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<br />3. The mortgagor covenants and agrees that if he shall fail to pay said indebtedness or any trait thereof when
<br />doe, or shall fail to perform any covenant or agreement of this instrument or the promissory note secured htrcbp, the
<br />satire indebtedness hereby secured shall immediately become due, payablr, and collectible without aorta, at the
<br />option of the mortgagee or assigns, regardless of maturity, and the mortgagee or his assigns may be[ore or after entry
<br />eelh~aaid property without appraisement (the mortgagor having waived and assigned to the mortgagee ail rights of
<br />appraisement }
<br />I t i ai judicial sale pursuant to the provisions of 28 L'~.S.C. 2001(a 1 ; or
<br />(tt} 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 ob•the time, terms, and place of such sale, by advertisement not lees 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 notice being hereby waived by the mortgagor (and said mortgagee, or any pertwa on
<br />,. ~ ~ behalf of said mortgagee, may bid with the unpaid indebtedness evidenced by said note}. Said sale shall be
<br />held a[. or on the property to be sold or at the Federal, county, or city courthouse for the county in which :he
<br />property is located. The mortgagee ie 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 rnntain
<br />- zecitale ae to the happening of the default upon which the eaecution of the power of sale herein granted
<br />depends; sad the said mortgagor hereby constitutes and appoints the mortgagee or any agent or attorney of the
<br />mortgagee, the agent and attorney in tact of said mortgagor to make such recitals and to execute said
<br />conveyance sad hereby covenants and agrees that the recitals so made shall be effectual to bar all equity of
<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 />1 tn) take any other appropriate action pursuant to state orFe al=s~{yte.either~ in state or Federal
<br />court or otherwise far the disposition of the property. 1.,._ '~-.-
<br />In the event of a sale as hereinabove provided, the-mortgagor or anv 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 (or 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 first
<br />to pay the casts 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 pap the indebtedness secured hereby; and thirdly,
<br />to pay any surplus ar excess to the person or persona legally entitled thereto.
<br />5. In the event said property ie sold at a judicial foreclosure sale or pursuant to Lhe power of sale hercinabove
<br />granted, and the- proeeede are not sufficient to pay the total indebtedness secured 6y this instrument and evidenced by
<br />said promissory note, the mortgagee will be entitled to a deficiency judgment for the amount of the deficiency without
<br />re6ard to appraiaetnent.
<br />6. In the event the mortgagor (ails 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 same. Any sums so paid by the mortgagee sball be added to and become a part of the principal amount of the
<br />indebtedness evidenced by said note, subject to the same terms ;md conditions, if the mortgagor shall pay and
<br />discharge the indebtedness evidenced by said promissory note, and shall pay such sums and shad discharge all taxes
<br />and liens and the coats, fees, and expenses of making, enforcing, 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 inure to the respective euc-
<br />cessors and aeaigaa of the parties hereto. Whenever used, the singular number shall include the plural, the plural the
<br />singular, and the use of any gender shall include all genders.
<br />8. iVo waiver of any covenant herein or of tha obligation secured hereby shall at any time thereafter be held
<br />to 6e a waiver of the terms hereof or of the note secured hereby.
<br />9. In compliance with section 101.1 (d) of the Ru1ea and Regulations of the Small Business Administration [13
<br />C.F.R. 101.1(d) ), this instrument is to be construed and enforced is accordance with applicable Federal 6w.
<br />lU. A judicial decree, order, or judgment holding any provision or portion of thin instrument invalid or un•
<br />enforcca6le shallnoi in any way impair or preclude the enforcement of the remaining provisions or portions of
<br />this instrument.
<br />Sao Faro 9?r to-rat ..v~ ,,. .-+~
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