80004049 - Laserfiche WebLink

Browse

3. The mortgagor wvenants and agrees that if he shall fall to pay said indebtedrtees or any p:rt tlxreof whey - due; or shall fail to perform any covenant or agreement of ibis instrument or the promissory note scented hereby, the eptire indebtedness hereby secured shall immediately become due, payable, and collectible without notieG at the ~ - option of the mortgagee or assigns, regardless of maturity, and the mortgagee or hie assigns may before or after entry sell`said property without appraisement (the mortgagor having waived and assigned to the mortgagee all rights of apprainementl : - - I)) at judicial sale pursuant to the provisions of 28 U-S.C. 20011 a) : or (u) at the option of the mortgagee, either by auction or by solicitation of sealed 6ids,~for the higbat and beat bid complying with the terms of Bale and manner of payment specified in the published notice of Bale, fiat giving four weeks' notice of the time, terms, and place of such sale, by advertisement not less than once during each of said four weeks in a newspaper published or distributed in the county in which said properly - - - - - ie situated, all other notice being hereby waived by the mortgagor (and said mortgagee, or any person ~ - - - ` behalf of said mortgagee, may bid with the unpaid indebtcdnese evidenced by said note). Said Bale shall be held at or on the property to be cold or at the Federal, county, or city courthouse for the county in which the property ie located. The mortgagee ie hereby authorized to execute for and on behalf of the mortgagor and io deliver to the purchaser at such sale a sufficient conveyance of said properly, which conveyance shall contain recitals &e to the happening of the default upaa which the execution of the Bower of sale herein granted depends; and the said mortgagor hereby constitutes and appoints~'.the mortgagee or any agent or attorney o[ the mortgagee, the agent and attorney in fact of said mortgagoi~'~, to make such recitals and to eztcute said conveyance and hereby covenants and agrees that the recitals so made shall be e$ectnal to bar all equity or right of redemption, homestead, dower, and all other exemptionr;~'~of the mortgagor, all of which are hereby expressly waived and conveyed to the mortgagee; or i ~I '~~ (ut) take any other appropriate action pursuant to-state or',,Federal statute either in state or Federal court or otherwise for the disposition oC the property. ~ '~ In the event of a sale as hereinahove provided, the,tnortgagor or any person in possession under the mortgagor shall then become .and be tenants holding over slid shall forthwith deliver possession to the purchaser at such sale or be summarily dispossessed, in accordance airh-~tlte"provisions of law applicable to tenants holding over. The power and agency hereby granted are coupled with an interes~`and'are irrevocable by death or otherwise, and are granted ae cumulative to the remedies fo.:=.ilection of said indebtedness provided by law. -- 4. The proceeds of any Bale of said property in accordance with the ~Ipreceding paragraphs shall be applied fine to pay the cosec sod expenses of said eat%„ the expenses incurred by ,the mortgagee for the purpose of protecting or main• twining said property, and reasonably attorneys' fees; secondly, to~~, p'uy lfz,e indebtedness secured hereby; and thirdly, to pay any surplus or excess to the person or persons legally enti~led,tihereto. 5. fn the event said property ie sold at a judicial foreclosure ga3e or~~'~~ pursuant to the power of sale hereiaabove - - granted, and the proceeds are not sufficient to pay the total indebtedness secured by this instrument and evidenced by said promissory note, the mortgagee will be entitled to a deficiency judgment for the amount of the deficiency without regard to appraitement. 6, In the event the mortgagor fails to pay any Federal, state, or local tax assessment, income tax or other tax lien, charge, fee. or other expense charged against the property, the mortgagee is hereby authorized at his option W pay the same. Any sums so paid 6y the mortgagee shall be added to and become a part of the principal amount of the indebtedness evidenced by said note, subject to the same terms and conditions. If the mortgagor shall pay and discharge the indebtedness evidenced by said promissory note, and shad pay s)ech evens and shall discharge all taxes and liens and the costs, fees, and expenses of making, enforcing, and executing this mortgage, then this mortgage shall be canttled and surrendered. 7. The covenants herein contained shall bind and the benefits sad advantages shall inure to the respective suo- ceroa and aeeigm of the panics hereto. Whenever used, the singular Dumber shall include the plural, the plual the Yngular, and the use of any gender shall include all gcadea. S. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby 9. In compliance with eectioa 101.1 (d) of the Rules and Regulations of the Small Business Administration [13 C.F.R. 101.1 {d) ), tbia imtntment ie to fie construed and enforced in accordance with applicable Fedeal law, 10. A judicial decree, order, or judgment holding any provision or portion of this instrument invalid or un- enforceable shall not in any way impair or preclude the enforcement of the remaining provisions or porlione of thin inetniment. ,i e 3)~ ,w SBA Porgy 9YY ta-ra)