HomeMy WebLinkAbout2232 .
.
3. The mortgagor covenants and agrees that it he shall fail to pay said indebtednew or any part thee+eof when
due, or -hall fail to perfornt any covenant os agreement of this instrument or the promissory note secured hereby, the
satire indebtedness hereby secured, shall immediately become due, payable, and collectible without notice, at the
option of the mortgagee or assigns, regardlew of maturity, and the mortgagee or his awigns may before or after entry
sell said property without appraisement (the mortgagor having waived snd assigned to the mortgagee all rights of
appraisemeat)
t) a! judicial ~r~t~ to the provisions of 28 U.S.C. 2001(a) ; or
(tt j at the option of the mortgagee, either by auction or by solicitation of aeakd bida,'!or the highpt sod
best bid complying with the teems of ask sad manner of payment aped&ed in the published notice of ask, first '
giving four weeks' notice of the time, terns, and place of such sale, by advertisement not less than once
during each of said' four weeks in a newspaper published or di.~tributed in the county in which said property
is situated, all other aortae being hereby waived by the mortgagor (and said mortgagee, or any person oa
behalf of said mortgagee, a ~ay bid with the unpaid indebtedness evidenced by said. note). Said sale shall be
held at or on the property to be sold or at the Federal, county, or city courthouse for the county in which the
property is located. The mortgagee is hereby authorized to a:acute for and on behalf of the mortgagor and to
deliver to the purchaser at such sale a sufficient conveyance of said property, which conveyance shall contain
reeia4 as to the happening of the default upon which the execution of the power of ask herein granted
depends; sad the acid mortgagor hereby coaatitutea and appoints the mortgagee or any agent or attorney of the
mortgagee, the agent and attorney in tact of said mortgagor to make such ncitab and to execute said
oonveyaaee and hereby coveaanta and agrees that the recital so made shall be eRectual to bar all equity or {
right of redemption, homestead, dower, and all other exemptions of the mortgagor, all of which are hereby
expressly 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 property.
In the event of a sale as hereinabove provided, the mortgagor or any person in poaseasion under the mortgagor shall
then become and be tenants holding over and shalt forthwith deliver posaeasion to the purchaser at ouch sale or be
summarily dispossessed, in accordance with the provisions of law applicable to tenants holding over. The power (
and agency hereby gnnted are coupled with an interest and are irrevocable by death or otherwise, and are granted
ae cumulative to the remedies for collection of said indebtedness provided by law.
4. The proceeds of any sale of e:id property its accordance with the preceding pangnphs shall be applied first
to pay the cosh and expenses of said sale, the expenses incurred by the mortgagee for the purpose of protecting or main-
raining said property. and reasonable attorneys' fees; secondly, to pay the indebtedness secured hereby; and thirdly,
to Pay any surplus or excess to the person or persona legally entitled thereto.
S. In the event uid property is sold at a judicial foreclosure sale or pursuant to the power of sale her+einabove
granted, and the proceeds are not 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 def
icieary wit/wttt
regard to appraiaetrtutt.
6. In the event the mortgagor fails to pay any Federal, state, or local tax asaesament, income tax or other tax lien,
charge, fee, or other expense charged against the property, the mortgagee is hereby authorized at his option to pay
the same. Any soma ao paid by the mortgagee eflall be added to and become a part of the principal amount of the
indebtedness evidenced by said note, subject to ells same terms and conditions. If the mortgagor shall pay and
discharge the indebtedness evidenced by said promissory note, and shall 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
shall be canceled and surrendered.
The covenants herein contained shall bind and the benefits and advantages shall inure to the respective ~~e~
cewors and awigns of the 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.
9. In compliance with section 101.1 (d) of the Rules and Regulations of the Small Business Administration [13
C.F.R. 101.1(4) this itutrumeat is to be construed and enforced in acrnrdanoe with applicable Federal law.
10. A judicial decree, order, or judgment holding any provision or portion of this instrument invalid or nn•
enforceable shall not in any way impair or preclude the enforcement of the remaining provisions or portions of
this instrument.
SaA F~,~ f!7 13•-71) - GPG 939 73E
8f1(K~ IeGE~~,c)Q