HomeMy WebLinkAbout0245 - i t;~ ; . ~ 1'
3. The mo~tRaKor coven~nts aad aRrees that if he ~hall [~il to pay ~aid indebtednew or any part thereof when
dye. or shall t~il to pertorm any coven~nt or a6reerqept of tlw in~trnment or the pwmi~so~y note ~ecuted hereby. ~he
entin indebtednesa her~by secured ~ha11 immediately becotMe due, pay~bie. and collectible witbout notice. ~t the ,
option ot the mortRaRee or aeaiRas. re~~rdleaa of matueity~ and the mortRaRee or hie aasi~na msy before ot aitcr entry
esll s~id prnpert~ without app~aisement (the n~ortRaRor h~rin6 waived and assiRned to the mort~a6ee all riRhts o[ '
~PPMieement) _ .
t~) at judicial wle pursuant to the pwvisiotu of 28 U.S.G 2001( or ~ `
(tt) ~t 1he optioa of t6e mo~a6ee, either b~ aactioo or b~r wlicit~tion of ~eakd bids, l'or the bi~hest aad
bat bid complrin~ with the terms of w1e u?d maaner ot paymeat ~peci6ed in the published nodoe ol ~ale, firat
Rivin~ [our weeks' aotiee oI ihe tima terms. and place of such sale~ by advertisemeat aot ters than onoe
durin~ each oi aaid [our weel~s ia ~ newspapec puhluhed or dietributed in !he eounty in which said propeety
is situated. all othe enbr waived by the mort~aor (aad said mostaaaee, or aay penoa on
behali oi ~aid mont~~~~~w'ith t6e unpaid indebtedua~ evideaoctl by said note). Said ~sle duU be
held ~t or on the property to be aold ot at the Federal, eouaty, or city courthowe ior the oountp in w6leh the ~
propettr i~ located. Tl~e mortsa~ee is herab~ ~uthorised to eYCCUte for and on behaU of the mortaaaor snd to
de4vet to the purch~er at wch, ~k, a~u~cient ooaveyanee oP said property. w6icL tonvepanoe ~hall contain
recitab as to ~6e hiippeaioa oE:~e?:aei~ult upoa whic6 the execution ot the power o[ ~ak hereiu araated
de~?eadr md t6e aaid mort~,atQ~becebr eoostituta aad appoints the moetsaaee oc aay a~ent or attorae~ af the ^
moetasaee, t~?e a~eqC aiid~ sttost~ey in faet of said mortaa6or to make ~uc6 r~ecitaL ~nd to ezecnte ~aid -
oonveyanoe and hee+eby emreoanta and aarees that the e~ecitala w made shaU be eHeetnal to bu a11 equit~ or
riRht oi redem~tion, baneAead. dower, and all ather exemptiau oi the mort~or, all o~ which +~re hereby =
expreeely waived and conve~ed to the morigagee; or
(~u) take any othcr apprnpriate action pursaant to etate or Federal statute either in state or Federal
couct or otherwise for t6e d"uposition of the pmpert~.
In thc event oE a sale as hereinabove ptovided, the mortaagor or any pereoa in possession under t6e mort6a6or shall
then become and be tenanta holding over and ahall forthwith deliver paaeeesion to the parchaeer at auch eak or be
~ummarily d'upoeeesaed, ia accotdance with t6e pmvisiotu of iaw applicable to tenanta holdin~ over. The power
and a6eacy hereby granted are coupled with aa intertat and are irrevocable by death or otherwiee. and are ~ranted
as cumula~ive to the remediea for collectioa of said indebtedneaa provided by law. . ;
4. The prooeeds of anr ~aIe of said Propettl in aceordance writh t6e Ps~eoediaa Para~n~u rball be applied fint
to pay the ooat~ aad eacpen~ea of eaid w1G tLe expaaa utcumd by the mortaaaee for the purpwe oi protectina or main•
tainin6 said propetty. and reasonable attorne~a feea; secondly, to pay thc indebtedness secured hereby; and thirdly,
to pay aay aurplue ot exceas to the penon or penons legally entitied thereto.
S. In the ereM ~aid property is wld at a jndicial Ioreclosure aak os purwAnt to the power of ~sk heninabo~e ~
granted, and t6e prooeed~ are not suieieat to pay the total indebtednea~ secured bT this instnimeat :nd eridenoed by •
eaid promi~wrp note, the mortaa6ee will be. eatitted to a de&ciency jud~ent for the amount of tbe de~cieacy without
resv~d to sppnsiaen~er~t.
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6. In the event the mort~agor fails to pay any Federal, etate, or local tu aaseasment, income az or other tu lien,
charge, tee, or other expu~se charged againet tbe propetty, the mortgagee is hereby authorised at his option W pay
the sama Any sums w paid by the mort~a~ee ~h~tl be added to and beco~ae a part of ihe priacipal amount of the
indebtedness evidenced by said note, snbject to the same ternu and rnnditions. If the mort~aor shall pay and
diecharae the inde~tedneas eYidcnced br said Promiseory not~ and ahall pey auch suraa and ahall discharge all tazes
and liens and the costa, fees, and e:pe~eea of mal~ing, enforcing, and eYecuting thia mortgage, then thia mortgage
shail be canceled and surr~endered. ~ ~
7. The covenanta herein contained ahalt bind and the benefita and advantaRes shall inun to the rtapective sac-
ceeson and aaians of the partia hento. phwever wed, tbe ain6ular aevmber ahall inclnde tbe plnral, t6e plnral the
ain6nlu, and the we of ~n~ ~ender shall inclnde a116endera.
8. No waiver of aay covwant 6erein or of the obtigation ~ocured hereby ~ha11 at anl time thercafter be held
to be a wairer of the terma hereo[ or oi the note aecured hereby.
9. In complianoe writ6 ~eetion 101.1(d) of the Rnlea and Reaulation~ oi the Small Bwinea~ Admini~tntion [13
C.F.R lOl.l (d) J, this iastsumays is to be ooosttae~ ~ad enforoed ia socoedanoe with spplicabk Federal ln?.
lU. A judicial decrce, order, or jud~nent holdina aay provision or portion of this in~tru~neat invalid or un-
ea[orceablt shall aot ia any war impair or preciude the enfonxment of the remaiain6 provwons or portions of
this iaatrument.
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