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-l RE.RECORDEU ..:J 88- 104682 88- 104.4117 Lender. In event of loss Borrower will give immediate notice by mail to the Lender f who may make proof of los5 if not made promptly by Borrower f and each insurance company concerned Is hereby authorized and directed to make payment for such loss directly to the Lender instead of to the Borrower and the Lender jointly, and the insurance proceeds, or any part thereof, may be applied b). the Lender at its option either to the reduction of the indebtedness hereby secured or to tbe 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 indebtedlless secured hereby t all right. title and interest of the Borrower in and to any insurance policies then in force shall pass to the purchaser or grantee. 9. That as additional and collateral security for the paymellt of the note described, and an sums to become due under this instrument. the Borrower hereby assigns to the 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 right to receive and receipt for the same and apply them to said indebtedness as well before as after default in the conditions of this instrument, Bnd the Lender may demand. sue for and recover any such payments when due and payable, but sball 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 buildings upon said premises in good repair, and neither commit nor permit waste upon said land, nor suffer tbe said premises to be used for any unlawful purpose. II. That if the premises, or any part thereof, be condemned under tbe 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 utent of the full amount of indebtedness upon this instrument and the note whicb it is given to secure remaining unpaid, are hereby assigned by the Borrower to the Lender, and shall be paid forthwith to said Lender to be applied by the latter on account of the next maturing installments of such Indebtedncss. 12. Thc Borrower further agrees that should this instrument and the note secured hereby not be eligible for insurance under tbe National Housing Act within eight months from the date hereof (written statement of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Housing and Urban Development dated subsequent to the eight months' time from the date of this instrument, dccUning to insure said note and this man gage, being deemed conclusive proof of such Ineligibility), the Lender or holder of the note may. at its option, declare a1l sums secured hereby Immediately due and payable. Notwilhstallding the foregoing, this option may not be uercised by the Lender or the holder of the note when the ineligibility for insurance under the National Housing Act is due to the Lender's failure to remit the mortgage insurance premium to the Department of Housing and Urban Development. 13. ThaI if Ihe Borrower fails to make any payments of money when the same become due, or fails to conform to and comply with any of the conditions or agreements contained in this insuument, or the note which it secures, then tbe entire principal sum and accrued interest shall at once become due and payable, at the election of the Lender. Lender sball give notice to Borrower prior to acceleration foDowing Borrower's breach of any covenant or agreement in this instrument (but not prior to acceleration under paragraph 12 unless applicable law provides otherwise). The notice shall specify: (a) the default; (b) the action required to cure the default; (e) a date, not less than 30 days from the date the notice is givCD to Borrower, by which the default must be cured; and (d) that failure tn cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this instrument and sale of the Property. The notice shall further inform Borrower of the rigbt to reinstate after acceleration and the right to bring a court action to assert the non-existence of a default or any other defense of Borrower to acceleration and sale. If the default is not cured on or before the date specified in the notice, Lender at its option may require immediate payment in fuD of nIl sums 'secured by this instrUment without further demand and may Invoke the power of sale and any other remedies permitted by applicable law. Lender shaH be entitled to coHeet all expenses incurred in pursuing the remedies provided in this paragraph 131 including, but not limited to. reasonable attorneys' fees and costs of title evidence. If the power of sale is invoked, Trustee shall record a notice of default in each county in which any part of the Property 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 the persons and in the manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the Property 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 Trustee determines. Trustee may postpone sale of all or any parcel of the Propeny by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the Propeny at any sale. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Prnperty. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the statements made therein. Trustee shall apply the proceeds of the sale in the rollowins order: (0) to all expenses of the lIale. inCluding, but not limited to, Trustcc's fees as permitted by applicable law and reasonable attorneys' fees; (b) to an sums secured by thl. Security lnstrumelll; alld (c) any excess to the person or persons legally entitled to It. 14. Upon acceleration under paragraph 13 or abandonment of the Property I Lender (in person, by agenl or by judicially appointed receiver) shall be entilled to enler upon, take possession of and manage the Property and to collect the rents of tbe Property including those past due. Any rents collected by Lendtr or the receiver shall be applied first to payment of the costs or management of the Property and collection of rents, including, but not limited to, receiver"s fees. premiums on receiver's bonds and reasonable attorneys' fees, and then to the sums secured by this instrument. L Page 3 of 5 HUD-92143DT.'