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event of loss Borrower will give immediaTe notice by mail 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 instead of to the Borrower and the Lender jointly, .:J.nd the insurance Prr>ce('.ds, or anv 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 Ihis instrumenl or other transfer of title to the mortgaged property in extinguishment of ,he indebtedness secured hereby, all right, title and interest of the Borrowel in and to any insurance policies then in force shall pll'i5 10 the purchaser or gr.mtec. 9. That as additional and collateral security for the payment of the nott: 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 Tor 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 not be required so to do. This assignment is to terminate and become null and void upon release of this instrument. 10. That the Bonower will keep the buildings upon said premises in good repair, and neither commit nor permit waste upon said land, nor suffer the said premi.ses to be used Cor any unlawful purpo~. J I. That if the ~remiso, or Dny part thereof, be condemr.ed under the power oC eminent domain, or acquired for a public me, the' damages awarded, the proceeds for the taklQg of, or the consideration for such acquisition, to the eJ;tent of the full amount of indebtedness upon this instrument and the note which It IS given (0 secure remaining unpaid. are hereby asstgned by the Borrower to the lender, and shall be paid forthwith 10 said Lender 10 Ix apphed by the latter on account of the next matunng installment!> of such indebtedn~ 12. The Borrower further agrees that should Ihl!> lO!.trument and the note secured hereby not be eligible for insuranex under the National Housing Act within eight montm from Ihe dale hereof (written statement of any offiexr of the Departmenl of flousing and Urban Development or authorized agem of the Secretary of How.ing and Urban Development dated subsequenl to tht' C'lghl month.,'time from the dale of this instrument.. declining 10 insure: !>AId nOle and this mortgage, being deemed conclusive proof of !ouch IOchgibiJity), the lender or holder of the note may, al its option. declare all sunu secured hereby immediately dut' and paycbIe. Notwitl15landlOg Ihe foregoing, this option may not be exerci!.Cd by tht' lender or the bolder of the note when the ineligibililY for IOsurance under Iht' National Housing Act is due to the Lender's failure 10 remit the mortgage insuranex premium to the Department DC Housing and Urban Devclopment. 13. Thai if the Borrower fails to make any payments of money when the same become due, or fails to conCorm to and comply with 88 106520 nny of the conditions or agreemenlS 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. 111 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 J2 unless applicable law provides otherwise). The notice shall specify: (a) the default; (b) the aclion required to cure the default; (cl a date, not less than 30 days Crom the date the notiex is given to Borrower. by which the default must he cured: and Cd) that failure to cure the default on or bdore 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 Cunher inCorm Borrower of the right to reinstate after acceleration and the righllO bring .a court action 10 assert the non- existence oC a deCault or any other deCense of Borrower (0 acceleration and sale. If the default is not cured on or beCore the date specified in the notice. Lender at its option may require immedialt payment in full DC all sums secured by this instrument without further demand and may invoke the power of sale and any other remedies permitted by applicable law. Lenlkr shall be entitled to collt'Cl all eJ;pet1SCS incurred in pursuing the remedies prmided in this paragraph 13, including, but notlimiled to, reasonable attorneys' fees and costS of title evidence. If the po.wer oC sale is invoked. Trustee shall record a nObex of default in each county in which any palt of the Property is located and shall mail copies of such notiex in the manner prest::ribed by applicable law to Borrower and to the other persons prescribed by applicable law. After the time required by .ppIic:ab1e ls.w. Trustee shall give public notice of sale to the persons and in the manner prescribed by applicable law. Trustee. lAoithout demand on Borrower. shall sell the Property at public aucuon to the hlghest bldder at the time and plaex and under the terms designated in the noUce DC sale in one or more parcels and in any order Trustee detemune:s. Trustee may postpone sale of all or any parcel of the Property b)' public announcement at the time and pJac.e of any prevlOusI~. scheduled sale_ lender or its designee may purchase the Property alany saJe. Upon recript of payment of the price bid. Trustee shll ddi\ov 10 the purchaser Trustee's deed conveying the Property. The recilllls 10 lb.e Trustee's deed shall be prima facie evidenex of the lruth of the statements made therein. Trustee shall apply the proceed!. of the sale in the following order: (a) to aU expenses oC the s:r.le. including. bul not limited 10, Trustcc's Cees as permitted by applicable Jaw and reasonable llouornev!o' fees: (blIO all sums secured bv 11m Secunl'Y Instrument; and (C') any ca.CCS510 the J1Cf5On or pe~m legally . entitled to it. 14. Upon acceleration under paragraph 13 or abandonment of the Property, lender (in person. by agent or by JudiaaJly appolDted receiver, s.hall be entitled to enter upon, take posses:!iion of and manage the Property and to collect the rents of the Propeny including those pa.!ot due. Any lenu. COllecled by Lender Of the receiver shall he applied first to payment of .he costs of management of the Propeny and collection of rents. includmg, but not limited to, receiver'!. feo. premiums on receiver's. bond!. and ~rulblt' attorney'!. feo, and Ihen to the sum!. secured by thB Instrument Page 3 01 5 HUO.gz143DT.'