subsequent to the eight months' time
<br />from the date of this instrument, 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. Notwithstanding the
<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 />13. That if the Borrower fails to make any payments of money
<br />when the same become due, or fails to conform to and comply with
<br />89"i-- Ift' e
<br />any of the conditions or agreements coninined in this` Instrument, or
<br />the note which it secures, then the entire principal bum 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 accelaratiom under paragraph 12 unless
<br />applicable law provides otherwise). The notice shall specify: (a) the
<br />default; (b) the action required to cure the dofaultt tc) a date, not less
<br />than 36 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 before the 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 shall further inform Borrower of the right to reinstate after
<br />acceleration and the tight to bring a court action to assert the non-
<br />existence of a default or any other defense of Borrower to
<br />zweleratron and sale. If the default is not cured on or befom the date
<br />specahmd in the notice. Lender at ace option may require immediate
<br />paymens 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 taw:.Lender shall be entitled to
<br />collect all expenses incurred in pursuing 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 invoked,11ustee shall record a notice of
<br />default in each county in which any part of the Property is located
<br />and shall mad copies of such notice in the manner 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 gave 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 />i:ule and ptacc and under the terms designated in the notice of sate
<br />in one or more parcels and in any order Trustee determines. Trustee
<br />may postpone -ale of all or any parcel of the Property by public
<br />announcement at 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 price 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 sate, including, but
<br />not limited to, Trustee's fees as perm;zzed by applicable law and
<br />reasonable attornevs' fees; (b) to all sums secured by this Security
<br />Instrument. and re) any excess to the person or persons legally
<br />entitled to it.
<br />14. Upon acceleration 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 collection of rents, including, but not limited to.
<br />receiver's fees, premiums on receiver's bonds and reasonable
<br />attorney's fees, and then to the sums secured by this instrument.
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