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Home My WebLink About1555 • r~ ~ `?1~~ ' : c. 3. The mortguRor covena~ts and aRrees that iI he shall fail to pay said indebtedneee or any part thereof whe~ ~ue, or shall fail to perform any covenant or agreement of this inatrument or the promieeory note secured fiereby, the entire indebtednees hereby secured ehall immediately beoome due, payable. encl collectible without notice. at the option oi the mortRa~ee or aasigna, regardlees of maturitJr. Rnd the mortgagee or his aesi~na may before or after entry i eell a~id property without appraiaement jthe mortRagor havin~ waived and aseiRned to the moetga~ee all righte o[ i appraieement 1 : 1 t 1 at judicia) eale pureuant to the proviaions oi 28 U.S.C. 2001( a): or { ~ (it) at the option of the mortaaaee, either b~ auctioa or by wlicitation of ~ealed bida, [or the hiahat and best bid compl~•in6 with the ~tenn~ oi sale and manaer oi paymeat speci6ed in the published notioe of aale, first : ~i~•ing four weeke' notice of the time, terms, and place of auch aale. bp advertiaement not leea than once ' during each oI eaid four weeks in a newapaper published or distributed ia the county ia which said property is situated, all other noti~e being heteby waived by the mortaa6or (and .aid morcaa6ae, or any pec.on on _ behalf of said mortgagee, may bid wit6 the unpaid indebtedness evidenced by eaid aote S:id sale shall be ; held at or on the pmperty to be aold or at the Federal, couaty, or city courthouse for the county ia which the ; property is located. The mortaaaee is hereby authorized to execute for and on behal[ of the mort~agor and to ~ deliver to the purchaser at such sale a suRcient coaveyaace of said pmperty, which conveyance shall contain ~ recitab +~s to the happenina of the default npon ~rhich the e~cecution of the power of sale herein grantcd depends; and the said mort6agor hereby constitutes aad appointa the mortaa6ce or anr a6ent or attorney of the mort6a6ee, the agent and attorney in fact oi said mort~a6or to malce anch ncitab and to ezecute ~aid conveyanoe aad hcreby coveaants and aarces that the recitals so made shall be effectual W bar all equity or right of redemption, homestead, dower, and all other eaemptiona oi the mortgagor, all oi which are herebp expreasl~ waived end conveyed to the mortgagee; or ~ (t~tl take any other appropriate action pureuant to etate or Federal etAtute either in atate or Federal coort or otherwiee for the diapoaition of the property. s In ihe event of a sale aa hereinabove provided, the mortgagor or any pereon in poeeeaeion nnder the mortgagor ehall ~ then become and be tenants holding over and aha11 forthwith deliver poaeeaaion to the purchaeer at auch sale or be ` eummarily diapoeseaeed. in accordance with t6e provisions of law applicable to tenante holdin~ over. The power ~ and agencp hereby granted are coupled with su interr~t and are irrevocable by death or otherwiee, and are qranted ~ as cumulative to the remediea for collection of eaid indebtedness provided by law. ~ ' ~ 4. The proceeds of any sale of sud property ia accordanoe with the preeeding pangraphr ahall be applied fust ` to pay the coets and ezpensea of said sale, the ezpensea incurred by the mortsaaee for the purpoee of protectina or maen• ~ taining eaid property, and reaaonable attorneys' feea; aecondly, to pay the indebtednesa eecured hereby; and thirdly, to pay any aurplua or exceae to the peraon or pereona legally eniitled thereto. _ • ~7 • - S. In the event said property u eold at a judicial foreclosure sale or pareuant to the power of sale hereinabove f granted, and the proceeda an not sul6cieat to pay the total indebtedneas secured by this instrument and evideaced br ; eaid pmmiseory note, the mortgagee wi11 be entitled to a dc6cieney jud6rnent for the unount of the deficiency wit/wat ; re6ard to sppraiaement. i ~ . ' 6. In ti~e event the mortgagor faile to pay any Federal, etate, or local tax aseeeement, income tax or other ta: lien, ~ charge, [ee, or other expense charged againat the property, the mortgagee ie hereby authorised at his option Lo pa~ ~ the eame. Any aume eo paid by the mortgagce ahall be added to and become a part of the principal amount of the r ~ indebtedness evidenced by said note, aubjeet to the same terme and conditions. I[ the mortgagor ahall pay and 4 5 ~lischarge the indebtednesa evidenced by said promiasory note, and shall pay such sums and shall diecharge all tazea " ~ and liene and the costs, feea, and exper?see of makin~, enforcing, and eaecuting thia mortgage, then this mortgage ~ ~ shail be canceled and surrendered. - ~ a ~ 7. The covenanta herein contained ehall bind and the benefite and advantaRes ehall inure to the reepective suc- = ~ ~ ceesora and aaaigns of t6e partiee hcreto. Whenever used, the singular number ahall iaclude the plnral, the plnnl the ~ eingular, and the use of any gender shall include aU awden. " - ~ ~ ~ ~ 8. No waiver of any covenant herein or of the obligation aecund hereliy aha)1 at any time thereafter be held ; ~ to be a waiver of the terma hereof or o[ the note eecured hereby. i ~ ~ ~ :3 9. Ia compliance with ecetion 101.1(d) of the Rulea and Regulations of the Small Busineas Administrstion [13 C.F.R. 101.1(d) thia initrument is to be conatrued and enforced in accordanoe with applicable Federal Lw. - : Y ~ ~ lU. A judicial decne, order, or_ judgrnent holding any pmvieion or portion of thie inetrvment invatid or un- ; ~ - enforceable shall not in any way impair or preclude the enforcement of the temaining provieione or portione of ~ ' thie inatn~ment. ~ ti ~ y. ~ ~BA i~r~ 92T (3~7~1 ~ ~ k F ~Q s 80UK 2J0 PAGE15~ ~ ~ ~ ` - - fR'~'~ ~ N +?.5 7'~~?" 3' 3 Y v3~ . . . _ _ .:~F-.-• ~st~ ~4'°~Y ~3 'w'~' ~ g_