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<br />event of loss Borrower will give immediate notice by mail to the
<br />lender, who may matte proof of Mss if not mad: promptly by
<br />Borrower, and each insurance company concerned is hereby
<br />authorized and directed to make payment for such lass, 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 foreclosure of this instrument or other transfer
<br />of tide to the mortgaged property 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 fora shall pass to
<br />the purchaser or grantee.
<br />9. That as additional and collateral security for the payment of the
<br />now described, and all sums to become due under this instrument.
<br />the Borrower hereby assigns to the Lender all profits, revenum
<br />royalties, rights and benefits accruing to the Borrower under any and
<br />all oil and gas eases on said premises, with the right to receive and
<br />receipt for the stone and apply them to said indebtedness as well
<br />before as after default in the conditions of this instrument, and the
<br />Leader w y.demand, sue for and recover any such payments when
<br />due and payaW but shaU 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 viii keep the buildings upon said premises .
<br />in good repair. and neither commit nor permit waste upon said Und,
<br />nor suffer the said premises to be used for any unlawful purpose.
<br />11. That if the premises, or any part thereof, be condemned under
<br />the pojxer of eminent domain, or acquired for a public use. the
<br />damages twarded, the proceeds for tee ta>tiagr of or tide
<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 />aw ire to wining unrrwW, are hereby assigned by the Borrower to tale
<br />Leader, and shall be paid forthwith to said tender to be applied by'
<br />the latter on account of the next maturing instalfrnears of such.
<br />indelttedtitexs. .
<br />12. The Borrower further agrees. that should this instrument and
<br />the note secured hereby., not be eWe for insurance under the
<br />National: Housing Ate within eight m nths from the date hereof
<br />(writtem stater ent of any officer of the Department of Housing grid.
<br />Urban IAct;elopntentot authorized agent of the Soaetary of Housing
<br />and Urban Devetopaaemt dated subsequent w the ei4bt months' time
<br />-...from the date of tb;. itnsirumatt, declining ads irctsude,said note and
<br />this mortgage, scion di"eetsved conclusive proof of such ineligibility).
<br />the Leader or hofCer oi`the note f»xy* at its option, declare all sums
<br />secured hereby immediately due aril payable. Notwithstanding. the
<br />foregoiM this option may not be exercised by the Lender or the
<br />holder of the now wbm the indigt'baaity for insurance under the
<br />National Housing Act. :due to the Lenders failure to remit the
<br />nxwtgagte insurance premium to the Department of Housing and
<br />Urban barelopownt.
<br />13. That if the W.mwer fails to make any payments of money
<br />widen the saute b&-,-Are dice, or fans to conforms to and comply with
<br />F
<br />any of the conditions or agreements contained in this instrument, or
<br />tine note which it secures, then the entire principal sum and accrued
<br />iaacrest shall at once become due and payable. at the election of the
<br />Lend,.m
<br />teemed shall give notice to Borrower prior to acceleration
<br />ftitlowing Borrower's breach of any covenant or agreement in this
<br />instrument (but not prior to acceleration under paragraph 12 unless
<br />apph)mble law provides otherwise). The notice shall specify: (a) the
<br />default; (b) the action required to cure the default; (c) a date, not less
<br />Own 30 days from the date the notice is given to Borrower, by which .
<br />the default must be cured; and (d) that failure to cure the default on
<br />oar before the date specified in the notice may result 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 default or any other defense of Borrower to
<br />arpeeleration and sale. U the default is not cured on or before the date
<br />specified in the notice, Lender at its option may require immediate
<br />payment in full of all sums secured by this instrument without
<br />further demand and may invokes the power of sale and any outer
<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 sole is invoked, Trustee shall record a notice oli
<br />default in each county, in whicbanv part of the Property is located
<br />and shall mail copies of such notiie in the manner prescribed by
<br />applicable law to Borrower and ;tug the other persons pasrn'bW by
<br />applicable law. After the time required by applicaW law, Trustee
<br />shall give public notice of sale to the persons and in the manner
<br />prescribed b tci171C law. Trusieq wiiupui tioiMi vu ia'wTvvir,
<br />1�� y aPpl
<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 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 price bid, Trustee shall deliver to
<br />the purchaser Trustee's deed conveying the Property. The tl CWs in
<br />the Trustee's deed shall be prima facie evidence of the trurk crf the
<br />statements trade therein. Trustee shall apply the pro s4Fthe sale
<br />in the following order. (a) to all expenses of the sale, itic6b tg, but
<br />not, limited to. Trustee's fees as permitted by applicable law artd
<br />re=iiabe attorneys' fees; (b) to all sums secured by this Security
<br />ltsMminent; and (c) any excess to the person or persons legally
<br />entitled to it.
<br />1,4. Upon acceleration under paragraph 13 or abandonment of the
<br />Property, Lender (in person, by agent or by judicially appointed
<br />re=ver) shall be entitled to enter upon, take possession of and
<br />manage the Property and to collect the rents of the Progeny
<br />including those past due. Any rents collected by Lender or the
<br />receiver shall be applied first to payment of the.•c osts of management
<br />of tlL- Property and collection of rents, including, but not limited to,
<br />receiver's fees, premiums on recovees bonds and reasonaMen.
<br />attorney's fees, and•then to the sums secured by this instrument.
<br />Paae 3 of 5
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