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010064
<br />Said,.pr�orriissqry note was,given to secure a loan i� which' -.the, SmallBbsiness Administration, an agency of the
<br />United States of America, has
<br />participated, -In compliance with section 10.1.1 (d) of the Rules and'.Regu'lations of
<br />the Small Business Administration [13 C.F.R. 101.1 (d) this instrument is to be construed and enforced in accord.
<br />ancewith applicable Federal law.
<br />1. The mortgagor covenants and agrees as follows:
<br />a. He will promptly pay the indebtedness evidenced by iaid promissory note at the times and in the
<br />manner therein provided.,
<br />& He will pay all taxes, assesirnen'ts, water rates, and other governmental or municipal cha'rgeg, fines, or
<br />impositions, for which provision has not been made hereinbefore,' and will prom tly deliver the official receipts-'
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<br />therefor to the said mortgagee.
<br />c. He will pay such expenses and fees as may be incurred in 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' hereby secured, or foreclosure by i-nortgagee's sale, or 'court' Proccedings,-or,in any other
<br />litigation or proceeding affecting said property.-Attor'nic�'ys"feics reasonably incurred in anv other N�ay 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 mortgat,c or mortgages covering any
<br />additions, improvements, or betterments made to the property hereinabove describe(] and 'all property*
<br />acquired by it after the date hereof (all in form satisfactory to mortgagee). Furthermore, shoul d mortgagor
<br />fail to cure any default in the payment of a prior or inferior encumbrance oil the property described by
<br />this instrument,, mortgapr hereby agrees to permit mortgagee- to cure such default, but mortgagee is not
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<br />obligated to do so; and such advances. shall become part of the indebtedness secured by thi.s instrunient,
<br />subject to the same ternis and conditions.
<br />e. The rights created by this conveyance shall reniain in full force and effect during any poistponcineut
<br />or extension of the tinie of the payment of the -in debtedness evidenced by said promissory I not I c or any. part
<br />thereof secured hereby.
<br />He will continuously maintain hazard insurance, of -such type or types and in such amountz as the
<br />mortgagee may front tinic- to time require oil the improvements now or hereafter oil. saidi'properly, and
<br />will pay promptly when due any premiums therefor. All insurance shall be carried in companies acceptable
<br />to mortgagee and tlic.policies and renewals thereof shall be held by mortgagee and have attached thereto
<br />loss payable clauses in favor of and in form -acceptable to the mortgagee. In event of loss, mortgagor ivill 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 coneemed-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�occeds, or any
<br />part thereof, may be' applied by mortgagee at its option either to the reduction of tile indebtedness hereby
<br />secured or to the res , toration 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 sliall pa8s-to the
<br />purchaser or mortgagee or, at the option of the mortgagee, inay be surrendered for a refund.
<br />e and other improvements oil said property in good repair and colldii"ion;
<br />g. He will ke _p. all buildings
<br />Nvill '* crinit, commiti or stiffer no waste, impairment, deterioration of said property or anN rf thereof;
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<br />in the event of failure of the mortgagor I to keep- the, buildings oil said preiiiiscis -,in(] those er-ecied oil said
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<br />premises, or iniprove:ments thereon, in good repair, tile mortgagee inay niake such repairs as irl its discretion
<br />it may deem necessary for the proper preservation thereof; and the full aniount of each and every -sucli
<br />paynient.sliall be ininiediately due and payable; and shall be secured by the lien of this inort�affc.
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<br />h. He will not voluntarily create or per-mit-to.be created against the property subject to 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 lie will keel) and maintain the saine free front the claini of' all persons supplying labor or
<br />materials for constraction of any and all buildings or -h-aprovelilcrtf no%v being erected or to:'be erect -:!d oil
<br />said,premises.
<br />i. He will not rent or any part dthc reat'oi 'said niortgaged prope'rty or deniolidw
<br />or reinove,
<br />or substantially alter any building without the written consent of tile mortgagee.
<br />j. All awards of.
<br />daniages in connecLion'with all icondenination for public ti�e- of, or inJur%,10 anv of the
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<br />property subject to ' this mortgage are hereby assigned and shall be.paii] to mortgagee, Nvllo in'ay apply the
<br />same to payment of " the installments last duc under said.note, and mortgagee ig hereby authorized, in the
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<br />name of the inortga or, to execute and deliver valid. acquittances thereof and td appeal from- any such award.
<br />ave the right.to inspect the niortgaged preinisesat anv reasonable time.
<br />k. The niortgag6e shall It,
<br />2.� Default in any of th To
<br />: e covenants or con ditio'ns .-of' this insitru- ent ' 'or'of the noth or loan agreement secured
<br />hereby shall terminate the mortgagoes right to possession, use, and enjoyment of the property, at the option of the
<br />mortgage4� of his a * s6igns (it being agreed that the mortgagor shall have such right until default)..Upon any such
<br />default, the mortgagee shall become the owner 6 f alVo . f- the rents and profits accr uing after default - -as securitv
<br />for the indebtedness secured hereby, with thp.� right. t6 en te I r . upon. said. property for the purpose o(collecting such
<br />rents and profits. This instrument shall opeiate'as an aiAigntrient of any'rentals on..said property to that extent.
<br />§19A FO RM 928 (2-73)
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