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3: The mortgagor covenants and agrees that if he shall fail top ay said indebtedness'or any part thereof when
<br />due, or shall fail to perform any covenant or agreement ofAhis instrument or the promissory note secured hereby, the
<br />entire indebtedness hereby secured shall immediately bee{ -me due, payable, and collectible without 4iotice,'at the
<br />option of -the mortgagee or assigns, regardless of maturity; alid ih^ mortgagee:or his assigns may before or after entry
<br />sell'said property'without appraisement (the mortgagor Itaving waived and assigned to the mortgagee all rights of .
<br />appraisement)
<br />(1) at judicial sale pursuant to the provisions of 28U.S.C..2001 (a); or
<br />(ii) at. the option of the mortgagee, either by auction or by solicitation of sealed bids, for the Highest and
<br />best bid complying with the terms of sale and manner of payment specified in the published notice. of sale, first
<br />giving four'weeks'notice of the time, terms, and place of such sale, by advertisement not less than once
<br />during eacli?of said four weeks in a newspaper published or distributed in the county in which said property
<br />is situated, all other notice being hereby waived by the mortgagor (and said mortgagee, or any person on
<br />behalf` of said mortgagee, may bid with the unpaid indebtedness evidenced by said note). Said sale -shall be
<br />held at oroon the property to be sold or at the Federal, county, or city courthouse for the county in which the
<br />property is locatedtThe mortgagee is hereby authorized to execute for and on behalf of the mortgagor and to
<br />deliver to'the purchaser at such sale a sufficient conveyance of said property, which conveyance shall contain
<br />'recitals as to the happening of the default upon which the execution, of, the power of sale herein. granted
<br />depends; and the said mortgagor hereby constitutes and appoints the mortgagee or any agent or attorney;of the
<br />mortgagee, the Agent. nd attorne .;in :fact of -said .mort a or, to make ,such recitals and to .execute said
<br />s y' ss
<br />cove ance and herebycovenants and agrees -that the recitals so made shall be effectual to har all equity or
<br />right of redemption, homestead, dower, and all other exemptions of the mortgagor, all of which are hereby
<br />express]), waived and conveyed to the mortgagee; or .
<br />to iate action pursuant to state or Federal statute either ill slate ur federal
<br />c �t�r, - tion of the property.
<br />In the event of„a sale as -hereinbefore provided, the mortgagor or any persons in possession under the mort-
<br />gagor shall then beeome.and he :tenants holding over and shall forthwith deliver possession to the purchaser at
<br />.such sale or be suminarily'dispossessed, in accordance with the provisions of law'applicable to tenants Boldin]; over.
<br />The power and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, :uul
<br />are granted as cumulative to the remedies for collection of said indebtedness provided by. law.
<br />4. The proceeds of any sale of. said property, in accordance•with the preceding -paragraphs shall be applied first
<br />to pay the costs -and expenses -of said sale, tlie:expenses incurred by the mortgagee for the purpose of protecting or main-
<br />taining said property, and reasonable attorneys' fees; secondly, to pay the indebtedness secured hereby; and. thirdly,
<br />to pay any surplus or excess.to the -person or; persons legally entitled thereto:
<br />S. In the event said property issold at a judicial foreclosure sale or pursuant to the power of sale 'hereinabove.
<br />granted, and the proceeds are not sufficient to pay the total indebtedness secured by this instrument and evidenced by
<br />said promissory note, the mortgagee will be entitled to a deficiency judgment for the amount of the deficiency without
<br />regard to appraisement.
<br />G., In the event,the mortgagor.fails topa}'.an} .Federal, state, or local tax assessment, income tax or other tax
<br />lien, charge, fee, or oiher expense charged against the property the mortgagee is hereby authorized at his option to
<br />pay the same. Any stens so paid by the mortgagee shall be added to and become a part of the principal amount of the
<br />indebtedness, evidenced by. said. note, .subject to the same terms and conditions. If the mortgagor shall` pay and
<br />discharge the indebtedness evidenced by said promissory note, and shall pay such sums and shall discharge all
<br />taxes and liens and the costs, fees, and expenses of making, enforcing, and executing this mortgage, then.this mortgage
<br />shall,be canceled and surrendered.
<br />7. The covenants herein contained shall bind and the benefits and advantages shall inure to the respeetive sue-
<br />cessors and assigns of the parties hereto. Whenever used, the singular number shall include the plural, the. plural the
<br />singular, and the use of any gender shall include all genders.
<br />8. No waiver of any covenant herein or of the obligation secured hereby shall at pn}•_ time thereafter, be held
<br />to be a waiver of the terms hereof or of the note secured hereb}
<br />9. A judicial decree, order, or judgment holding any provision or purtion•of this instrument iuvslid or unen-
<br />forceable shall not in -any way impair or -preclude the enforcement- of`the remaining provisions or portions of this.
<br />instrument.
<br />10. Any written notice to he issued`to the mortgagor pursuant to the provisions of'this instrument shall be ad-
<br />dressed to the. mortgagor at
<br />and any written notice to be issued to the mortgagee shall
<br />he addressed to the mortgagee at
<br />' SBA FORM 928 (2-79)
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