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L 1 104419 event of loos Borrower will give iff"nedwe notice by msii:tibthe Leader. who may make proof of lost il' not made promplig by Borrower. and cub insurance company cGammed it knr:b!� authorized and dioeciped to retake paym at for such tress dirrdtfy to the leader inswd of to the Borrower add the Lcndu �tititl+►i; tend the insurance proceeds. or any part dtercof may be apphetbr-the Leader at its option eider to the reduction of the indkbtatam hereby secured or to the restoration or rep'aii of the pmlt My : damaged. to event of Wedosure of this in%r mo*tat.titan- tr.tnsfer of cite to the mortgaged property in extinguisbtnen�ufthe indebtedness secured hereby, all trght. tale and interest dt" II►e Borrower in and to any ituuranix palliate then irt.faiC: s hall: past to the purchaser or grantee. 9. That as additional and cailawW sa�uriry f"ur, the payment of the note described, and all sums to be aaw dae under this instrument, the Borrower hereby asu ggns to the lemkr all profits, revenues, royalties, rights and benefits accruing to the Borrower under any and all oil and gas leases on said premises, with titc,'a *t to receive and receipt for the same and apply them to said i AAWdness as well before as after default in the conditions of this utstrument, 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 terminate and become null and void upon release of this instrument. 10. That the Borrower will keep the buildtVj apon said premises in goocd'rquir, and neuhei co sz.-mititi* permit ve1ste upon stag Y.mA. nor cuffes the U4 pow4swa tar umd,'br any untawiul purpose. 11. That if the pre meies, nr any pain thereof, be condemned under the power of eminent domain, or stquired for a public use, the damages awarded. the procce& for the taking of, or the consideration for such acquisiticxk, to the extent of the full amount of indebtedness upon this instrumeitt.tuw the note which it is given to secure remaining unpaid. are hereby assigned by the Borrower to the Leader. and shall be paid forthwith to said Lender to be applied by the latter on acoount of the next maturing installments of stwh indebtanast. 12. The Borrower further agrees that should this instrument and the note secured hereby not be elisihk for insurance under the National Housing Act within eight i2tonths from the date hereof (written statement of any officer e. d* Lkpanment of Housing and U460L Mvc1upriml or authorized woo of tier Ikurtaiy of Homing and Urban Development dated subsequent to the eight months time from the date of this instrument, declining to insure said note and this mortgage, bent# dmrtxd ronclusise proof of such ineligibility). the t.ertdtr Of holder of the fate ntxy, at Its Option. declare all sum% secured hereby immediately due anal payable. Notwithstanding the foregoing, this option may not he exercised by the lender or the holder of the note wlhea the ineligibility for insurance under the National Housing Act is due to the Lender'~ failure to remit the mor4M insurance pretmum to the Mpsnment of Housing and Urban Development. 13 That if the Barrows fails to snake any pa) tments of money when the same beeotee due, or falls to conlurm to and comply with any of the conditions or agreements contained in this imtrutetettt, or the note which it securm then the entire principal sum and accrued interest shall at once become due and payable. at the election of the Lender. Lender shall gite 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 otherwissa The notice shall spccftI- (a) the default; (b) the action required to cure the default: (c) a daw not less than 30 days from the date the ciotice is given to Borrower, by which the default must be cured; and (41 that failure to cure the default on or before the date specified in tom notice may result in acceleration of the sutras secured by this icsAtriment 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 risen the non- existence of a deflate or any other defense rG Sc0ower to acceleration and sale. if the default is not oarW on or before the date speraww.d in the notice, Lender ar:its option may require i—mmediate pa;.mcv*, in full of all sums semaTed by this instrument witSoaCt funlxmremand and may invoke-ibe power of sale and an} :.x*w-r remedies permitted by applicable law. Lender shall be entit3ts;: to collect all expenses incurred in pursuing the remedies provided in this paragraph 13. including.. hciirnot limited to, reasonable attnrneys' fees and costs of tr•;aP_r.y Bence. If the Power of sale is invoked. Trustee shaft record a notice of default in each crgWirfl an which any pan of c w Properly is located and shall mail oopolm 6f such notice in the trtapwir prewrtbed by apFi•.�ablc law to Soerower and to the other persons pM9M1"W by ap ;l4mNe law. After the time required by applicable taw; Ti vme shall pss. public toner of We to the persons and in the rice r presLribed by ar,,,% zNe law. 'trustee. without demand on Borrower, shall sell the Prop .,y 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 Tnrstee 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 sak lender or +, :,iarsignee may p--chase the Pi openy u any safe. Ll g.o receipt of payment of OW _t rice bid. Trustee shall:kr.'ar.,er to the Nznitaser Trustee's deed enter .-ying the Property. The in the Trustee's deed. -wall be priaW facie evidence of the truth of the statements made iffei -No. Trustee shall apply the proceeds of the sale in the following order. (a) to ail expenses of the sak. indudior, but not hmated to. 'f rustee's fees as [;gatrrtitted by applicable law dad reasonable attorneys' fees. tb) ti�,&JI sums secured by this Seamty instrument, and (c) any excess to the person or persons legally entitled to it 14. Upon -acceleration under paragraph 13 or abandonmea± of the Property. Lender Im person. by went or by judicially appnintel receiver) shall he entitled to entes upon, take possession of and tnarutge the Property and to collect the rents of the Property including those past due. Any rents collected by, Lender or the receiver shall he applied first to payment of the costs of management of the Property and udlection of rents. including, but not limited to. receiver's fees, premiums on receivers bonds and reasonable attorneys fees, and then to the sums secured by this instrument Papa! 3 015 HUD•92143OT -1 eels. y is