|
SBA FO RM 919 f2-)lf
<br />~~ ~.- tau+l9?9
<br />3. The mortgagor covenants and agrees that if he shall fail to pay said indebtedness ur ant 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, paveble, sort mllrctible without entice, at the
<br />option of the mortgagee or assigns, regardless of maturity, and the mortgagee or his assigns may before or after sere
<br />sell said property without appraisement Rhe mortgagor having waived sort assigned to the mortgagee all rights of
<br />appraisement)
<br />i t 1 at judicial sale pursuant to the provisions of 28 L.~.(:. 2(101 ~ a i ; ur
<br />{ u) at the option of the mortgagee, either by auction or by solicitation of sealed bide, for the highest and
<br />beet bid complying with the terms of sale and manner of payment specified in the published notice of Bale, first
<br />giving four weeks' notice of the time, terms, and place of such ,ale, by advertisement not Irss (ban uucr
<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 peroon on
<br />behalf of said mortgagee, may bid with the unpaid indebtedness evidenced by said note). Said sale 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 hereby authorized to execute for and on behalf of the mortgagor and to
<br />deliver to the purchaser at such Bale a sufficient conveyance of said property, which conveyance shall contain
<br />recitals ae to the happening of the default upon which [he execution of the power of Bale herein granted
<br />depends; and the said mortgagor hereby constitutes. and appoints the mortgagee or any agent or attorney of the
<br />mortgagee, the agony and-attorney in 'fact of said mortgagor to make each 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 mortgagoq all of which are herehc
<br />expressly waived and conveyed to the mortgagee; or
<br />hul take any other appropriate acliou pursuant to state ur }''ederal statute either in stair or F'edrral
<br />court or otherwise for the disposition of the property.
<br />In the event of a Bale as hereinbefore provided, the mortgagor or any persons in possession (mdse the. mort-
<br />gagor shall then become and be tenants holding over and shall [orthwith deliver possession to the purchaser at
<br />such sale or be summarily dispossessed, in accordance with the provisions of law applicable to tenants holding over.
<br />The power and agency hereby grantet3 are coupled with ,an interest and ere irrevocable by death or otherwise, wid
<br />are granted ae cumulative to theYemediea Fot collection of said indebtedness provided h.• law:.-
<br />4. The proceeds of any axle of said properly in accordance with the preceding paragraphs shall. be applied- Ent
<br />to pay the coats and expenses of said Bale, the expenses incurred by the mortgagee [or the purpaee o[ protecting or main-
<br />taining said property, and reasonable attorneys' tees; secondly, to pay the inrlebtednese secured heteht atul thirdly,
<br />to pay any surplus or excess to the person or persons legally entitled thereto. - ~ -~- ~.
<br />5. [n the event said property ie wld at a judicfd foreclosure sale or purooant, to the power-of sak hereinaboye
<br />granted, and the proceeds are not sufficient to pay the total indebtedness secured by this instrument and evidenced by
<br />said promissory note, [he mortgagee will be entitled [o a deficiency judgment [or the amount of the deficiency without
<br />regard to appraisement.
<br />6. In the event the mortgagor fails to pay any Federal, state, or -ocal tax assessment, income tax or other tax
<br />lien, charge, Fee, or other expense charged against the property the mortgagee is hereby authorised at hie option to
<br />pay the same. My Bums eo 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 each sums and shall discharge all
<br />razes and liens and the costs, fees, and expenses of making, enforcittg, 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 inner to the respective suc-
<br />ceawn and assigns of the parties hereto. Whenever used, the singular number shall fncludc the plural, the plurd the
<br />singular, and the use of any gender shall include all genden.
<br />8. No waiver oI any covenant herein or of the obligation secured hereby shall at auy tune thereafter Ire held
<br />to be a waiver o[ the terms hereof or of the note secured hereby.
<br />9, A judicial decree, order, or judgment holding any provision or purtiuu of this iustrwumtt utvahd or uucu-
<br />forceable shall not in any way impair or preclude the enforcement of the remaining provisions or portions of this
<br />inatrumeaL
<br />10, Any wrfttw notice to be iwued to the mortgagor pursuant to the pravisictu of this inelrument shall 6e ad-
<br />dressed to tl.e mortgagor at
<br />and any written notice La be issued to the mortgagee shall
<br />be addressed to the mortgagee n
<br />S a,t rC1t+M d1a :3.T3I
<br />
|