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e\'cnt of loss Borrowcr will give immediate notice by mail to the Lender, who may make proof of loss if om made promptly by Borrower, and each insurance company concerned is hereby authoriz.ed and directed to make payment for such loss directly to the Lender instead of to the Borrower and the Lender jointly, and the insurance proceeds, or any pan therc:of. may be applied by the Lender at its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the propeny damaged. In event of foreclosure of this instrument or other transfer of title to the mortgaged properlY in extinguishment of the indebtedness secured hereby, all right title and interest of the Borrower in and to any insurance policies then in force shaJl pass to the purchaser or grantee. 9. That as additional and collateral security for the payment of the Dote dcscnbed, and all sums to become due under this instrument, Lhe Borrower hereby assigns to the Lender an profits, revenues. royalties. righls and benefits accruing to the Borrower under any and all oil and gas leases on said premises, willl the right to 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 Rny such paymenls when due and payable. but shall not be required SO to do. This assignment is to lerminate and become null and void upon release of litis 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. ]]. That if the premises, or any pan thereof. be condemned under tbe 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 Ihe ektent of the full amount of indebtedness upon this inslrumenl and the nole which it is given to secure remaining unpaid, arc hereby assigned by the Borrower to (he lender. and shall be paid fonhwllh to said Lender to be applied by the lauer on account of the next maluring installments of such indebtedness. 12. The Borrower funher agrees thai should this instrument and the nole secured hereby not be digible for insuf1l.ncc under the: National Housing Act within eight monlhs from the date hereof (written statement of any officer of the Depanment of Housing and Urban Development or authorized agent oftbe Secretary of Housing and Urban Development daled subscquentto the eight months' time from the date of Lhis insuument, declining to insure said note and Ihis mortgage. being deemed conclusive proof of such ineligibility), the Lender or holder of the note mllY, at its option, declare all sums secured hereby immediatcly due and payable. Notwithstanding the foregoing. this option may nol be exercised by the under or the bolder of the Dole when the ineligibility for insurance under Ihe National Housing Act is due to the Lender's failure to remit the mortpge insurance premium to the Department of Housing and Urilan Development 13. Thai iflbc Borrower fails 10 make any paymcnls of money when the same become due, or fails 10 conform to and comply with ; R8- 105645 any of the conditions or agreements contained in Lhis inslrument, or the note which it secures, then the entire prindpal sum and accrued interest shall nl once become due and payable, at the election of the Lender. Lender shall give notice to Borrower prior to acceleration 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 derauh.: (b) the action required to cure l~e default; (e) a date, not less than 30 days from Ihe date the notice is given to Borrower, by which the default must be cured; and (d) thai failure to cure the default on or before the dale specified in Ihe notice may result in acceleration of the sums secured by this instrument and sale of the Property. The nOlice shall further inform Borrower or the righlto reinstate after acceleration and the right t6 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 full of aU sums secured by this instrument without funher demand and may invoke the power of sale and any other remedies permiued by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in tltis paragraph J 3. including, bue not limited to, reasonable auorneys' fees and costs of li~le evidence. If the power of sale is invoked. Trustee shall record a notice of default in each county in which any pari of the Property is localed and shall mail copies of such notice in the manner prescribed by applicable law 10 Borrower and to the OIher persons prescribed by applicable law. Afler the time required by applicable law, Trustee shall give public notice of sale 10 the persons and in lIle manner prescribed by applicable law. Trustee, without demand on Borrower, shall sell the Property al public auction lo 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 determines. Trustee may postpone sale of all or any parcel of tltc Property by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase Ihe Property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Propeny. The recitals in the Trustee's deed shall be prima facie evidence of the truth of the: statemenls made therein. Trustee shall apply the proceeds of the sale in the following order: (a) 10 aU expenses or the sale, including, but nOllimited la, Trustee's fees as permilled by applicable law and reasonable allorneys' fees; (b) to all sums secured by lhis Security Jnstrument; and (c) aoy excess to the person or persons legally entitl('.d to it. 14. Upon acceleration under paragraph 13 or abandonment of the Property, Lc:nder (in person. by agent or by judicially appointed receiver J shaJJ be entitled to enter upon, take possession of and manage the Propeny and to collea the rents of the Property including those pasl due. Any rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the l'ropeny and collection or rents, including. but not limiled lO, receiver's fees, premiums on receiver's bonds and reasonable anorney's fees. and then 10 the sums sccl:"rcd by Ibis instrument. Page 3 of 5 HUD-12143DT-1