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<br />3.. The mortgagor covenants and agreeb that if he shall fsil to pay said indebtednear~or any part thercuf;when ~;
<br />drat, ~ shall fail to perform any covenant or agreement of thl inatroment or the promissory note secured hereby, the'-
<br />entire indtbtedneae hereby secured shall immediately become due, pavabk, arfd colkctibk--without notice, at the-~~
<br />option of the mortgagee or assigns, regardless of maturity, and the mort~a~ee or his assigns may before or after entry -
<br />sell acid property without appraiaement (the mortgagor having waived and assigned to the mortgagee all rights of
<br />appraiaement) : _ + ` . , , , ....
<br />(t) at judicial sale pursuant to the provisions of `L8 U.S.C. 2401(a) ; or
<br />(n) at the option of the mortgagee, either 6y auction or by eoticitation of staled bid0. for the highest seed
<br />Leas bid complying with the teems of sale and roamer of payment specified in the published notice of sak, first
<br />giving four weeks' notice of the time, terms, and place of such sale, by advertisement notleea than once
<br />during each of aatd tour weeks in a newspaper puLlisherl or distributed' in thr cot[nty irt'which said pmptrtp
<br />is situated, all other notice being hereby waived by the mortgagor (and said mortgagee, or any penon on
<br />6ehall of said mortgagee, may bid with the unpaid indebtedness evidenced by said note). Said ask-shall be.
<br />held at or oo the property to be sold or at the Federal, county, or city courthouse for the county in which the
<br />property is located. The mortgagee ie hereby authorised to execute for and on behalf of the mortgagor and to
<br />deliver to the purchaser at each sale a snfficieat conveyance of said property. which conveyance shall contain
<br />recital ae to the happening of the default upon which the execution of the power of axle herein granted
<br />depends: anti the said mortgagor hereby constitutes and appoints the mortgagee or any agent or attoroey of the
<br />mortgagee, the agent and attorney in fact of said mortgagor to make such recital and to execute said
<br />conveyance sad hereby coweaanU and agrete that the recitals eo made shall be eHecwal to bar all equity or
<br />right of redemption, homestead, dower, and all other exetnpiiona of the mortgagor, all of which are hereby
<br />expressly waived and conveyed to the mortgagee; or
<br />(nt) 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 the event a(a sale as hereinabove provided, the mortgagor or env person in possession under the mortgagoe shall
<br />then become and be.tenants holding over and shall farthwith deliver possession to the purchaser at such sale or be
<br />summarily dispossessed, in accordance with the provisions of law applicable to tenants holding over. The power
<br />and agency hereby granted are coupled with an intereet 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 />~ The proceeds of any sak of ssid property in accordance with the pmeding paragraphs shall be applied first
<br />to pay~the coats and expenses of said sale, the expemiea incurred by the mortgagee for the purpose of protecting or mein•
<br />raining said property, and reasonable attorneys' fees: eecondh~, ~to pay the indebtedness secured hereby; and thirdly.
<br />tn.~pay any surplus or excess to'the person or persons legally entited thereto.
<br />5. In the event said property is sold at~m j::dcisl foreclosure salt ur pursuant to she power of sale hereinabove
<br />gratiteal, sad the pra.,^eadx are not sufficient to pay the total indebtttlness secured ':,y thiatnaerumcnt and evidenced by
<br />said promissory trots, the mortgagce will-be-entitled to-a deficiency judgment for the amount of the deficiencr>aiihoat
<br />regard to apprtuaetnertt.
<br />b. In the event the mortgagor fails to pay any Federal, state, or local tax aeseasmen4 income tax ar other tax lien,
<br />charge, fee, ar other expense charged against the property, the mortgagee is hereby authorized at his option to pay
<br />the same. Any some eo paid by the mortgagee shall be added to and became a part of the principal amount of the
<br />iodebtednesa evidenced br said note, subject to the same terms and conditimte. It the mortgagor shall pay and
<br />discharge the indebtnlnras evideocrd by said promissory note, and shall pry such sums and shall discharge all taxes
<br />and lima and the coats, fees, and expenses of making, enforcing, ;rod executing this mortgage, [hen this mortgage
<br />shall be canceled and surreadrred.
<br />7. The eovrnanls herein contained shall Lind and the bene.fita and advantages shall inure to the respective suc-
<br />aessap and aaaipu of the partid hereto. Whenever used, the aingulr number shall include the plural, the plural the
<br />aingttlae, sad the rue of any gender shall inclndt all geaden.
<br />$. No waive; of any covenant herein ar of the nbligatian aerated hereby shall at any time thereafter be head
<br />to Ira a waiver of the terms hereof ar oC the note secured herebv.
<br />9. [n complicate with section 101.1(d) of the Rules and Regulations of the Small Burinees Administration [ 13
<br />GF.R. IQLI (d) ), ahis itutrummt is to be tonNroed and enforced in accordance with applicable Federal law.
<br />JU. i, judicial d«ree, order, or judgment holding any provision or portion of this instrument invalid ar un-
<br />enGtmsaWe shall not in sny way impair or preclude the entareement of the remaining provisions or portions of
<br />Chia ittstrument.
<br />+aa r.,e ,a, , s..rst ~ - .
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