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HomeMy WebLinkAbout0081 ~s#.~:._ i 3. The mortgagor covenants and agrees that if he shall fail to pay said indebtedness or any part thereof when due, or shall fail to perform any covenant or agreement of this instrument or the prontiswry note secured hereby, the entire indebtedness hereby secured shall immediately become due, payable, and collectible without notice, at the option of the mortgages or assigns. regardless of maturity. and the mortgagee or his assigns :stay before or after entry sell said property without appraisement I the mortgagor having waived anal assilcned to the ntort)Cagee all rights of appraiecment) 1 t) at judicial sale ~punsuanl to the provisions of 28 U.Q.C. 2001 (a) ; ur (tt) at the option o[ the mortgagee, either by auction or by solicitation of sealed bids, for the highest and best bid complying with the terms of Bale and manner of payment speciSed in the published notice of sale, 5rst giving four weeks' notice of the tints, terms, and place o[ such sate, by adverti~entent not leas than once ; during each of said four weeb in a newspaper pttbliahed or distributed in the county in which said property s is situated, all other notice being hereby waived by the mortgagor (and said mortgagee, or any person oa behalf of said mortgagee, may bid with the unpaid indebtedness evidenced by said note). Said sale shall be held at or on the property to be Bold or at the Federal, county, or city courthouse for the county in which the property is located. The mortgagee is hereby authorised to ezecute for and on behalf of the mortgagor and to deliver to the purchaser at such sale a sut8cient conveyance of said property, which conveyance shall contain recitals as to the happening of the default upon which the ezecution of the power of wle herein granted depends; and the acid mortgagor hereby constitnta and appoints the ttortgagee or any agent or attorney of the I mortgagee, the agrat and attorney in fact of said mortgagor to make such recitals and to ezecnte said conveyance and hereby covenants and agrees .that the reelbls so made shall be effectual to bar all equity or right of redemption, homestead, dower, and all other exemptions of the ntort)CaRor, all of which are hereby ezpreasly waived and conveyed to the mortgagee; or ) (ut1 take any other appropriate action pursuant to state or federal statute either in state ur federal court or otherwise far the disposition of the property. i In the event of a sale as hereinbefore pr~ot?ided, the mortgagor or any pe:bona in possession under the wort- - gagor shall then become and be~tenants holding over and shall forthwith deliver :possession to -the purchaser at such sale or be summarily dispossessed, in acwrdance with the provisions of law applicable to tenants holdinlt over. The power and agency hereby grapted are coupled with an interest and. are irrevocable by death or otherwise, and are granted as cumulative to the remedies for collection of said indebtedrteas provided by )aw. ~ s ~ 4. The proceeds of any sale of said property in accordance with the preceding paragraphs shall be applied 5rst j to pay the costa wd ezpeneea o[ said sale, the a:peasea incurred by the mortgagee for the purpose of protecting or main- ; taiaiag said property, and reasonable attorneys fees; secondly, to pay the indebtedness secured hereb~•; and thirdly, to pay any surplus or a:cees to the person or persons legally entitled thereto. f 5. In the event said property is sold at a jodicial foreclosure sale or pursuant to the power of sale hereia~bove granted, and the proceeds are not eulFcient to pay the total indebtedness secured by this instrument and evidenced by said promissory note, the mortgagee will be entitled to a deficiency judgment for the amount of the deficiency without regord to appraisement. t'~';f 6. In the event the mortgagor fails to pay any Federal, state, or local tax assessment, income tax or other tai lien, charge, fee, or other expense charged against the property the mortgagee is hereby authorized at his option to ~ pay the same. Any soma eo paid by the mortgagee shall be added to and become a part of the principal amount of tltc ~ indebtedness evidenced by said note, subject to the same terms and conditions. If the mortgagor shall pay and t discharge the indebtedness evidenced by said promissory note, and shall pay such sums and shall discharge all fazes and liens and the casts, fees, and ezpenses of making, enforcing, and ezecuting this mortgage, then thin mortgage shall be canceled and surrendered. 7. The covenants herein contained shall bind and the benefits and advantages shall inure to the respective nuc- censors and assigns of the parties hereto. Whenever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall include all gender. ~ . 8. No waiver of any covenant herein or of the obligation secured hereby shall at am time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. e 9. A judicial decree, order, or judgment holding any provision or portico of this iuutruntent invalid ur uttett- forceable shall not in any way impair or preclude the enforcement of the remaining provisions or I?ortions of this _ instrument. 10. Any written notice to be issued to the mortgagor pursuant to the provisions of this instrument shall be ad- dreesedtotltwmortgagorat 630 North Federal Highway, North Palm Beach, Florida 33408 and any written notice to be issued to the mortgagee shall be addressed to the mortgagee at 401 Northlake Boulevard, North Palm Beach, Florida 33408 t~K SBA FORM 92a (2-731 %?!l~.Y. ~ ~ n.nc Q~ ~