|
<br />"3. The mortgagor covenants end agrees that if he ehall'[ail to pay said indebtedness or any pan thereof whm
<br />due, or. ehaU fail to perform any covenant or agreement of this instrument or the promiswry note secured hereby, the
<br />entiie indebtedness hereby secured shall immediately" become due, payable, and coltectibie without notice, at the
<br />option of the mortgagee or assigns, regardless of maturity, and the monRagee or his aeaigrm may before or after entry
<br />all-said-properly without appraieement {the mortgagor having waived and assigned to the mongsgee all righ4 of
<br />appnnmment)
<br />(t) at judicial sale pursuant to the proviaiona of 20 U.S.C. 2001(a) : or
<br />(tt) at the option of the mortgagee, either by auction or by soliciution of sealed bida,~torththigiert and
<br />her bid complying with the terms of sale and manner of payment specified in the published notice at wk. first
<br />giving four weeks' notice of the time, terms, and peace of aueh Bale, by advenistmmt not lees than once
<br />dnring eaelt of said four weeks fn a aewepaper published or distributed in the county in which said property
<br />• it situated, ail other notice being hereby waived by the mortgagor (and said mortgagee, or any person as
<br />behalf of raid mortgagee, may bid with the nopaid indebtedness evidenced by said note). Said wk riall be
<br />held at or aD the properly [o be sold or st the Federal, county, or city counhottse for the eouaty in which the
<br />property is located. The mortgagee is hereby authorized to execute for and on behalf of the mortgagtr aed to
<br />deliver to the purchaser at such sale a sul6cient conveyance of said pn~peny, which conveyance shall contain
<br />teeitafr as to the happening of the default upon which the c:ecution of the power of rk herein grated
<br />depends: and the said mortgagor hereby constitutes and sppbin4 the mongsgee or any agent or attorney of the
<br />marlgagee, the agent and attorney in tact of said mortgagor to make such recital and to a:scuts-said
<br />eanveyanoe and hereby rnvman4 sad agrees that the reeitafs so madr shall be eHeMUaI to bar all equity or
<br />right of redemption, homestead, dower, and alt other exemptions of the morlgagor, afl of which are hereby
<br />c:prexly waived and r~onveyed io the morkgage~; or
<br />{ut) take any alher appropriate action pursuant to state or Ftdenl statute either in state or Fedenl
<br />court or othenrise for the dirpoaition of the property.
<br />Ia the event of a sale u hercinabove provided, the morlgagor or any person in poaeresion ender the mortgagor ehaU
<br />then become and be tenants holding over and shall forthwith deliver possession to the purchaser at such sale or be
<br />summarily dispoereased, in accordance with the prov-isiot.a of law applicable to tenan4 holding over. The power
<br />aed agency hereby granted arc coupled with an imrrest and are irrevocable by death or otherwise, and are granted
<br />a. cumuhtive to the remedies for coilectioa of said indebtedness provided by law
<br />!~ Tbs pr«xede at say sale of red pnpeety in accordance with the preceding paragnplu shall be appbed 5tr
<br />u pay tie eos4 snd rttpestres of rid rk, the e:pmsrs inetrrred by the mongsgee for the purpose of protecting or msia-
<br />taining said property, and rcarnable attoreey~s fees; secondly, to pay the indebtedness secured hereby; and thirdly,
<br />to pay any eurplw or excess to the person or ?ereom legally entitled thereto.
<br />S. L the event said property is sold at a jndieu) foreelewtre sale or pursuant to the power of sale hereiaabose
<br />granted, and the preeeeds are not snieimt to pay the total indebtedner assured by thin instrammt a~ eridesced by
<br />rid pratairory note, the mortgagee will be mtitkd to ~ defieieaey judgment for the amount of the de/ieiency toitAostt
<br />ndri m appaaiseaaeat.
<br />6, I.n the event the mortgagor [ails to pay any Federal, stale, or local tax assessment, income tax or other tax lien,
<br />ehargr, fee, or other expense charged agaitust the progeny, the mortgagee is hereby authorized at his option b pay
<br />the same. Any stems r paid by the mortgagee ehaU be added to and beromc a part of the principal amottat of the
<br />indebtedness eridmced by said note, subject to the estate terms and conditions. IJ the morlgagor shall pay and
<br />discharge the indebtedness rvideaced by said promiewry note, and shall pay aueh sums and shall discharge all taxes
<br />and lions and the costs, free, and expenses of making, mforci~, and executing this atortgage, then this mortgage
<br />shalt ie cr.6eekd sad surrendered.
<br />T. Tbc coveaan4 betels caatained shall bind and the benefi4 and advanuga shall insrc to the rapeetive son
<br />antes ad asips d lie gotta berets. whenever need. the singular number shalt inrlade the pbenl, the plum the
<br />a~ttlsr, reel tie ass si a7 gander shall inehede all genders.
<br />A Ns ttvivu of say eoveatant herein or of the obligation secured hereby .halt at say time thereafter be held
<br />N !b a waive of the treat berme or o[ the note secured hereby,
<br />9 It-sawpliapos with seatian 101.1 (d) of the Rnkr ud Reattlatiwts of the Small 13+riners Admiairratioa [1S
<br />C.F.R,_~l1,1td)9, tits . it to be opytaued and eafosoed 'ia aceordaaoe with spplieabk Federal law.
<br />19, A jadirial desrle, wtdcr. or jadgaamt holding any provision or ponim of this instrument invalid or uo-
<br />aiJ~eeeabie ales)) ^o! u say way impair or preclude tbs enforcement of the, remaining provisioro or portions of
<br />~.;
<br />y :„
<br />era rss oar ts-rst ` ~ ._ '
<br />
|