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Lender. In event of 1055 Borrower will give immediate notice by mail to the Lender. who may make proof of loss if not made promptly by Borrower. and each insurance oompany concerned is hereby authorized and directed to make pDyment for such Joss directly to the Lender instead of to the Borrower and the Lender jointly. and the insurance proceeds. or any pan thereof. may be Dpplied by the Lender at its option either to the reduction of the indebtedness hereby secured or to the restoration Dr repair of the property dBIDaged. In event of foreclosure of this instrUment or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. all right. title and interest of the Borrower in and to any insurance oolicics then in force shall pass to the purchaser or grantee. 9. That as additional and collatcral security for the payment of the note described. and all sums to become duc under this instrUmcnt, the Borrower hereby assigns to the Lender aU profits, revenues. royalties, rights and benefits accruing to the Borrower under any and all on and gas leases on said premises, with the right to receivc and receipt for the same and apply them to said indebtedness as wen 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 shall 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 the said premises to be used for any unlawful purpose. 11. That if the prrmises, 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 cxtent of the full amount of indebtedness upon this instrUment and the note which it is liven 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 ncxt maturing installments of such indebtedness. 12. The Borrower further agrees that should this instrument and the note secured. hereby not be eligible for insurance under the National Housing Act witllin eight months from the date hereof (written statement of any officer of the Depanment of Housing and Urban Development or authorized agent of the SecretarY of Housing and Urban Development dated subsequent to the eight months' time from tbe date of this instrument. declining to insure said note and this mongage. being deemed conclusive proof of such ineligibility), the Lender or holder of the note may, at Its option, declare all sums secured hereby immediately due and payable. Notwithstanding 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 Housins Act is due to the lender's failure to remit the mongage insurance premium to the Dcparunent of Housing and Urban Development. 13. That if the 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 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. 88- 105035 Lender shall give notice to Borrower prior 10 Dcceleration following 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; (c) a date, not Jess than 30 days from the date the notice is given to Borrower, by which the default must be curedi and (d) that failure to cure the default on or before the date spceifi~ 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 right to reinstate after acceleration and the right to bring a court action 10 assert the non-existcnce of a default or any other defense of Borrower to acceleration and sale. 1f the defaull ;s bot cured on or before the datc specified in the notice, Lender at its option may require immediate payment in full of aU sums secured by this instrument without further demand and may invoke the power of sale and any other remedies permitted by appUcable law. Lender shall be entitled to collect all.expenses incm red in pursuing the remedies provided in this paragraph t:~. including, but not limitcd. to, reaf;onable attorneys' fees and '.osts of title evidence. 1f the power of sale is invoked. Trustee shall record a notice of default in each county in which any part of the Propcny 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, withoul 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 detcrmines. 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 PropertY at any sale. Upon receipt of payment of the price bid. Trustee shall deliver to the purchaser Trustee's deed conveyina 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 following order: (a) to all expcnses of the sale, including, but not limited to, Trustee's fees as permitted by applicable law and reasonable attorneys' fees: (b) to all sums secured by this Security Instrument; and (c) any exccss to thc person or persons legally entitled 10 it. 14. Upon accc1eration under paragraph 13 or abandonment of the Propeny. Lender (in person, by agent or by judicially appointed receiver) shall be: entitled to enter upon, take possession of and. manage the Property and to concet 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 Propcrty and collection of rents, including, but not limitcd. to, receiver's fees. premiums on receiver's bonds and reasonable attorneys' fccs. and then to the sums secured by this instrument. ~ HUD-92143DT- 1 Page 3 01 5