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88- 105853 event of loss Borrower will Hive immediate nOlice by mail [0 the Lender. who may make proof of loss if nol made promptly by Borrower, Ind each insurance company concerned is hereby authorized and directed. to make payment for such loss directly to the Lender instead oho the Borrower and the Lender jointly, and the insurance Proceeds. or any pan thereof. may be applied by the Lender al its option either to the reduction of the indebtedness hereby secured or to the restoration or repair of the property damaged. In event of foreclosure of Ihis instrument or other transfer of title to the mortgased property in extinguishment of the indebtedness secured hereby, all rigbl. tille and interest of the Borrower in and to Iny insurance policies then in force shall pass to the purchaser or grantee. 9. That as additional and collateral security for the payment of the note descnbed, and all sums to become due under this instrument, the Borrower hereby assigns to the Lender all profits. revenues, royalties, righu and benefits accruing to the Borrower under any and all oil and gas leases on said premises, with 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 any such payments when due and payable, bUI shall not be required so 10 do. This assignment is to terminate and become null and void upon release of this instrument 10. nit 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. 11. That if the premises, or any part thereof, be condemned under the poWCl 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 the extent of the full amount of indebtedness upon this instrument and Ihe note which it is given to secure remaining unpaid, are hereby assigned by the Borrower to the Lender, and shall be paid fnrthwith to said Lender to be applied hy the lalter on account of the next maturing inslallmenls of such indebtedness. 12. The Borrower further agrees that should this instrument and the nOle secured hereby not be eligible for insurance under the National Housing Act within eight months from the date hereof (written statement of any officcr of the Department of Housing and Urban Development or authorized asent of the Secretary of Housing and Urban Development dated subsequent to the eight months' time from the date of this instrument, declining to imure said note and this mortgage. being deemed conclusive proof of such ineligibility). the Lender or holder of the note may, at its option, declare all sums secured hereby immediately due and payable. Notwithstanding the foregoing. this option may not he exercised by the Lender or the holder of tbe note when the ineligibility for insurance under the National Housing Act is duc Co the Lcnder's failure 10 remit the mortgage insunncc premium to the Department of Housing and Urban Developmenl 13. That if the Borrower fails to make any payments of money when the same become due. or fails to conform to and comply with any of Ihe conditions or agreements contained in this instrument, or the note which it secures, then the entire principal sum and accrued interest shall at 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 applicahle law provides otherwise). The nolice sh_e.1I specify: (a) the default; (b) the action required 10 cure the default.; (c) a date, not less than 30 days from the date the notice is given to Borrowc:r, by which the default must be cured; and (d) that failure to cure the default on or before the date specified in the notice may result in accc:leration of the sums secured by this instrument and sale of the Property. The notice shaJl further inform Borrower of the right to reinstate after acceleration and the righl to bring a court action to assert the nlJo- 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 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 entitled to collect all expenses incurred in pursuing the remedies provided in this paragraph J3, including, but not limited to, reasonable 8ltOmeys' fees and C05ls of tille evidence. If the power of sale i5 invoked, Trustee shall record a nOlice of default in each county in which any pan of the Property is localed and shall mail copies of such nOlice in the manner prescribed by applicable law to Borrower and to the other persons prescribed by applicable law. After the time required by applicable law. Trustee shall give public notice of sale 10 the persons and in the manner prescribed by applicable law. Trustee, wilhout demand on Borrower. shall selllhe Propeny at public auclion to Ihe highest bidder at the time aod place and under the terms designated in the notice of sale in one or more parcels and in llny order Trustee determines. Trustee may postpone sale of all or any parcel of the Propercy by public announcement atlhe time and place of Iny previously scheduled sale. Lender or its designee may purchase the Property al any sale. Upon rece.ipl of paymenl of 1he price bid, Trvslce shall deliver 10 the pur<;haser Trustcc'5 deed convcyins the Property. The recitals in the Trustcc's deed shall be prima facie evidence of the truth of the slatemenls made therein. Trustee shall apply the proceeds of the sale in the followin8 order: (a) to all expenses of the sale. including, but not limited to, Trustcc's fees as permiued by applicable law and reasonable attorneys' fees; (b) to all sums secured by Ihis Security Instrument; and (c) any excess to the person or persons legally entitled to it 14. Upon acceleration under paragraph J3 or abandonmenl of the Property, Lender (in person. by agent or by judicially appointed receiver) shall be entitled to enler upon, take possession of and manage the Property and to coUcet the rents of the Property includin8 those past due. Any renls collected by Lender or the receiver shall be applied firsllO paymenl of the costs of management of the Property and collection of rents. including, but not limited to. receiver's fees, premiums 00 receiver's bonds and reasonable Itlorney's fees, and then to the sums secured bV this instrument. Page 3 01 5 HUD-92143DT .t