|
<br />~0~1f~5637 ~ ~: ;s i U ~ .
<br />3. The mortgagor covenants and agrees chat if he shall fail to pay said imiebtedttees or any part thereof when
<br />dtte, or shall fail to perform any covenant or agrcement of this instrument orYh! proinieeory note secured hereby, the
<br />- extire indebtedness hereby eecured shall immediately become due, payable,.and..colYec;ibk~ without notice, at the
<br />option of the mortgagee or assigns, regardless of maturity, and the mortgagee-or his aasi.gnn msy.krofore or after entry
<br />eeH acid property without appraisement (the mortgagor having waived and assigned to the mortgagee all rights of
<br />appra9aement): ill j!! ijr _ t~'» iSElr
<br />1 t 1 at judicial sale pursuant to the provisions of 28 L'.S.C. 21101(a) : or
<br />(tt) at the option of the mortgagee, either by auction or by solicitation of sealed bids, for thehigheat and
<br />beet bid wmplying with the terms of axle and manner of payment specified in the public tfEd, notice of sale, fitsf
<br />giving four weeks' notice of the time, terms, and place of such-sale, ly~~adverliaetrtetti not leas=than once
<br />.during each of said four weeks in a newspaper published or distributed~mihe-cgtmty;in iYhich ssltkproperty
<br />is eieuated, all other notice being hereby waived by the mortgagor (and said mortgagee, or any person ao
<br />behalf of said mortgagee, may bid with the uapaid indebtedness evidenced by said note). Said sak shall be
<br />held at or on the property to be Bold or at the Federal, county, or city courthouse for the county in which the
<br />.property is located. The mortgagee ie hereby authorized to execute for and on behalf of the mortgagor and to
<br />deliver to the purchaser at each Bale a sufficient conveyance of said property, which conveyance shall contain
<br />raeitak m 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 is fact a# said mortgagor to make such recitals and to execute said
<br />eonvtyance and hereby covenants and agrees that the recitals so made shall be effectual to bar ail equity or
<br />right of redemption, homestead, dower, and alt other exemptions of the mortgagor, all of which are hereby
<br />expressly waived and conveyed to the mortgagee; or
<br />(w) take any other appropriate action pursuant to state or Federal statute either in state or Federal
<br />court or otherwice for the disposition oC the property.
<br />In the event of a sale as hereinabove provided, the mortgagor or any person in_posseasion under the mortgagor shall
<br />then become and be tenants holding aver and shall forthwith deliver possession to the purchaser at such axle or be
<br />summarily dispossessed, in accordance with the provisions o[ law applicable to tenants holding over. The power
<br />and agency hereby_;~ranted are coupled with an interest and are irrevocable by death or otherwise, and are granted
<br />ae cumulative to the remedies for rnilectionof said indebtedness provided by law.
<br />4. The proceeds of any sale of said property in aceordanx with the preceding paragraphs shall be applied fiat
<br />to pay the cosu and a:pensa of said salt, the ezpeneeeutcurred by thc.mortgageefor t}ir purpose of prottcting or main•
<br />raining said property...and~.rcasonable attornev~ fete; secondly, to psy the indebtedness secured ktereby; and thirdly,
<br />to pay any surplus or excess to the pereou or persona legally retitled thereto. '
<br />5. In the event said property ie cold at a judicial fareelosure salt or pursuant to the power of axle htrtinabo~n
<br />granted, and the proceeds are not eulficicnt to pay the total indebtednna secured by this instrument and evidenced by
<br />said promissory note, the mortgagee will be entitled to a deficiency judgment for the amount of the deficiency mithottt
<br />regrrd to mpprniaement.
<br />F. In the event the mortgagor fails to psy any Federal, state, or local tax asseasmettt, income tax or other taz lien,
<br />charge, (ee, or other expense charged against the property, the mortgagee is hereby authorized at his option to pay
<br />the same. Any some ro paid by the mortgagee ahaU he addal to and become a part of the principal amount of the
<br />indebtedness evidenced by said note, aubyect to the same terms and conditions. II the mortgagor shall pay and
<br />discharge the indebtedness evidenced by said promissory note, and shall pay such sums and shall discharge all taxes
<br />and liens and the coats, fees, mtd expenses of making, enforcing, and executing this mortgage, then this mortgage
<br />aliall be canceled and surrendered.
<br />7. The covananta heroin contained shall bind and the benefice and advantages shall inert to the respective aua
<br />oawon and aaaigtts of the partite haroto. Whenever used, the singular number shall include the plural, the pluni the
<br />eikt fittlar, and the use of any gmdtr shall include all genders.
<br />8. ltlo waiver of any covt~tant herein or of the obligation secured hereby shall at any time thereafter be held
<br />to be a waiver of the terms hereof or of the note secured hereby.
<br />4. In compliance with section IOI.I (d) of the Rules and Regulations of the Small f3usineea Adminietrateon [ 13
<br />C.F.R lOl.l (dl j, Chia itutrutneat is to be cnnatrued and enforced in accordance with applicabk Federal Isw,
<br />!0, A judicial decree, order, or judgment holding any provision or portion of this inetromtni invalid ar um
<br />enforceable shall not in any way impair or preclude the enforcement of the remaininx provisions or portions of
<br />ehizi instrument.
<br />sus .-.~ est sa-r.
<br />
|