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I-IV
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<br />Said,pr9misior -was:giv loan in which the, Small 'Business Administration, an agency,of.thc
<br />y note en to secure a
<br />United States ' f. Am c-ric , has. a' cipaied� In. compliance, with section. 101.1,(d) of.- the Rules and Regulations of
<br />0, a p rd
<br />the Small.Business Administration (13 C.F.R. 101.1(d) 1, this instrument is to be construed and enforced in accord-
<br />auce with applic , ableFelle : ral law. -
<br />d
<br />I.'- The mortgagor covenan an agreez as follows.
<br />a. He will promptly' pay the . i . fidebtedness evi . denc I cd'by �aid Promissory note at the times and in the
<br />manner therein rovided.
<br />p.
<br />b.- He will pay all taxes, assessments, water rates, and other governmental or Municipal charges, firies, or
<br />impositions, for which provision has- not been made heicinbefore,, hnd will promptl , y deliver the official receipts
<br />therefor to the said mortgagee.
<br />c. He, will, pay such expenses and fees as may b e incurred in the 'protection and maintenance of.. aid
<br />property,. including the fees of any attorney, employed by the mortgagee for the collection of any or all of
<br />-any other
<br />c t
<br />the indebtedness hereby secured, or.foreclosure by mortgagee's �sale, or ourL proceedinp, or in
<br />litigatib n or proceeding affecting said property. Attorneys"fees reasonably incurred in any other way shall he
<br />paid by the mortgagor.�
<br />d. 'For better security of the indebtedness hereby secured * -. upon the request of flic Hiortgagee, its
<br />successors or assigns, lie shall execute and deliver a supplemental mortgage or mortgages covering anN
<br />m
<br />additions, improvements, or betterments made to the property hereinaboVe described and all propert-,
<br />acquired by -it after the date hereof (all in form satisfactory to mortgagee). Furthermore, should niort-a,,or
<br />C 0 0 L,
<br />fail to cure any default in the payment of a prior or inferior encumbrance oil the pro
<br />I erty described bN,
<br />this instrument, mortpgor hereby agrees to permit mortgagee to eure such default, but mort agee is not
<br />f the indebtedness �ccurcd by this instrument,
<br />obligated to do so; and such advances sliall become part o
<br />subject to the same terms and conditions.
<br />effect during any postponement
<br />e. The rights created by this conveyance sliall remain in full force and t, .
<br />or extension of the time of the payffient of the indebtedness evideliced by sai(l prom issory note or any part.
<br />thereof secured hereby.
<br />He will co:)-,inuously maintain hazard insurance, of such type or types and in such amounts as the
<br />mortgagee may from time to time require oil the improvements lloW or liereafter oil said, property, and
<br />will phy promptly when due any premiums therefor. All insurance sliall be carried in companies acceptable
<br />to mortgagee and the policies and renewals thereof sliall be held by mortgagee and have attached thereto
<br />loss payable clauses in favor of and in form accept . able to the mortgagee. In event of loss, mortgagor wili 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 p.rocceds, or any
<br />part thereof, may be applied by mortgagee ai 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 />mortiage, or other trailsfer 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 sliall pass to the
<br />purchaser or niortgagec or, at the option of�the niorttragee, 111.11y,be stirrendered for a rerlind.
<br />g� He will keep all buildings and other improvements oil said property in good repair and condition;
<br />said property or all%, part thereof;
<br />.will perniii,'commit, or stiffer no waste, impairment, deterioration of
<br />s
<br />in the eveni.of failure of the mortgagor to keep the. buildings oil said premises an(] tlioe crected'on sai(
<br />ake such repairs as ill its discretion
<br />premises, or improvements thereon, ill good repair, the mortgagee may in
<br />it may deem necessary for the proper preservation thereof; zind the full aniount of cach and every sucli
<br />payment sliall be immediately due and payable:, and sliall be secure([ by the licil of this mortgage.
<br />Iz. He will not voluntarily create or permit to be created against the property subject to this mortaage anv
<br />lien or liens inferior or superior to th I e lien of this mortgage without.the written consent of the mortgagee, �nd
<br />further, that lie will 4,cep and maintain the same free from the claim of' all persons supplying labor of-
<br />-construction of any and all buildings or improvements now being erected oi- t� be erected oil
<br />materials for
<br />said premises.
<br />i. He will not rent or assign any part of the retiL of;said mortgaged property or (lemolish, or remove,
<br />or substantially alter any building without the written consent of the mortgage(!.
<br />j. All awards of damages in connection -with any condemna.tion for public use of or injury to any of Ilie
<br />property subject to this, mortgage, are hereby assigned and slia - ll.be paid to mortgagee, who inay apply the'
<br />san ic to payment of the, installments last due un�lcr said notei 'and mortgagee is hereby authorized, in the
<br />C,
<br />name of the,niortgagoy, . to.execute and delivervalid acquittluices thereof an(] to appeal from any such award.
<br />L The mortgagee,sliall have the* ri,dit to in s*pect the riiortgaged.preiiiisesat any rellsonable tinle.
<br />2.- Default* in any of the covcnant8�or conditioiis'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 sh ' all have such right until default). Upon any such
<br />default, the mortgagee shall become the. owner of all of- the rents and. profits accruing after default as security
<br />for the indebteditess'. s'e-cured hereby, with- the- rialit. to ente� upon, sa.id property for the purpose of collecting such
<br />rents and profits. This instrument sliall operate as an ass . ignment of any rentals on said property to that extent.
<br />SBA FORM 928 (2-73)
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