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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 />