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<br />event of lots Borrower wilt give immediate notice by mail to the
<br />LO*met; WW1=TnN1W pradof 1witnot rbadw-p—CO—Ri ptTy by - --
<br />Borrower. and each insurance eompuy concerned is hereby
<br />atrthorirod and directed to make payttieat for scold loos directly to
<br />the Raeder nuanced of to the Borrower and the Leader jointly, and
<br />die ine ranee proceed& or any part thereof may be applied by the
<br />Leaner at its option either to the reduction of the iadebtedaess'
<br />hereby censured or to the reitoratioa or repair of the property
<br />damaged- to event of foreclosure of the instrumeat or other transfer
<br />of title to the nwroillod property in extisguis uesent of the
<br />iadebtedaeaa secured hereby. all tight, tide and interest of the
<br />Borrower in and to any insurance policies then in force shall pass to
<br />the ptirrlfasa or grantee
<br />W.
<br />9 Tlsat as additioa*i ad collateral security for the paynteactr*
<br />ante described. and all sums to become due under Arks instrutis t4,
<br />the Borrower hereby assigns to ft Lender all pr'?ORn. revenues:,:; 't•':
<br />royahiet, tights and benefits aacrniag to the Borrower under O'S.'aAd
<br />W oil and gas teases on sari preariues, with the right to reettve, cirri
<br />roaoiipt for the samC ataa apply them to said indebtldam as wall
<br />before as after defams inthe conditions of this instrument, and the
<br />Leader may demand, star for and recover any such payments when
<br />due and payabe, but shall 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 Bocrsover will keep the buildings upon said premises
<br />in good repair, and atlVk�her commit nor permit waste upon said land,
<br />MW suffer the said prMises to he used for any. unlawful purpose.
<br />11. That if the preotles, or any part thereof, be condemned under
<br />the power of emittettt diinuin. or acquired for a public use, the
<br />damages awarded, tkr gmceeds for the taking of. or the
<br />eoa+sident icon for such acquisition, to the extent of the full amount of
<br />indebtedaesc upon thus instrument and the note which it is given to
<br />secure remaining unpaid, are hereby assigned by the Borrower to the
<br />leader. and shall be paid forthwith to said Lender to be applied by
<br />the tatter on scoount of the next maturing installmemis of such
<br />indebtedness.
<br />12. The Borrower further agrees. Okz should this instrument and
<br />the note secured hereby not be eligitit._ for insurance under the
<br />National Housing Act within eight moths from the date hereof
<br />(written statement of any officer of the Department of Housing and
<br />Urban Mvelopmem rat authorized spat of the Secretary of Housing
<br />rued Ur ,4W Nvebpment dated subsequent to the eight months' time
<br />from the Jade ill 1M instrument, declining to insure said note and
<br />this rnortgsgb. Lwung dinemed ooadusive proof of such ineligibility).
<br />the Lender or "it, of the note may. at its option, declare all sums
<br />secured hereby mrtirkiitiately dui and payable. Notwithstanding the
<br />foregoing, this option nay not he exercised by the Lender or the
<br />holder of the note wilco the ineligibility for insurance under the
<br />National Housing: Aft. is due to the Leader's failure to remit the
<br />arortgage iamwascie premium to the Department of Housing and
<br />Urban DeMopiunt.
<br />13. That if the Borrower fails to make any payments of money
<br />when the saute become due, or fails to conform to and comply with
<br />89,-- 105203
<br />any of the conditions or a=reement&cantained in this instrument, or
<br />the note'aFe it iieciiries then the entire principal sum and accrued
<br />interest shall at. once become due and payable, at the election of the
<br />Lender.
<br />tend" shall give notice to Borrower prior to acceleration
<br />fdbw * Botrawees brewh•af any covenant or agreement in this
<br />instrument (but. not prior to acceleration under paragraph 12 unless
<br />applicable law. pmOdes otherwise). The notice shall specify: (a) the
<br />d&Wt; (b) the atxiaq required to cure the default. (c) tt date, not less
<br />than 30 days from the date.thn notice is given to Borrower, by which
<br />the default mush be pre d, And (d) that failure to cure the default an.
<br />or 6eftiro the date SCified in the notice-may result in acceleration.
<br />of the sums serer :bu�this instrument and sale of the Property. Thee
<br />ntrtice:sW- f6lhi.-14brm Borrower of the right. to minstate after
<br />4a dr AdDn'ibd b'J>e'right to' brrtig a court action to amwn the two -
<br />exiWace of a defstgt or any 6thir defense of Borrower to,;;
<br />acceleration and is is .If, the default is not cured on or beflif� &� 4> to
<br />specified in the rtrti>w.'Leuder at its option may require imtttt•:.
<br />payment in full oral) sums secured by this instrument withni ., r•.:
<br />further demand and may invoke the power of sale and any. +tiA
<br />remedies permitted by applicable law. Lender ahatbbe entftfa.tee. .
<br />colket all expenses incurred in pursuing the iftedie provitixa en
<br />this paragraph l3„ including, but not limited-to: reasonable
<br />attorneys' fns and costs of title evidence.
<br />If ibe power of sale is invo64 Trustee shall record a notice of
<br />deficit in each county in which,xny part of the Property is located
<br />and shall nail copies of such notice in the manner prescribed by
<br />applicable law to Sorrowtr and to the other persons presrn'bed 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 rasa r
<br />prescribed by applicable law. Trustee, without demand orr, flhrsower,
<br />shall sell the Property at public auction to the highest bidcitr. M'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 ptif tiv
<br />announcement at the time and p4ce of any previously schesf sk;j
<br />sat Linder or its designee may purchase the Property at city °.ale.
<br />Upon: receipt of payment of the price bid. Ttustee 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 troth, ofi the
<br />statements made therein. Trustee shall apply the proceeds of,lhr sak
<br />in the following order: (a) to all expenses of the sate. includiing, but
<br />not limited to. Trustees fees as permitted by applicable law and
<br />reasonable attorneys' fees; (b) to all sums secuirtt by this Security
<br />Inurwrnent; and (c) any excess to the person or persons legally
<br />entitled to it.
<br />4, Upon acceleration nodm paragraph 13 or abandonment of the
<br />Property. Lender (in. petarr,t;. by spot or by judicially appointed
<br />r vq) shall be etstitteA to COW upon. take possession of and
<br />rnatplgt: the Property and tocollea the rents of the Property
<br />inducting those past due. Any rents collected by Lender or the
<br />twiver 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 />receiver's fns, premiums on receiver's bonds and reasonable
<br />attorney's fees, and then to the sums secured by this instrument.
<br />Page 3 of 5
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