|
8th... ~} i ; ~ 31 ~ .~ . ,~ ~ k..
<br />3. The mortgagor covenants and agrete that if he shall fail to pay said iudebtedness or any pert thetmof when
<br />date, m• than fail to perform any covenant or agrcerrreut of this instrument or the promissory note secured hereby, the
<br />ewtire indebtedness hereby secured shall immediately bernme due, payable, and collectible withont notice, at the
<br />~op Of the mortgagce Or abatgilll, regaldlesa Of maturity, and Lhe mortgagee 6i h16 ess1gna may before O[ after entry
<br />atilt said property without appraiacment (the mortgagor having waived and assigned to the mortgagce all rights of
<br />appraisetnent }
<br />(t'r at judiefal sale pursuant to the proviaiane of 28 U.S.C. 2001(a j ; or '
<br />(v j at the option of the mortgagee, either by auction or by solieitetios of seated bids,~for the highest smd
<br />beat bid complying with the terms of ule and manner of payment specified in the pnblislted notice of sale, tint
<br />giving four weeks' notice of the time, terms, and place of such axle, by advertisenteat not lees than Dace
<br />during each of said four weeks in a newspaper published or distributed in the county in which-said property
<br />is eitaated, all other notice being hereby waived by tlu mortgagor (and said mortgagee, or say person oa
<br />behalf of said t~rtgagee, may bid with the unpaid indebtedness eviaenxd by said note). Said sale shill be
<br />held at or or. the property to be sold or at the Federal, county, or city courthouse for the coaaty in which the
<br />property as located. The mortgagee is hereby authorized to esecute for and on behalf of the mortgagor sad to
<br />deliver to the ptucbaser at such sale a sufficient conveyance of said property, which conveyance shall contain
<br />rceitals as to the happening of the default u~a which the execntion of the power of sale hernia granted
<br />depends; and the said mortgagor hereby eonatitutea sad appbinta the mortgagce or any agent or attamey of the
<br />mortgagee, the agmi and aitatmey in fact of said mortgagor to make aneh recitals and to ezeeats said
<br />conveyance sad hereby covenaab and agrees that the recitals ao made shaft be eBeMaal to bar all equity or
<br />right of redemption, homeetesd, dower, and all other exemptiora of the mortgagor, all of which are hereby
<br />expressly waived sail conveyed to the mortgagee; or
<br />(ttt) take any other appropriate action pnrauant tq state or Federal sestets either in state or Federal
<br />court or atheniriae for the disposition o[ the property.
<br />Ice the event of a sale as hereinabove provided, the mortgagor or any person in poseraeion ender the mortgagor shall
<br />then become sail be tenants holding over and shall forthwith deliver poasesaioa to the purchaser at such sale or be
<br />sutnraarily 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 tar collection of said indebtedness provided by taw.
<br />4. The proceeds of any sale of acid property in accordance with the preceding paragraphs shall be applied 5nt
<br />to pay ten caab sad expenses of said sale, the e:penaes incurred by the atortgagee for the parpoae of protesting or maim
<br />raising acid property, and reasonable attorneys' fees; eecantlly, to pay the indebtedne~ secured hereby; and thirdly,
<br />to pay. any aarp[us or excess to the person or persons legally entitled thereto.
<br />"a. Ir: t'ae eve said property is sold at a j,tdieial foreeloaure sale or puntuai to the power of oak hereinabove
<br />grantedr sad the ococeede are twt ss~eie._.t to pay the total ir•.debtedaeas secured by stets i~trastst sad avid: weed by
<br />said promissory note, the mortgagee will be entitled to a defieieay judgmsat for the amount of the defeiency without
<br />redav+a to appr~arnetinr.
<br />6. In the event the mortgagor fails to pay any Federal, state, or local tax aseeaament, income tax or other tax lien,
<br />eha;ge, fee, or other expense charged against the property, the mortgagee is hereby authorized at hie option to pay
<br />the. same. Any some eo paid by the mortgagce shall be added to and become a parr of the principal amount of the
<br />indebtedness evidenced by said note, subject to the same terms soil conditions. If the mortgagor shall pay and
<br />disrAtarge the indebtedness evidenced by said promissory note, and shall pay such sums and shall discharge all razes
<br />and liens and the costa, fees, and expenses of making, enforcing, and executing this mortgage, then this mortgage
<br />slap be cencefed and surtettdered.
<br />7. The covenaata herein contained shall hind and the benefits and advantages shall inure to the respective sae-
<br />oessan and asaigm of the parties hereto. ~Vftmever used, the singular number shall include the plural, the plural the
<br />m)laL*. sad the tae of any gender shall inclade all Xeaden.
<br />lf. No waiver of env covesssat ha~in oe of the obligation secured lterebp shall ai any time thereafter be held
<br />to.be a waiver of the teams hereof or aC the note ~eured hereby.
<br />9. Ia rsaapliaace with section 101.1(4) of the Rules and Ilegulatiota of the SataO Btrsiaas Administration [i3
<br />C.F.R. lOl.l(d) J, this insttvtmeat is to be construed and enforced in accordance with applicable Federal law.
<br />[U. A judicial dcetee, ocdey, oc judgment ,holding say provision or portion of thiut ituunuoent invalid or un-
<br />enfarceable nhail eat in_ any way impair or preclude the eaforceraent of the retnaioing provisions or pottiow of
<br />tltir,fcatruauat.
<br />GPO 9~y-4~~
<br />sae r..,, sn to-rat
<br />
|