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<br />3. The mortgagor covenants and agrees that if he shall fail to pay said indebtedness or any part thereof when
<br />due, or shall fail to perform am covenant or agreement of this instrument or the promissory note secured hereby, the
<br />entire indebtedness hereby secured shall immediately become due, payable, and collectible without notice, at the
<br />option of the mortgagee or assigns, regardless of maturity, and the mortgagee oz his assigns nag before or aRer entry
<br />sell said property without appraisement (the mortgagor having waived and assigned to the mortgagee all rights of
<br />appraiaementl:
<br />(t5 at judicial sale pursuant to the provisions of 28 L`.S.C.20tllia); or
<br />(n) at the option oP ibe mortgagee, either by auction or by solicitation of sealed bids,~fnr the 6fgheet and
<br />best bid t~mplying with the terms of sale and manner of payment specified in the published notice of sale, fitM
<br />giving (our weeks' notice of the time, terms, and place of such Bale, by advertisement not less than once
<br />during each of said tour weeks in a newspaper published or distributed in the county in which said property
<br />is situated, all other notice being hereby waived by the mortgagor (and said mortgagee, or any petrsoa on
<br />behalf of said mortgagee, may bid with the unpaid indebtedness evidenced by said note). Said axle shall be
<br />held ax or on the property to be sold or at the Federal, county, or city courthouse for the county is which the
<br />property in located. The mortgagee is hereby authorised to execute for end on behalf of the mortgagor sad to
<br />deliver to the purchaxr at such sale a sufficient conveyance of acid property, which conveyance shall contain
<br />recitals ae to ibe happening of the default upon which the ezeeutioa of the power of sale herein granted
<br />depends; and the said morgagor hereby contitutea and appoints the mortgagee or say agent or attorney of the
<br />mortgagee, the agent and attorney in fact of said mortgagor to make such recitals and to ezecute said
<br />mnveyartce and hereby covenants and agrees that the recitals so made shall be effectual w bar all equity or
<br />right of redemption, homeeeead, dower, and all other exemptions of the mortgagor, ail of which are hereby
<br />expressly waived and conveyed to the mortgagee; or
<br />(ttt) take any other appropriate action pursuant to state or Federal statute either is 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 and be tenants holding over and shall forthwith deliver possession to the purchaser at such axle 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 interest and are irrevocable by death or otherwise, and are granted
<br />as cumulative to the remedies for collection of said indebtedness provided by ]aw.
<br />4. The proceeds of say sale of said property in accordance with the preceding paragraphs shall be applied 6tst
<br />to pay the costa and e:peosu of said sale, the expeoaa incurred by the mortgagee for the purpose of protecting or maia-
<br />taining sail property, and reasonable attorneys' fees; secondly, to pay the iodehtedness secured hereby; and thirdly.
<br />to pay any surplus or excess to the person or persona legally entitled thereto.
<br />S. Fn the Ducat said property is sold at a judicial foreclosuce Bale or pursuant to the power of sale hereinabove
<br />granted, sad the proceeds are not eu(ficient to pay the total indebtedness secured by this instrtttnent and evidenced by
<br />said promissory note, the mortgagce wilt be entitled to ~ deficiency judgment for the amount of the deficiency voithont
<br />regaa+d to opprswentent.
<br />6. [n the event the mortgagor fails to pay any Federal, state, or local tax aeaessment, income tax or other tax lien,
<br />charge, fee, oe other expense charged against the property, the mortgagee is hereby authorized at his option to pay
<br />flu saute. Any sums w 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 dicaharge all taxes
<br />and lieaa and the costa, fees, and expenses of making, enforcing, and executing this mortgage, then thin mortgage
<br />shall be canceled and surrendered.
<br />7. The covenants herein contained shall bind and the benefits sad adyantagra shall inure to the respective sus
<br />ceaaors sad assign of the parties hereto. Whenever used, the singuLr Dumber shall include the plum, the plnnl flee
<br />aiogalar, sad the use of say gender shall include all geaden.
<br />& I@o waiver o[ any covenant herein or of the obligation secured hereby shall at any time thereafter be held
<br />to 6e a waiver of the terms hereof or of the note secured hereby.
<br />4. In compliance with section i01.1(d) of the Rules and Regulation of the Small Bueitteas Administration (13
<br />GF.R 101.1(4) ], this instrument i,e to be construed and eafomd in accordance with applicable Federal law.
<br />lit. A jndieial decree, ordee, or judgment holding any provision or portion of this intrument invalid or un-
<br />st'~~~.+a:•sble shall not in any way impair or preclude the enforcement of the remaining provision or portioae of
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