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88-:i:'O 6 582 event of loss Borrower will give immediate notice by mail to the Lender, who may make proof of 1055 if nOI made promptly by Borrower. and each insurance company concerned is hereby authorized and directed. lO make payment for such loss directly to the Lender instead oCto the Borrower and the Lender jointly, and the insurance proceeds, or .lIny part thereof, may be applied by the Lender at its option either to the reduction of the indebtedness bereby secured or to the restoration or repair of the property damaged. In event of foreclosure of this iosle Jrncnl or ollter transfer of title to the mortgaged property in extinguishment of the indebtedness secured hereby, all right. tille and interest of the Borrower in and [{J any insurance policies then in force shall pass to the purchaser or grantee. 9. That as additional and collateral security for the paymenl of the note dcscn'bed, and all sums to become due under this instrument. the Borrower hereby a:.signs to thc Lender all profits, revenues, royalties, righlS 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 10 said indebtedness as well befOIl: as after ddault in the conditions of this instrument. and the Lender may demand, sue for and recover any such payments when due and payable, but shan not be required so to do. This assignment is to terminate and become nu!! 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 permit waste upon said land, oor suffer the said premises 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 laking of, or the considemtion 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 bereby assigned by the Borrower to the Lender, and shall be paid fonhwith to said Lender 10 be applied by the latter on account of the ne~t maturing installments of such indebtedness. 12. The Borrower further agrees tbat should this instrument and the note secured hereby not be eligible for insurance under the National Housing Act within eight months from the date hereof (wrinen statement of any officer of the Department of I-:ousing 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, al i15 option, declare all sums secured hereby immediately due and payable. Notwithstanding Ihe foregoing, this option may not be exercised by the Lender or the holder of the note when the ineligibility for insurance under the National Housing Act is due 10 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 faits to conform to and comply with any of the 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 10 acceleration following 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 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 :ipecified in the notice may result in acceleration of the sums secured by t"is instrument and sale of the Property. The notice shall further inform Borrower of the rigbt tu reinstate after acceleration and the right to bring a court action to assert the non- existence of a default or any other defcnse of Borrower to acceleration and sale. If the default is not cured on or before the dale specified in tbe notice. Lender at its option may require immediate paymenl in full of all sums secured by this instrument without 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 13. including, but not limited 10. 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 Propeny is located and shall mail copies of such notice in the manner prescribed by applicable Jaw to Borrower and to the other persons prcstnDc:d by applicable law. After the time required by applicable law. TIUSleC shall give public nolice of sale to the per50ns and in the manner prescribed by applicable law. Trustee., without demand on Borrower. shall sell the Propeny at public auction to the highest bidder at the time and place and under the tenDS 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 al the time and place of any previously scheduled sale. Lender or i15 designee may purchase the Property at any sale. Upon receipt of payment of the price bid Trustee shall deliver to the purchaser Trustee~s deed conveying the Propeny. The recitals in the Trustee's deed shall be prima facie evidence oftbe truth urtbe statements made therein. Trustee shall apply the proceeds of the.sale in the following order: ta) to all expenses of the we. including. but not limited to, Trustec's fees as permitted by applicable law and reasonable attorneys' fees: {bl to all sums secured by this Sea.lrity 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 lJnd manage the Propeny Ind to collect the rents of the PfO!ltrty including those past due. Any rents coUectcd by Lender or the receiver shall be applied first to payment of the costs of management of the Propeny and collection of rents, including, but not limited to. receiver's fees. premiums on rccc:iver's bonds and reasonable allomey's fees. and then to the sum!. secured by Ihis instrument Page3 Dr 5 HUD.82143DT -1