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88- 104439 event of loss Borrower will give immediate notice by mail to the Lender, wbo may make proof of loss if nol r:Iade promptly by Borrower, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to the Lender instead of to tbe Borrower and tbe Lender jointly. and the insuraoce proceeds, or any part tbereof. may be applied by the Lender at its option either to the roouction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this instrument or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured bereby, all rigb~ lille and interest of tbe Borrower in and 10 any insurance policies then in force shall pass to the purchaser or grantee, 9. That as additional and collaleral security for lbe payment of the nole described. and all sums to become due under this instrument. the Borrower bereby assigns to tbe Lender all profits, reVenues. royalties, rights and benefits accruing to the Borrower under any and all oil and gas leases on said premises. with the righlto receive Bnd receipt for tbe same and apply them to said indebtedness as well before as after defaull in the conditions of this instrument. 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. Thattbe Borrower will keep the buildings upon said premises in good repair. and neither commit nor permit waste upon said land. nor sulTer Ihe said premises to be used for any uolawful purpose. II. That if tbe premises, or any part thereof. be condemned under the power of eminent domain. or acquired for a public use. the damages awarded. the proceeds for the taking of, or the consideration for such acquisition. to the extent of the full amount of indebtedness upon this instrument and the note which it is given to secure remaining unpaid, arc hereby assigntd by the Borrower to the Lender, and sball be paid fonbwith 10 said Lender to be applied by the laner on Bccount of the next maturing installments of such indebtedness. 12. The Borrower rurther agrees tbal sbould tbis instrument and the note secured bereby not be eligible for insurance under the National Housing Act within eight months from the date hereof (written statement of any officer or lhe Departmenl of Housing and Urban Development or autborized agent of the Secretary of Housing and Urban Development dated subsequent to the eight monlhs' time from the date of this instrument, declining to insure said note and this mortgage, being deemed conclusive proof of such ineligibility). the Lender or bolder of the note may, at its option. declare all sums secured hereby immediately due and payable. Notwithstanding the foregoing, this option may nOl be exercised by Ihe Lender or the holder of the note when the ineligibility for insurance under lhc National Housing Act is due to the Lender's failure 10 remit the mortpge insurance premium to the Department of Housing and Urban Development. 13. Thai if lhe Borrower fails to make any payments of money wben the same become due. or f.ils to conform to Bnd comply with any of the conditions or agreements contained in this instrument. or the note which it secures. then the entire principal sum and accrued interest shall at once become due and payable. at the election of the Lender, Lender shall give notice 10 Borrower prior 10 acceleration following Borrowefs breach of any covenant or agreement in this instrument (but not prior to acceleralion under paragraph 12 unless applicable law provides otherwise). The notice shall specify: (a) the defaul~ (b) Ihe action required to cure Ibe defaul~ (c) a date. nOlless tban 30 days from Ibe date the nOlice is given 10 Borrower. by which Ihe default must be cured; and (d) that failure Ie cure the default on or before the dale specified in the notice may result in acceler.uion of Lhe sums secured by this instrument and sale of the Propeny. The notice shall further inform Borrower of the right to reinstate after acceleration and the right to bring a coun action to asscn the non- existence of a default or any olher defense of Borrower to acceleration and sale, If the default is not cured on or before the date specified in Ihe notice.. Lender at its option may require immediate payment in full of all sums secured by this instrument without funher demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled 10 collect all expenses incurred in pursuing the remedies provided in this paragraph 13. including. but not IimiU::d to, reasonable onomeys' fees and costs of litle eyidence.. If the power of sale is invok~d. Trustee shall record a notice of default in each county in which any part of the Propeny is located and shall mail copies of such notice in the manner prescribed by applicable law to Borrower and to the other persons prescribed by applicable law. After the time required by applicable law, Trustee shall give public notice of sale to tbe pc:nons and in the manner prescribed by applicable law. Truslee, without demand on Borrower. shall sc:lIlhe Property at public aUelion to the highest bidder altbe time and place and under the terms designated in the notice of sale in one or more parcels and in any order Truslee dClnmincs, Trustee IDlIY postpone sale of all or any parcel of Ibe Property by public announcement at the time and place of any prev~ous1y scheduled sale. Lender or its designee may purchase the Property al any sale. Upon receipl of payment of tbe price bid. Trust"" shall deliver to the purchaser TrUSlee's deed conveying the Propeny. The recitals in tbe Trust",,'s deed sball be prima facie evidence of the truth of Ibe statements made Iherein. Trustee shall apply lbe proa?Cds of the sale in the following order: (0) to all eXpenses or the sale. ancludiog. but nOllimitcd to. Trustee's fees as permined by applicable law and reasonable allorneY" fees: (b) to all sums secured by IbIS Security Instrumen~ and (c) any excess 10 the person or pe"",ns legalty entitled 10 il. 14. Upon acceleration under paragrapb 13 or abandonment ofthe Propeny. Lender (in persoo. by agent or by judicially appointed receiver) shall be entitled to enter upon, take possession of and manage the Property Mnd to collectlhe rents of the Property including Ihosc: past due:. Any rents collected by Leoder or the receiver shall be applied firsl to payment of the costs oJ managemenl of tbe Propeny and collection of rents. including. but not limited to. receivcr'!t fees. premiums on receiver's bonds and reasonable attorney's feo, and then to the sums secured by this instrument Page 3 of 5 HUD.I2U3DT.l