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<br />3. The mortgagor covenants and agrees that if 6e shah fail to-pay said indebtedness or any part thtiresfwr$e
<br />dz:e, or shall Eail to perform any covenant or agreement of thin instrument or the promissory note secured h~~y~l
<br />entire indebtedness hereby secured shall immediately becbmE due, payable, and collectible without no~ce~ ®t the;
<br />uptian of the mortgagee or assigns, regardless of maturity, and the mortgagee or his assigns may before or iiJtecentry'!
<br />sell said property without appraisement {the mortgagor having waived and assigned to the mortgagee al~ri~hte=of=. -
<br />t) at judicial sale pursuant to the provisions of 28 U.S.f., 2001 ! a) ; or
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<br />(ti) at the option of the mortgagee, either by auction or by solicitvtioa of eeakd bide,~for the }~ghcst attdy
<br />boat bid complying with the terms of sale and manner of payment specified in the published aotix of sale, feraS
<br />giving four weeks' notice of the time, terms, and place of such sale, by advertisement not Ieae flan once;`
<br />during each of said four weeks in a newspaper published or distributed in the county in which esit}sPropert}r~, ,
<br />is situated, all other notice being hereby waived by the mortgagor (and said mortgagee; or any a on'
<br />behalf of said mortgagee, may bid with the tmpaid indebtedness evidenced by said note). Said eaie°,ehall btY
<br />held at or on the property to 6e cold or at the Federal, county, or city courthouse for the county in wltfch the
<br />praperty ie located. The mortgagee is hereby authorized 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 rnntain
<br />recitals as to the happening of the default upon which the ezceution of the power of Bale heroin Granted
<br />depends; sad the said mortgagor hereby conetitutea arsd appoints the mortgagee or any agent or attorney of the
<br />mortgagee, the agent and attorney in fact of said mortgagor to make such recitals wd to execute said
<br />conveyance sad hereby rnvenants and agrcee that the recitals so made shall be eBectual to bar all equity or
<br />right of redemption, homestead, dower, and all other exemptions o[ the mortgagor, all of which are hereby
<br />expressly waived and conveyed to the mortgagee; or
<br />(ut) 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 bolding 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 coup:ed with an interest and are irrevocable by death or otherwise, and are granted
<br />as cumulative to the remedies for coiiection 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 fiat
<br />to pay the costa and expenses of said ealw the expenses incurred by the mortgagee for the purpose o! protecting or msin-
<br />taining said property, and reasonable attorne-ys' fees; secondly, to pay the indebtedness secured hereby; and thirdly,
<br />to pay any surplus or exw€s to the person or persons legally entitled°thereto.
<br />S. in the event said property is sold at a j~adieial fo.-ecloourm esiz er puruani to t:te power of ssle h~r2inswvz
<br />granted, and the proceeds see not aullicient to pay the total indebtedness azeused by ibis inatrumesst and evidenced by
<br />said promissory note, the mortgagee will be entitled to a deficiency judgment for the amount of the deftciency without
<br />regard to apprnisement.
<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., tee, or other expruse charged against the property, the mortgagee is hereby authorized 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 liana and the costs, fees, and expenses o6 making, enfoning, 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 shell inure to the respective euc-
<br />ceason and assigns of the parties hereto. Whenever used, the singular number shall include the plurrl, the plural the
<br />eingnlar, and the use of soy 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 herebv.
<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 id) ). this instrument is to 6e conrtrucd and enforced in accordance with appl6eable Federal {aw.
<br />10. A judicial decree, order, or judgment holding any provision or portion of this instrument invalid or un-
<br />enforceable elialCnot in soy way impair or preclude the enforcement of the remaining provisions or portions of
<br />this ittetntment.
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