|
r
<br />gl"`vlt~~~~Ji1
<br />3. The mortgagor covenente and agrees that if ht shall fail to pay said indebtedness or any part thereof when
<br />due, or shall fail to perform any covenant or agreement of this instrument or the prmniseory note secured hereby, the
<br />entire indebtedness hereby secured shall immediately become due, payahk, and collectible without notice, at the
<br />option of the mortgagee or assigns, regardless oC maturity, and the mortgagee or his assigns may before or after entry
<br />sell said property without appraieement (the mortgagor having waived and assigned to the mortgagee all rights of
<br />appraisement)
<br />(t 1 at judicial sale pursuant to the provisions of 28 U.S.C. 2001 ~ a) ; or
<br />(tt) at the option of the mortgagee, tither by auction or by solicitation of sealed bids; for the highest and
<br />beet bid complying with the terms o[ Bale and manner oP payment specified in the published notice of sale, ftnt
<br />giving four weeks' notice of the time, terms, and place of such sale, by advertisement not less than once
<br />during each of said four weeks in a newspaper published or distributed in the county in which said property
<br />ie situated, all other notice being hereby waived by the mortgagor f and said mortgagee, ar any peon w
<br />behalf of said mortgagee, may bid with the unpaid indebtedness evidenced by said note). Said sale 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 ie located. The mortgagee is hereby authorirr_d to execute (or and on behalf of the mortgagor and to
<br />deliver to the purchaser at such Bale a euf6cient conveyance of said property, which conveyance shall contain
<br />recitab as to the happening of the default upon which she execution of [he power of sale herein granted
<br />depends; and the said mortgagor hereby conetitutea and appbinta the mortgagee or any agent or attorney of the
<br />mortgagee, the agent and attorney in fact of said mortgagor to make each recitals and to execute said
<br />conveyance and hereby covenants and agrees that the recitals so made shall be effectual to bar all equity or
<br />right of redemption, homestead, dower, and all other exemptions of the mortgagor, all of which are hereby
<br />expressly waived and conveyed to the mortgagee; or
<br />(tu) 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 u 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 sale or be
<br />summarily dispossessed, in accordance with the provisions of law applicable to tenants holding over. The power
<br />aad agency hereby granted are coupled with an interest and are irrevocable by death or otherwiae,and are granted
<br />ae cumulative to thle_~rse~tmsedie~ for collection of said indebtedness provided by law.
<br />~~~~
<br />4. The arty in aaordance with the preceding paragraphs shall be applied first
<br />to ray the a exreneea tutu-red by the mortgagee for the rurrase of rrotectimg or main-
<br />taining said property, and reasonable anorneys' fees; secondh~, to pay the indebtedness secured hereby; and thirdly.
<br />to pay any surplus or exceee [o the person or persons ltially entitled thereto.
<br />5. In the event said property is sold at a judicial foreclosure sale or pursuant to the power of Bale hereinabove
<br />granted, and the proceeds are not sufficient to pay the total indebtedness secured by this instrument aad evidenced by
<br />said promissory note, the mortgagce will be entitled to a deficiency judgment for the amount of the dejciency without
<br />rea~rd to appreisement.
<br />6. In the event the mortgagor fails to pay any Federal, state, or local tax assessment, income tax or other tax lien,
<br />charge, fee, or other expense charged against the proprrty, the mortgagee is hereby authorized at his option to 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 and the costs, tees, and expenses of making, enforcing, and executing this mortgage, then this mortgage
<br />~hallbe canceled and surrendered.
<br />7. The covenants herein contained shall bind and the benefits and advantages shat! inure to the respective auc•
<br />cesaon and assigns of the parties hereto. Whenever used, the singular number shall include the plural, the plural the
<br />singular, and the use of say gender shall include all genders.
<br />8. No waiver of any covenant herein ar oC the obligation secured hereby shall at any time ther@after be held
<br />to be a waiver of the terms hereof or of the note secured hereby.
<br />4. In compliance wish section 101.1 i d } of the Rules and Regulations of the Small Business Administration [13
<br />C.F.R. 101.1(d) ], this irutrument is to be construed and enforced in accordance with applicable Federal law.
<br />10. A judicial decree, order, or judgment holding any provision or portion of this instrument invalid or ua•
<br />enfoteeabk shall oat in an}' way impair or proclude the enfarcement of the remaining provisions or portions of
<br />this instrument.
<br />eaa r.,a va'r ta-rs~
<br />
|