80= ~~~3d
<br />3. The mortgagor rnvenants and agrees that if be shall fail to pay said iod¢btedneee or any part thereof when
<br />due, or shall fail to perform any covenant or agreement of.thia instrument or the promissory note secured-hereby, the
<br />etrtirc indebtedness hereby secured shat! immediately become due, payable, and coNecti6le without Halite, at the
<br />option of the mortgagee or assigns. regardless of maturity, and the mortgagee or his assigns may before ar after entry
<br />seN said propert}' without appraixment (the mortgagor having waived and assigned to the mortgagee al! rights of
<br />appraixment)
<br />1 t) at judicial sale pursuant to [he provisions of 28 U.S.C. 2IX11(a) : or
<br />(n) a the option of the mortgagee, either by wMion or by eolieitation of sealed bide,'for the highest sad
<br />beet bid complying with the terms of sale and manner of payment specified in ilte published ttotioe of ale, fim
<br />giving four weeks' notice of the time, terms, and place of such sale, by advertixment 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 ttotitt being hereby waived by the mortgagor (and said mortgagee, or any pt:noo ~
<br />behalf of said mortgagee, may bid with the unpaid indebtedness evidenttd by said sou). Said Bale shall be
<br />held at or on the property to be void 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 each sale a sufficient conveyance of said property, which conveyance eball contain
<br />reeitais es to the happening of the default upon which the execution of the power of Bale herein gttmud
<br />depends; and the said mortgagor hereby constitutes and appoints the mortgagee or sap agent or attorney of the
<br />martgagee, the agent and attorney in tact of said mortgagor to make such recitals and to a:ecru said
<br />conveyance and hereby covenants and agrees that the recitals so made shall be effectnnl to her all equity or
<br />right of redemption, homestead, dower, and all other exemptions of the mortgagoq all of which are hereby
<br />expressly waived and conveyed to the mortgagee; or
<br />(ttt) take any other appropriate action pursuant to state or Federal statute either in state or Federal
<br />court or otherwix for the disposition of the properh~.
<br />In [he event of a sale u hereinabove provided, the mortgagor or any person in posaeseion under the mortgagor shall
<br />then become and be tenants holding aver and shall forthwith deliver posxeaion to the purchaser at each sale or be
<br />summarily dispoesesxd, in accordance with the provisions oI 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 fns coiiection of said indebtedness provided 6y law.
<br />4. The proceeds of any ede of s:id properly in accordance with the preceding paragraphs shall be applied first
<br />to pay the costs and expenxs of said eak, the a:passes incurred by the mortgagee for the purpose of protecting or main•
<br />raining said property, and reasanable attarneys' fees; secondly, to pay the indebtedness secured hereby; and thirdly,
<br />to nay any aurolue or excess to the person or persona legally entitled thereto.
<br />5. In the event said property is void at a judicid (omloeure Bale or pursuant to the power of ealc hereinabove
<br />granted, and the proceeds are not eufftcient to pay the total indebtedness secured by this instrument and evidenced by
<br />mid promissory sou, the mortgagee will be entitled to a deficiency judgment (or the amount of the de(cienry without
<br />resod to appraixment.
<br />G. In the event the mortgagor fails to pay any Federal, state, or local tax asxsemcnt, income tax or other tax lien,
<br />charge, fee, or other expense charged against the property, the mortgagee is hereby :mthorized at his option to pay
<br />the same. Any ~ittire eo paid by ei.e mortgagee shall be added to and become a part of the principal amount of the
<br />'•,intlebtetlnesa evidenced by said^'note; subject to the same terms and conditions. If the mortgagor shall pay and
<br />disehdege the imlcbudness-evidenced by said promissory note, and shall pay such sums and shall discharge all taxes
<br />and liens and the costa, lace, and expenses,oi making, enforcing, and executing this mortgage, then this mortgage
<br />shall be canceled and surrendered.
<br />7. The covenanb herein contained shall bind and the benefits cod advantages shall inure to the respective euc-
<br />ceeson and asaigtte of the parties hereto. Whenever used, the singular nttmbtr shall include the plural, the plural the
<br />siagviar, and the use of sny gender shall include all gender.
<br />6. No waiver of any covenant herein or of the obligation secured hereby shall at any time theresfter be held
<br />to fie a waiver of the terms hereof oz of the note aceured hereby.
<br />9. In compliance with ecetion 101.1 (d) of the Rules and Regulatiooe of the Small Business Administration [ 13
<br />GF.R. 101.1(d) ], this imtrument is to be construed and enforced in aeeordantx with applicable Federal Lw.
<br />IU. A judicial decree, order, or judgment holding any provision or portion of this instrument invalid or un•
<br />en[oreeabk shall not in any way impair or preclude the enforcement of the remaining provisions or portions of
<br />this imtr'ument.
<br />9BA r~ vac N-cal ~'~ •, ~ . ~~
<br />
|