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<br />evenl of loss Borrower win give immediate noticc by maitto the
<br />Lender, who may muke aroof uf loss if nC"\ made promptly by
<br />Borrower, and each w-....".;."l. ~ompan} concerned is hercb)
<br />authorized and directe..: ,.. !n;:lice pB!-,ment for such loss directly to
<br />the Lender instead of to the Born,wer and the Lender jointly, and
<br />the insurance procccQs, or Ilny pllrt thereof, may be applied by Ihe
<br />Lender at its option either 10 the reduction of the indebtedness
<br />hereby secured or (0 the restoration or repair of the properly
<br />damaged. In event of foreclosure of Ihis instrument or alher Iransf."l'
<br />of tide to the mortgaged property in extinguishment of the
<br />indebtedness ~ecured hereby, all right, title and inlerest of tht~
<br />Borrower in and to any insurance policies Ihen in force shall pass 10
<br />the purchaser or grantee.
<br />
<br />9. That as additional and col1ateralsecurity for the payment of the
<br />note described, and all sums to become due under this instrument,
<br />the Borrower hereby assigns to the Lender all profits, revenues.
<br />royalties, rights and benefits accruing 10 the Borrower under any and
<br />all oil and gas leases on said premises, with the right to receive and
<br />receipl for the same and apply them to said indebtedness as well
<br />before as after default in the conditions of this instrument. and the
<br />Lender may demand, sue for and recover any such payment.. when
<br />due and payable. but shan nol be required 50 10 do. This assignment
<br />is 10 terminate Bnd become null and void upon release of this
<br />inslrumenl
<br />
<br />10. That the Borrower will keep the buildings upon said premises
<br />in good repair. and neither commit nor permit waste upon said land.
<br />nor ~uffer the said premises to be used for any unlawful purpose.
<br />
<br />11. That if the premises. or any pan thereof. be condemned under
<br />the power of eminenl domain, or acquired for a public usc. Ihe
<br />damages awarded, the proceeds for the taking of, or the
<br />consideration for such acquisilion, to the extent of the full amount of
<br />indebtcdness upon this inslrument and Ihe note which it is given to
<br />secure remaining unpaid. are hereby assigned by the Borrower to the
<br />Leader, and shall be paid fonhwith to said Lender to be epplied by
<br />the latter on account of Ihe next maturing installments of such
<br />indebtedness.
<br />
<br />t2. The Borrower further agrees Lhat should this instrument and
<br />Lhe note secured hereby not be eligible for insurance under the
<br />National Housing Act wilhin eight months from the date hereof
<br />(written statement of any officer of the Departmenl of Housing and
<br />Urban Development or authorized agent of the Secretary of Housing
<br />and Urban Development dated subsequent to the eight months' time
<br />from the date of this instrument, declining to insure said note and
<br />this mortgage, being deemed conclusive proof of such ineligibility),
<br />the Lender or holder of the nole may, at its option. declare all sums
<br />secured hereby immediately due and payable. Notwithstanding the
<br />foregoipg, this option may not be exercised by the lender or lhc
<br />holder of the note when the ineligibility for insurance under lhe
<br />National Housing Act is due to the Lender's failure to remitlhc
<br />mortgage insurance premium to the Department of Housing and
<br />Urban Development.
<br />
<br />13. Tbat if the Borrower fails 10 make any payment'; of money
<br />when the same become due, or fails to conform to and comply with
<br />
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<br />
<br />107077
<br />
<br />any of the conditions or agrecmenl5 conloined in thj!t instrument, or
<br />the note which it securcs, then lhe entire principal sum and accrued
<br />interest shall at once become due lInd payable, ntthe e1eclion of the
<br />Lender,
<br />
<br />Lender shall give notice to Borrower prior to acceleration
<br />following Borrower's breach of any covenanL or agreement in this
<br />instrument (but nol prior Lo acccleralion under paragraph 12 unless
<br />applicable law provides otherwi5e). The notice shall specify: (0) the
<br />default; (b) the action required to cure the default~ (c) B dale, not less
<br />Ihan 30 days from the date the notice is given to Borrower, by which
<br />the default must be cured~ and Cd) that failure to cure the default on
<br />or before the date specified in the notice may result in acccleralion
<br />of the sums secured by this instrument and sale of the Property. The
<br />notice shall further inform Borrower of the right 10 reinstate afler
<br />acceleralion and the right to bring a court aClion 10 assert the non-
<br />existence of a defBuh or any other defense of Borrower to
<br />accelcmlion Bnd sale. If the default is not cured on or before the date
<br />specified in the notice, Lender at ilS option may require immediate
<br />payment in full of all sums secured by this instrumem wilhout
<br />further demand and may invoke the power of sale and any other
<br />remedies permitted by applicable Jaw. Lender shall be entilled to
<br />collect Bit expenses incurred in pursuing the remedies provided in
<br />this paragraph 13, including, but nOllimited to, reasonable
<br />attorneys' fees and costs of title evidence.
<br />
<br />If the power of sale is invoked, Trustee shall record a notice of
<br />defauh in each county in which any part of the Property is located
<br />and shall mail copies of such no lice in the manner prescribed by
<br />applicable law to Borrower and \0 the other persons prescribed by
<br />applicable law. After lbe time rcquired by applicable law, Trustee
<br />shall give public notice of sale to the persons and in the manner
<br />prescribed by applicable law. Trustee. without demand on Borrower,
<br />shall sell the Property at public auction 10 the highest bidder at the
<br />time and place and under the terms designated in the notice of sale
<br />in one or more parcels and in any order Trustee determines. Trustee
<br />may postpone sale of all or any parcel of the Propeny by public
<br />announcement at the time and place of any previously scheduled
<br />sale. lender 0.- its designee may purchase the Propeny at any sale.
<br />
<br />Upon receipt of payment of the price bid, Trwtee shall deliver to
<br />lhe purchaser Truslee's deed conveying the Properly. The recitals in
<br />the Trustee's deed shall be prima facie evidence of the Iruth of the
<br />statcmenls made therein. Trustee shall apply lbe proceeds of lbe salc
<br />in the following order: (a) to all cxpenses of the salc, including, bul
<br />not limited to, Truslee's fees as permiued by applicable law and
<br />reasonable alloroeys' fces; (h) to all sums secured by this Security
<br />Instrument; and ec) any excess to the person or persons legally
<br />entitled to it.
<br />
<br />14. Upon acceleration under paragraph 13 or abandonment of the
<br />Properly, Lender (in person, by agent or by judicially appointed
<br />receiver) shall be entitled to enter upon, take possession of and
<br />manage the Property and to collect the rents of the Property
<br />including those past due. Any renlS collected by Lender or the
<br />receiver shall be applied first to payment of the costs of management
<br />of the Property and collection of rents. including, but not limited to.
<br />receiver's fees, premiums on receiver's bonds and reason~ble
<br />allorney's fees. and then 10 the sums secured by this instrument.
<br />
<br />PaQe 3 01 5
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<br />" .~ fl ,J/tft.!.92103DT.,
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