|
$~""" !} i1 ~ ~ i ~
<br />3. The mortgagor covenants and agrees that if M shall tail to pay Nid indebtedne:r or any pan thereof wMn
<br />dtw or +hall fait to perform any covenant or agreement of this metrument or the pyomjepry note secured hereby, the
<br />epllre indebtedness hereby secured shall immediately become due, payable, and collectible without notice, at the
<br />option of the mortgagee or assigns, regardleea of maturity, and the mortgagee or his assigns may before or after entry
<br />Nq'Nid property without appraisement (the mortgagor having waived and assigned to the mongagee X11 righb'o(
<br />appraisement 1
<br />1 t 1 at judicial sale pursuant to the provisions o(2g U.S.f.. 2001 (a) ; or
<br />(tt) at the option of the mortgagee, either by auction or by wlieitation of seabd bida,'fm tM highest std
<br />best bid complying with the terms of Nle and mamer of payment specified in the published notice of Nk, Ent
<br />giving four weeks' notice of the time, terms, and plain n( each axle, by advertixment not leer that tines
<br />during each of Nid (our wrrb in a newspaper publishal or distributed in the county in which Nid property
<br />is situatexl, dI other noon being hereby waived by the mortgagor (and Nid mongagee, or any penoa m
<br />behalf of Nid rmngagee, may bid with the unpaid indebtednesr evidenced by Nid note). Said Nk shall fie
<br />held N or on the property to be Bold or at the Federal, county, or city courthouse [or tM county in which the
<br />properly m located. The mortgagee is hereby authorised to execute for and on behalf of the mortgagor and N
<br />deliver to the purchaser at ouch Nle a sufficient conveyance of Nid property, which conveyance shall contain
<br />recital N to the happening of :he default upon which the exeeutioa of the power of Nk henst granted
<br />depends; and the Nid mortgagor hereby rnnetitutee and appbinte the mortgagee or any agent or a~pegiRj of the
<br />mongagee, the agent and attorney in fact of said mortgagor to make such recital aad_~o~~tit~a6te Nid
<br />conveyance and hereby covenmh and agrees that the reeitab N made shall be e[<aetud m' ,~+, equity or
<br />right of redemption, homestead, dower, and all other exemptions of the mortplgtar, a~{-t~~d1i~ch arc Mreby
<br />expressly waived and conveyed to the mortgagee; or -~,~~
<br />1 m 1 take any other appropriate action purenant to elate or Federal atalnki,.eQ+!' fier in state or Federal
<br />coon or otherwise far the disposition of the propene.
<br />In the event of a Nle u hereinaboce provided, the mortgagor or any person in possr'seion under for mortgagor shall
<br />then become and br tenants holding over and shall forthwith deliver posaeMion to the purchaser at such Nk or he
<br />summarily diapaaarasrd, in acrordanrr with the provisions rat law applicable to Mnanta bolding over. The power
<br />and agency hereby granted are coupled with an interest and err irrcvocabk by Jeath or otherrviae, and ate granted
<br />u eumulativr to flu rrmnliee for a.ilenion of Nid indebtedness prorided by law.
<br />i. The proceeds of any Nk of Nid properly in accordance with the preceding Mragrapbs atoll be gttlisd blot
<br />b pfv the costs and eXplrMes o<Ntd Nk. lM eapenaN inrvrrcd bV the mortgagee far tM pnrpnse of prating x meta
<br />tairting aural propent, and rcetaxtablr attorney.' trr+; serwtdly, to pay the indr6ledru...rcurcd hereby; sad thirdir.
<br />to par any surpfw or raeeg to tM prsan ar perwru legally entitled tMrcto.
<br />S. In tM rvgnt Nid properly w sadd at • judicial forerlesurc Nle or purrwet to /M penror of NM hereinabove
<br />granted, and the proceeds are not w(Reunt to pay tM total indebtedrtw secured 6y thu ieprtNteet and evidenced hry
<br />rid premirorv ease, the enartlPltN will )x entitled to • deficiency judgttsent for flu amount of tM deFeireay toitAont
<br />-yard to sppreissmawt.
<br />o In the rvmt the nwngagor tole to pay ant Federal, +Irte, or local tar ssaea.rrtrnl, mmmr tea or other tea lien,
<br />charge, lrr, or other cxperae charged aguaaH tM property. the tnongagec it hereby oath-rased at hu option W i.rv
<br />the same. Acv aurae +a paid by the mongagee shall be added to sad become a part of the principal amwm of Use
<br />iadebtedncs+ evidenced by said note, +ubjext to Ihr +amr urm+ and eunditiuru. -f the mongagar +ha11 pay and
<br />discharge the indebtedurw evidenced by .aid promtw+rv note, and +MII pea such sums and shat! diseMrge all tsars
<br />and Itsw and the roar., tees, and expense. of makieg, enfuerieg, and caseating this mangage, rhea thu mortgsga
<br />shall b. raweekd and surrendered.
<br />7. TM roveeaeY hence contained shall hind sad the baoefNa sad advaatattes shall Truro to tM napsetire alto
<br />sawn nod assigns d t4 partiN ba.te,lOharerar wed, she aiegalar nwb.r shall iaehrda the pioaa4 te. phinl Tba
<br />r• aed rho nN at arty gander shall iaahada ail gttedsn.
<br />g. No waiver of any eovenaot Mrcie ar o! the obligation assured hereby skull at any tune thereafter his Mid
<br />N he • waiver of tM term Mreof or of tM note aecnred Mrchr.
<br />9. Ie canplianee with sesyion 101.11 d) of the Auka and Regxlatior o! the Small Bwiaaa Aderinigratian I13
<br />GP.R. 101.i1d-j, tltL irtraNmt p to M esnatrusd atad enfoeesd in accordance with applieabk Pedant law.
<br />1-. A fudkfal decree, order, or jndgmeel Mlding any provision or portion of this inetrutttent invalid or ua-
<br />entetwabk shalt slot in any way impair or proclude the enforcement of tM remainieg provisions or portions of
<br />tbu irVUaPmt.
<br />w r... asr tr.nt ~ ,,, ,"
<br />
|