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88- 105742 cYent oftos:s Borrower wm give immediate nouce by man to the Lender. who may make proof of loss if not made promptly by Borrower, and each insurance company concerned is hereby authorized and directed to make payment for such loss directly to the Lender insleld of to the Borrower and the UDder jointly, and the iosunnce proceeds, or any pan lbereo~ may be applied by the Lender at its option either to the reduction of the indebtedness bereby secured Dt 10 tbe restoration or repair of the property clamqed In event of foreclosure of this instrument or other transfer of tide to the mortpged property in extinguishment of the indobtedn... secured hereby, all ngh.. till. and interest of lbe Borrower in and to any insurance policies then in force shall pass to the purchaser or grantee. 9. ThJt IS additional and collateral sccurily Cor the payment of the Dote described, and .U sums to become due under this instrument, the Borrower hereby assigns to the Lender all profits. revenues. royalties. rights and benefits accruing to the Borrower under any and aU oil and gas leases on said premises. with the righllo receive and receipt fot the same and apply them to said indebtedness as well before as after default in the conditions or this instrumen[, 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 ]0. That the Borrower will keep lbe bulldinp upon said premises in good repair, IDd neither commit Dor permit wllStC upon said land, nor suffer the said premises to be used ror ..y unll wiul purpose. ] I. That if lb. premises, or ..y pan lb.reof. be condemoed under the power or eminent domain, or acquired for a public use, the damages awarded. lbe proceeds for lb. liking of, or the consideration for such acquisition, to lbc alent or the full amount or indebtr:dnc:ss upon this instrument Ind the note which it is given to secure remainiq unpaid, arc hereby assigned by the Borrower to the Lender, ..d ,hall be paid fonhwilb to said Lender to be applied hy the l&lter on account of the next maturing insllUmenlS of such indebledo<ss. 12. The Borrower further agrees that should this instrument Ind the note secured hereby not be eligible for insuraace under the National Housing Act within eisht mCDths from the date hercor (writtcll statcDlCDt or any officer or the Department or Housing and Urban Development or authorized agent of the Secretary of Housing and Urban Development dated subsequent to the eigbt months' time from the date or Ibis instrument. dccliniOS to insure said note and this mortpge, being deemed conclusiv. proof of such ineligibility), the Lender or bolder of the nole may, at its option, declare all sums scc:ured hereby immediately due and payable. Notwilhstanding the forcgoins, tbis option may not be exercised by the Lender or the bolder of the Dote when the ineligibility for ilUlurance under the National Housing Act is due to the Leader's f'aiIure to remit the monpge insurance premium to tbe Department or Housing and Urbao DevelopmenL 13. Tbal if the Borrower rails to make any paymeng of money when the same become due, or fails te conform to and comply with ... any of the conditions or agreemen~ contained in lhis instrumenl. or the note which it secures. then the entire principal sum and accrued interest sball at once become due and payable, at !he election of the Lender. Lender shall give Rodee to Borrower prior to acceleration rollowing Borrower's breach of any covenant or agreement in this instrument (bul not prior 10 acceleration under paragraph 12 unless applicable law provides otherwise). The notice shaIl specify: (a) the defaul~ (b) th. action required to cure th. defaul~ (c) a dale, not less than 30 days from lhe date the nolice is given to Borrower, by whieh lb. default must be cured; and (d) lbat failure to cure the default on or before the date specified in Ihe notice may result in acceleration or the sums secured by this instrument and sale of the Property. The notice shall funber infonn Borrower of the right to reinstate afier acceleration and the rigblto bring a coun action to assen the non- exislence of a der8Ult or any other defense or Borrower to acceleration and sale. If the demult is nOI cured on or before Ihe date specified in the notice, Lender at its option may require immediate payment in full of all sums secured by this instrument without runher demand and may invoke the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this parlSfaph 13, including, but not limited to, reasonable attorneys' fees and costs or title evidence. If the power of sale is invoked, Truslee shall record a nolice of default in each county in which any pan of th. Propeny ~ located ud sban mail copies of such notice in the manner prescribed by applicable law to Borro"""er and to the other persons prescn1:led by applicable law. After the time required by applicable law, Trustee shall give public notice or sale to the petSOns and in the manner prescribed by applicable Ilw. Trustee. without demand on Borrower. shall sell the Property at public auction to the hishcst bidder It the time and place and under the terms designated in the notice or sale in one or more parcels and in any order Trustee determines. Truslee may poslpone sale or all or any parcel of tbe Propeny by public announcement It the dme and place of any previously scbeduled sale. Lender or its dcsipcc may purchase the Propeny at any sale. Upon receipt or payment of the price bid, Trustee shan deliver to the purclwcr Trustee's deed conveyinllhe Propeny" The recitals in the Trustee's deed shall be prima racie evidence or the truth or tbe statements made therein. Trustee 5haII apply the proceeds of lhe sale in the fallowing order: el) to 111 expcnses or the sale, including, bUI not limited to, Tootcc', rccs as permitted by applicable law and reasonable allomeys' fees; (b) 10 all sums lCCured by this Security Instrument; and (c) any eJ:CCS!I to the person or penons legally cntidcd to it 14. Upon accclention under paragraph 13 or lbandonment of the Property, Lender (in person, hy agent or hy judicially appointed receiver) shall be entided to enter upon, take possession of and manage the Property and to collect the rents or the Property including those past due. Any rents collected by Lender or the receiver shall be Ipplied first to payment of tbe costs of mlnqement of tbe Propcny and collection of rents. including, but nOI limited to, receiver's rccs. premiums on receiver's bonds and reasonable Ittomey's fees, and then 10 the sums secured by this instrument Pig. 3 of 5 HUO.821430T-l