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<br />event 44 kns Borrower will give immediate notice by mail to the
<br />Lander, who may make proof of loss if not made promptly by
<br />Borrower, and each insurance company concerned is hereby
<br />authorized and directed to make payment for such loss directly to
<br />the Lander instead of to the Borrower and the Lender jointly, and
<br />the insurance proceeds, or any part thereof, may be alrplied by the
<br />Lender at its option either to the reduction of the inefK.'6Wness
<br />hereby secured or to the restoration or repair of the pzm�vrty
<br />damaged. In event of foreclosure of this instrument oc 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 />Bortewer iii and to any insurance policies then in force shall pass w.
<br />the Vi mb=r. or grantee.
<br />4. That as additions! and collateral security for the Fraycrtd nt, of the
<br />note d --,deli; and all sues to. becorne due under this instrument...
<br />the Borrq" hereby assigns.ie-t& Lgadtl: all profits, revenues.
<br />royalties, rights and benefits awcuig tu+the Borrower under any and
<br />all oil and gas leases on saidi pr:zyti�M'with the right to receive and -
<br />receipt for the same and titppf i tk4cm to said indebtedness as well
<br />before as after default in the wodrtions of this instrument, and the
<br />Lender may demand, 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 and btT.omc null and void upon release of this
<br />instrument.
<br />10. That the Borrower will keep the buildings upon said premises
<br />in good repair. and neither commit. nor permit waste upon said land.
<br />nor suffer the said premises to be uccd for any unlawful. purpose.
<br />11. That if the premises, or any pan thereof, be condemned under
<br />the power of emment,ditmain, or acquired for a public use, the
<br />damages awarded. the proceeds for the taking of, or the
<br />Mnsidcratioa iii Such iv inr extent ui the full amount of
<br />indebtedness upon this qin�strument and the note which it is given to
<br />Were remaming otipsisk are hereby assigned by the Borro -wer to the
<br />Lender, and shall be paid forthwith to said Lender to be applied by
<br />the latter 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 instrutztent, declining to insure said note and
<br />this mortgage, being dermod conclusive proof of such ineligibility).
<br />the lender or holder uCthe 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 Dander 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 biome due. or fails to conform to and comply with
<br />�9-- 102938
<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 prior to acceleration
<br />following Borrower's breach of any covenant or agreement in this
<br />instrument (bur not prior to acceleration under paragraph 12 unless
<br />applicable law provides otherwise). The notice shall specify: (a) the
<br />default. (b) the action mquitvd to cure the default; (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 cared; and (d) that failure to cure the default on
<br />or before the date specified in the notice may resalt in acceleration
<br />of the sums secured by this instrument and sale of the Property. The
<br />notice shall further inform Borrower of the right to reinstate after
<br />acceleration and the right to bring a court action.to assert the non-
<br />existence of a defat)lt at any other defense of Bomwer to
<br />accehKauon and We, If the default is not cured on at before. the date
<br />specified, in the nopze, Lender at its option may rewire immediate
<br />paymear.i;e full of V sums secured by this instrument without
<br />further dianand and may invoke cltc power of sale and arty oibei.
<br />remedies (iermitte d by applicable law. Lender shalt be entitled: to
<br />collets all expenses im -erred in pursuing the remedies provided in
<br />this parsirraph 13, including, but net limited to, reasonable
<br />attomea•s' fees and casts of title eviderwe.
<br />If the power of sale is invoked. Trustee shall 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 manner prescribed by
<br />applicable law to Borrower and to the other persons prescribed by
<br />applicable law. After the time required by applicable taw, 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 sett the Property at public auction to the highest bidder at the
<br />time and place and under the terms designated in the notice of sale
<br />in one or morn parcels and in any order Trustee de(cimincs. Trustee
<br />may postpone sale 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 prise bid. Trustee shall deliver to
<br />the purchaser Trustee's deed convotiTr'. a.the Property. The recitals in
<br />the Trustee's dad shall be prima facie evidence cf the truth of the
<br />statements made therein. Trustee shall apply the proceeds of the sale
<br />in the following order: (al to all expenses of the save: including, but
<br />not limited to. Trustees fees as permitted by applicable law and
<br />reasonable attorneys fees; Ib) to all sums secured by this Security.
<br />Instrument; and (c) any excess to the person or persons legally
<br />entitled to it.
<br />14. Upon acceleration ander 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 />manap. the Property and to collect the rents of the Property
<br />inOwliug those past due. Any rents collected by lender or the
<br />reoRvtrc 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 recener's bonds and reasonable
<br />attorney's fees, and then to the suim secured by this instrument.
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