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L- Lender. In even! of los5 Borrower will alvc Immediate notice by mllil (0 the Lender, who OlDy make !leoaf ('of loss If nol made promptly by Borrower, and each Insurance company concerned is hereby authorized and directed 10 make payment for such 1095 dlrcclly to the Lender Jnstead of to the Borrower and the Lender jointly, and the insurnnce proceeds, or any part Ihereof, 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 Client of foreclosure of this instrument or other transfer of title to the mor1Sllged property In extinguishment of Ihe indebtedness secured hereby, all right, title and Interest of tht: Borrower in a.'1d to Bny 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 nIl sums to become due u'lder 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 receipl 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 not be required so to do. This assignment is to tenninate and become null and void upon release of this instrument. 10. That the Borrower wiJl keep the buildings upon sllid premises in good repair, and neither commit nor pennit waste upon said land. nor suffer the said premises to be used for any unlawful purpose. I J. 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 fun 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 shalt be paid forthwith to said lender to be applied by the latter on account of the next maturjng installments of such indebtedness. 12. The Borrower further agrees that 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 (written statement of any officer of the Department of Housing and Urban Development or authorized agent or 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 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 note when. the ineligibility for insurance under the 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. Thilt 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 secures. then the entire principal sum and accrued interest shaU at once become due and payable, at the election of the lender. 88- 106S16 Lender sholl give notice 10 Borrower prior to Dcccleratlon following Borrower's breach of any covenant or agreement In this Instrument (but not prior 10 acceleration under paragraph 12 unless applicable low provides otherwise). The notice sholl specify: (n) lhe default; (b) the nctlon required to cure the defaultj (c) a dote. not lesll than 30 doys from Ihe dote the notice is given 10 Borrower. by which the default must be curedj nnd (d) that failure to cure the default on or before the dnte specified in the notice may result in acceleration of the sums secured by this inslrument and sale of the Property. The notice shall further inform Borrower of the right to reinstate after acceleration and Ihe right to bring a court action to asserl Ihe non.existence of II default or any other defense of Borrower to acceleration and sale. rf 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 further demand and may invoke the power of sale and nny other remedies penniued by applicable law. lender shall be entitled to collect aU expenses incurred in pursuing the remedies provided in this paragraph 13. inclUding. but not limited to. reasonable auorneys' 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 auction 10 the highest bidder at the time and place and under the lenns designated in the notice of sate 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 Property at any sale. Upon receipt of payment of the price bid, Trustee shall deliver to the purchaser Trustee's deed conveying the Property. The recitals in the Trustee's deed shall be prima facie evidence 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 permitted by applicable law and reasonable anorneys' fees; (b) to all sums secured by this Security Jnstrumenlj Bnd (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 collect the rents of the Property including 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 rents, including, but not limited to. receiver's fees, premiums on receiver's bonds and reasonable attorneys' fees. and then 10 Ihe sums secured by this instrument. Page 3 of 5 HUD.921430T.1