|
;s(rcc3(Jt!
<br />~~~ i~E;l ~~0
<br />-:-~=3. The mortgagor covenants and agrees that if he shall fait to pay said indebtedness or any part thereat when
<br />_ or than fail to per[orm any covenant or agreement of this instrument or the promiseQry 6ote aeenred hereby, the .'~
<br />- m'flrr indebtedness hereby secured shall immediately becotrie due, b~ab'fe,~and wilectible-ivithout notice; at-the -:.
<br />,~ option of the mortgagee or assigns, regardless of maturity, and the mortgagee or'hia assigns may Before or after entry :-
<br />` Bell: said property without appraiaerneot (the mortgagor having waiv~, an~ a~gned to the: mortgag« alt rights of -- --
<br />apptaisement } : 3 :. 1 t "1 ~ i .....
<br />- - - It) at judicial sale pursuant to the provisions o(28 U.S.C. 20011a); or
<br />- - (n) at the option of the mortgagee, either by anetion or by solicitation of aea~ bidy'for the highest and -
<br />- beet bid complying with the terms o(eaie and manner of paymeaCSpecifiedin the pnblahed Mice of ask, fast ._-
<br />:giving tour weeks' notice of the time, terms, and place of such sale,~ty~adverrisement not less than once
<br />during each of said four weeks io a newspaper published or distributed in the county in which said properly -`-
<br />is situated, all othez notice being hereby waived by the mortgagor (and said mortgagee, or any perwn oa
<br />behalf of said mortgagee, may bid with the unpaid indebtedness eviden«d by said note). Said sak shall be
<br />held et or oo the property to be Bold or at the Federal, rnunty, or city courthouse for the county is which the ~_
<br />property is located. The mortgag« is hereby authoriu_d to a:ecutc for and on behalf of the mortgagor and to
<br />deliver to the purchaser st each sale a sufficient conveyance of said property, which conveyance shall contain
<br />recitals as to the happening of the dtfault upon which the ex«ution of the power of Bale herein granted
<br />depends; and the said mortgagor hereby constitutes and appbinta the mortgag« or any agent or attorntp of the
<br />mortgag«, the agent and attorney in fact of said mortgagor to make such recitals and to a:ecute said
<br />conveyance and hereby covenants and agr«e that the recitals eo made shall be effectual to bar all equity or
<br />right of redemption, homestead, dower, and ail other exemptions of the mortgagor, all of which are hereby
<br />expressly waived and conveyed to the mortgag«; or
<br />(ttt)._ 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 of a sale as hereinabove provided, the mortgagor or any person in possession under the mortgagor shall
<br />then become artd be tenants holding over and shall forthwith deliver possession to the purchaser at such s;le or be
<br />summarily diapoesessed, 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 ctunulativc to the remedies for coilectioo of said indebtedness provided by law.
<br />0. Tht proceeds o[ any Bale of said property in accordance with the preceding paragraphs shall be applied fiat
<br />to pay the easls and ezpenees of said sak, the ezpenees incurred by the mortgagee for the purpose of protecting or main-
<br />taining said property, and reasonable attorneys' fees; secnndly; to pap the indebtedness secured hereby; and thirdly,
<br />w pay any surplus or excess to the person -or persons legally entitled thereto.
<br />5. In the event said properly is sold at a judicial foreclosure Bale or purouant to the power of sale hereinabove
<br />granted, and the proceeds are not su~cient to pay the total indebtedness secured by this instrument and evidenced by
<br />said promissory note, the mortgag« will be entitled to a deficiency judgment for the amount of the deficiency without
<br />regard to appraiaement.
<br />fr. In the event the mortgagor fails to pay any Federal, state, or local tax assessment, income tax or other tax lien,
<br />charge, tee, or other expense charged against the property, the mortgagee re hereby authorized at hie option w pay
<br />the same. Any sums so paid by the mortgagee shall be added to and become a part 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 by said promissory note, and shall pay such sums and shall discharge all taxes
<br />and liens snd the eats, fees, and expenses of making, enforcing, and executing this mortgage, then this mortgage
<br />eha11 be can«led and surrendered.
<br />7. The covenanb herein contained shall bind and the benefits and advantages eball inure to the respective sne•
<br />euwon and assign of the parties hereto. Whenever used, the singular number shall incinde the plural, the plural the
<br />oagahtr, aed the we of any gender shall include all genders.
<br />No waiver of any covenant herein or of the obligation secured hereby shall at eny time thereslter be held
<br />to -6e a waiver of the terms hereof oz of the note secured hereby.
<br />9. In eompliantt with section 101.1 (d } of the Rules and Regulations of the Small Business Administration t13
<br />~.i.n. i0i.i(d} j, this instrument is to be eonetrued and en[oroed iv acrnrdana with applicable Federal Lw.
<br />d0. R judicial d«r«, ordn, or judgment holding any provision or portion of this imtrument invalid or un-
<br />eoloreeable shall not in any way impair or pr«lude the enforcement of the remaining provision or portions of
<br />this itatrumerit.
<br />saa r... ~r is-ret vv u sre :r
<br />
|