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<br />3. The mortgagor covenants and 'agrees that if he shall fail ti) 'pay, said indebtedness or any part thereof when
<br />due, or shall fail to perform any covenant or agreement of this instrument or the promissory note'secured-hereby,. the:
<br />entire indebtedness hereby secured, shall immediately become due, payable, and collectible without nti
<br />oce;;at,the
<br />option of the mortgagee or assigns, re -of maturity, and the mortgagee or his assigns may before or after entry
<br />`sell said property without appraisement .(the mortgagor having waived and assigned to the mortgagee•��all rights of
<br />a raisement)
<br />Pp, -
<br />(I) at judicial sale pursuant to the provisions of 28 U.S.C. 2001(a) ; or
<br />(u) at the option of the mortgagee, either by" auction or by solicitation of sealed bide, 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 each 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 he
<br />held at or on the property to be sold or at the Federal, county, or city courthouse for the county in which the
<br />property is located. The mortgagee is hereby authorized io 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 bale herein granted
<br />depends; and the said mortgagor hereby constitutes and appointsthe mortgagee or any agent or, attorney of the
<br />mortgagee, the agent and attorney in fact of said mortgagor- to make such recitals and to execute said
<br />conveyance and hereby covenants and agrees that the recitals so made shall be effectual to bar. all equity or
<br />right of -redemption, homestead, dower, and all other exemptions of the mortgagor, all of which are hereby
<br />expressly W.pived, and conveyed to the mortgagee; or
<br />rt
<br />(tit) fia1ce,any„ot}der,appropriate action pursuant to state or Federal statute either in state or Federal
<br />cou'
<br />qr ot�ierw�sri ,forrthe disposition of the property. -
<br />In the event of a sale..a's,he'reinabove provided, the mortgagor or any person in possession under the mortgagor shall
<br />then become and be tens holding over and shall forthwith deliver possession to the purchaser at 'such sale or be
<br />summarily 'dispossessed, in 'accordance with the provisions of law applicable to tenants holding over. The power
<br />and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise,,andare granted
<br />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 beiapplied first
<br />to pay the costs and expensesof said sale, the 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 liereby;:aud thirdly,
<br />to pay any surplus or excess to the'personor persons legally entitled thereto.
<br />5. In the, event said property is sold 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 />6. In the event the mortgagor fails to pay any Federal, state, or local tax assessment, income tax or other tax lien,
<br />charge, fee,.or.otlier expense charged against the property, the mortgagee is hereby authorized at liis option to pay
<br />the same. Any sums 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 terins 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 fazes
<br />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.respective 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 any time thereafter be held
<br />to be a waiver of the terms hereof or of the note secured hereby.'
<br />9., In.compliance with: section 101.1(d) -of the Rules and Regulations of the Small Business Administration [13
<br />C.F.R. 101.1,(d) ],.this instrument is to be construed and,enforced,in accordance.with applicable Federal law.
<br />10. A judicial decree, order, or judgment holding any provision pr portion of this -instrument' invalid or un-
<br />enforceable shall not: in any way impair or preclude the 'enforcement of the remaining provisions or portions -of
<br />this instrument.
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<br />SBA Fong. 2Y (9-78)i -
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