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80- iJG4533 -
<br />- --, 3. The mortgagor covenants and agrees thrt it he shall fail to pay said indebtedness or any part thereof when -
<br />dae; ar shall fail io perform any covenant or agreement of this instrument or the promissory note secured hereby. the
<br />edlfre indebtedness hereby secured shall immediately bernme due, payable, and rollectibie without notice, a: the
<br />option of the mortgagee or assigns, regardless of maturity, and the mortgagee or his assigns may before oz after entry
<br />seH.eaid property without appraisement (the mortgagor having waived and assigned to the mortgagee. nll rigbiiq=of
<br />appnnlement) : _
<br />1 t) at judicial sale pursuant to the provisions of 28 li.S.C. 2001 (a) ; or .
<br />(n) at the optfon of the mortgagee, either by auctioa or by solicitation of eeakd bida,•for the highest end
<br />beat bid coxtsplying with the terms of sale and matwer of payment specified in the published aotice of eak, Ent
<br />giving four weeks' notice of the time, terms, and place of such sale, by advertisement not lees than oaa
<br />during each of said tour weeks in a newspaper published or distributed in the county in Which said proplrty
<br />is situated, all other notitt being hereby waived by the mortgagor (and said mortgagee, or any person-_on
<br />behalf of said mortgagee, may bid with the unpaid ivdebtedness evidenced by said note). Said-ask aball, be
<br />held at or on the property to be sold or at the"Federal, county, or city courthoux for the comfy in whieh~the
<br />property is locaeed. The mortgagee is hereby authorized to execute for and on behalf of the mortgagor and to
<br />deliver to the purchaxr at such sale a sufficient conveyance of said property, which conveyanx.ahall contain
<br />reeftale u to the happening of the default upon which the execution o[ the power of sak herein granted
<br />depends; and the said mortgagor hereby conetitutee and appbinta the mortgagee or any agent orattorney of the
<br />mortgagee, the agent and attorney in tact of said mortgagor to make such recitals surf to execatessid
<br />conveyance and hereby covenants and agrees that the recitals eo made shall be effectual to bar all equity or
<br />right of redemption, homestead, dower, and all other exemptions of the mortgagor, atl of which are hereby
<br />expressly waived and conveyed to the mortgagee; or
<br />11tt1 take any other appropriate action pursuant to state or Federal statute either in state or Federal
<br />court or otherwise for the disposition of the property.
<br />In the event of a sale as hereinabove provided, the mortgagor or any person in possession tinder the mortgagor shall
<br />then become and be tenants holding over and shall forthwith deliver possession to the purchaser al such Bale or be
<br />summarily dispossessed, in accordance with the provisions of law applicable to tenahta 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 />ae cumulative to the remedies (or coilection of said indebtedness provided by law.
<br />4. The proceeds of any Bale of said property in accordance with the preceding paragnphs shall be app$ed fiat
<br />to pap the costa and expeveee of said sale, the expenses incurred'ny the mortgagee for the purpose of proteetivg or maiu•
<br />raining said property, and reasonabie attorneys' fees: secondly, to pay the indebtedness secured hereby; and thirdly,
<br />to pay any surplus or excess to the person or persons legally entitled thereto.
<br />5. in the event said property is sold at a judicial foreclosure Bale or pursuant to the power of Bale hereinabore
<br />granted, and the proceeds an not sufficient to pay the tool indebtedness secured by this instrument and evidenced by
<br />said promissory note, the mortgagee will be entitled to a deficiency judgment for the amouat of the deficiency without
<br />regard [o appraitement.
<br />6. In the evens the mortgagor fails to pay any' Federal, state, or local tax assessment, income tax or other tax lien,
<br />charge, fee, or other ex(xnse charged against the property, the mortgagee in hereby authorized at his option to pay
<br />the same. Any sums so paid by the mortgagee shall be added to and become a part of the principal amount of the
<br />indebtedness evidenced by said torte, subject to the same terms and ronditione. [f the mortgagor shall pay and
<br />dircharge the indebtedness evidenced by said promissory note, and shall puy such sums and shall discharge all taxee
<br />and liens and the costa, fees, and expenses of making, enforcing, and executing this mortgage, then this mortgage
<br />shat) be canceled end surrendered.
<br />7. The eovenante herein contained shall bind and the benefits and advantages shall inure to the respective sue-
<br />cnson and aadgne of the parties hereto. Whenever used, the einguLr number shall include the plum, the plum the
<br />aisgnlar, an$ !ha ttse cf any gerwler shall include alt genders.
<br />8. No waiver of avy covenant herein or of the obligation secured hereby shall at any time thereafter be held
<br />to 6e a waiver of the terms hereof or of the note eecurod hereby.
<br />9. In compliance with section 101.1 (d) of the Rula surf Regulations of the Small Husinese Adminietntion [13
<br />C.F.R IOi.I(d) ), this instrument is to be construed and enforced in accordance with applicable Federal law.
<br />10. A judicial decree, order, or judgment holding any provision or portion of thin insvument invalid or un-
<br />enforceable shall not in any way impair oz preclude the enforcement of the remaining provisions or portions of
<br />thin iasttrrment.
<br />ears P9ec 99T Is-Tal ~, ~~ ~~~ ~ ~
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