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3. The mortgagor covenants and agrees that it 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 indebtedness hereby secured shall immediatel}• become due, pa}•ablr, and collectible without notice, at the
option of the mortgagee or assigns, regardless of maturity, and the mortgagee or ilia assigns may before or after entry
sell said property without appraisement (the mortgagor having waived and assigned to the mortgagee all rights of
appraisement 1:
1 t l at judicial sale pursuant to the provisions of 28 l:.S.f 20011 a) ; or
(tt) at the option of the mortga6ee, either by auction or by solicitation of sealed bids; for the highest and
beat bid complying with the terms of sale and manner of payment spceified in the published notice of sale, first
giving four weeks' notice of the time, terms, and place of such axle, by advertisement not less than once
during each of said tour 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 any person on
behall of said mortgagee, may bid with the unpaid indebtedness evidenced by said note). Said sale shall be
held at or o*j~~t~~.fpy~,tpl~~,py~~t~tl~ederal, county. or• city eout~lklptwt for the county in which the
property is latrate~l~'1ro;t~rtg~e~if,h~cq~r;authoriaed to eSc~iti~te fEi~ladll~l!!@half of the mortgagor and to
deliver to tM6 parr-at ntoh sale:a~sdi'is~i4t conveyanca~r~j~k'conveyance shall contain
cecitab as to the happening of the de[ault upon which the ezecution 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 agent and attorney in fact of said mortgagor to make such recitals and to ezecute said
conveyance and hereby eovenanta and agrees that the recitals ao 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 hereby
expreaal}• waived and conveyed to the mortgagee; or
(ttt) take any other appropriate action pursuant to state or Federal statute either in state or Federal
court or otherwise for the disposition of the propert}~.
!n the event of a sale as hereinabo~•e proyid°d, the mortgagor or any person in possession under the mortgagor shall
then become and be tenants holding over and al~all forthwith deliver possession to the purchaser at such sale or be
summarily dispossessed, ~n 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 prceeding paragraphs shall be applied first
to pay the costa and expenses of said sale, the czpenses incurred by the mortgagee for the purpose of protecting or main-
taining said property, and reasonable attorne}•s fees; secondly, to.pay the indebtedness secured hereby; and thirdly,
to pay any surplus or excess 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 suAicient to pay the total indebtedness secured by this instrument and evidenced by
said promissory note, the mortgagee will be entitled to >t deficiency judgment for the amount of the deficiency without
resard to appraisement. j ~ j ~ ~ i ;
~ 6. In the event the mortgagor fails to pay any Federal, state, or local tax assessment, income tax or other tax lien,
charge, fee, or other expense charged against the propert}-, the mortgagee is hereby authorized at his option to pay
the same. Any sums so paid by the mortgagee el~all be added to and become a part of the principal amount of the
indebtedness evidenced b}- said note, subject to the same terms and conditions. I[ the mortgagor shall pay and
4 discharge the indebtedness evidenced by said promissory note, and shall pay such sums and shall discharge all taxes
and liens and the costa, [ees, and expenses of making, enforcing, and executing this mortgage,'(hen this mortgage
shall be canceled and surrendered.
7. The covenants herein contained shall bind and the benefits and advantages shall inure to the respective sue•
~ censors and assigns of tht 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 any time thereafter be held
to be a waiver of the terms hereof or of the note secured hereby.
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- 9. In compliance with section 101.1 (d) of the Rules and Regulations of 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.
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' 111. 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.
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