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88- 105656 eyent of loss Borrower Will give immediate notice by mail 10 the Lender. wbo may make proof of loss if nolmade promptly by Bonowu, and ach insurance company concerned is bereby authorized and dirtcted to make payment for such loss directly to the Lender instead of 10 the Borrower IDd the Lender jointly. Ind lbe insunnce proceeds, or an)' pan lbereof, may be applied by tbe Lender at its option either to !he reduction of lite indebtedness bcreby sccurcd or to lite restoration or repair of tbe propcny damqed. In e"ol of fored..ure of lbis inslrWnenl or otber lrInsfer of tide to tile mOlllqed propeny in extinguishmenl of lbe indcbcedness secwed bereby. all rigb~ tide and interesl of lbe Borrower in and 10 any insurance policies then in force shall pass to tile pun:baser or grantee. 9. That as additional and collateral security for the payment of the DOte described. and aU sums to become due under this instrument, the Borrower hereby assigns to the Lender aU profits. revenues., royalties. rights and benefits accruing to lbe Borrower under any and all oll and gas leases on said premises, with tbe right to receive and receipt for the same and apply them to said indebtedness IS well before as a.fier default in the conditions of this instrument, and the Lender may demand, sue for and recover any such payments when due and payable, bUl sba11 not be required so to do. This assignment is 10 terminate and become null and void upon release of this instrumenL 10. That !be Borrower will keep the buildinp upon said premises in good repair. and neither commit nOf permit waste upon said land. nor suffel'the said premises to be used for any unlawful purpose. I I. That if tbe premises. or any pan thereof, be condemned under the power of eminent domain. or acquired for a public use. the cII.mqes awarded, tile proeeeds for lbe talcing of. or tile consideration for such .acquisition, to the extent of the full amount of indebtedness upon this instrument and the note which it is given to secure remaining unpaid. are bereby assigned by the Borrower to the Lender. and sba1I be paid fonh\llilb to said Lender to be appfied by the latter aD account of the next maturing installments of such indeb_. 12. The Borrower further agrees that should this instrument and the nole secured hereby not be dipb1e for insurance under the National Housin& Aet \lIitlUn eighl months from tile date hereof (wriueu Slatement of any officer of the Department of Housing and Urban Developmenl or aulborized lIent of lbe Secretary of Housing and Urban Developmenl dated subsequen' to lbe eighl months' time from the dace of this instrumcnlt-declining to insure said Dote and this mol1p&e, bein& deemed conclusive proof of such ineligibility). the LeDdcr or bolder of !he note may, at its option, declare aU sums secured hereby immediately due and payable. Notwitbstandins ,h. forqoiDI. this option may not be exercised by the Lender or the bolcSr! of the DOte when the inc1ipbility for insurance under the NaIioaa1 HoosinS Act is due to the Lender's failure to remit the 1IIOrlp&e insurance premium to the Department of Housing and Urban DevelopmenL 13. Th.Il if the Borrower fails to make any payments of money wbcn me same bc:::omc due. or fails to conforti' to and comply with any of Ihe conditions or agreements contained in this instrument. or the note which it secures, then the entin: principal sum and accrued interest shall at once become due and payable, at the election of the Lender. Lender shall give nolice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this instrument (but nOI prior to accelenllion under paragraph J 2 unless Ipplicablelaw provides olherwise). The notice shall specify: (I) Ihe defaul~ (b) the wion requited to cure Ibe deraul~ (c) . date, not less than 30 days from lbe date lbe notice is given 10 Borrower. by which lbe default must be cured; and (d) Ibal failure to cure Ihe default on or before the date specified 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 riShtto reinstate after acceleranon and the rightlo bring a coun action to assert the non- existence of a default or any. other defense of Borrower to acceleration and sale. [f the default is not cured on or before the dale specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this instrument wilhout further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entided to collect all expenses incurred in pursuing the remedies provided in this paragraph 13, includin~, but not limited to, reasonable attorneys' fees and cosls of title evidence.. If tJlC power of sale is invoked, Trustee shall record. a notice of default in each county 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 prescnbed 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 sell the Property al public auaion to the highest bidder althe 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 the Propeny by public announcement at the time and place of any previously scheduled sale. Lender or its designee may purchase the Propeny at any g,le. Upon receipt of payment of the 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 statements made therein. Trustee shall apply the proceeds of the sale in the following order: (a) to all expenses of the sale, including, but not limited to, Trustee's fees as permitted by applicable law and reasonable attorneys' fees; (b) 10 all sums secured by this Security Instrument; and (c) any excess lO the person or persons legally entitled to iL 14. Upon acceleration under paragraph 13 or abandonment of the Propeny, Lender (in person. by agenl or by judicially appointed receiver) shall be entitled to enler upon, take possession of and manage the Property and to collect the rents of the Propcny including lbose past due. Any rents collected by Lender or the m:a'/er shall be applied first to payment of the costs of management of the Property and collection of rents, including, bUl nol limited to, n:cciver's fees, premiums on rea:ivcr's bonds and reasonable anorney's fcc:s, and then to the sums secured by this instrument Page 3 of 5 HUD.1214:1DT.1