|
<br />3. The mortgagor covenants and agrees that it he shall fdil to pay said indebtedness or any part thereof when
<br />dtte, or thaif tail to perform any covenant or agreement of thin instrument or the promiaeory note secured hereby, the
<br />entire indebtedness hereby secured shall immediately become due, payable, and collectible without notice, at the
<br />option of the mortgagee or assigns, regardless of maturity, and the mortgagee or his assigns map before or after entry
<br />sell aid property without appraisement (the mortgagor having waived and aeaigrred to the mortgagee all rightsof
<br />appraisementl: - -
<br />ul at judicial sale pursuant to the provieiona of 2B L.S.f.. 2001(a); or
<br />(u) at the option of the mortgage, either by auction or by solicitation o! sealed bids,'for the highest-sad
<br />beat bid wraplying with the terms of sale and manner of payment specified is the published ttatie of oak, first
<br />giving four weeks' notice of the, time, terms, and place of such sale, by advertisement not less than once
<br />during each of said four weeks in a newspaper published or distributed in the county in which wid property
<br />,. is situated, al[ other notice being hereby waived by the mortgagor (and said mortgagee, or nay petyoa-on
<br />behalf of said mortgagee, may bid with the unpaid indebtednes evidenttd by said note). Said sale shall 6e
<br />held at or on the property to be Bold or at the Federal, county, or city courthouse for the county in which the
<br />property fie located. The mortgagee ie hereby authorized to execute for and on behalf of the mortgagor and to
<br />deliver to the purchaser at such Bale a sul5cient conveyance of said property, which conveyance shalt contain
<br />recitals as to the happening of the default upon which the execution of the power of sale herein granted
<br />depends: and the said mortgagor hereby constitutes and appoints the mortgagee or any agent or attorney of the
<br />mortgagee, the agent and attorney iv tact of said mortgagor to make such recitals and to execute acid
<br />conveyance and hereby covenants and agrees that the recitals ea made shall be eHeetual 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 />I ut) take any other appropriate action pursuant to state or Federal statute either in state or Federal
<br />court or otherwise for the dispasitian of the properly.
<br />[n the event of a sale ae hereinabove provided, the mortgagor or any pereon.in-posresaion under the mortgagee shall
<br />then become and be tenants hording over and shall forthwith deliver possession to the purchaser at each Bale or be
<br />eummarily dispossessed, in accordance with the pravisiona 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, sad are granted
<br />ae cumulative to the rcmedfes (or coitedion u( said indebtedness provided by law.
<br />4. The proceeds of any sale of said property in aeeotdance with the preceding paragraphs shall lte applied first
<br />to pay the troetn and ezpetrsee 6i said sate, the ext*ensea incurred by the mortgagee for the purpose o[ protecting or ntaia•
<br />tainina said Property, and reasonahie._altorneys fees: secondly. to pav the indebtedness secured hereby: and thirdly,
<br />to pay any surplus or excess Fo the person or persons legally entitled thereto.
<br />5. In the curet said property is sotd at a judicial torecloaure sale or pursuant to the power of sale herein:hove
<br />granted, and the proceeds are no[ w~eieot to pay the total indebtedness secured by this emtramenE and evidenced by
<br />said promissory note, the mortgagee will be entitled to s deficiency judgment for the amount of the deficiency without
<br />regard to appraisement.
<br />6. to the event the mortgagor fails to pay any Federal, state. or local tax uaaesem.•n4 income tax or other tax lien,
<br />charge, tee, or other rzpenae charged against the property, the mortgagee is hereby authorized at his option to pay
<br />the acme. Any sums ao paid by the mortgagee shall be added en and became a part of the principal amount of the
<br />indebtedtteae evidenced by said note, subject to the same terms and conditions. If the mortgagor xhall pay and
<br />discharge the indebtedness evidenced by said promiseorv nuts, and shall pay such sums and shall discharge all lazes
<br />aced liens and the costa, fen, and expenses of making, enforcing, and execwing this mortgage, then this mortgage
<br />shag be canceled and surrendered.
<br />7. The covenaau herein contained shall bind and the benefits and edvamagea shall inure to the respective euo-
<br />Cason sad asagtta of the parties hereto. Whenever uoed, the singular number shall foclude the plan!, the plural the
<br />~€t!~E =-s~l tb= ~ ~ any ~.d;=r a:.sll in€Ittda .tt genders.
<br />ft. No waiver of any enreaant herein or of the obligation secured hereby shall et any time thereafter be held
<br />to 6o a waiver of the terena hereof or of the note secured hereby.
<br />4. Ia compliance with section 101 1(d) of rho Rules and Regulation of the Small Busiatts Administration [ l3
<br />C.F.R. IOl.lid) J, thin itutroment is to be construed and enforced in accordanoe with applicable Federal law.
<br />ltl. A judicial decree, order, or judgment holding any provision or portion at this instrument invalid or un•
<br />enforeeabk shall not in any way impair or preclude the enforcement of the remaining provisionx or portions of
<br />this ittatrument.
<br />saw h.~ 9at ta..ra>
<br />
|