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HomeMy WebLinkAbout1444 .re, . . 3. The mortgagor covenants and agrees that if he shall tail 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 indebtedness hereby secured shall inunediately become due, ollectible without notice, at the option oI the mortgagee or assigns, regardlea of maturity, and the motta ee b h assigns may before or after entry sell said propesty without appraisement 1 the mortgagor having waived and assigned to the mortgagee all rights of ~ appraisement) : ( i 1 t) at judicial sale ~urbuaat to the provisions of 28 U.S.C. 2001 1 a) ; ur (i>i) 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 Bale and manner of payment specified in the published notice of sale, first giving four weeks' notice of the time, tern~n, and place of such sale, by adveMi~ement not Jews than once during each of end tout weekrin a newspaper published or dtsiributed in the county in which said property ' is situated, aU 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 rnurthouse 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 wch ule a su~cient conveyance of said property, which conveyance shall contain reciLls ss to the happening of the default upQa 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 1 mortgagee, the agaat and attorney in fact of said mortgagor to .make such recital and to ezecute said ~ ooaveyanoe and hereby covenants and .agrees ghat the recital so made shall be effectual to bar all equity or right of redemption, homestead, dower, and all other exemptions of the mortgagor, all of which are hereh~ expressly waived and conveyed to the mortgagee; or ~ i C (utl take any other appropriate action pursuant to state or Federal statute either in state ur P'edrral 3 court or otherwise for the disposition of the propert~•. In the event of a sale as hereinbefore provided, the mortgagor or any persons in poeeession 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 tenants holdinlc over. The power and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, and are granted se cumulative to the remedies for collection of said indebtedness provided b~• lav.. 4. The proceeds of any sale of said property in accordance with the preceding paragraphs shall be applied first to pay the cosh and ezpenses of said sale, the ezpenees incurred by the mortgagee for the purpose of protecting ormain- taming said property, and reasonable attorneys' fees; secondly, to pay the indebtedness secured herel>_~•; anal thirdly, } to pay any surplus or ezcese to the person or persons legally entitled thereto. j 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 sullicient 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 i regord to appraisement. I E 6. In the event the mortgagor fails to pay any Federal, state, or local tax aasesemeut, income tax or utl~er tai lien, charge, fee, or other expense charged against the 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 the principal amount o[ tlic indebtedness evidenced by said note, subject to the same terms and conditions. If the mortgagor shall pay and discharge the indebtedness evidenced by said promissory note, and shall pay such sums and shall discharge all fazes and liens and the costa, fees, and ezpensee of making, enforcing, and ezecuting this mortgage, then this mortgage shall be canceled and surrendered. The covenants herein contained shall bind and the benefits and advantages shall inure to the rrel?ective sue- 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 of the obligation secured hereby shall at and 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 instrument invalid ur unto- . forceable shall not in any way impair or preclude the enforcement of the remaining I~rovisions or Iwrtions of this instrument. 10. Any written notice to be ianed to the mortgagor purwent 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 G~~'K320 Pd~E144z 59A FORM 928 (2-73) ~