HomeMy WebLinkAbout0031 3. The mortgagor covenants sad agrees that if he shall tail to pay said indebtedness or any part thereof whew
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 s
option of the mortgagee or assigns, regardless of maturity, and the mortgagee or his assigns may before or after catty ~
sell said property without appraisement (the mortgagor having waived and assigned to the mortgagee all rights'of ~
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appraisement) : ~ ~
1 t) at judicial sale pursuant to the provisions o[ Z8 U.S.C 2001(a) ; or
(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 is the publisls-.d aotioe o[ sale, 5rat
Riving four weeks' notice of the time, terms, and place of such sale, by advertisement not lean tban once i
during each of said four weeks is 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 courthouse for the county in which the s
property is located. The morigagce is hereby authorised to execute for sad on behaU of the mortgagor and to i
deliver to the purchaser at such sale a sul6cient conveyance of said property, which conveyance shall contain ~
recitahti as to the happening of the default upon which the execution of the power of °granted
depends; and the said mortgagor hereby coastituta and appbiats tlse martgagee or xajFjg;w ofney of the
mortgagee, the agent sad attocaey in fact of said mortgagor to make such recitab and to extcute said
conveyance and hereby covcaaats sad agrees that the recitals so made shall be e6ectual to bar all equity or
right of redemption, homestead, dower, and all other exemptions of the mortgagor, all of which are hereby
expressly waived sad conveyed to the mortgagce; or
(ttt) take any other appropriate action pursuant to state or Federal statute either in state or Federal i
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court or otherwise for the disposition o[ the property.
In the event o[ a sale as hereinabove providtd, the mortgagor or any person in possession ender the mortgagor shall ;
then become and be tenants holding over and shall forthwith deliver possession to the purchaser at such sale or be ~
summarily dispoeseaaed, 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 ~
as cumulative to the remedies for collection of said indebtedness provided by law.
4. The ptooceds of any sale of said property is accordance with the preecdia6 Pare6nP~ shall be applied Scat
to pay the costs and a:pensa of said sale, the a:penses incurred by the mortgagee for the purpose o[ 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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5. In the scent said properly is sold at a judicial foreclosure sale or pursuant to the power of salt hereiaabore
granted, and the proceeds are not suRcieat to pay the total indebtedness secured by this instrument and evidenced by -
acid promissory note, tht martgagee will be entitled io a deficiency judgment for the amount of the def
~iciency witleont
j re6srd to spps~sisanatt.
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~ 6. In the event the mortgagor fails to pay any Federal, state, or local tax aasesement, income tax or other tax lien,
~ charge, fee, or other expense charged against the property, the mortgagee is hereby authorized at his option to pay
the same. Any soma so paid by the mortgagee shall be added to and become a part of the principal amount of the
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 taxes
and liens and the costa, fees, and expenses 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 advantages shall inure to the respective ano-
censors and assigns of the parties hereto. gheaever used, the singular number shall include the plural, the plural the
singular, sad the use o[ any gender shall include all geaderr.
8. No waiver of any covenant herein or of the obligation secured hereby shall at say time thereafter be held
to be a waiverof the terms hereof or of the note secured hereby.
9. Ia contpliaace with section 101.1 (d) of the Rules and Regulations o! the Small Bnnindn Administration [13
C.F.R. 101.1(d) this instrument is to be construed and en[oreed in accordance with applicable Federal law. -
!0. A judicial decree, order, or judgment holding any provision or portion of this instrument invalid or un-
enforceable shall not in any way impair or preclude the enforcement of the remaining provisions or portions of
this instrument.
GPO 939 738
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