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Lender. In evenl of loss Borrower will give ImmedhuC' notice by mail to the Lender. who mo.>' make proof of loss if nol made promplly b)' Borrower. and each insurance company concerned is hereby authorized and directed to make payment for such t05S directly to the Lender instead of to the Borrower and the Lender Jointly, Dnd the insurance proceeds, or any part thereof, may be applied by the Lender at ilS option either 10 the reduction of the indebledness hereby secured or 10 Ihe restoration or repair of the property damaged. In event of foreclosure of this instrumenl or other Iransfer of litle to the mortgaged propert)' in extinguishmenl of the indebtedness secured hereby, all right. title and interest of the Borrower in and to any insurance policies then in force shall pass 10 the purchaser or granlee. 9. Thar as additional and collateral securilY for the payment of the nOle described, and all sums to become due under this instrument, the Borrower hereby assigns to the Lender all profits, revenues, royalties, rights and benefits accruing 10 the Borrower under any and all oil and gas leases on said premises. with the right to receive and receipl 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 paymenls when due and payable. but shall not be required so to do. This assignment is to terminate and become nun 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 the said premises to be used fnr any unlawful purpose. II. That if the premises, or any part thereof. be condrntned 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 extenl of Ihe full amount of indebtedness upon this instrument and Ihe note which it is given to secure remaining unpaid, arc hereby assigned b}' the Borrower to the Lender, and shall be paid forlhwith to said Lender to be applied by the latter on accounl of Ihe nexl maturing insLallments of such indebtedness. 12. The Borrower further agrect. that should Ihis instrument and the note secured hereby nol be eligible for insurance und~r the National Housing Act within eighl months from the dUle hereof (wriuen stJuem;;!nt of any officer of Ihe Depar1ment of Housing and Urban Development or authorized agent of the Secretary of Housing and Urban Development dated sub!>equenl to the eight months' time from the date of this inslrumenl, declining to insure said note and tbis mortgage, being deemed conclusive proof of such ineligibililY), the Lender or holder of the note may. at its option. declare all sums secured hereby immediately due and payable. Not....ithstanding the foregoing, this option may not be exercised 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 10 remil the mortgage insurance premium to the Department of Housing and Urban Development. J3. That if the Borrower fails to make any payments of money when the same become due. or fails to conform to and comply wilh any of the conditions or agreements contained in Ihis instrument. or the note which II secure5. then the entire principal sum and accrued inlerest shall at once become due and payable. at the ejection of the lender. 88- 104755 Lender shall give nolice 10 Borrower prior 10 acceleration following Borrower's breach of any covenant or agreement in Ihis instrument (bul not prior to acceleration under paragraph 12 unless applicable law provides otherwise). The notice shall specify: (D) the default: (b) 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 failure to cure the delault on or before the date specified in Ihe notice may result in acceleration of the sums secured by this instrument and sale of the Propeny. The notice shall Curther inform Borrower of the righl 10 reinstate after acceleration and the right 10 bring a coun action to assert the non.c.xistence of a default or any olher defense of Dorrower to acceleration and sale. If the default is nol cured on or before the date specified in the notice. Lender at its option may require immediate payment in full of all sums secured by Ihis inslrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shaH be entitled to collect aU expenses incurred in pursuing the remedies provided in this paragraph 13, including, bul not limited la, reasonable attorneys' fees and costs of title e\"idence. If Ihe power of sale is invoked, Trustee shall record a notice of default in each count)' 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 selllhe Property at public auction to Ihe highest bidder at the lime 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 pmtpone sale of all or any parcel of the Property by public announcemenl at Ihe time and place of any previously scheduled !lule. Lender or ils designee may purchase the Property at any !o.ale. Upon receipt of payment of Ihe price bid, Trustee shall deliver 10 Ihe purchaser Trustee's deed conveying the Property. The recitals in the Trustee's deed shall be prima facie evidence of the Iruth of Ihe statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all expenses of Ihe ~ale, including, but not limited la, Trustee's fees as permined by applicable law and reasonable anorne)'s' fees; (bl 10 all sums secured by this Security Instrument; and (c) any excess 10 the person or persons legally entitled 10 it. 14. Upon acceleration under paragraph J3 or abandonment of the Property. Lender (in person, by agenl or by judiciAlly appointed receiver) shall be entitled to enter upon, take possession of and manage the Property and to collect the rents of the Property including those past due. Any rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the Property and collection of rents, including. but nOI limited la, receiver's fees. premiums on receiver's bonds and reasonable atlorneys' fees. and then to the sums secured by thi~ instrument. Page 3 of 5 HUO 921430T-1