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7- 104427
<br />3, The mortgagee covenants and agrees that if he Mall fail to pay aid indebtedness or any part thereof when
<br />otr'ehall fait to perform any covenant or agroement of thisxihstrument or the promissory note secured hereby, the
<br />hereby secured shall immediately because due, payable, and collectible without notice, at the
<br />of the mortgagee or assigns. regard" of maturity, and the mortgagee or his assigns may Wore or after entry
<br />"*Oak Pt1DPer1y without appraisement (the mortgagor having waived and assigned to the mortgagee all rights of
<br />( n) at judicial sale pursuant to the provisions of 2# U.S.C. 2001(a ) . or
<br />(11) at the optios of the mort,gagoe, either by aectisus or by solicitation of sealed bids.'for the highest and
<br />bw bid ordsptyisg with the terms of ale and manner of payment specified in the published notice of ale, fits
<br />Riving four weeks' notice of the time, terms, and place of such sale, by advertisement not loss 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 Mica bciva h reby 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 ale shall be
<br />IWW 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 authorised 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 attain
<br />rod" M to the happening of the default upon which the execution of the power of ale herein granted
<br />depends. and the said mortgagor hereby constitutes and appbints the 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 aid
<br />Moveyance 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 isaised -awl t eyed .m 16'aortgagee: or
<br />(tit) 'take . as �
<br />y -tfJte +tPpr+aPr ate Action pursuant to state or Federal statute either in state or Federal
<br />court or otherwise !melee ~tlfsition of the property.
<br />In the event of a ale as hereinabove provided, the mortgagor or any person in possession under the mortgagor shall
<br />then become and be tenants 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, and are granted
<br />as cumulative to the remedies for coilection of said indebtedness provided by law.
<br />4. The proceeds of any ale of said property in accordance with the preceding paragraphs shall he applied first
<br />to Pay the emu and expenses of said ale, the expenses incurred by the mortgagee for the purpose of protecting or main.
<br />taining said property, and reasonable attornevri 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. Ia the event grid property is sold at • judicial foreclosure ale or pursuant to the power of ale hereinabove
<br />grauft , and the proeseda we not sufficient to pay the total indebtedness secured by this instrument and evidenced by
<br />Mid Prsmnsoty note, the mortgagee will be entitled to % deficiency judgment for the amount of the deficiency without
<br />►offerer ro fpPnafssensws.
<br />G. 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 other expense charged against the property, the mortgagee is hereby authorized at his option to pay
<br />the M sum
<br />me. Any s so paid by the mortgagee shall he 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 sit taxes
<br />ass hens and the costa, fees, and expenses of making, enforcing, and executing this mortgage, then this mortgage
<br />be ealaftlod and surrendered.
<br />7, The covenants herein contained shall bind and the benefits and advantages shall inure to the respective sue.
<br />-own -4 of the parties hereto. Whenever used. the singular number shall include the plural, the plural the
<br />. and the ere of my gar "I include all genders.
<br />>k No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held
<br />to • wait of die terms hereof or of the note secured hereby.
<br />,. 16 so-plituses wide scenes 1®1.1(4) *(the Rrlse sad Regulations of the Small Business Administration j13
<br />" -II ), dtis latatratustat a to be cottstrusd and esforeed in accordance with applicable Federal low.
<br />order' o t holding any Provision or Portion of this inetri nt invalid or ww
<br />am be any way impair o preclude the enforcement of the remtainit_g provisions or
<br />t portions of
<br />1e44 taw# 014 !a-! #► , -
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