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HomeMy WebLinkAbout0451 . • : r , • . 3. 1'he mort~;aKor covenants and a~reee that i( he ehall fail to pay Raid indebteJne~ or any part themof hh~n Jur, or ahall (eil to pe~furm an~~ covPnant nr aKreeme~l of thia inatrumrnt or the promist:ury note eecured hereb~•, the entire indebtedne:~a herrb~• tecured shall immediateh• become due. payable. and collectible without notice, at the option of thc moriKa~ee or ax~iKnx. re~ardlea~ of maturity. and thP mortRaKer or I~is ax~+i~~~a ma~• before or afler entr~ eell aaid propeRty without appraistmr'nt 1 the mortRaKor havin~ wai~~ed and aasi~nc•d Io the moriKa~eP all riRhts oi uppraieement 1 : . 1 ~ 1 at judicial sale pursuani to thP provisione o~ ~R l`.`.C. ~0011 a); or (~t) at the option of the mortgaaee, either by auction or b~ solicitation o[ sealed bide, for the highcst and beat bid complying with ihe terms of eale aad manner of payment specified in the publiahed notice of sale, &rst Riving [our weeks' notice of the time, terma, and place of auch sale, b~ ad~•ertiRement not leee than once durin~ each of said four weeks in a newapaper publi~he~l or JietributeJ in the county in which said property ia situated, all other notice being hereby waived by the mortgagor (and said mortgagee, or any peraon oa behalf o[ said mortgagee, may bid with the uapaid indebtedneae evidenced by said note). Said sale shall be held at or on the property to be sold or at the Federal, county, or city courthouse !or the couaty in which the property is located. The mortgaaee is hereby authorized to execute for and on behalf of the mortgagor and to deliver to the purchaecr at euch eale a euli'icient conveyance of said property, which con~eyance ehall conts~in recitals as to the happening of the default upon which the execution of the power o[ eale herein granted depende; and the said mortgagor hereby conetitutea a~d appointa the mortgagee or any agent or attorney of the mortgagee,_ the agent and attorney in [act of eaid mortgagor to make euch recitals and to e:ecute said conveysnce and hereby covenants and agreea that the recitals 6o made ahall be eHectual to bar all equity or ri~ht of redemption, homestead, dower, and all other exemptiona oi tl~e moriga~or, all ot which are hereb~ expressly waived and conveyed to the mort~agee; or ( ) take any other appropriate action pursi~ant to atate or Federal atatute either in Atate or Federal court or otherwise for the dispoeition of the propPrt~•. In the event oi a sale aa hereinabove pro~•ided. the mort~a~or or any person ia poRaeaaion under the mortgaRor i?hall then bec•ome and be tenanta holdinR over and Rhall forthwith deli~•er possession to the purchaser at such Rale or be ~ummaril~• disposser.sed, in accordance with the pmtisions o[ law applicable to tenant~ holdin~ over. The poM~er and agency hereb~• ~ranted are coupled with an interest and are irrecocable b}• death or otherwicsc, and are ~ranlFd ~ as cumulative to the remedies for collection~of eaid indebtedness provided b~ law. ~ 4. The proceede of any eale of said pmperty ia accordance with the precedin~ paragraphs ahall be applietl 6ret to pay the coste aad expenses of eaid sale, the expeneee iacurred by the mortga6ee for the purpose of pratecting or main- taininK said propert}, and reasonable attorne~a' fees; Fecondly,-to pa}~ the indebtedness Qecured hereb~•: and thirdl~. to pay any surplus or excese to the person or persona legall~ entitled thereto. - S. In the event said property ia eold at a judicial forecloaure aale or purouant to the power of eale hereinabove granted, and the proceede are not dulficient to pa~ the total indebtednese secured by thie instrument and evidenced by said promiesory note, the mortgagee will be entitled to a de&cienc~ judgment for the amount of the deficiency without regard to appraisement. - 6. In the e~•ent the mort~a~or fails to pa~~ an~ Hederal, atate, or locai tax a:3ecsment, income tax or other tax lien, char~e, fFC, or other ~Ypense char~:ed a~ainst the properh•, the mort~a~ee is hercb~• authorized at his option tu pac the same. Any sums so paid by the mort~agee eha11 be added to and become a part of the principal amount of the indebtedness evidenced b~~ sai~l note, sabject to the rsme iern~s and conditions. If th~ mort~;a~or Fhal1 pa~• and ~li~char~e thP indebt~dness ~~~idenc~tl by- said promi~ory note, :~nd ~hall pa~~ such sums and Fl~al) dischar~e all tacea and liens and the costs, fees, and expenses of makin~, enForcin~, and executin~; this mort~age, then this mort~•rge ~hall be canceled and surrendere~l. ~ ; 7. The covenanta herein contained ehall bind and the benefits and ad~anta~es shal) inure to the re$pecti~e auc- ceaeore and aasigne of the parties hereto. Whenever uaed, the ain~lar number ehall include the plural, the plural the ~ eingular. and the uee of any gender ahall include al) gendere. i 8. \o waiver of any covenant herein or of the obli~ation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note r,ecured herebv. 9. In compliance with eection lOl.l (d) of the Rulea and Regulations of the Small Buaineee Adminietration [13 C.F.R. 101.1(d) thie inetrument ie to be conetrued and enforced in accordance with applicable Federal law. ` 10. A judicial decree, order, or judRment holdin~ an~ pro~ision or portion of thiR inatrument invalid or un- ~ enforceable ahall not in an~- w•a~• impair or preclude the en(orcement of the remaining provisions or portiona o( ' thiP instn~ment. , ,xa F~.m qz7 ~r:a~ - f'1 224 P~~E ~ f '