The thing to keep in mind with these sort of "guy goes all in, what does that do to me"
questions is simply that you've pretty much always got the opportunity to fold, call or raise as long as you're not raising yourself.
Add that to the fact that additional raises must be at least as large as the previous raise, and you've got your answer.
Because the action went Blind, Raise, All-in for less than a raise, and you're next, you've still got all of your options. You can make a legal raise (the current bet, plus at least as much as the last valid raise -- $114 [65+49]), you can call ($65) or you can fold ($0).
What's important to note is that if you just call the $65 and nobody else raises -- when the action gets back to the $50, he's only got two options: Call or fold. He's already the last raiser.