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<br />3. Thr mortgagor wvenanta and agrees that if he shall fail to pay said iadebtedne~ or any part thereof when
<br />dne; ar shat! fail to perform any covenant or agreement of Ihu instrument or the promissory note aecared hereby, the
<br />etid3re indebtedness hereby secured shall immediately became due, pavablk,_ and colkcti`ule.withoui notice, st Lhe
<br />option of the mortgagor or assigns, regardleae of maturity, and the mortgagee or his assigns mayhefore or after entry
<br />seD.eaid property withanrappraisement (the mortgagor having waived and assigned to the mortgagee ail rights of
<br />appniaementl: r :. ~
<br />~~ 3 ~ ii: t '~ .
<br />(t) at judicial sale pursuant to the provisions of ZS L'.S.C. 2001 i a) : or
<br />(n} at the option of the mortgagee, either 6y auMion or by wlicitation of sea]ed bida,~for the highert and
<br />beat bid eomplping with the terms of sale and manner of payment specified in the publkhed aotia of oak, &nt
<br />gluing four weeks' notice of the time, terms, and place of such eale,byadvertieenieat not lees than once
<br />during each of said four weeks in a newspaper published or diatributediii'tlie cottlttpiin w~tieh said property
<br />is situated, all other notice beiag hereby waived by the mortgagor (and said mortgagee, or say perwn an
<br />6rhali o[said mortgagee, may bid with the unpaid indebtedness evidenced by said Dote). Said sak shall be
<br />held at or oo the property to 6e Bald or at fhrFederal, 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 wd to
<br />deliver to the purchnser at each sale a sufficient conveyance of said property, which cooveyana shall contain
<br />reeitaL a to the happening of the default upon which the execution o[ the power of Bale herein granted
<br />depends; and the said mortgagor hereby rnnetitutee and appbinta the mortgagee or any agent or aitotttey at t$e
<br />mortgagee, the agent and attorney in fact of said mortgagor to make such recitals snd to e:ecutr said
<br />conveyance and hereby covenants and agrees that the reci[ale so made shall be eff±rtual to bar all equity or
<br />right of redemption, homestead, dower, and alt other exemptions of The mortgagor, all of which are hereby
<br />expreeely waived and conveyed to the mortgagee; or
<br />(nt) take any other appropriate action pursnant to state or Federal statute either is state or Federal
<br />court oc otherwise for the disposition of the property. `
<br />In the event of a Bale am 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 />wmmarily dispossessed, in accordance with the provisions of law applicable to tenants 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 />as cumulative to the remedies for collection of said indebtedness provided by law.
<br />4. The proceeds of anq sale of said property in accordance with the preceding paragraphs shall be applied fits[
<br />to pay the cents and exprneea of said axle, the expenses incurred by the mortgagee Par the purpose of protecting armain-
<br />tsining said property, and reasonable attorneys' fees; secondly, to pay the indebtedness secured hereby; and thirdly,
<br />to pay any eurplua or excess-to the person oe persona legally entitled thereto.
<br />5. In tits event said propertyu sold at a judicial iorerloanre sale or purauaat to the paver of sale hereinaltovr
<br />granted, arnl the praceeda are not attdcient to pay the total'indebtedneee secured by [hie ittatrttment and exideacrd by
<br />said praaiieeory note, the mortgagee will be entitled to a deficiency judgment for the amount of the deficiency ioitkout
<br />regevd to apprsiaement.
<br />6. In the event the mortgagor fails to pay any Federal, state, or local tax assessment, income tax or other tax lien,
<br />charge, fro, nr other expense charged against the property, the mortgagee is herebv authorised at his option to pay
<br />the same. Any some so paid by the mortgagee shall be added to and becortir a pan of the principal amount of the
<br />indebtedness evidenced by said note, subject to the same terms and conditions, if the mortgagor shall pay and
<br />discharge the indebtedness evidenced 6y said promissory note, and shall pay such sums and shall discharge all taxes
<br />and lions and the coats, tees, and expenses of making, enforcing, and executing this mortgage, then. thin marlgage
<br />eitaB be canceled and enrrendered.
<br />7. Tho covenants herein contained shall bind and the benefits and advantap~saball inure to the respective auc-
<br />txttsiars and aaignr of the parties hereto. Whenever used, the singu4r number eliRll i~clude the plnnl, the plan! the
<br />alitgular, and the use of any geader shall inctude all gendrn. ~ ,
<br />& Ilia waiver of any oovenant herein or of the obligation second hereby shall at at,y time thereafter be held
<br />to be a waiver of the terms hereof or of the note eecurcd hereby.
<br />9. Tn trompliantro with section 101.1(d) of the Rula and Regulations of the Small Busioesa Admioietration [l3
<br />C.E.It. 181.1 (d} ). this iuatcttweat i- to be eoostrued and enforced in acaordaaon with applicabk Federal law.
<br />lU. A jddfcial' decree, order, or judgment holding any provision ar portion of thin inatntrnent invdid or un-
<br />enforceable shall not in any way impair or preclude the enforcement of the remaining provieiwis or portioru of
<br />[his ir»frument.
<br />saa r... oat ts-rai ..... ,,. .
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