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X9291
<br />Said promissory note mas given to secure. a loan in which ;the Small Business. Administration, an agency of the
<br />United States of.America,'has_partici pa ted,.In.complianc6with section„101.1(4) of -.theRules and Regulations of
<br />the Small Business Administration [13 C.F.R. 101.1(d) ], this instrument is to be construed and enforced in accord-.
<br />ance,with applicable Federal, law.
<br />1 The mortgagor covenants and agrees as follows:
<br />a. He will promptly pay'the indebtedness evidenced by said•'promissory note at the times and in the
<br />manner therein provided., .
<br />b. He will pay all; taxes, assessments, water rates, and 'other governmental, or=municipal charges; fines, or
<br />impositionsJor which provision has not been made hereinbefore, and will promptly deliver the official receipts '
<br />therefor to the said mortgagee..;
<br />C. He will pay such expenses and fees as may, be incurred; n the protection and maintenance of said
<br />property,: including the fees of any attorney employed :by. the mortgagee for .the collection of-any or all of
<br />the indebtedness liereby secured, or foreclosure by mortgagee's sale, or, court proceedings; or, in any- other
<br />litigationior proceeding affecting said property. Attorneys'. fees reasonably incurred in any otherr, way shall be
<br />paid by.the mortgagor.
<br />d. For better security of the indebtedness hereby secured;: upon the 'request of the mortgagee, its
<br />successors or assigns, lie shall execute and deliver a supplemental mortgage or mortgages covering any
<br />additions, improvements, or betterments made to the property liereinabove described and all property
<br />*acquired by it after the date hereof :(all in form satisfactory to mortgagee). Furthermore, shotild mortgagor
<br />fail to cure any default in the payment of a prior or. inferior encumbrance on the property described by
<br />this instrument, mortgagor hereby agrees to permit mortgagee to cure such default, but mortgagee is not
<br />obligated to do so; and such advances shall become part of the indebtedness secured by this instrument,
<br />subject to the same terms and conditions.
<br />e. The rights created by this conveyance shall remain in full force and effect during any postponement
<br />or extension of the time of the payment of the indebtedness evidenced by said promissory note or any part
<br />thereofsecured hereby.
<br />f. He will coc;t:nuously maintain hazard insurance, of such type or types and in such amounts as the
<br />mortgagee may front time to time require oil the' improvements: now or hereafter on said' {troperty, and
<br />will pay promptly when due any premiums therefor. All insurance shall be carried in companies acceptable
<br />to mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto i
<br />loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss, mortgagor will give .
<br />immediate notice in writing to mortgagee, and mortgagee may make proof of loss if not made promptly by
<br />mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such
<br />loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any
<br />part thereof, may: be applied by mortgagee at its option either to the reduction of the indebtedness hereby
<br />secured`or to the restoration or repair of the property damaged or destroyed. In event of foreclosure of this
<br />mortgage, or other transfer of title to said property in extinguishment of the indebtedness secured hereby, all
<br />right, ,title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the
<br />purchaser or mortgagee or, at the option of the mortgagee, nuty% be surrendered for a refund.'
<br />g..'He,will. keep all buildings and other improvements on said1. property in good repair and condition;
<br />will periitit, commit, or suffer no waste, impairment, deterioration of said property or any part thereof;
<br />in the,eve'nt of failure of the niortg:igor to keep the buildings oiP.said premises and those erected on said
<br />premises, or improvements thereon, ill -good repair, the mortgagee may make such repairs as in its discretion
<br />it m:iy. deem: necessary ;for` the proper preservation theredf, aii'd fife full aitioiitit of each and every such
<br />payment shall ;be iniinediately due.aiid payable;, and sliall be 'secured by the lieti'of thismortgage
<br />It.. He will-not voluntarily create or permit to be created against the property subject t6 this mortgage any .
<br />lien or, liens inferior or superior to the lien of this mortgage without the written consent of the mortgagee; and
<br />further, ,that he .will .keep and maintain the same free from the claim of all persons supplying labor or
<br />materials for construction of any,and'all buildings or.iniproventents now being erected or to be erected oil
<br />said premises.
<br />i. He will not rent assign any part of the rent of”said mortgaged property or demolish, or reuiuve,
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<br />or substantially alter any building without the written consent of the mortgagee.
<br />j. All awards; of damages in.connection-with: any condemnation for.public use of .or injury to any of the
<br />property subject to this mortgage are hereby assigned and shall be paid to mortgagee, who •ma}•'.apply the
<br />same to payment of the installments fast due under said note, and mortgagee is hereby authorized, in the
<br />valid acquittances thereof all(] appeal from any such award.
<br />name of thcmortgugor, to execute and deliver.
<br />k. The tttortgagee.shall have the right to inspect the mortgagedpremises at any reasonable time.
<br />2.'Default�in-any of the covenants or conditions of this instrument; or of--the note or loan agreement secured
<br />hereby shall terminate the mortgagor's right to possession, use, and enjoyment of the property, at the. option of the
<br />mortgagee or his assigns (it being agreed that the mortgagor shall have such right until default). Upon any such
<br />default; the mortgagee :sliall become the owner of all of.' the rents and profits accruing after default as security
<br />for the indebtedness secured hereby, with the richt to entep upon said; property for the purpose of collecting such
<br />rents an profits:, This instrument shall operate as an assignment of any: rentals on said property to that extent.
<br />SBA FORM 928'(2-73)
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