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Lender. In event of loss Borrower will give Immediate notice by mail to Ihe Lender. who may make proof of loss if nol made promptly by Borrower, and each Insurance company concerned is hereby authorized and directed to make: payment for such 1055 directly to the Lender Instead of to the Borrower and the Lender jointly. and the insurance proceeds, or any part thereof, 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 property'damaged. in event of foreclosure of this instrument or other transfer of title to the mongaged propeny in extinguishment of the indebtedness secured hereby, 011 right, title and interest of the Borrower in and to any 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 described. and all 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 all oil and gas leases on said premises, with the right to receive and receipt for the same and apply lhem to said indebtedness as well before as after default in the condidons 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 assignment is to terminate and become null and void upon release of this instrument. 10. That the Borrower will keep the buildings upon said premises in good repair, and neither commit nor pennit waste upon said land, nor suffer the said premisc5 to be used for any unlawFul purpose. 11. That if the premises. or any part thereof, be condemned under the 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 the extent of the full amount of indebtedness upon this instrument and the note which it is given to secure remaining unpaid, are hereby assigned by the Borrower to the Lender, and shall be paid forthwith to said Lender to be applied by the latter on account of the ncxt maturing installments of such indebtedness. 12. The Borrower further agrees that should this instrument nnd the note secured hereby not be eligiblo for insurance under the National Housing Act within eight months from the date hereof (written statement of any officer of the Department of Housing and Urban Development or authorized agent of the Secretary of Housing and Urban Development dated subsequent to the eight months' time from the date of this instrument. declining to insure 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 be exercised by the Lender or the holder of the nole when the ineligibility for insurance under Ihe National Housing Act is due to the Lender's failure to remit the mortgage insurance premium to the Department of Housing and Urban Development. 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 the conditions or agreements contained in this instrument, or the note which it :ieCures, then the entire principal sum and accrued interest shall at once: become due and payable, at the election of the Lender. ('2 88- 106336 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 Jaw provides otherwise). The notice shall specify: (n) the default; (b) the action required to cure the default: (c) a date, not less than 30 days from the date the notice is given to Borrower. 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 acceleration of the sums secured by this instrument and sale of the Property. The notice shall further infonn Borrower of the right to reinstate after acceleration and the right to bring a court action to assen 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 all sums secured by this instrument without funher 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 13, including, but not limited to, reasonable attorneys' fees and costs of title evidence. If the 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 prescribed 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 at public auclion to the highest bidder at the time and place and under the terms designated in the notice of sale in one Dr more parcels and in any order Trustee detennines. Trustee may postpone sale of all or any parcel of the Property by public announcement at the time and place of any previously scheduled sale. Lender or il5 designee may purchase the Property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver (0 lhe purchaser Trustee's deed conveying the Property. The recitals in the Trustcc's deed shall be prima facie evidence of the truth of the slatements 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 penniued by applicable law and reasonable attorneys' fees: (b) to all sums secured by this Security Instrument; and (c) any excess to the person or persons legally entitled to it. 14. Upon acceleration under paragraph 13 or abandonment of the Property, Lender (in person. by agent or by judicially appointed receiver) shall be entitled to enter upon, take possession of and manage the Property and to collcel the rents of the Property incJuding those past due. Any rents collected by Lender or the receiver shall be applied first to payment of the costs of management of the Property and collection of rcnlS, incJuding, but not limited to, receiver.s fees, premiums on receiver's bonds and reasonable anomeys' fees, and then to the sums secured by this instrument. L Page 3 of 5 HlJti.92; 4:l0T.'