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80-~ "C~ ~y~ ~ <br /> <br />~3. The mortgagor covenants and agrees that if he shall fail to pay said ode&e~iiee3'$'Y~'any part thereof when <br />duG or ohall fail to perform any covenant or agreement of this instrument or they promi'say;~y note secured hereby,-the <br />entire indebtedness hereby secured shall immediately become due, payable, and coIIe'ctible without notice, at the <br />option o[ the mortgagee or assigns, regardless of maturity, and the mortgagee or his assigns may before or after entry <br />sell said property without appraisement (the mortgagor having waived and assigned to the mortgagee all rights of <br />appraisement 1 <br />i t 1 at judicial sale pursuant to the proviaione of 28 U.S.C. 2(Rtl (a) ; or <br />(u) at the option of the mortgagee, either by auction or by solicitation of sealed bids,'for the highest and <br />beet hid complying with the terms of Bale and manner of payment specified in the published notice of wle;~7trst <br />giving four weeks' notice of the time, terms, and place of such sale, by advertisement not leis than once <br />during each of said tour w«eka in a newspaper published or distributed in the county in which said property <br />is situated, all other notice being hereby waived by the mortgagor (end said mortgagee; or any pertau oa <br />behalf of said mortgagee, may bid with the unpaid indebtedness evidenced by said note). Said'eale ehaA be <br />held at or on the property to 6e sold 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 such sale a sufficient conveyance of said property, which conveyance shall contain <br />recitals ab to the happening of the default upon which the execution of the power of Bale 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 in tact of said mortgagor to make each recitals and to execute said <br />conveyance and hereby covenants and agrees that the recitals eo made shall be effectual to bar alt equity or <br />right of redemption, homestead, dower, and all other ezemptiona of the mortgagor, all of which are hereby <br />expreseh• waived and conveyed to the mortgagee; or <br />i m 1 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 [he even[ o(a sale as hereinabove provided, the mortgagor or any person in possession under the mortgagor shall <br />then become and be tenants holding over and shall forthwith deliver possession to the purchaser at such sale or be <br />summarily dispossessed, in accordance with the proviaione o[ law applicable to tenants holding over. The power <br />and agency hereby granted are cgtl~ ~w'it6 an interest and are irrevocable by death or otherwise, and are granted <br />as cumulativr to the remed'..~ fort fipt action of said indebtedness provided by law. <br />M1. The proeeede of any Bale of acid property in accordance with the preceding paragraphs shall be applied first <br />to pay the coeU and expenses of said axle, the ezpenses incurred 6y the mortgagee fur the purpose of protecting or main• <br />twining said property, and reasonable aitorn«ya' fe«s; secondly, to pas the indebtedness secured hereby; and thirdly, <br />to pay any surplus or excess to the person or persona legally entitled thereto. <br />S. In the event said property is Bold at a judicial foreclosure Bale or pursuant to the power of sale hereinsbove <br />granted, and the proceeds are not sufficient to pay the total indebtedness secured 6y this imtrttment and evidenced by <br />acid promimery note, the mortgagee will be entitled to a deficiency judgment for the amount of the deficiency without <br />regard to appraisetnent. <br />6. In the event the nwrtgagur fails tri pay any Federal, state, or local tax aseesement, incomr tax or other tax lien, <br />charg«, fro, or other rxprnar, charged against the property, the mortgagee is hereby authorised at his option to pay <br />the acme. Any soma eo paid by the mortgagee shell be added to and becom« a part of the principal amount of the <br />indebtedness evidenced 6.• said not«, subjeet m die aamr. [ernes and ronditiuns. If the mortgagor shall pay and <br />discharge Ute indebtedness evidenced by sail promissory note, and shall pa}' such sums and shall discharge all taxes <br />and liens and the costa, free, and exprnsrs of making, enforcing, and executing this mortgage, then thin mortgage <br />shall be annealed and surrendered. <br />7. The eovenanta herein contained shall bind and the benefits and advantages shall inure to the respective sue <br />eesson and assigns of the parties hereto. Whenever used, the singular number shall include the plural, the plural the <br />singular. sad the use of nap gender shall include all genders. <br />8. No waiver at any covenant herein or of the obligation secured hereby shall at any time therca[ter be held <br />to be s waiver of the terms hereof or of the note secured hereby. <br />9. In compliance with section 101.1 (d) of the Rules and Regulations of the Small Business Administration [13 <br />GF.R. IOl.I f d) ), this instrtment ie to be cooatrued and enforced in accordance with applicable Federal law. <br />10. A judicial decree, order, or judgment holding any provision or portion of thin instrument invalid or un- <br />enforceabie shall not in any way impair or preclude the enforcement of the remaining provieiona or portions of <br />thin instrnment. <br />sea ra.. oar ta-rat .. ~.'.~ .,' •,. <br />