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r 89- 103773 event of loss Borrower will give immediate notice by mail to the lender, who may make Proof of loss if not made pamptly by Borrower, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to the lender instead of to the Borrower and the Lender jointly. and The insurance proceeds, or any part thereof, may be applied by the Lender at its option rather to the reduction of the indebtedness hereby secured or to the festoration or repair of the property daniyed. in event of foreclosure of this instrument or other transfer of tick to the mortgaged property in extinguishment of the i,ttdebleduces secured hereby. all right, title and interest of the gwower in gad to any insurance policies then in fora shall pass to the pusewa r or grantee. 9. Thkt a additional and collateral security for the payment of the am detx,•ribtd, and all sums to become due under this instrument, the Borrower hereby assigns to the Lender all profits, revenues, royalties, rights and benefits accruing to the Borrower under any and all oil anti gas kam on said premises, with the right to receive and receipt for the same and apply therm to said indebtedness as well befom as after default in the conditions of this instrument, and the Lender may demand, sue for and recover any such payments when due and payable. but shalnot be required so to do. This assignment is to terminate and become null and void upon release of this instrument. 10. That ft. Borrower will keep the bWdinp upon said premises in good repair. cad nekber commit nor ®semis waste upon said land, tier suffer the said preen ra to be used for =4: ' unlwfu purpose. i 1. Tldtr if the premises, or any part ft-mot be condemned under power of eminent domain, or acquired for a public use. the damages awarded, the proceeds for the taking of, or the aottsideratioa for such acquisition. to the extent of the full amount of �_t . w tiluGtAYttcs "uL' v i up* t-A secure N �......t . e .... . remaining unpaid. are hereby assigned by the Borrower to the Lender. and shall be paid forthwith to said Lender to be applied by the latter on account of the next maturing installments of such indebtedness. 12. The Borrower further agrees that should this instrument and the note secured hereby not be eligible fir insurance under the National Mussing Ace within eight months from the date hereof (written rent of any officer of the Department of Housing and Urban DevdOpraeet or authorized agent of the S=esary of Housing and Urban Dmlopmeat dated subsequent: 0 the rsgltsr months' time from the dace of this instrument. derdbutigm insure said note and thin atom :.being doomed eonclttsivrproof of such ineligibi6tyjb . the Leader Prholder of the note may, grits option,. declare all scans secured hereby immediately due and payable. Notwiftunding the foregoing,;tivA option may not be exercised by the [ender or the holder of dig am when the ineligibilityi far insurance under the National 11+.rasing Act is due to the L.eadrrs failure to remit the mortgage ins,traace premium to the Dkq attment of Housing and Urban Development. 13. Thant if the Borrowcr fails to nuke any psytrtears of money when the wrens become due. or fails to conform to and comply with any of the conditions or agreements contained in this instrument, t,r the now which it secum.. then the entire principal sum and accrued interest shall at once become due and payable. at the election of the Lender. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this instrument (but not prior to acceleration under paragraph 1Z unless applicable law provides otherwise). The notice shall specify: (a) the default, (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default must be cured; and (d) that failure to cure the default .m or before the date specified in the notice may resuh in aceekratkA of the sums secured by this instrument and sale of the Property. 'tic notice shall further inform Borrower of the right to reinstate aftei acceleration and the right to bring a court action to meet the non- existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before ties eau {e specified in the notice, Lender at its gption may require immediate payment in full of all sums secured by this instrument without further demand and may invoke the power of safe wid any outer (cmedies permitted by applicable law. Lender shag, to entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph 13, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If the power of sale is invoiced. Trustee shall record a notice of default im each count} in which any part of the Property is located and shall! mail copies of such notice in the manner prescribed bye applicaW law to Borrower and to the other persons prescribed: by applicaNe Caw. After the time required by applicable law. Trustee shall give'pvNic notice of sale to the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower. shall sdk the Property at public auction to the highest bidder at the t;, jaA r1lt- and Linder tint rermc rl"nated in the notice of sale in one or more panxls and in any order Trustee determines. Trusir -e may postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Loader or its designee may purchase the Property at any sale. Upco receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Property. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statetneeis made therein. Trustee shall apply the proceeds of the sale in the tb6owing order: (a) to all expenses of the sale, including, but not limited to, Trustee's fees as permitted by applicable law and reasonabk attorneys fees; (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally 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 entitled to enter upon, take posression of and manage the Property and to collect the rents of the Property includind,t1une past due. Any rents collected by Lender or the . reaaiviersh il-be applied first to payment of the costs of man&gMent of the Ptoperty and collection of rents. including, but not limited to, receiver's fees. premiums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this instrument. Page apt 91 ti A HUD- 92143OT -1 U l - . 'r