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HomeMy WebLinkAbout1948 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 promissory note secured herehy, 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 assigns may before or after etttr~• Bell said property without appraisement 1 the mortgagor havingt waived and aneiKned to the n,ortgtagee all rights of appraisement 1 ~ t ? at judicial sale •pursuant to the provisions of 28 U.S.(:. 2W 1 ~ a 1; ur (tt) at the option of the mortgagee, either by auction or by solicitation of sealed bids. for the highest and best bid complying with the terms of sale and manner of payment specified in the published notice of sale, first ;living tour weeks notice of the time, ternts, and place o[ such sale, by advrrli+ement not less than once during each of said four weeks in a newspaper published or distributed in the county in which said property is situated, all other notice being hereby waived by the mortgagor (and .said mortgagee, or any person on 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 sold or at the Federal, county. or city oourthouee for the county in which the property is located. The mortgagee is hereby authorised to execute for and on behalf of the mortgagor and to deliver to the purchaser at ouch sale a sullcient conveyance of said property, which conveyance shall contain recitals as to the happening of the default upon which the ezecution of the power of sale herein granted depends; and the said mortgagor hereby constitutes and appoints the mortgagee or any agent or attorney of the mortgagee, the agent and attorney in fact o[ esid mortgagor to make ouch recitals and to execute said conveyance and hereby covenants and agrees that the recitals so made shall be effectual to bar all equity or right of redemption, homestead, dower. and all other exempliona of the murtgag;or, all of which are 1?ereh~ expressly waived and conveyed to the mortgagee; or Intl take any other appropriate action pursuant to stale ur Federal statute Tither iu state ur l•~e,leral court or otherwise for the disposition of the property. In the event of a sale as hereinbefore provided, the mortgagor or any persons in possession under the mort- gagor shall then become and be tenants holding over and shall forthwith deliver possession to the purchaser at such Bale or be summarily dispossessed, in accordance with the provisions of law applicable to tenants holding! over. The power and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, and are granted a8 cumulative to the remedies for collection of said indebtedness provided by law. 4. The proceeds of any sale of acid property in accordance with the preceding paragraphs shall be applied first to pay the costs 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 hereh~ ;and thinlh-, to pay any surplus or a:ceas to the person or persons leg;all. entitled thereto. S. In the event said property is sold at a judicial foreclosure sale or pursuant to the power of sale hereinabove granted, and the proceeds are not sufficient 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 urithout regsard to appraiseneent. 6. In the event the mortgagor fails to pay any Federal, state, ur local tan assesemeut, income tax or other tai lien, charge, fee, or other expense charged against tl,e property the mortgagee is hereby authorized at his option to pay the same. Any sums so paid by the mortgagee shall be added to and become a part of tl,e principal amount of tl,c indebtedness evidenced by said note, subject to the same terms and conditions. If the mortgagor shall pay and discharge the indebtedness evidenced Ly said promissory note, and shall pay such soma and shall discharge all lazes and liens and the costs, fees, and ezpensea of making, enforcing, and executing this mortgage, then this mortgage shall be canceled and surrendered. 7. The covenants herein contained shall bind and the benefits and ad~antag;es shall inure to the rc•rprcli~e •nc• 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 genders. 8. No waiver of any covenant herein or ut the obligation secured hereby shall at an. time thereafter he Kehl to be a waiver of the terms hereof or of the note secured hereby. 9. A judicial decree, order, or judgment Lolding any provision or purtiott of thin iustrun,ent invalid ur uucur forceable shall not in any way impair or preclude the enforcement of the remaining provisions or portionF of this instrument. Z0. Any written notice to be issued to the mortgagor pursuant to the provisions of this instrument shall be ad- dressed to th. mortgag;or at and any written notice to be issued to tht mortgagee shall be addressed to the mortgagee at • ' ~ 319 ~aCf 1941 ~.Y