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85-002105
<br />F3. The mortgagor covenants and agrees that if he shall fail to 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, pavable, and collectible without notice, at the
<br />option of the mortgagee or assigns, regardless 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 />appraisement) :
<br />1 1) at judicial sale pursuant to the provisions of 28 U.S.C. 2001 (a) ; or
<br />(n) 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 Kale, 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 propert
<br />is situated, all other notice being hereby waived by the mortgagor (and said mortgagee, or an y
<br />behalf of said mortgagee, may bid with the unpaid indebtedness evidenced by said note). Said ale shall 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 herebv authorized to execute for and on behalf of the mortgrgor 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 ale herein granted
<br />depends; and the said mortgagor hereby constitutes and ap-
<br />mortgagee, the agent and attorney in fact of said mortgagor tile
<br />to make a such re italseand tot 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 />1111) 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 provid -d, 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 ranted
<br />as cumulative to the remedies for collection of said indebtedness provided by law. g
<br />4. The proceeds of any sale of said property in accordance with the preceding paragraphs shall he applied first
<br />to pay the costs and expenses of said sale, the expenses incurred by the mortgagee for the purpose of protecting .
<br />taining said property. and reasonable attorneys' fern; secondly, to pay the indebtedness ,#-cured herebv: and thirdly,
<br />! g or main
<br />to pay any surplus or excess to the person or persons legally entitled thereto.
<br />S. 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 tcit,4e3ttt
<br />regard to aPPraisement.
<br />f► In the event the mortgagor fails to pay atry Federal, state, or local tax assessment, Inrume tax or other tax lien,
<br />charge, fee. or other expense charged against the properh, the rnorI ages is hereby authorized at his o ►ti <►
<br />the *ionic. Any sums so paid by the mortgagee shall he added to and become it part of the principal arru,u
<br />{ n to pay
<br />indebtedness evidenced by .aid note•, subject to the *sole terrItS and conditions. if the mortgagor shall pa` and
<br />p nt o6 the
<br />discharge the indebtedness evidenced Ivy said promissory note, and Shall pay "Itch sun►; and shall discharge alt taxes
<br />and liens and the coats, fees, and expenses of making, enforcing, and executing this mortgage, then this mortgage
<br />shall he canceled and surrendered. e
<br />r gage
<br />?. The covenants herein contained shall bind and the benefits and advantai shaft inure to the respective auc-
<br />cessore and assigns of the parties hereto. whenever used, the singular number shall include the lure
<br />singular. and the use of any gender shall include all genders. P 1, ills plural the
<br />13. No waiver of any covenant hereirt or of the obligation secured hereby shall at goy time thereafter be
<br />to be a waiver of the terms heru►f or of the note secured herebv. !field
<br />q. in compliance with section If►1.1 � d) of the Rules and IieRulations of the '+meU Business Adminisaration r
<br />C.F.H. 101-1 Id) ].this instrument is to !►e coristrIted anti a nforceJ in areordaricc with applicable !°°emir,! law,
<br />,13
<br />ice&
<br />It,• A judicial Sesser, ord, °r, or juPlgrne'nt holding ,ar►y prv.rsiou or porUP,u of this iraArrItItic`nt in�and ,
<br />enforceable abaft not in any way impair or preclude the eItlorPe'roPrlt „9 the ecm,auling l,roo ►m►oos Per ►
<br />this instrument, e r toll-
<br />'his
<br />Plf ?
<br />'411-,.l- t 1 -r9r
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