|
<br />3. The mortgagor covenants :nd agrees [het i( he shall fail to pay uid irtdebledttees or any part thereof whetr
<br />dew, er thall fail W perform any covenant or agreetttmt o{ thir ittatrummt or the promissory rwte secured hereby, the
<br />awtirr indebtedoeea hereby secured shall iarmediatelr become due, payable, and colleetibk withaat Helier, at the
<br />a~tpm of the mortgagee or assigns, regsrdlar of maturity, and the mortgagee or his asaigra map before Drafter entry
<br />std mid property withoat sppraiaement tthe mortgagor having waived and aasipted to the mortgagee ail rights of
<br />ygraisement 1
<br />h 1 at judicial sale purwant to the provisions o[ T$ li S.C. 2fi01(a ! : or
<br />{ n) at the option of the mortgagee, either by anetios or by rolieitaros of sealed bida,'fer the higher[ and
<br />beat bid eomplyiag with the terms of nk and roamer of payment specified is the pfd>lirhed atoliee d ask, foal
<br />giving font weeks' notice of the time, terror, and Platt of wc6 ealq by advertisement not less than ortoe
<br />during each of said tour woke in a newspaper publishal or distributed in the county in which utd property
<br />u aitnated, all other notice being hereby waived by the mortgagor (and said mortgagee, or any perarm as
<br />bdralt of said mortgagee, may bid with the tmpaid indebtedness evidenced Icy said Hotel. Said tale shaft Ile
<br />held a or oa the property to be sold or at the Federal, county, or eiq oasrthoaae for the eomty in whfeh the
<br />' property is located. The mortgagee v hereby authorised sa ezecnte for and an behaN of the mortgagor and to
<br />deliver to the pnrehaaer at weh s.k a wlReitut conveyance of said property, which convgaaee shall contain
<br />teeitala n to the happening of the default apm which the execution of the power of oak berets Bested
<br />depends; and the acid mortgagor hereby comtimtp and appbinta the mortgagee or any agent or attorney of the
<br />mortgagee, the agent and attorney is tact of said mortgagor to make such eecitaL and to caseate acid
<br />eaareyaraca and hereby eaveaasb and agrees that the recitals eo made shall he eRea:tual to bar all egaity or
<br />right oaf redemption, homertead, dower, and all other exemptionr of rho mortgagor, all of which m hereby
<br />expressly waived and conveyed to the mortgagee; or
<br />(utj take any other appropriate aceion psnuant to state or Federal etatnte either in state or Federal
<br />court or otherwise for the dispoutfon of the property.
<br />[n the event of a safe n hereinabove provided, the mortgagor or say person in possession under the tnwrigagor shall
<br />than become and be tenants holding over artd shall forthwith deliver possession to the purchaser ax seteh aakor 6e
<br />enmtnarily disporeeaed, in accordance with the proviaiona of law applicable to tenants holding over. The power
<br />and agency hereby granted are rnupled with an interest and are irrevocable by death or otherwise, and are granted
<br />n mmuktivc to the rernediea for collection of said indebtedness provided by law.
<br />4. The proceeds of any sak of said prsperty in accordance with the preceding paragraph shall 6e applied firm
<br />b pay the coats aad:exprnres ofaaid=aal4 the e:pesan incurred by the rortgagee for rite purpose of Prot«tisg or maitt•
<br />raining said property, and reatauable ettomeys' fees: secondly, to pay tfic indebtedness secured hereby; and thirdly.
<br />b pay any wrplne or exceeA to the person or persons legally rntitled thereto.
<br />5. fa tlta event said property b sold at a judicial toteelowre sofa or pnrsoant fo fhe power of nk hereinabeve
<br />granted, and the proceeds am not w#cient to pay the fatal indebtedrteas eaenred by this instrume»t and evidenced bT
<br />mid protnieaory note, the mertgsgee- will h mtitkd W a defnciemey judgment for the aneonni of llee deficiency svithost
<br />trarwd w'~flroi+~artr.
<br />6. !a the event the mortgagor fai4 to pay any Federal, state, or local ta: assessment, income tax or other tax lien,
<br />charge, fee, or other expertse charged against the property, the mortgagee is hereby authorised at hie option W pay
<br />fire name. Any some eo paid by the mortgagee shall be added to and become a pan of the principal amount of the
<br />indebtedness evidenced My said note, subject to the same terms and conditions. If the mortgagor shall pay and
<br />diechatge the indebtedness evidenced by said promiswry note, end shall pay such soma and shall discharge all lazes
<br />sad lima and the costa, fees, and experrses of making, enforcing, and executing this mortgage, then this mortgage
<br />slraH ha canceled and wrre~edered.
<br />?' The coveasass hereto asnu»aad shall bind and the benefits and advatuagn shall inure to the respective alto
<br />roMwa artd anigw of the parker hereto. p}teoevu used, the autgrtlar number sbdl include the plsral, the plural the
<br />ttispelaq and the we of say gender shall itteIsde all gendea
<br />!ti ND waiver of any eavmant harems or of the o6ligatien secured Fwreby shall at any time thereafter be Geld
<br />b its a waiver o[ the terntr hereof or of the note aecared hereby.
<br />~. In eompliartee frith rection:101.1 td) of the Rain sad Reguletieor of the Smell Hnaiae~a Aetniaistration [ 13
<br />GF.$ }Ol.l(d) J, th» iwtrumeaty to be eongrned aatl eafoeced in accordanx with apptieabk Fedenl law.
<br />1$. A 9rtdl~al-decree, order, or jndgmeut hohiing any provision or portico of thu imtrummt invalid of nn-
<br />a4iwatt#hk altsll not in soy way impair or pteehtde the mforoemeat of the reetaining provisions or portions of
<br />tafit~lsttmeat.
<br />sac vss. sat tt.nt ~n~ ~" ,
<br />
|