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r 89. 103901 event of toe, Borrower will give immediate notice by mail to the Lender, who may make proof of loss if not made promptly 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 either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this instrument or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right. title and interest of the Borrower in and to any insurance policies then in force shall pass to the purchaser or grantee. 9. That as additional and collateral security for the payment of the note described, and all sums to become due under this instrument, the Borrower hereby assigns to the Lender all profits, revenum royalties, rights aced benefits accreting to the Borrower under any and all oil and gas leases on said premises, with the right to receive and teceipt, for the same and apply them to said indebtedness as well before 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 shall not be required so to do. This assignment is to wxminate and become null and void upon release of this instmumitt. 10: That the Borrower will keep the buildings upon said premises in good repair. And neither commit nor permit waste upon said land, nor suffoer the said premises to be used for any unlawful purpose. I I_ TW if the premises, or any pan thereof. be condemned under tuv pawe of ierniu►88t v0-Am" ii►, vi "giliscu uN o pee`oii- use. inr damages awarded, the proceeds for the taking of, or the consideration for such acquisition, to the extent of the full amount of indebtedness upon this inummeat and the note which it is given to secure 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 rnatuting installments of such indebtedness. 12. The Borrower Nriber ag7 = that should this instrument and thtc new secured hereby not be eG&k 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 Urban Development or authorized agent of thr Secretary of Housing and Urban Development dated subsequent to the eight months' time froth the date of this instrumeff-4 &Wining to insure said note and this mortgage, beigg deemed data usive proof of such ineligibility), the Lender or holden of the note say. at its option. declare all sums secured hereby immediately due. and payable. Notwithstanding the foregoing, this option may not be cKercised by the Lender or the bolder of the mote when the inellgbd7ity for insurance under the National Housing Act is due to the Lender's failure to remit the mortgage insurance premium to the Department of Housing and Urban Development. 13. That if the Borrower fails to make any payments of money when the sane become dm or fats to conform to and comply with any of the conditions or agreements contained in this instrument, or the note which it secures, 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 12 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 Tailure to cure the 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 right to reinstate after acceleration and the right to bring a court action to assert the non - existance of a default or any other defense of Borrower to acceleration and sale. If the doefault is not'cured on or before the date spc6fied 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 applicaNe law. Lender shall be 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 invoked. Trustee shall record a notice 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 by applicable law. Trustee sna;i give public notice of sale to the persons and 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 and place and under the terms designated in the notice of sale in 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 sewuled sale. Lender or its designee may purchase the Property "any sale. Upon receipt of payment of the price K4, Trustee shall deliver to the purchaser Trastees deed conveying the Property. The recitals in the Trustoesd1e9 shall be prima facie evidence of the truth of the staeusteacs cruktherein. Tn nwx shall apply the proceeds of the sale in the foifowm" s ardeer. (a) to aMexpenses of the sale, including. but not limited to, .Trustee's fees as f emtLt cdi leg. applicable law and reasonable atttrmys fees; (b) to off S'2 a,� secured by this Security Insimment; And fc) any excess rci the person or persons legally enured to it. 14. Upon acceleration under paragra,;* I -3or abandonment of the Property, Lender (in person, by agent or irgw:jWicially appointed receiver) shall- be entitled to enter upon, take possession of and manage the Property and t6l;UUect the rents of the Property including those past due. Anyi:rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including, but not limited to, receiver's tees,.pcesniums on receiver's bonds and reasonable attorney's fees, and then to the sums secured by this instrument. Paw 0 6 • - - - -- Fttia- Ss1n3�T -t i n r