PART OF THE MORTGAGED PROPERTY NOT SOLD UNTIL ALL OBLIGATIONS HAVE BEEN FULLY
PAID IN CASH AND PERFORMED.
THE MORTGAGEE MAY ELECT TO SELL THE MORTGAGED
PROPERTY FOR CASH OR CREDIT. THE MORTGAGEE MAY, TO THE EXTENT PERMITTED BY LAW,
ADJOURN FROM TIME TO TIME ANY SALE BY IT TO BE MADE UNDER OR BY VIRTUE OF THIS
MORTGAGE BY ANNOUNCEMENT AT THE TIME AND PLACE APPOINTED FOR SUCH SALE OR FOR
SUCH ADJOURNED SALE OR SALES; AND, TO THE EXTENT PERMITTED BY LAW, THE MORTGAGEE
MAY MAKE SUCH SALE AT THE TIME AND PLACE TO WHICH THE SAME SHALL BE SO
ADJOURNED.
FOLLOWING THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF
DEFAULT, WITH RESPECT TO ALL COMPONENTS OF THE MORTGAGED PROPERTY, THE MORTGAGEE
IS HEREBY APPOINTED THE TRUE AND LAWFUL ATTORNEY-IN-FACT OF THE MORTGAGOR (WHICH
APPOINTMENT IS IRREVOCABLE AND COUPLED WITH AN INTEREST), IN ITS NAME AND STEAD,
TO MAKE ALL NECESSARY CONVEYANCES, ASSIGNMENTS, TRANSFERS AND DELIVERIES OF THE
MORTGAGED PROPERTY, AND FOR THAT PURPOSE THE MORTGAGEE MAY EXECUTE ALL NECESSARY
INSTRUMENTS OF CONVEYANCE, ASSIGNMENT,
TRANSFER AND DELIVERY, AND MAY SUBSTITUTE ONE OR MORE PERSONS WITH SUCH POWER,
THE MORTGAGOR HEREBY RATIFYING AND CONFIRMING ALL THAT ITS SAID ATTORNEY-IN-FACT
OR SUCH SUBSTITUTE OR SUBSTITUTES SHALL LAWFULLY DO BY VIRTUE HEREOF.
NOTWITHSTANDING THE FOREGOING, THE MORTGAGOR, IF SO REQUESTED BY THE MORTGAGEE,
SHALL RATIFY AND CONFIRM ANY SUCH SALE OR SALES BY EXECUTING AND DELIVERING TO
THE MORTGAGEE OR TO SUCH PURCHASER OR PURCHASERS ALL SUCH INSTRUMENTS AS MAY BE
ADVISABLE, IN THE JUDGMENT OF THE MORTGAGEE, FOR SUCH PURPOSE, AND AS MAY BE
DESIGNATED IN SUCH REQUEST.
TO THE EXTENT PERMITTED BY LAW, ANY SUCH SALE OR
SALES MADE UNDER OR BY VIRTUE OF THIS ARTICLE IV SHALL OPERATE TO DIVEST ALL THE
ESTATE, RIGHT, TITLE, INTEREST, CLAIM AND DEMAND WHATSOEVER, WHETHER AT LAW OR
IN EQUITY, OF THE MORTGAGOR IN AND TO THE PROPERTIES AND RIGHTS SO SOLD, AND
SHALL BE A PERPETUAL BAR BOTH AT LAW AND IN EQUITY AGAINST THE MORTGAGOR AND
AGAINST ANY AND ALL PERSONS CLAIMING OR WHO MAY CLAIM THE SAME, OR ANY PART
THEREOF, FROM, THROUGH OR UNDER THE MORTGAGOR.
UPON ANY SALE MADE UNDER OR BY
VIRTUE OF THIS ARTICLE IV, THE MORTGAGEE MAY, TO THE EXTENT PERMITTED BY LAW,
BID FOR AND ACQUIRE THE MORTGAGED PROPERTY OR ANY PART THEREOF AND IN LIEU OF
PAYING CASH THEREFOR MAY MAKE SETTLEMENT FOR THE PURCHASE PRICE BY CREDITING
UPON THE OBLIGATIONS SECURED HEREBY THE NET SALE PRICE AFTER DEDUCTING THEREFROM
THE EXPENSES OF THE SALE AND THE COST OF THE ACTION AND ANY OTHER SUMS WHICH THE
MORTGAGEE IS AUTHORIZED TO DEDUCT BY LAW OR UNDER THIS MORTGAGE.
(B)
ANY FORECLOSURE OF THIS MORTGAGE AND ANY OTHER TRANSFER OF ALL OR ANY PART
OF THE MORTGAGED PROPERTY IN EXTINGUISHMENT OF ALL OR ANY PART OF THE
OBLIGATIONS MAY, AT THE MORTGAGEE'S OPTION, BE SUBJECT TO ANY OR ALL LEASES OF
ALL OR ANY PART OF THE MORTGAGED PROPERTY AND THE