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Lender. In event of 1055 Borrower will give immediate notice b)' mail to the Lender. who may make proor of 1055 if nOI made promptly by Borrower. and each insurance company concerned Is hereby authorized and directed to malte payment for such loss directly 10 the Lender instead of to the Borrower and the Lender jointly, and the insurance proceeds, or any pan thereof, may be applied by Ibe Lender at its option either to the reduction 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 mongaged propc::r1y in extinguishment of the indebtedness secured bereby. 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 payment of the note described, and all snms 10 become due under this instrument. the Borrower bereby assigns to the Lender all profits, revenues. royalties, rigbts and benefits accruing to the Borrower under any and all oil and gas leases on said premises, with the righllo receive and receipt for the same and apply them to said indebtedness as well before as after default in the conditions of this instrument, and 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 terminale and become null and vuid upon release of this instrument. 10. Thatlbe Borrower will keep the buildings upon said premises in good repair, and neither commil nor permit waste upon said land. nor suffer the said premises to be used for eny unlawful purposc. 11. That if the premises, or any pan thereof, be condemned under the power of eminent domain, or acquired for a public use, the dam.ases awarded, the proceeds for the taking of. or the consideration for 5uch Acquisition, to the extent of the full amount of indebtedness upon this instrument and the note which it is given 10 secure remaining unpaid. are hereby assigned by the Borrcwer 10 the Lender. and shall be paid rorthwith to said Lender to be applied by the laner on account of the next maturing inst.aJ.1ment5 of such indebtedness. 12. The Borrower further ..rees thaI should this instrUment and the note secured hereby not be eligible for insurance under the National HomiDl Act within eight month5 from the date hereof (written statement of any officer of the Dcpanment of Homina and Urban Development or authorized agent of the Secretary nf Housina and Urban Development dated subsequent to the eight months' time from the date of this instrument, declining to insure said note and this mongaac. beina. deemed conclnsive proof of such inelipbililY), the Lender or holder of the note may, at its option, declare all sums secured hereby immediately due and payable. Notwithstanding the roregoing, this nption may not be exercised by the Lender nr Ibe holder or the note when the ineliaibllity for insurance under till: National Housing Act is due to the Lender', failure to remit the monJllic insurance premium to the Depanment of Housing and Urban Development. 13. That if the Borrower rails to make any payments of money when the same become due, or fails to conform to and comply with any or the conditions or o.grecmCUt5 contained in this instrument, or tbe 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, (::J 88 104637 Lendc:r shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this instrumenl (but not prior to acceleration under paragraph 12 unles. applicable law provides otherwise). The 1l0tice shall specify: (a) Ibe default; (h) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower, by which the default mUst be cured: and (d) that railure 10 cure the derault on or before the date specified in the notice may result in acceleration of the sums secured by lhis instrument 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 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 ruIJ of all sums secured by this instrument without funber demand and may invoke the power or sale and any other remedies permined by applicable law. Lender shall be entitled to collect all Cl<JlCTlSCS incurred in pursuing the remedies provided in this paragraph 13, induding. but not limited to, reasonable anorneys' fees and costs of title evidence. If the power of sale is invok.ed, Trustee sball record a notice of default in each county in which any pan of tbe 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 ~hall give public notice of sale to the persons and in the manner prescribed by applicable Jaw. Trustee, without demand on Borrower, shall sell me Property at pUblic auction 10 the highest bidder BI 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 Property by pnblic announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the Property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Property. 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 foUowing order: (a) to all expenses of the sale. including. bUl not limited t.o, Trustee's fees as penniued by applicable law and reasonable attorneys' fees; (b) to all sums scenred by this Security Instrument; and (cJ any excess to tbe person or persons legally entitled to it. 14. Upon acceleration under paragraph 13 or abandonment of the Property, Lender (in person, byagcn1 or by judicially appointed receiver) shall be entitled 10 entcr upon. takc possession of GIld manage the Propeny and to collect the rents of the Property including t:hose put due. Any renls collected by Lender or the rccc.iver shall be applied first to payment of the costs of manaacment of the Property and collection of rents. including. bUl not limited to. receiver's fees, premiums on receiver's bonds and reasonable attorneys. fees. and then to the sums secured by this instrument. Page 3 01 5 HUD.92143DT.l