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<br />$9-- 104794
<br />event of loss Borrower will give immediate notice by maid to the
<br />Under, who may snake proof of loss if not made promptly by
<br />l3airrotver..and each insurance company concerned is hereby
<br />authorzed.:amd directed to make payment for such loss directly to
<br />the l.ettdMstntet+d of to the Borrower and the Lender jointly, and
<br />the ifftill M proceed', or any pan thereof. may be applied by the
<br />Llmder at its; option either to the reduction of the indebtedness
<br />by secured or to the restoration or repair of the property
<br />datmag d. In event of foreclosure of this instrument or other transfer
<br />Of We to;tlte mortgaged property in extinguishment of the
<br />indebtedness secured hereby, all right, title and interest of the
<br />Borrower in and to any insurance, poliewn then in farce sttsll p *r� to
<br />the purchaser or grantee.
<br />9. That as additional and collateral security for the payment of the
<br />nor 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 leases on said premises, with the right to receive and
<br />receipt for the same and 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 shall not be required so to do. This assignment
<br />is-to terminate and become null and void upon releaaeaf this
<br />Im trument.
<br />10. That the Borrower will keep the buildings upon sera prerni,ea
<br />in good repair, and neither commit nor permit waste upon said land'.
<br />nor suffer the said premises to be used for any unlaw£ut. purpose.
<br />I1. That if the premism 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 15W amount of
<br />indebtedness upon this instrument and the note w•hictr is; is given to
<br />secure remaining unpaid. are hereby assigned by the Borrower to the
<br />Lender, and shall be paid forthwith to said: fender to be applied h #.
<br />uhe latter au accuaunt of the next maturim, installments of such
<br />�rLdebtexlrtess.• .
<br />12. The Borrower further agrees that siould this instrument and
<br />the note secured hereby not be eligible tt;r insurance under the
<br />National Housing Act within eight montthfi :`turn the date hereof
<br />(written statement of any officer of the'fe5srtment of Housing and
<br />Urban Development or authorized artA the Secrm ry of Housing
<br />sad Urban Development dated subsequai to the tag : months time
<br />from the date of this instrument. declfai4 o,, insure s;cid note and
<br />this mortgage, being deemed eonelusivt: p(nof of such ineligibility),
<br />the Lender or holder of the note may. tt. its option, declare all sum i
<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 Department of Housing and
<br />Urban Development.
<br />13. That if the Borrower fails to make any payments of money
<br />when the same become due, or faits to conform to and comply with
<br />S
<br />any of the conditions or agreements contained in this instrument, or
<br />the nods 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 />[ender.
<br />Lender shall give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenant or agrce,�tent in.this
<br />instrument (but not prior to acceleration under fSaragfpirJZ'srlrfss
<br />applicable law provides otherwise). The notice shJ. vecify: r trplf e
<br />default; (b) the action required to cure the default; (c) a date, not less
<br />than 30 days from the due the notice is given to Borrower, by which
<br />t1t^ de—hult must he cured; and (d) that farlurc to cure the default on
<br />or 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.16n�instate after
<br />acceleration and the right to bring a court action iayt j,:sert the non-
<br />existence of a default or any other defense of Borto' Wer to
<br />acceleration and sale. If the default is not cured on or befgretfiiu:.date
<br />specified in the notice. Lender at its option may require iai•= diniiR.
<br />payment in full of all sums secured by this instrumci L,l r#•lht,- .
<br />further demand and may invoke the power of sale ijy other
<br />remedies permitted by applicable law. Lender sht<Ji:1bE :°ritittexd.to.
<br />collect all expenses incurred in pursuing the remedies provided ib
<br />this paragraph 13, including, but not limited to, reasonable
<br />attomeys' fees and costs of title evidence.
<br />If the power of sale is invoked, Trustee shall record a notice of
<br />default its mh county in which any part of the Property is located
<br />and sb4l'MZ41 copies of such notice in the manner prescribed 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 applicable law. Trustee, without demand on 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 Pro(Wrty by public
<br />announcement at the time and place of any previdwly 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 recitals in
<br />the Trustee's deed shall be prima facie evidence of the truth of the
<br />statements mute therein. Trustee shall apply the proceeds of the sale
<br />in the f0owing order: (a) to all expenses of the sale, including, but
<br />not limiwd ter. Trustees fees as permitted by applkablz law and
<br />reasonable attorneys fees; (b) to all sums secured by this Security
<br />Ustrument; and (c) any excess to the person or per.4ins legally
<br />intitled to it.
<br />14. Upon auxleration under paragraph 13 or abandonment fsf tltx
<br />Property. Lender (in person. by agent or by judicially appointed
<br />receiver) shall be entitled to enter upon, take possession of and
<br />manw'the Property and, to collect the rents of the Property
<br />including those past due. Any rents collected by Lender or the
<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 am] reasonable
<br />attorney's fees, and then to the sums secured by this instrument.
<br />•Paget 3 of 5
<br />A ' _ HUD- 92163OT -1
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