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r 89--- 103531 event of loan Borrower will give immediate notice by mail to the Leader. who may make proof of lass if not made promptly by Borrower. and each insurance company concerned is hereby authorised and directed to make payment for such Ions directly to the Leader instead of to the Borrower and the Lender jointly. and the insurance proceeds, or any path thereof, may be applied by the Leader at its option either to.t4te reduction of the indebtedness hereby aecumd OT to ft mstOmIlion or repair of the property dthan AA. in event Of forecl mom of this instrument or other transfer of lids To. the nforil"a property in extinguishment of the isdObtedneat secured hereby. al) right, tide and interest of the Donawa:r in sad to any insurance policies then in fora shall lttts; to the purchaser or 8raniee. 9. That 0 additional and collateral security for the payment of the Dote described. and all sums to become due under this instrument, the Borrower hereby so*as to the Lender all profits, revenues, royalties, rights and benefits aroaruing to the Borrower under any and all oil and gas leales sM said premise, with the right to receive and receipt for the saute and apply taco" to said indebtedness as well before as after default in the conditions of this instrument. and the )ender may demand. sue for and recover any such payments when due and payable: but shall not be required so to do. This assignment is to terminate and become null and void upon release of this instrument. 10. 'illrnt the Bwower will keep the buddiW upon said premises is good repair, and neither commit nor permit waste upon said land. a" Niger the said P"ises to be used for any unbwful purpose. I l.. That if the premises. or any part thereof. be condemned under the! nou" fnFIN� i0"# do.— n, —A fo ». » w yw.w uF ii pnhot3V VW. the dali 0W—Ar . the proceeds for the eking of, or the consideration for such uaquisitioD. to the extent of the full amount of iadebtedaess spas this imtruerent aryd the nw_e .t• it a glees to secure remaining unpaid. are hereby assigned by the Borrows to the Leader, and shall be paid forthwith to said Lender to be applied by the latter oa account of the next maturing installments of such indebtedness. 12. The Borrower further agrees that should this instrument and the mote secured hereby not be eligible for insurance under the National Housing Act within eight months from the date hereof (written statement of any officer of the Department of Housing and VdW0 Development or authorized agent of the Secretary of Housing and Urban Development dated subsequent to the eight months' time from die date of this instrument, declining to insure said note and this ngr,gthge. being deemed eoadwive proof of such ineligibility). the Leader « holder of the note may. at its option, declare all sums secured hereby immediately due and payable. Notwithstanding the fexegoiag, this option may not be exercised by the Lender or the herder of the note when the ineligibility for insurance under the National Housing Act is due to the Leader's failure to remit the n prem um to the Department of Now" and Urbse 13. That if the 8ftsrr�. a fails to matte any marenRc of Money, when the some become due, or fails to ttonform to and comply with any of the conditions Of Mmments contained in this instrument, or the note which it t+ecures, then the entire principal sum and accrued interest shall at once become due and payable, at the election of the Lender. Lender shalt give notice to Borrower prior to acceleration following BOMa%vr's breach of any covenant or agreement in this instrument (bus not prior to acceleration under paragraph 12 unless applicable law provides otherwise). The notice shall specify: (a) the default (b) the Action required to cure the Mauls (c) a date, not leas than 30 days from the date the notice is given to Borrawer, by which the default mum be cured. and (d) that failure'to cure thr. default on or before the date specified in the notice may result in acceleration of the sums secured by this instrument and sale of the Property. The notice shall further inform Borrower of the tight to reinstate after ` acceleration and the right to bring a court action to assert the non- exis4ence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date spec f`red in the notice, Lender at its option may require immediate payment in full of all sums secured by this instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to COW all expetaes incurred in pursuing the remedies provided in this paragraph 13, including, but not limited to, reasonable attorneys' foes and costs of title evidence. If the power gaff sale is invoked. Trustee shall record a mice of default in each County in which any part of the property is located and shall mail copies of such notice in the manner prescribed by applicable law to borrower and to the other persons prescribed by applicable law: After the time required b)randieata . law r.,,ntce MU give public notice of sak to the persons imd in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the Property at public auction to the highest bidder at the time' i.r placc and under the terms designated in the notice of sale M one or more parcels and in any order Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the Property at'any sale. Upon receipt of payment of the price bid. Trustee shall deliver to the purchaser Trusters deed conveying the Property. The recitals in the Trustee's deed shall be prima We evidence of the truth of the statements made therein. Truntea shall apply the proceeds of the sale IS the following order: (a) to all expenses of the safe, including. but hot limited to. Trustee's fees as permitted by applicable law and reasonable attorneys' fees; (b) to all sums secured by this Secusity lastrument 903 (c) any excess to the person or persons lepliy, entitled to it. 14. Upon acceleration under paragraph 13 or abandonment of the Property. Lender (in person, by agent or by judicially appointed receiver) shall be eadtka to enter upon, take pomession of and manage the Property and to collect the rents of the Properly including those past due. Any rents colltcted by Lender oer eke re rivet shall be applied first to payment of the costs of r a4ement Of d1C Property and collection of rents, including, but not limited to. t'ecsiver's fees, premiums on receiver's bonds and.reasonable attorney's fns, and then to the sums secured by thii instrument. Pays 3 of 5 L L.� MUD- NIUDT•t l J 7 4 �J