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88- 105365 event of loss Borrower will give immediate: nmice by mail 10 the Lender. who may mike proof of Joss if nol made promptly by Borrower. and each insurance compaQ)' concerned is hereby authorized and directed 10 mike payment for such loss direc1ly 10 the Lender instead of to the Borrower and thc lender jointly, and the Insurance Proceeds. or any pari thereof. may be applied by thc Lender al its option either 10 thc reduction of thc indcblcdnes., hereby secured or 10 the resloration or repair of thc propeny damaged. In event of roreclosu~ of this insfcument or other transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right. title Ilnd interest of the Borrower in and 10 any insurance policies (hcn in force shall pass to the purchaser or grantee. 9. That as addillonal and collaleral securlly for thc paymem of the note described. and all ~ums 10 hecome due under Ihis instrument, the Borrower hereby assigns 10 the lender 11.11 profit.'>. revenues. royalties. rights and benefits accrumg 10 the Borrower under any and all oil and glS leases on said premise.... with the right to r~ive and receipt for the yme and apply them to said indebtedness as well before as after default m Ihe condition!> of this instrument, and the Lc:nder may demand, sue for and recover any such payments when due and payable. but shall nol be required so to du. This assignment is 10 Ienninate and become null and VOid upon release of thL~ instrument 10. That Ihe Borrower will keep the buildings upon said premISeS in good repair. and neither commit nor permil waste upon said land, nor suffer the said premises to be U5ed for any unlawful purposc. II. That if the premlSCS, or any p.ut thereof. be condemned under the power of eminent domain, or acquired for a public use. the damages awarded. the proceeds (or the taking of. or the consideration for such acquisition. to the extent of the full amoun! or indebtedness upon this instrument and the note which 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 Iluer on account of the next maturing instal1ments of such indeblcdness.. 12. The Borrower further agrco that should IhlS Instrument Ind tbe note secured bereby nol be eligible for insurance under the National Housing ACI within: eighl montru. from the dale hereof (written sUtemenl of any officer of the Department of Housing and Urban Ocvelopment or authorized lien! of Ihe Secretary of Housing and Urban Development daled subsequent to the eight months' time from the dale of this instrument., declining to Insure said note .md this monpge, heiRS deemed conclusive proof of such ineligibility), the lender or holder of the nCrte may. at its option. declare all sums secured hereby immediately due and payable. Notwithslanding the roregoing. this option may not be exercised by the Lender or the holder of the note when the mclisibility fur insuram...c under the Nationll Housing Ac1 is due to the Lender's failure to remll the mOr1&lBe insurance premium 10 the Department of Housing and Urban Development. 13. That if the Borrower fails Lo make any payments of money when che same become due, or fails to l.'Onfonn to and l.-omply with -~----_. ~a6eb!ot_S -{ any nf the l'Unditlllns or agreements contained in this instrument, or the nnle which it secures. then the entire principal sum Bnd IIccrued inlere.\t shaUlI1 once become due and payable. at the election or the Lender. Lender shall give nolice to Borrower prior 10 acceleration following Borrower's breach of any covenant or agreement in this instrument (buc noL prior to acceleration under paragraph 12 unless applicable law provides otherwi.'ic), The notice shall specify; (0) Ihe ckfaull; (b) the action required to cure Ihe default; (cJ a dale, not Jess than 30 days from the date Ihe notice is givell 10 Borrower, by which the default mMt be cured; and rd) that failure to cure che default on Qj before the date specified in Ihe nolice may rc.~ult in acceleration of the sums secured by this instrument and sale of the Property, The nOlice shall further inform Borrower of the right 10 reinstate after acceleration and the right 10 bring n CIIU1l action to asser1 the non- existence- of a. default or any other defense of Borrower to acceleration and sale_ If the default i,; not cured on or befon: the date specified in the notice. Lender at its option may require immediate payment in full of all sums secured by this instrument withoul furth!:r demand and may invoke Ihe power of sale and any other remedlcs pcnnitted by applicable law. lender shall be entitled to collect all expense. incurred in pursuing the remedies provided in thi!. paragraph J 3. including. but not limited to. reasonable aumney..' fees and cost.'> of tille evidence. If the power of sule is invoked. Trustee shall record a nolice of defaultlD each county in which any ..,art of the Property is located and shall mail copies o( such notice in the manner prescribed by applicable law 10 Borrower and to the other persons prescribed by applicable law. Arter the time required by applicable law. Trustee shall give publiC notice of sale 10 the persons and in 1he manner prescribed by applicable lAW. Truslee. withnut demand un Borrower, shall !tell the Propc:rty III publil.: auction to the highest bidder at the lime and place Ilnd under the terms designated in the notice of sale in one (If more parcels and in any order Trustee determines. Trustee may postpone sale of all or any parcel of the Property by public announcemenlat the time and place of any previously scheduled sale. Lender or il~ designee may purch/lSc Ihe Property al any sale, Upon rel.'Clpt of payment of the price bid, Truslee shall deliver to the purchl1M:r TrtL~tee's dc:cd conveymg the Property. The recitals in the Trustcc's deed shall be prima facie evidence of Ihe cruth of the statements made lherein. TrU5tee shall apply the proceeds of the sale in the following order: (al to all expenses of lhe sale, including. but nol limited to, Tru.~lee'5 fees /IS permined by applicable law and rca.~nnablc altorncys' fea; lh) In all sum!! secured by this Security instrument; and (C) any exc~ 10 the person or persons legally entitled In it 14, Upon acceleranon under paragraph 13 or abandonmenl of the Property, Lender (in person, by agent or by judicially appointed r~iver) shall be entitled to enler upon, lake possession of and manage the Property and to collect the rcnts of the Properly including those: past due. Any rents collected by Lender or the receiver shaJl he applied first to payment of Ihe costs of management of the Property and collection uf rents. including, but notlimilcd tll, receiver's fees, premiums on receiver's bonds and reasonahle .ltomey's fees. and then 10 the surm secured by this in!llrument HUO.821.3DT .1