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Home My WebLink About0578 i >f . l1lnJ . ' , 3..'II?e mortgagor covenants and agrees that i[ fie shall fall to pay said indebtedness or say part thereof when due, oc +hall fail to perform any covenant or agreement of tbis~inserument or the promiswry note secured hereby, the eaNire indebtedness hereby secured shall immediately becott,s due, payable, and collectible without notice, at the option of the mortgagee or assigns, regardless of maturity, and the mortgagee or his assigns may befpre or after entry i sell said property without appraisement (the mortgagor having waived and assigned to the mortgagee all rights of t appraisement) (t i at judicial sale. pursuant to the provieiona of ~ U.S.C. 2001(a) ; or (u) at the option of the mortgagee, either b~ auction or by solicitation o[ sealed bids,'for the and best bid complying with the terms o[ sale sad manner of payment specified is the published notice o! wle. Brat giving tour weeks notice of the time, terms, and place of ouch sale. by advertisement not less than once ~ during each of said four weeks in a aewapaper~ published or distributed in the county in which said property is situated, all other notice being hereby waived by the mortgagor (and said mortgagee, qz any parson oa ~ behalf of ,aid mortgagee. may bid with the unpaid indebtedness evidenced by said note). Said sale shall be held at or oa the property to be sold or at the Federal, county, or city courthouse for the county is which the property i. located. The mortgagee is hereby authorized to execute for and oa behal[ of the mortgagor and to deliver to the purchaser at ouch sale a sufficient conveyance of said property, which conveyance shall contain recital sa to the happening of the default upon which the execution of the power o[ sale herein granted depends; sad the said mortgagor hereby corutituta sad appbinta the mortgagee or any agent or attorney of the mortgagee, the age l~i~~y is fact of said mortgagor to make such reeitab sad to execute said - conveyaace and he y covenants and agrees that the recitab so made shall be eReetnal to bar all equity or right of redemption, homestead, dower, and all other exemptions o! the mortgagor, all of which are hereby expressly-wraived~aetd Conveyed to the mortgagee; or r ~ (ttt) take 7t~~~ 1~'t?priate action pnrauant to state or Federal statute either in state or Federal court or other~'die'd(#~oeition of the property. In the event of a sale as hereinabove provided, the mortgagor or say person in possession under the mortgagor shall then become and Ife•'tet~rjia .lidding o+ei Fred shall forthwith deliver possession to the purchaser at such sale or be summarily dispossessed, in accordance with the provieiona o[ law applicable to~tenanta holding over. Tht power and agency hereby granted are coupled with an interest and are irrevocable by death or otherwise, and ass granted as cumulative to the remedies for collection of acid indebtedness provided by law. - 4. The proceeds of any sale o[ slid property in aeoordaaoe with the preceding paragraphs shall be atpplied 5sst to pay the cats and expenses of said sale, the expenses incurred by the mortgagee for the pnrpwe of proteetlog or main- taining said property, and reasonable attorneys' fees; secondly, !o pay the indebtedness secured hereby; and thirdly, to pay-tuty surplus or ax~ss to the person or persona legally entitled thereto. ~ - • ~ S. In the event Nid property is sold at a judicial for+eclwure sale or pursuant to the power of sale hereinabove granted, and the proeesds are act sufficient 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 dejEcitncy evithaet resar+d to sppr+siaemertt. G. 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 prarpcrty, the mortgagee is hereby authorized at his option to pay the same. Any soma ao paid by the mortgagee shall be added to and become a part of the principal amount of the indebtedness evidenced by acid note, subject to tl~e same tenors and conditions. If the mortgagor shall pay and discharge the indebtedness evidenced by said promissory note, and shalt 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 Rhall be canceled and surrendered. 7. The covenants herein contained shall bind and ilre benefits and advantages shall inure to the respective sue- cesson and assigru of the parties hereto. phenever-used, the singular number shall include the plnraL, 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 o[ the terms hereof or o[ the note secured hereby. ' 9. In compliance with section 101.1 (d) of the Rules and Regulations of the Small Bwiness Administration [13 C.F.R 101.1(4) this instrument is to be construed sad enforced in accordance with applicable Federal law. 10. A judicial decree, order, or judgment holding any provision or portion o! 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. . 9aA ?~r~ ffT -la-~a1 GPO 939 73S 60 PJ~GE