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event of 10$5 Borrower will give immediate notice by mail to the Lender, who may make proof of loss if not made promptly b) Borrower. and each insurance company concerned is hereby authoriz.cd and directed to make payment for such loss directly 10 the Lender instead of to the Borrower and the Lender jointly, and the insurance: Proceeds. or any part lhereof, may be applied by the Lender at its option eilher 10 lhe reduction of the indebtedncs.'i hereby secured or 10 the restoralion or repair of the property damaged. In event of foreclosure of Ihis instrument or olher transfer of lille to the mortgaged property in extinguishment of the indebledness secured hereby, all right, title and interest of the Borrower in and to an}' insurance policies then in force shall p3S.'i to the purchaser or grantee. 9. That as additional and collateral !oecuritv for the payment of the nole described, and all sums to become due under th~ instrument the Borrower hereby assigns to the Lender all profi~. revenues. royalties. rights and benefits accruing to the Borrower under any Ilnd all oil Ilnd gas leases on said premiscs. with the nght to rl"Celve and receipl for the same and apply Ihem to said indebtedness as well before: as after default in the c{lDditions 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 llSSignment is to terminate and become null and void upon release of this Instrument. 10. That lhe Borrower will keep the buildings upon 58Jd premises in good repair, and neither commit nor permit waste upon said land. nor suffer the said premises 10 be used for any unlawful purpose 11. Thai if the premises, or any part thereof, be condemned undt=r the power of eminent domain, or acquiroJ for ll. public U5C, the damages awarded. the proceeds for the taking of, or the consideration for such 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 6Signed by (he Borrower 10 the Lender, and shall be paid forthwith to said Lender 10 be applied by the laner on account of the next maturing installmenb of such indebtedness. ) 2. The Borrower further agrees that should thl!>lDstrument and the note secured hereby nol be eligible for insurance: under Ihe National Housing ACl within eight months from Ihe date hereof (wrinen statement of any office:r of the Departmenl of Housmg and Urban Dc:vdopment or authorized agent of the Secretary of Ho~ing and Urban Development dated subsequent 10 the eight monlhs' time from the date of Ibis instrument. declining to In!oUfC ~Id nule and this mongage. being deemed conclusive proof of such inehgibi1I1Y), the Lender or bolder of lhe note may, at il5 option, declare all sum!> secured hereby immediately due and payable. NOlwithstandlDg Ihe foregoing, this option may not be: exercised by the lender or the bolder of the note: when the indigibility for msurancc under the National Housing Aa is due to the Lender's failure to remit the mortgage insurance premium 10 the Department of Housing Ilnd Urban Dcve10pmeDL 13. Tbal if the: Borrower fails to make any paymen~ of money when the same become due, or fails 10 conform to and comply wilh .;'8- ~05531 . , any of the conditions or agrcemenl'i contained in this instrumenl, or the notc which it secures, then the entire pnncipal sum and accrued interest shall at once become duc and payable, at th~ election of ttle Lender. Lender shall give notice 10 Borrower prior to acceleralion following Borrower's breach of any covenant or agreemenl in thi~ imarument (but not prior to acceleration under paragraph J 2 unless applicable law provides otherw~e). The notice shall !ipecify: (a) the default; (b) the action required to cure the default; (c) a dale, not less than 30 days from the date the notice is given to Borrower, by which the default musI be cured; and (d) that [ailure to cure the default on or before the date specified in Ihe 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 Ilnd the right to bring a court action to assert the non- existence oJf a defaulL or any Olher defense of Borrower to acceleration and sale. If Ihe default is nol cured on or before the date specified in the notice, Lender at its oplion may require immediate paym~nl In full of all sums secured by this instrument without further demand and may invoke Ihe power of sale and any other rcmedlC!> permitted by applicable law. Lender shall be entitled to collect III1l'Jlpcnses incurred in pursuing the remedie.'i provided in this paragraph 13, including, but not limited 10. reasonable altorneys' fees and costs of litle cvidence. If the power of sale is invoked. Trustee shall record a notice of default in each county in which any part of the Property i!o located and shall mail copiC!> of such notice in the manner prescribed by applicable law to Borrower and [0 1he other persons prescribed by applicable law. Arter the lime required by applicable law, Trustee shall give public notice of sale to the persons and in 1he manner prescribed by applicable law, Truster. without demand on Borrower. shall sell the Property at public auclion to the highest bidder at the time and place and under the lerms designated in the notice of sale in one or more parcels and in any order Trustee delermines. Trustee may postpone sale of all or any parcel of the Property by public announcement althe lime and place of any previously scheduled sale. Lender or its designee may purchase the Property al any sale. Upon rc:ceipt of payment of Ihe 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 sutement'i made lher,'- _ :'._~~ -: ~"'!lll apply the proceeds of the sale in the following mder: (a) to all eJl.pen:o..:~ of the sale, including, but nOllimited 10. Trustee's fees as permitted by applicable law and rca.sonabk attorneys' fees; (hi 10 all sums secured by this Security Instrument; and leI Ilny CJlCCSS to Ihe person or pel'5ons legally entitled 10 it. 14. Upon acceleralion under paragraph 13 or abandonment of Ihe Property, Lender (in person, by agent or by judicially appointed receiverj shall be entitled to enter upon, lake possession of and manage the Propeny and to collect the rents of the Property including those past due. Any rents collected by lender or the receiver shall be applied fil'5tlo payment of the costs of management of the Property and collection of rents, including. bUI not limited 10. receiver's fees. premiums on receiver's bonds and reasonable anorney's feo, and then 10 the sum~ secured by this ins1rument Page30lS HUD.92,"3DT -,