1984-08-01-R - Laserfiche WebLink

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(e) The interest of the GRANTEE in the Mortgaged Property, becoming endangered by reason of the enforcement of any prior lien or encumbrance thereon, so as to endanger the security hereby given; or If an Event of Default shall have occurred, then the entire principal amount of the indebtedness secured hereby with interest accrued thereon, and all other indebtedness secured hereby (or such parts as GRANTEE may elect) shall , at the option of the GRANTEE, become due and payable without notice or demand, time being of the essence ; and any omission on the part of the GRANTEE to exercise such option when entitled to do so shall not be considered as a waiver of such right . In such case , GRANTEE shall have the right and power to take possession of the Mortgaged Property and expel any occupant therefrom without process of law; to collect rents and profits and apply same on unpaid indebtedness ; and with or without possession to sell said land and public sale, •- to the highest bidder for cash, (or on such terms as GRANTEE might approve) , at the door of the Independence County Courthouse, Batesville , Independence County, Arkansas , public notice of the time , terms and place of sale having first been given twenty days by advertising in some newspaper published in said County, by at least three insertions , or by notices posted in five public places in the County, at which sale any of the parties hereto may bid and purchase as any third person might do ; and GRANTOR hereby authorized the said GRANTEE , as the case may be , to convey said land to anyone purchasing at said sale , and to convey an absolute title thereto, and the recitals of such. conveyance shall be taken as prima facie true. The proceeds of said sale shall be applied, first , to the payment of all costs and expenses attending said sale ; second to the payment of all indebtedness secured hereby, with interest ; and the remainder , if any, shall be paid to GRANTOR. GRANTOR hereby waives any and all rights of appraisement , sale , redemption, and homestead under the laws of the State of Arkansas , and especially under the Act approved May 8 , 1899 , and acts amendatory thereof.