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HomeMy WebLinkAbout1438 ~ ~.a 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 hereby, the entire iadebtedneas hereby secured shall immediately become due, payab}q .,send ~ collectible without notice, at the option of the mortgagee or assigns, regardless of maturity, and the mortgagee or his assigns may before or after entry• sell said property without appraisement 1 the mortgagor having waived and asaiKned to the mortRa)Cee all ripthts of appraisement) l t) at judicial Bale •pursuant to the provisions of 28 U.S.C. 2001 t a) ; ur (tt~ at the option of the mortgagee, either by auction or by solicitation of sealed bids, for the highest and beet bid complying with the tcrau of sale and manner of payment specified in the published notice of sale, Snt giving four weeks' notice of the time, ternts, and place o[ such sale, by advertisement not lens 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 nay 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 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 de4ver to the purchaser at such sale a su6cient conveyance of acid property, which conveyance shall contain recital as to the happening of the default apon which the execution 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 a~:nt and attorney in fact of said mortgagor to make such recitals and to ezecute said ooaveyanee and hereby coveaas4 and agrees .that the recital so made shall be effectual to bar all equity or tight o[ redemption, homestead, dower, and all other exemptions of the mortgagor, all of which are herehv ezpreaely waived and conveyed to the mortgagee; or • lot) take any other appropriate action pursuant to elate ur Federal statute Tither in slate ur Federal court or otherwise for the disposition of the property. • In the event of a sale as hereinbefote 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 sale or be summarily dispossessed, in accordance with the provisions of law applicable to tenantx holdinte over. The power and agency hereby granted are coupled with an interest 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 acid property in accordance with the preceding paragraphs shall be applied Bret to pay the costs and ezpenses of said sale, the a:penses incurred by the mortgagee for the purpose of protecting or main- twining said property, and reasonable attorneys' fees; secondly, to pay the indebtedness secured F~ereb~ ;and thirdly, to pay any surplus or eaceaa to the person or persona legally entitled thereto. 5. In the event acid 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 acid promiswry note, the mortgagee will be entitled to a deficiency judgment for the amount of the deficiency uritleont re6ai+d to sppraiaement. 6. In the event the mortgagor fails to pay any .Federal, state, or local tax aaseaement, income tax or other tai lien, charge, tee, or other ezpense chaiged against the property the mortgagee is hereby authorized at hie option to pay the same. Any sums ao paid by the mortgagee shall be added to and become a part of the principal amount of tllc indebtedness evidenced by said note, subject to the same terms and condidona. If the mortgagor shall pay and discharge the indebtedness evidenced by said promissory note, and shall pay ouch sums and shall discharge all lazes and liens and the costa, fees, and ezpenses of making, enforcing, and ezecutiog this mortgage, then this mortgage •hal] be canceled and surrendered. The eovenanta herein contained shall bind and the benefits and advantages shall inure to the rrrprctive suc- cessors 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 o[ the obligation secured hereby shall al am time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. 9. A judicial decree, order, or judgment holding any provision or portion of this iustrumenl invalid ur unru- forceable shall not in any way impair or preclude the enforcement of the remaining provisions or l/ortrone of thla iDStI'nment. 10. Any written notice to be issued to the mortgagor pursuant to the provisions of this instrument shall be ad• dressed to th.~ mortgagor at and any written notice to be issued to the mortgagee shall be addressed to the mortgagee at I;a~x 320 P~~E 1436 ens ern.. sou ie_~e.