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3. The mortgagor eovensnta and agrees that it he shall fail to pay acid indebtedness or any part thereof when {
due, or shall fail to perform any covenant or agreement of this instrument or the promissory note secured hereby, the
entire indebtedness hereby secured shall immediately become due, payable, and collectible without notice, at the ~
option of the mortgagee or assigns, regardless of maturity, and the mortgagee or his awigns may before or after entry i
sell acid property without appraisement (the mortgagor having waived sad assigned to the mortgagee all rights of '
appraisemeat)
11) at judicial sale pursuant to the provisions of 28 U.S.G 2001(a) ; or
(tt) at the option of the mortgagee, either by auction or by solicitation of sealed bids,'[or the highest and z
beat bid complying with the terms of ask and manner of payment specified is the published notice of sale, first
giving four weeks' notice of the time, terms, and place of such sale, by adveriisemeat not leas than once
during each of acid tour weelu in a newspaper published or distributed in the county in which acid property ~
is situated, all other notice being hereby waived by the mortgagor (and said mortgagee, or say perwa oa
behaU of said aortgagee, may bid with the unpaid ~ debtedoaa evidenced by said note). Said sale shall be
held at or oa the property to be sold or at the Fedora county, or city courthouse for the county in which the #
property is located. The mortgagee is hereby autho ' for and on bebaU of the mortgagor and to
deliver to the purchaser at such ask a su~cient conveyance of said property, which conveyance shall contain
recital as to the happening of tLe default upon which the execution of the power of ask herein granted
depends; and the said mortgagor hereby conatitutea and appbiab the mortgagee or any agent or attorney of the
mortgagee, the agent and attorney in Tact of said mortgagor to make such recital and to execute acid
conveyance and. hereby covenants and agrees that the recitab ao made shall be eQeetual to bar all equity or
right of redemption, homestead, dower, and all other exemptions of the mortgagor, all of which are hereby
expressly waived and conveyed to the mortgagee; or t
(ttt) take any other appropriate action pursuant to state or Federal statute either in state or Federal
court or otherwise Ior the dupwitioa of the property.
In the event of a sale p Itlrtina~ai~Z provided, the mortgagor or any person in possession under the mortgagor shall 3
then become and be tenants holding over and shall forthwith deliver possession to the purchaser at sncb sale or be
summarily diapoeeeased, is accordance with the provisions of law applicable to tenants holding over. The power
sad agency hereby. granted are coupled with as intet+est and are irrevocable by death or otherwise, and are granted
as cumulative to the remedies for collection of said indebtedness provided by law.
4. The proceeds of any sale of said property in accordance with the Preceding paragraphs shall be' applied first
to pay the cosh and expenses of said sale, the expenses incurred by the mortgagee for the purpose of protecting or main-
taining said property. and reasonable attorneys' fees; secondly, to pay the indebtedness secured hereby; and thirdly,
to pay any surplus or excess to the person or persons legally entitled thereto.
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S. In the event acid property is sold at a judicial foreclosure sale or pursuant to the power of sale bereinabove
granted, and the proceeds are not an6cient to pay the total indebtedness secured by thin instrument and evidenced by ~
said promissory note, the mortgagee will be entitled to ~ deficiency judgment for the amount of the de
jciener witlront
regamd to sppr~siaesrrast.
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6. In the event the mortgagor fails to pay any Federal, state, or local tax assessment, income tax or other tax lien,
' charge. tee, or other expense charged against the property. the mortgagee is hereby authorized at his option to pay
= the acme. Any sums eo paid by the mortgagee shall be added to and become a part of the principal amount of the
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indebtedness evidenced by said note, subject to the same terms and conditions. If the mortgagor shall pay sad ,
e discharge the indebtedness evidenced by acid promissory note, and shall pay such soma and shall discharge all fazes
and liens and the costa, fees, and expenses of making, enforcing, and executing this mortgage,.then this mortgage
shall be canceled and surrendered. y,~~
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The covenants herein contained shall bind and the benefits and advanta~tea shall inure to the respective sue-
i eesson sad assigns of the parties hereto. phenever used, the singular number shall iaelnde the plural, the plural the ~
a singular, and the use of any gender shall include all gender.
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8. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held
to be a waiver of the terars hereof or o[ the note secured hereby.
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9. In eanpliance with section 101.1 (d) of the Rules and Regulations of the Small Business Administration [13
GF.R. 101.1 (d) thin instrument is to be construed and ea[oroed in accordance with spplieabk Federal law.
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10. A judicial decree, order, or judgment holding any provision or portion of this instrument invalid or un-
6 enforceable shall not in any way impair or preclude the enforcement of the remaining provisions or portions of
s this instrument. _
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soox 3U7 ~ACf 2219
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