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<br /> 78- U � 3 � 14 �� �. � ,
<br /> Said promieaory note was given to aecure a Ioan in which tl�e Small Business Administration, an agency of the �
<br /> United Statea of America, has participated. ln co�npliance with eection 101 .1 ( d ) oC ilie Rule� and Regulations of
<br /> the Small Business Adminis[ration ( 13 C.F.R. 101 .1 ( d ) ], tlii$ instrument is to be construed and enforced in accord• I
<br /> ance with applicable Federal lnw.
<br /> 1. The mortgagor covenante and agreea ae followe :
<br /> a. He will prompily pay tha indebtednese evidenced by eaid promieaory note at thc timee and in the
<br /> mnnuer therein provided.
<br /> b. He will pay all taxea, aeseesmerits, water ratea, and other govemmental or municipal chazgea, fi�iea, or
<br /> impoaitiona, for which ptovision has �iot been made hereinbefore, and wi11 promptly deliver ilie official receipcs
<br /> therefor to tI�e eaid mortgagee. '
<br /> c. He will pay aach expeneea and feea ae may be incurred in the protection and maintenance of aaid
<br /> property, including !he feea of any attorney employed by the mortsagee for tlte collection oC any or atI of
<br /> 1He indebted.uees hereby eecured, or foreclosuze by morigagee'a sale, or court proceedings, or in any otlier
<br /> litigation or proceedino alTectin� eaid property. Attorneys' Tees re:�sonalily incnrred in any other wny sl�all be
<br /> paid by ihe mortRa�or.
<br /> d. For better eec�xrity of the indebtedness hereby eecured, upon the request of the mortgagee, ita
<br /> rucceseora or assigna, he ehall execute and deliver a supplemental mort�age or mort�;ages covering any
<br /> additiona, improvementa, or betterments made to the property hereinaboa•e described and all pro�erty
<br /> acquired by it after the date hereof (all in form eatisfactory io mortgaoee ) . Furthern�ore, sLould mortgagor
<br /> fail to cure any default in the payn�ent oC a prior or inferior eacumbr�nce on tlie proNerty deacribed }�y
<br /> thia inatrument, mortgagor hereby agreea to permit mortgagee to cure such default, but morigagee is not
<br /> obliguted to do eo ; and euch advancea shall become part of tlie inriebte�)nees secure�l by ti:is instrument,
<br /> aubject to the same terma and conditiona.
<br /> e. The ri6hte created by this conveyance sl�all remain iu lull force and efiect durinE aii�� poutpui�e.mnnt
<br /> or extenaion of the time of the payment of the iudebtedneae evidenced by said promieaory uote or any part
<br /> thereof aecured hereby.
<br /> f. $e will wntinnouely maintain hazard insurance, of euch type or types and in sach amounta ae the
<br /> mortgagee mny from time to time require on ihe improvements now or hereafter mz �;aid • properl�•, :u�d
<br /> will pay promptly when due any premiuma therefor. All inaurance shall be carried in companiee acceptable
<br /> to mortgagee and the policies and renewala ihereof ehall be held Ly mortgagee and have aitached thereto
<br /> , loss payablo clauaee in favor of aad in form acceptable to the mortgagee. In event of loes, mortgagor wil2 give
<br /> immediate notice in writing to mortgagee, and mortgagee may make proof oF loss if not made promptly by
<br /> mortgagor, end each inaurance company concerned is hereby suthorized und directed to make payment for auch
<br /> lose directly to mortgagee instead oF to mortgagor and mortgagee jointly, nnd the inaurance proceeds, or any
<br /> part thereof, may ba applied by mortgagee at ita option either to the reduction of the indebtndneea hereby
<br /> _ aecured or to the reetoration or repair of the property damaged or destroyed. In event of forecloeure oF thia
<br /> mortgagq or other tranafer of title to eaid property in extinguishment of the indebtedness secured hereby. all
<br /> right, tide, and intereet of tIae mortgagor in and to any ineuzance policiea then in force shall pasa to the
<br /> purchaeer or mortgagee or, at d�e option of the mor[�a�ee, mav be surren�Irred Eor a refuud.
<br /> g. He will keep all buildinge aad other improvemmte on suid property in good repair and condition ;
<br /> wi11 pezmit, commit, or euffer no waste, impairment, deterioration of eaid propertp or auy par! thereof;
<br /> in the event of failure of tl�e mortgagor to keep the buildings ou said premises and tliose crected on eaid
<br /> premixe, or improvementa thereon, in good repair, tl�e mortgagee Tnay muke euc1� repairs aa in its �lixcre[ion
<br /> it may deem neceeeary for the proper preservation thereof; and the fuil amount oF eucl� and even• sach
<br /> payment shall be immediately d�:e and payable ; and shall be secured by the lien of thi+ monga�e.
<br /> h. He will not voluaturily cmate or permit to ba created againat the property eubject to this mortgaga aay
<br /> lien or liene inferior or snperior to the lien of this mortgage without the written consent of the mortgagee; and
<br /> [urtlier, that he wi❑ �lceep and maintain the aamc Free froen the claim oC all per;ons �uppl�-ing labur or
<br /> matcriale for constructior� of an7 aud nll buildin�n or iniprovements now heing erecte�l or to be erccted ou
<br /> eaid premiaes. ', • r. � �
<br /> i. He will not rent or aseign any pert of the rent oF said mortgaged propert�- or drmoli.h, or remore,
<br /> or ssubatantialiy a)ter any buiidin� wichout the written consent o[ tlie n�ortFaFee.
<br /> j. Ail uwarda of damugee in connection witli auy condrmnation for public u�e of or iajur� to an� of tLe
<br />° ' property eubject to tl�is inortgage arC hereby assigned and al�all Le paiil to mort�:agee, who ma�• apply the
<br /> eame to payment of tl�e installme�� la last Jue under eaid notC, and morlgagee is 6ereb�' au[I�orizetl, in il�e
<br /> name o[ t6e mortgagor, to execute and deliver v+�lid acquittances thr.reof and t� .�ppeal from any euch a�.•ard.
<br />� � k. The mort�aFee aLall have ihe ri�:ht to in+p�ct thr uiort�.aKed preminr+ nt anp rc+++onablr time.
<br /> 2. Default in any of the covenanta or conditione of thia inatrument or of the note or loan agreement aecured �
<br /> hereby ahali terminate the mortga�or'a righttito possee.ion, uee, and cnjoy-ment of the property, at the option of the
<br />�. ' mortgagee or his assigna ( it bein a eed that t6e mort � or shall have euch ri ht vntil def�ult U on an auch
<br /> k . , g �' € � S ) • P Y
<br /> t:_ ; default, thc mort�agte ahal] become the owner of all of the renta and pro6ts nccruing after default aa eecurity
<br />;° � for the indebtedneea secured hereby, srith tF.e rieht to entPr upon eaid property for the puzpoee of collecting auch
<br /> ' renta anel profite. Thia instrument sl�all operace as an aseignment of any rental9 on naid property to that extent.
<br /> SBA FORM 928 (2-771 . »
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