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85--= 00149
<br />C
<br />3• The mortgagor covenants and agrees that if he shall fail to pay said indebtedness or any part hereo{ when-
<br />due. or shall fail to perform any covenant or agreement of this instrument or the promissory note secured heresy, the
<br />entire indebtedness hereby secured shad immediately become due, payable, and collectible without notice, at the
<br />option of the mortgagee or assigns, regardless of maturity, and the mortgagee or Ilia assigns may before or after entry
<br />dall said property without appraisement (the mortgagor having waived and assigned to the mortgagee all rights of
<br />apl rainement) :
<br />(t) at judicial sale pursuant to the provisions of 28 U.S.C.. 2001(a) ; or
<br />(11) at the option of the mortgagee, either by auction or by solicitation of sealed hide: for the highest and
<br />best bid complying with the terms of sale and manner of payment specified in the published notice of "I,a. first
<br />giving four weeks' notice of the time, terms, and place of such sale, by advertisement not less than"
<br />during each of said four weeks in a newspaper published or distributed in the county in which said property
<br />id 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 dial► be
<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 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 contain
<br />teeitals 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 />mortgageet 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 waived and conveyed to the mortgagee; or
<br />(111) take any other appropriate action pursuant to state or Federal statute either in state or Federal
<br />court or otherwise for the disposition of the property.
<br />In the event of a sale 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 he
<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 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, 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 hereby; and thirdly,
<br />to pay any surplus or excess to the person or persona legally entitled thereto.
<br />5. Ia 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 suficient 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 widrout
<br />rski to appnsarmu -8.
<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 other expense charged against the property. the mortgagee is hereby authorised at his 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 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 taxes
<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 covenant# herein contained shall bind and the benefits and advantages shall inure to the respective suc.
<br />esasms is" Wig°' of the parties hereto- Whenever used, the singular number shall include the plural, the plural the
<br />'"I ""the use of any gessder shall include all gender
<br />& No waiver Of any covenant herein or of the obligation secured hereby shall at any time thereafter be held
<br />to he 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(4) ), this instrument is to be construed and enforced in accordance with applicable Federal law.
<br />L10. A judicial decree, order, or judgment holding any provision or portion this instrument invalid or on•
<br />eof ®tceable shall not in any way impair or preclude the enforcement of the remaining d
<br />Instrmmeart. g provisions or i
<br />portions of 18
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