HomeMy WebLinkAbout2577 •
,,x.~n s;~',~~
~r
3. The mortgagor covenants sad agrees that it he shall tail to pay said indebtedness or say part thereot what
due, or shall fail to perform any covenant or agrcement et this instrument or the promissory note secured hereby, the
satire indebtedness hereby secured, shall immediately becortle due, payable, and collectible witbout ootiee, at the
option of the mortgagee or assigns, regardless of maturity, sad the mortgagee or his assigns may before or utter entry
sell said property without sppraiaemeat (the mortgagor having waived and assigned to the mortgagee all tights of
appnisement)
l t 1 at judicial sale pursuant to the provisions of Z8 U.S.C.. 2001(a) ; or
at the option of the mortgagee, either by auction or by solicitation oI sealed bida,'for the hi6heat sad
bat bid complying with the terms of sale and manner of payment specified in the published aotiee o[ ask, fist
Riving four weeks' notice of the time, terms, and place of such sale, by advertisement not leas than once
during each of said• four weeks. in a newspaper publuhed or distributed is the county is which acid property
is situated, all other notice being hereby waived by the mortgagor (and said mortgagee, or say person oa
behalf of said mortgagee, may bid with the unpaid indebtedness evidenced by acid note). Said ask ahaU be
held at or on the property to be sold or at the Federal, county, or city oourthowe tot the county in which the
property is located. The mortgagec is hereby authorised to esecute for and on behaU of the mortgagor and to
deliver to the purchaser at such sale a su~cicnt conveyance of said property, which oonveyaooe shall contain
recitals a to the happening of the default upon which the a:ccution of the power of ask herein granted
depends; and the said mortgagor hereby coratituta and appbinta the mortgagee or any agent or attorney of the
mortgagee d attorney in tact of said mgrt~~uf~,4p to e:tecnte said
eonveyan ~~eovenants and agrees that the reutr~l~.~o,rtla)dll~t r aU equity or
right.of redemption, homestead, dower, and all other e~p~otts;,gf t~lg,)a~{t~~ ich are hereby
esp7~1'yr'iNhiiel] sect conveyed to the mortgagee; or
(ttt,~~tdtb~: ?otlsei appropriate action pnrauant to state or Federal statute tither in state or Fedenl
court or o• .Uie disposition of the property.
In the event o[ ~ ss~le r;4 htryit~bove provided, the mortgagor or any person in possession under the mortgagor shall
then beconi~e a4ta •ba tertants• ho~diaa over and shall forthwith deliver possession to the purchaser at wc6 sale or be
summarily dispoesesaed, in aceordance with the provisions of law applicable to tcnanta holding over. The power
and agency hereby gnnted are coupled with an interest and are irrevocable by death or otherwise, and are granted
ss cumulative to the remedies for coilection of said indebtedness provided by law.
4. The proceeds of any sale of said property in accordance with the pcceeding pangrapha shall be applied brat
to pay the costa and ezpertaea o! said sale, the expenses inenrred by the mortgagee foe the pnrpoae of protecting or maia-
taining acid properly, and reasonable attorneys [sea; secondly, to pay the indebtedness secured hereby; and thirdly,
to pay any aurplns or a:teas to the person or persona legally entitled thereto.
S. In the event said property is sold at a judicial foreclosure sale or pursuant to the power of sale hereinabo~e
granted, and the proceeds are not suFicient to pay the total indebtedness secured by this irotrument and evidenced by
said promissory note, the mortgagee will be entitled to a deficiency judgment for the amount of the akJiciencp withortt
rea~rd to appnisemenr.
f
f
~ b. In the event the mortgagor fails to pay any Federal, state, or local tax assessment, income tax or other tax lien,
charge, tee, or other expense charged against the property, the mortgagee is hereby authorised at his option to pay ;
{ -the same. Any earns 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. I[ the mortgagor shall pay and
discharge the indebtedness evidenced by said promissory note, and shall pay such sums and shall discharge all razes
and liens and the costs, fees, and expenses of making, enforcing, and executing this mortgage, then this mortgage
shall be canceled and surrendered.
s
2
T. The covenants herein contained shall bind and the beae6ts and advantages shall inure to the respective sue•
cesson and aasigru of the parties hereto. Ahaserer used, the singular number shall incinde the plural, the plural the
singular, and the use of any gender shall include all genders.
s .
~ 8. No waiver of any wvenant herein or of the obligation secured hereby shall at anytime thereafter be Geld
to be a waiver of the terms hereof or of the note secured hereby.
9. In compliance with section 101.1 (d) of the Rules and Regulation of the Smali Bnainess Administration [13
~ C.F.R. 101.1(d) this intrnment is to be trued and enforced in accordance with applicable Federal law. ~
( 10. A udicial des
( j ree, 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 939 730
9aA i~e~ !!r la•-7a1
F
3 BOU~I( ~iGf