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J Lender. In event of loss Borrower will give immediate notice by mail to the: Lender. who may make proof of 1055 if nol made promptly by Borrower, and each insurance company concerned is hereby authoriud and directed to make payment for such loss 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 Lhe Lender at its option either to the reduction of the indc:blC:dness hereby secured or to the restorlltion or repair of the property damaged. In event of foreclosure of this instrument Of othM' transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby. aU 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 10 the Lender all profits. revenues. royalties, rights and br:nefits accruing to the Borrower under any and all oil and gas leases on said premises. .....ith Ihe right to receive and receipt for thl: same and apply them 10 said indebtedness as well before as after default in the conditions of this instrument. and the lender mav demand. sue for and recover any such payments when due and payable. but ~hall not be required 50 to do. This assignment i!. to terminate and become null and \'oid upon release of this instrument. 10. That the Borrower will kec::p the buildings upon said premises in good repair, and neither commit nor permit waste upon said land, nor suffer the said premlSe to be: u~ed for any unlawful purpose. ll. That if the premises. or any pan 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 exlent of the full amount of indebtedness upon this instrument and the note which it is gillen to secure: remaining unpaid, are hereby assigned by the Borrower to the Lender, and shall be paid forth\\ith to said under 10 be applied by the lalteT on account of the ncxt maturing installments of such indebtedness. 12. The Borrower further agrees that should Ihis instrUment and the note secured hereby not be eligible for insurance under the National Housing Act wilhin eight month!! from the date hereof (written stalement of any officer of the Department of Housing and Urban Development or authorized agent of the SecretlU)' of Housing anC: Urban Oc:ve1opment dated subsequent to the eight months' time from the date of thi!! instrument. declining to insure said note and lhis mortgage, being deemed conclusive proof of such ineligibility), the Lender or holder of the note ma~', at its option. declare all sums secured hereby immedialely due and payable. NOI\\ithst.anding the foregoing, tllis option may not be: exercised by the Lender or the bolder of the note when the ineligibililY for in5uran~ under the National Housing Act is due to the lender's failure to remit the mortgage inliuran~ premium to the Department of Housing and Urban Development. 13. Thai if the Borrower fails to make any pa~'tI1enl5 of mone~' when the same become due, Dr fails to conform to and comply with any of the conditions or agreements contained in this instrument, or the note' which it :secufC'5, Ihen the. e'ntirc princpallium and accrued interest shall at once become due and payable. al Ihe elc:ction of the lender. ""'" 88- 106nfl'! Lender shall give notice to Borrower prior 10 acceleration fonowing Borrower's breach of any covenant or agreement in this instrument (but not prior 10 acceleration under paragraph 12 unless applicable law provides otherwise). The notice: shall specify: (al the default; (bl the action required to cure the default; (cl a date, not less than 30 days from the date Ihe 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 acceleralion of the sums secured by this instrument and sale of Ihe Pro~rty. The notice shall funher inform Borrower of the right to reinstate after acceleration and the righl to bring a coun action to assert 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. L~nder at its option ma)' require immediate pa~'IDt'nt in full of aU sums secured by this instrument vlrithout further demand and may in\'okt= the power of sale and any other remedies permitted by applicable law. Lender shall be entitled to coiled. nil e.'q)eoses incurred in pursuing Ihe remedies provided in this paragraph 13. including, bUl not limited to. TC350nable attorneys' fees and costS of title evidence. If the power of sale is in,,'oked. Trustee shall record a DOtice: of default in each county in which any pan of the Propeny is located and shall mail copies of such notice in the manner pre!!cribed by applicable law to Borrower and to the other persons prescribed by applicable law. After the time required b}. applicable laW. Trustee shall gi,,~ public notice of sale to the per!oons and in the manner prescribed by applicable law. Trustee:. ."dthout demand on Borrower. sball sell the ProperlY at public auction to the highest bidder at the time and place and under the 1ermS designated in the notice of sale in one or more parcel!o and in any order Trustee: determines. Trustee may postpone sale of all or any pared of the Properl~' by public announcement a1 the time and place of an~' prC"'iouslY scheduled sale. Lender or its designer- may purchase the PropertY at any "aJe. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conlt'C)ing the propen~'- The recitals in the Trustee's deed shall be prima facie f:\idence of the truth of the statemc:Dts made therein. Trustee shall apply the proceeds of the sale in the follov.ing order: (a) (0 aD expenses of the !tale, including, but not limited to, Trustee's fees as permitted by applicable la"" and reasonable anomC)'S' fees; (bl to all sum!! !oecurec! b!t. this Securit}' Instrument; and (c) an~' elu:rS!! to tbe pc11ion or peBOtU lega1h' entitled 10 it. 14. Upon acceleration under paragraph 13 or abandonment of the ProperlY. Lender (in penon. by agent or b~' judicially appoin1ed recc:i"'Cf) shall be entitled 10 enler upon, we pos!oCSsion of Bnd manage Ihe ProperlY and to collect the rents of the ProperlY including those pas1 due. Any rents collc:ded by Lender or the recci\'er shall be applied flTSt to payment of th~ cosu, of management of the Property and coUection of rents. including, bUI nol limited to. recei".cr'!, fees, premiums 00 receiver'!! bonds and reasonable altomeys' fcc:s. and then 10 the sums ~cuTed by thi!! inslrument. HUD-921430T.' Page 3 01 5 ..J