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HomeMy WebLinkAbout0900.; j~ "~~ S -1 .+ 3. Tl~e mo~tRa~o~ covenant~ and aRrec~ that it he ~hall Iaii to pay ~aid indebtednew or a~r part the~eot whee due. or +hall ~ail to pe~torm a~y cove~a~1 or aRreeme~t ot this inetrument or tlu promiasory note secured hereby. ihe entire indebtednea~ hereby eecured shall immediatelr becom~ due, payable, and collectible without ~otice. at the option ot ihe mortRaR~e or asaiRns, reRardleas of maturity. a~d the mor~RaRee or I~is as~iRns maj- before o~ a(ter entry sell said property without appraiaement (the mortRaRor hav~nR waived anJ asaiRned to the mortRa~ee all riRhts of appraieement ) : 1 ~ 1 at judicial eale purruant to th~ proviFiona o( 28 U.S.C. 2001 l a); or (~~) at the option o~ the mottaaaee~ either br auction or by wlicitation of ~eakd bids.~[or ihe hishe~t and beat bid complyia6 with the terms o~ ~ale aad manne~ o( payment specified ie the publuhed aotioe of ~ale, fi»t Riving ~our weeke' notice of the time. terms, and pla~e of such sale. by advertisemeot not le~s than once durinR each of said four w~eks in a new-spaper publiehed or distributed in the county in which said propetir u situated. all other notice beia6 herebr waived br the mort6a6or ( aad said mort6a6ee. or anp penon on behalt of said moct~aaee, may bid with the unpaid iadebtedaee~ evideaced~by said aote). Said sale shall be held at or on ihe property to be w1d or at,t~e Federal. county. or city courthouse !or the county in which the property is located. The mort~a6ee i~ hereby authoriud to exccute (or and o~ behalf of the mortaaaor aad to deliver to tke purchaser rt such sale a suf6cicnt conveyance of ~aid property~ which conveyaace ~hall contaia recitab as to the happenina ot the default upon which ihe e:ecutioa o( the power o[ sale herein 6tanted depends; and the said mortgagor hereby constituia and appbinta the mortga6ee or aaJr a6ent or attorney of the mortaa6ec. the aaent and attorney in tact of ~aid mortga6or to make such recital~ and to esecute ~aid conveyanoe aad hereby coveaanb and aarees that the recitals so made ~hall be e6ectual to bar all equitr or riRht of redemption, ha~~~c~.t~~wer, and all othe~ Pxemptiona of the mort~aRor, all ot which are hereby eapreaely waived and conveytd to the mortgagce; or ( ~~~ 1 take any other appmpriate action purauant to etate or Federal statute either in etate o~ Federal coutt or otherwise for the dieposition of ihe property. [n the event of a aale as hereinabove providrd, ihe mort~aRor or any peraon in poaaeaaion under the mort~aRor sha{I then become and be tenanta holdinR over and ahall forthwith deliver posaea.,ion to the purehaser al such sale or be eummarily diapoeaeseed,. in accordance with the pro~~ieions o( law applicable to tenanta huldinR over. The power and a~ency hereb~ Rranted are coupled with an intereat and are irre~ocable by death or otherwiae. and are ~tranted ae cumulative to the remediea !or coiiection of aaid indebtedneas provided by law. ~ 4. The proceeds of any sale of said property in accordance wjth the precedin6 paraaraphs shall be applied 6nt to pay the co~U and e:penses oI said sale. the expenses incurred by the mortgagee tor the purQose of protectin6 or main• taining eaiJ property, and reasonable auorne~•a' fees; aecm~dly, to pay d~e indebtedneas secured hereb~ ; and thirdly. to psv any aurplus or exc~aa to the peraon or persons IeRally enlitleJ thento. S. In the event said pmperty u wld at a judicial forecl~ure sale or pursuant to the power of sale hereinabore grsnted. and the proceeds are not sulficieat to pay the tota) indebtedness secured by thi~ in~trument u-d evideaced by naid prom~ssory note, the mortaagee will be eatitled to ~ de6ciency judament tor the amount of the deJEciency withatt reaard to app~sisement. 6. lo the event the mortKaRor faila ~o pay anc Federal, etate, or local tax aFSe~smPm, income tax or other taz lien, charge, (ee, or othPr expPnae char~ed ~Kain~t the propert~•, thr mortKaRre ie hereb~ authorized at hia.option to pa~ the same. An} eume ao paid by the monRagee eliall be added tu and become a part oi the principal amount of the indebtedness evidenced b}• aaid notP, aubject to the same terms and conditiona. ti the mortgagor ehall pay and discharge the indebtedneas evidenced b} said promissory note, and Fhall pa}- such sums and ehall diacharRe all taaes and liens and the coats, feea, and expen~ea of makin~, en(orcin~, and caecutin~ tl~is mort~age. then thia mortqage shall be canceled and eurrendered. - ?. The covenanta herein contained shal) bind and the benefits and advantaRes ahal) inure to the reapective wc- ceawn and aa~ipu of the partia hereto. When'ever used. the einaular number shaU iaclude the plural, the plural the sin~lar. aad the we of any ae~der shap iaclude all aenden. 8. No waiver ot any covenant herein or of the obliqation eecured hereby shall at any time thereafter bt held to be a waiver o( the terms hereof or of the note eecured herebv. ~ 9. In compliance with section 101.1(d) of the Rule~ and Regulations ot the Small Businew Adminutration [l3 C.F.R. 101.1(d) ]. this in~trument is to be con~irued and enforced in accordance with spplicabk Federal larv. lU. A judicial decrc~e, ord~r, or judRment holdin~ any provision or portion o( this instrument invalid or un- enforc~able ehall not in any way impair or preclude the enforcemtnt of the remainina provisions or portions of lhis instrument. ' 9~A F~r~ 9f7 13-1l1 ,~ ~ :~ .. , f ~ .. : _, ~.~~-~:'~.~~~~ w~ _~. - _ GPO ''3? 738 BDtA~( Li`tQ i'~~f ~ _ - ~•-~ ~.~~~~