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<br />event of loss Borrower will give immediate notice by marl to the
<br />Lender, who may make proof of toss if not made promptly by
<br />Burrower, and each insurance company concerned is hereby
<br />authorized and directed to make payment for such loss directly to
<br />the Lender instead of to the Borrower and the Lender ,lointly, acrd
<br />the insurance proceeds, or any part thereof, may be applied by the
<br />Lendet at its option either to the reduction of the mdebtedne,v
<br />hereby secured or to the restoration or repair of the properly
<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 Ogbt, title and interest of the
<br />BorrknAet in and to any insuratkv TKh; ;ies then nn fore, shaft pass to
<br />the purchaser or grantee.
<br />4. Thmt as additional and collateral security tier 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 />royalties, rights and benefits accruing to the Borntwer under anv and
<br />all oil and gas leases on said premises, with the tight to receive and
<br />receipt for the same and apply them to said indebtedness as well
<br />before as after default in the conditions of this instrument, and the
<br />Lender may demand, sue for and recover an% such payments when
<br />due and payable, but shall not be required so U,a do. This assignment
<br />is to terminate and become null and void upon release of this
<br />instrument.
<br />10. That the Borrower will keep the buildings upon sao prcmtses
<br />in good repair, and neither commit not permit waste upor: said land.
<br />nor suffer the said premises to be used for any utt;awful purpose.
<br />11. That if the premises, or any pan 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 />enn.Vderstian fnr tt`a.- af" oaf, • >,- full h _.f: i..,CS2, .� th; ezt:�a Q,f tf�c full di —imuni f1
<br />indebtedness upon this instrument and the no,x v`Nich it is green to
<br />secure remaining unpaid, arc hereby &%signets bt, the Borrower to the
<br />Lender, and shall be paid forthwith tosatd Lender to he applied by
<br />the Latter on account of the next maturing installments of such
<br />indebtedness.
<br />12. The Borrower further agrees that shou£d 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 hereol
<br />(written statement of any officer of the Mponmeni of Housing and
<br />Urban Development orauthonaed agent of the Secretary of Housing
<br />and Urban Developrrrent dated subsequent to the eight months lime
<br />from the date of this instrume'r_%' eclintng to insure said note and
<br />this mortgage, being deemed uoc4..0 ire proof of such melipbrAty),
<br />the Lender or holder of the Bore ma �. at its option, declare &.r rums
<br />secured hereby immedtately 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, Tlic if. the ll:1rrejwer•fadi to make any payments of money
<br />when the same became due. or fails to conform to and comply w rah
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<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 pri()T ivracceleration
<br />following Borrower's breach of any covenant or agrecwmm in this
<br />instrument (but not prior to acceleration mndrr paragraph 12 unless
<br />applicable law provides otherwise). The ninisoe shall specifv: (a) the
<br />default. (b) the ai,�tton required to cure the default; (c) a date, not les,
<br />than 30 days (Reid the date the notice is given to Borrower, by which
<br />the default must be cured. amyl (d) that failure to cure the default on
<br />or before the date specified in 111w notice may result in acceleration
<br />of the sums secured by thts instrument and sale of the Property. The
<br />notice shall further inform &M vi 'et of the night to reinstate after
<br />acceleration and the right tv* briN a court a:tion to assert the non-
<br />existence of a default or any ;LAIWr defense of Borrower to
<br />acceleration and sale. If the default is not cured un,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 instrument, without
<br />further demand and may invoke the power of sale and any other
<br />remedies permitted by applicable law Lender shall he entitled to
<br />collect all expenses incurred in pursuing the remedies provided in
<br />this paragraph 13. including, but not limited to, reasonable
<br />attornevs' fees and costs of title evidence.
<br />If the laiwec cNt'sale is invoked. Trustee shall record a notice of
<br />default in each oounty in which any part of the Property is located
<br />and shall mad copies of such aolice 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 give public notice of sale to the persons and in the manner
<br />prescribed by applicable law. Trustee, without demand on Bomower.
<br />shah seif the i•ropeny at public auction to the highest bidder at the
<br />time and place and under the terms designated in the notice of salit
<br />in one or more parcels and in any order Trustee deternimes. Trustee
<br />may postpone sale of all or am parcel of the Property by public
<br />announcement at the time and place of any previously scheduled
<br />sale. I.ender or its designee may purchase the Properly at any sale.
<br />Upon receipt of payment of the price bid. Trustee shall deliver to
<br />the purchaser Trustees deed conveying the Property The recititis in
<br />the Trustee's deed shall be prtma 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 aR expenses of the sale, including, but
<br />not limited to. Trustee's fees as permitted by applicable law and
<br />reasonable attorneys' fees: ft f co all sums secured by this Securitv
<br />Instrument. and Oct any.exuxs to the pemm -or persons legally
<br />entitled to it
<br />14. upon acceleration under paragraph 13 or abandonment of' the
<br />Property, Lender tire. per on. b3,,agent or by judicially appointed
<br />receiver ) shall be CxWed 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 collecwd by Lender or the
<br />receiver shall be applied first ro, paumenr, of the costs of management
<br />of the Properly and collection ef- renw. firduding, but not limited to.
<br />receiver's fees, premiums on receivers bnnd�,&ad reasonaWc
<br />attorney's fees, and then to the surns, secuiol by this instrument.
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