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88_106341 Lender. In event of loss Borrower will 8i\'1:' immediate notice by mail to the Lender, who may make proof of loss if. nOI made promptly by Borrower I Bnd each insurance company concerned is hereby authorized and directed to make payment for such loss directly 10 the Le-ader 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 tlamBged. [n event of foreclosure of this instrument or other transfcr of title to the mortg.3ged property in extinguishment of the indebtedness secured hereby, aU right, title and interest of me 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 tbe nOle described. and all sums to become due under this instrument, the Borrower hereby assigns to the lender aU profits, revenues. royalties, rights and benefits accruing [0 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. but shall nOI be required 50 to do. This assignment is to terminate and become nuJ] and void upon rel~ of this instrument. 10. That the Borrower wiJI 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. I I. 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 tbe 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 ro be applied by the latter on account of the next maturing installments of such indebtedness. 12. The Borrower funher agrees that should this instrument and the note secured hereby Dot be eligible for insurance under the National Housing Ad within eight months from the date hereof (wriuen statement of any officer of the Department of Housing and Urban Development or authorized agcot of the Secretary of Housing and Urban Development dated subsequent to the e:i&ht months" time from the date of this instrument. declining to insure said DOle and this mortgage, being deemed conclusive proof of such ineligibility), the Lender or holder of the Dote may. at its option. declare aU sums secured hereby immediately due and payable. Notwithstanding the foregoing. this option may not be exercised by the Lender or the holder of the DOte when the ineligibility for insurance under the National Housing Act is due to the Lender's failure to remit the mortpge insurance premium to the Departmcot of Housing and Urban Development. \3. That if the Borrower fails 10 make any payments of money when the same become due. or fails to conform to and comply with any of the amditions or qreemcots contained in this instrument. or the Dote which it iCCUI'eS, then the entire princlpallUDl and accrued interest shall at once become due and payable. at the election of the Under. Lender shall give notice to Borrower prior to acceleration foJlowJng 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 defaul.; (b) the action required 10 cure the defaultj (c) a date, not less than 30 days from the date the notice is given to Borrower t by which the default must be cUl'edj and (d) that failure to cure ,he default on or before the date specified in the notice may resull in acceleration of the sums secured by Ihis instrument and sale of the Property. The notice shall fURher inform Borrower of the right to reinstate after acceleration and the right to bring a court action to assert the non..existencc of a default or any other defense of Borrower to acceleration and sale. If (he 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 further demand and may invoke the power of sale Bnd any olher remedies permitted by applicable law. Lender shall be enlhled to collect all expenses incurred in pursuing the remedies provided in this paragraph 13, including. but not limited lO, reasonable attorneys. fees and costs of title evidence. If the power of sale is invoked. Trustee shall record a notice of default in each counly in which any pan 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. wittiout demand on Borrower. shall seH the Propeny at public auctjon to the hjghest bidder at the time and place and under the teons 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 Property by public announcement at the time and place of any previously scheduled sale. lender or its designee may purchase the Propeny at any sale. Upon recejpt of payment of the price bid. Trustee sbaH deliver to the purchaser Trustee's deed conveying the Propeny. The recitals in the Trustee's deed shall be prima facie evidcoce 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 permiUed by applicable law and reasonabte 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 Propeny. 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 collect the rents of the Propeny including Ihose past due. Any rents coUected by Lender or the receiver shall be applied first to payment of the costs of management of the Property and collection of rcots. including, but not limited to. receiver's fees. premiums on receiver's bonds and reasonable attorneys' fees. and then to the sums secured by this instrument. Page 3 of 5 I, HUO.921430T.l ...J