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HomeMy WebLinkAbout1228 i;: 3. The mortgagor covenants and agrees that if he shall fail to pay said. indebtedness or any part thereof when due, or +hall fail to perform any covenant or agreement of this instrument or flee promissory note secured hereby, the entire indebtedness hereby secured shall immediately become due, papabl~, and collectible without notice, at the option of the nrorigagee or aa.+igns, reganllesa of maturity, and the mortgagee or Iris assigns may before or after entry sell said property without appraisement 1 the mortgagor having waivecl and assigneri to the mortgagee all rights of appraisement l ~ t ? at judicial sale pursuant to the provisions of 28 U.S.(:. 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 in the published notice of sale, tint Riving (our weeks' notice of the time, terms, and place of such sale, by advertisement 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, alt other notice being hereby waived by the mortgagor (and said mortgagee, or any person on behalf of said mor{g~a8ee, may bid with flee unpaid indebtedness evidenced by said note). Said sale shall be held at or on theYprdlkr~y~to~e sold or at the Federal, county, or city courthouse 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 such sale a suAicient 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; fad the said mortgagor hereby constitutes and appoints the mortgagee or any agent or attorney of the • mortgagee, the agent and attorney in Tact of said mortgagor to make such recitals and to czecute said conveyance and hereby covenants and agrees t~eyip. ~d~~ectual to bar all equity or right of :redemption, homestead, dower, and a1110tbtya+rteetes?spttiw~?y~ ~e rpp~g~gor, all of which are hereby expressly waived and conveyed to the mortga~',rtb~"~ " ~ s ~ •f ~ - (tttl take any other approlrriate action pursuant to state or Federal statute either in state or Federal court or otherwise for the disposition of the property. In the event of a sale as hereinabove provided, the mortgagor or any person in possession under the mortgagor shall then become and be tenants holding over and shall forthwith deliver posses.+ion to the purchaser at such sale 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 as cumulative to the remedies for coiiection of said indebtedness provided by law. 4. The proceeds of any sale of said property in accordance with the preceding paragraphs shall be appUed fiat to pay the costs and a:penses of said sale, the ezpensea incurred by the mortgagee for the purpose of protecting or main- taining said property, and reasonable attorneys' fees; secondly, to pay the indebtednesa secured hereby; and thirdly, to pay any surplus or excess to the person or persons legally entitled thereto. S. In the event said property is sold at a judicial foreclosure Bale or_pursuant to the power of sale hereinabove granted, and the proceeds are not sul6cient 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 wit/rout regard to appraisement. F ~ 6. In flee event the mortgagor fails to pap any- Federal, state, or local tax assessment, income tax or other tax lien, charge, fee, or other expense charged againPt the property, the mortgagee is hereby authorized at his option to pay the same. Any sums so paid by the mortgagee alrall be added to and become a part of the principal amount of the indebtedness evidenced by said note, subject to flee same terms and conditions. If the mortgagor shall pay and discharge the indebtedness evidenced by said promissory note, and shall pap such sums and shall discharge all fazes and liens and the costs, 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 snc• cessors and assigns of the parties hereto. Whenever used, the singular number shall include the plural, the plural the singular, and the ttse of any gender shall include all~genders. 8. No waiver of any covenant herein or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms hereof or of the note secured hereby. a 9. In compliance with section 101.1(d) of the Rules and Regulations o[ the Small Business Administration [13 C.F.R. 101.1(d) this instrument is to be construed and enforced in accordance with applicable Federal law. lU. 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 ~ c.f l~lk( PdGE