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<br />event of loss Borrower will give immediate notice by mail to the
<br />Lender, who may make proof of loss if not mada promptly by
<br />Borrower, and each insurance company concemudiir, hereby
<br />authorized and directed to make payment for, such. loss directly to
<br />the Lender instead of to the Borrower and the Lender jointly, and
<br />the insurance proceeds, or any part thereof, may be applied by the
<br />Lender at its option either to the reduction of the indebtedness
<br />hereby secured or to the restoration or repair of the property
<br />damaged. In event of fefeclosure of this instrument or other transfer
<br />of title to the mortgaged. Mperty in extinguishment of the
<br />indebtedness secured hereby, all right, title and interest of the
<br />Borrower in and to any insurance policies then in force shall pass to
<br />the purchaser or grantee:.
<br />9. That as additional and collateral security for the payment of the
<br />note descn&* and all sums to becotne due under this instrument,
<br />the Borrower beteby assigtass to the [:,em kr all profits, revenues,
<br />royalties, rigbts and be= ts•accru4, to the Borrower under any and
<br />all oil and gas leases om sxO premism with the right to receive and
<br />receipt for the same acedil 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 any such payments when
<br />due and payable, but slEeU not be required so to 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 Widings upon said premises
<br />in good repair, and neither commit not permit waste upon said land,
<br />nor suffer the said premises to be used'f'or any unlawful purpose.
<br />11. That if the premises, or any part 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 />consideration for such acquisition, to the extent of the full amount of
<br />indebtedness upon this instrument and the note which it is given to
<br />secure retraining unpaid, are hereby assigned by the Borrower 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 hereb_w mat be eligible for insurance under the
<br />National Housing Act within eight-months from the date hereof
<br />(written stuement'of arty officer of the Department of Housing and
<br />Urban Development or authorized agent of the Secretary of Housing
<br />apd Urban Development dated subsequent to the eight months' time
<br />from the date of this instrument, declining to insure said note and
<br />this mortpge, being deemed conclusive proof of such ineligibility),
<br />the Leer or holder of the 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 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 lkpartment of Housing and
<br />Urban Dtvelopment.
<br />13. That if the Borrower fails to make any payments of money
<br />when the same become due, or fails to conform to and comply with
<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 (but not prior to acceleration under paragraph 12 unless
<br />applicable law provides otherwise). The notice shall specify: (af the
<br />default; (b) the action required 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 cued. and (d) that failure to cure the default on
<br />or before the date spwi ied, in. Bte notice may result in acceleration
<br />of the sums secured b}i bas ii4su=ent and sale of the Property. The
<br />notice shall further i rfi rt r Borrower of the right to reinstate after
<br />acceleration and tht right to bring a court action to assert the non-
<br />existence of a default or any other defense of Borrower to
<br />acceleration and sale, if the default is not cured on or before thz, date
<br />specified in the notice, Lender at its option may require impi&iWe
<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 be entitled to
<br />collect all expenses incurred in pursuing the remedies provided in
<br />this paragraph 13, including, but not limited to, reasonable
<br />attorneys' fees and costs of title evidence.
<br />If the power of sale is invoked, Trustee shall rmord a notice of
<br />default in each county in which any pan of the Ptoperty is located
<br />and shall mail copies Of such notice in the manner nregmW 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 apph��hr. Lev. Tr_;S:r. wtucrat dcu =ziru un Borrower,
<br />shall sell 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 more parcels and in any order Trustee determines. Trustee
<br />may postpone sale of all or any parcel of the Property by public
<br />announcement at tbe.time and place of any previsusly scheduled
<br />sale. Lender or its designee may purchase the irropeny at any sale.
<br />Upon receipt of payment of the price bid, Trustee shall deliver to
<br />the purchaser Trustee's deed conveying the Property. The recitals in
<br />the Trustee's deed shall be prima facie evidence af•the truth of the
<br />statements made therein. Trustee shall apply the proceeds of the sale
<br />in the following order. (a) to all expenses of the sale, including, but
<br />not limited to, Trustee's fees as permitted by applicable law and
<br />reasonable attorneys' fees; (b) 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 under paragraph 13 or abandonment of the
<br />Property, Lender (in person. by agent or by judicially appoiawd
<br />receiver) shall be entitled to enter upon, take possession of ji�d
<br />manage the Property and to collect the rents of the Property
<br />including those past due. Any rents collected by Lender or tht
<br />receiver 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 />receivers fees, premiums on receivers bonds and reasonable
<br />attorney's fees, and then to the sums secured by this instrument.
<br />Paqe 3 of 5 + ' ,
<br />HUD•92143DT•1
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