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3. The mortgagor covenants and agrees that if he shall fail to pay acid indebtednew or any part thereof when '
due, or +hall fail to per[orm any rnvenant or agreement of this instrument or the promissory note secured hereby, the
eat)re indebtedness hereby secured shall immediately becontt due, payable, and collectible without notice, at the
option of the mortgagee or.aasiRns. regardless of maturity, and the mortgagee or his assigns may before or after entry
sell said property without appraisement (the mortgagor having waived and assigned to the mortgagee all rights of
:ppraiscmeat)
1 t) at judicial sale ~ursuan to the provisions of 28 U.S.C. 200) (a) ; or
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(tt) at the optiddOfdle? ages, either by auclioa or by solicitation of sealed bida,'for the highest sad
beat bid oomp'~iri~ withl'the•teia~s of ails sad manner of payment specified in the published notice-of sale, fast
Riving four weeks' ' ~~~ae, terms, and place of ouch Bale, by adver[iaement not Ices than once
during each of sai~ -~sewspaper published or distributed in the county in which acid property
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is situated, all othel' ~~'reby waived by the mortgagor (and acid mortgagee, or any person on
behalf of said mortgsgee, tngy bid +rit~t khe unpaid indebtedness' evidenced by acid note). Said sale shall be
held at or on the ptopetty'tb be'solti ot'a~ 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 sufficient conveyance of aid property, which conveyance shall contain
recitab as to the happening of the default upon which the a:ecution of the power of sale herein 8ranted
depends; sad the said mortgagor hereby constitutes and appoints the mortgagee or any agent or attorney of the
mortgagee, the agent and attorney is tact of said mortgagor to make such recitals and to a:scuts acid
conveyance and hereby covenants and agrees that the recitals eo 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
e:presaly waived and conveyed to the mortgagee; or
(ttt) take any other appropriate action punuant to state or Federal statute either in state or Federal
court or otherwise for the disposition of the property.
In the event o[ a sale as hereinabove provided, the mortgagor or any person in pogaeaaion under the mortgagor shall
then become and be tenants holding over and shall forthwith deliver poaaeseion to the purchaser at ouch sale or l;e `
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, sad are granted }
as cumulative to the remedies. for collection of said indebtedness provided by law.
4. The proceeds of any sale of said property in accordance with the preceding paragraphs shall be applied first '
to pay the costs and a:penses of said sale, the~expenaes incurred by the mortgagee for the purpose of protecting or main•
raining said property, awd reasonable attorneys' (sea; secondly, to pay the indebtedness 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 punuant to the power of sale hereinabove
granted, and the proceeds are not suQicient to pay the total indebtedness secured by this instrument and evidenced by
said promissory note, the mortgagee will be entitled to a deficiency judgment [or the araotutt.of the deJGciency without
resar+d to approi3emest. . ~
6. In the event the mortKagor fails to pay say Federal, state, or local tax asseaslfiettt, irkdme tax for other tax lien,
charge, fee, or other expense charged against the property, the mortgagee is hereby authorized at his option Lo pay
the same. Any sumo ao paid by the mortgagee aliall be added to and become a part of the principal amount of the
indebtedness evidenced by said note, subject to the game terms and conditions. I[ ~°"~s~6 shall pay and
discharge the indebtedness evidenced by said promissory note, and shall pay such sum3 arrisaaha~T discharge all fazes
and liens and the costa, fees, and expenses of making, enforcing, and executing this mortgage, then thin mortgage -
shall be canceled and surrendered.
7. The covenants herein contained shall bind and the benefits and advantages shall inure to the res five arse- -
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censor and assigns of the parties hereto. Alteaever used, the singular number shall include the plural, the plural the
singular, and the use of any gender shall include all gender.
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.
9. la compliance with section 101.1 (d) of the Rules and Regulatioru of the Small Business Administration [13
C.F.R. 101.1(d) j, this instrument is to be construed and ea[orced in accordance with applicable Federal law.
10. 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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SBA i~~s 93T 13-7!1 - GPO 939 73C
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