|
<br />I
<br />
<br />83.......)02772
<br />
<br />r
<br />
<br />,Said promi850ry note was given to secure a loan in which the Small Business Administration, an agency of the
<br />United States of America, has participated. In compliance with section 10l.1 (d) of the Rules and Regulations of
<br />the Srull Busine.s Administration [13 C.F.R. 101.I(d) 1, this in.trument is to be construed and enforced in accord.
<br />anee with applicable Federallaw.
<br />
<br />1. The mortgagor "",venants and agrees a.follows:
<br />
<br />/I. He will promptly pay the indebtedn... evidenced by .aid promissory note at the times and in the
<br />manner therein provided.
<br />
<br />b. He will pay aU taxes, assessments, water rates, and other governmental or munkipai charges, fines, or
<br />impoeitions, for which provi.ion has not been made hereinbefore, and will promptly deliver the official receipts
<br />therefor to the said mortgagee.
<br />
<br />c. He will pay such expenses and fee. as may he 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 />the indebtedness hereby secured, or foreclosure by mortgag-ee':" ;;.ale, or court proceedings, or in any other
<br />litigation or-proceeding affectinp: said property. Attornev~' f~es reaRonahh"lnc-urrcc) in an\' other wav shall he
<br />paid by the mortllal<or.
<br />
<br />d. For better security of the indebteoness herehy seeured, upon the I"f'qlwst of the mort~agee. its
<br />successors or assigns, he shall execute and deliver a ~upplemental mortga{!e or mort~a~es covcrinp; any
<br />additions~ improvement8~ or betterments made to the property hereinahoyc desC'ribed and all property
<br />.lcquired by it after the date hereof i all in form e>ati8fat'tor~' to morlf~agee I, Ft1rthe-rmore~ should mortgaf!.or
<br />hU to cure allY default in the payment of a prior or inferior encumbnH1ce nn the property descrihed hy
<br />this .instrument. mort~agof here-hy a~ree.s to permit mortp:a~ee to eure slIdl default. hut mort~a~ee is not
<br />obligated to do :'0: and such advances ~hall hN'ome pout of the ind('htf.dllc~~ :"-Pl'urerl hy thi~ iu.!'tfl1ment,
<br />subject to the same terms and eondilions.
<br />
<br />e. The rif!.ht8 creatt~d by this ('onVt~yance ~hall remain in full foret" and t'IIf"et dllriul! au) PUl!itpulll>lIIt'ot
<br />or extension of the time of the payment of the indehtedness t"yidenC'ed h~ ...;:lill prOlui.ool"ory note or an} part
<br />thereof ~ecl1re,i hcreb)'.
<br />
<br />f. He will -continuously maintain hazard insurance, of su~h type or types and in 8uch amounts 8S the
<br />mortJ!,:a,z:ee may from time to time rt"quirt" on the impro\'t'"mt't;'~ Ilnw or 1lt'l"t'aftt'r till ...aid propt'rly~ iUBI
<br />will pay promptly when due any premium. therefor. All in.urance ,hall he carried in companiee acceptahle
<br />to mortgagee and the policies and renewal. thereof shall be held by {'lortgagee and have attached thereto
<br />1088 payable clauses in favor of and in form acceptable to the morl~agee. In event of 105s, mortgagor will give
<br />immediate notice in writing to mortgagee. anti mortgagee may make proof of 1088 if not made promptly by
<br />mortgagor, and each insurance company concerned is hereb-}' authorized and directed to nlake payment for such
<br />1088 dir-eclJy to mortgagee inatead of to rnoctga~or anti mortgagee jointly, and the insurance proceeds, or any
<br />part thereof, may be applied by mortgagee at it. option either 10 Ihe reductiou of the iudebtedue.s hereby
<br />s.ecured or to the restoration or repair of the property damaged or destroyed. In e\o'ent of foreclo8ure of this
<br />mortgage, or other Iransfer of title to .aid property in exl;nl'ui.hmenl of the indebtedne.. secured hereby, all
<br />right, title, and interest of the mortgagor in and to allY insurance policies then in force shall pass to the
<br />purchatK'r or mort~a~c~ or, at th!:" option of the morlf.!a~et~, 1I1a~ he "urn'lIdtAn'c1 for are-fund.
<br />
<br />g. He will keep all bui1ding~ and other impro\emenl~ un said pro(}t:"rt) in ~ood ft~pair and condition:
<br />\,,'ill permit, commit, or suffer no wU:ttc, impairment, deterion.tlion of said properly or all~ part thereof;
<br />in the event of failurt' of the mortgagor to keep the bl1ildin~i' 011 ~a.itl pn~mise~ ami thOl'il' erected Oil &uid
<br />premis-e.s-,. or illlprOH~ment~ thereon, in p:ood repair~ the mortv.agt"c may lllake sn<'h n'pairs a:, ill its discretion
<br />it ma)' decn\ uec~ary for the proper pre~ervatiou th('reof: and the full umollllt of euela ~md ,',,('ry ~lIl'h
<br />payment shall he immediately due and payable~ and shaH be .securt':d. by the lien of thil- Jllurt~a!!t'.
<br />
<br />h. He will not voluntarily create or permit to he ('reated against the property subject to this mortgage an}"
<br />lien or liens inferior or superior to the lien of this mortgage without the written consent of the nlortgagee; and
<br />further" that he will keep and maintain the !'jailAt' free from tile daiIH of all pt'r",un::; ~uPJllrin~ Jabor or
<br />materials for ("omtruction of an~' a-lid all huildjl1~~ or impro\'ellll'nh~ now hein~ t'H'('It'd or to he en"dell 011
<br />s.aid prenlige.s..
<br />
<br />i. He will not rent or a:i5-ign an) part of the rent or /'laid mortgaged IJfopt"'rt~ or dt.muJi~h. or n'1l\U\ c~
<br />ur l'i-ub~tantially alter any huildiu/;t without the writt~o ('ouscHl of the nlOrt~aJ!et".
<br />
<br />L
<br />
<br />j, All awards of danui.ges- in connection with allY <,'oudcmnatioH for public lI~t~ of or illjuf'~ 10 rHl) of tlw
<br />prop(,lty suhjt'ct to this rnortf(age art' hereby a&>l-igned and tohall be p~id to nlOrt~a~el~~ who may apply the
<br />~ame to paynwnt of tilt"" in~Halltlleut!i 1..1.:'1, due under ...aid Hote. allll mortgaget' j" her{'h~ authorized. in du'
<br />namt" lj(tlit>nlorlga~or; 10 .eXeeflte and (Je-li~"(-'f valifl i:H'quirtancc.:" tht"rt'of and to ~IPIH":d from allY !iuch award,
<br />
<br />k-<-, The:.J,U.Q{l~afLee '"haH have th(l ri~ht l() inspecl the mort~a~cd l'reJHI:St>,~ ,II an~ ft'al'<oll.ablt' tiltH'.
<br />
<br />JlI..netaullin anyolIbe oovenan18 ot conditione of thi.instrument or of Ihe note or loan agreemcnt .ecured
<br />~l"J'b},.han lerminat" the mortgagor'. right to po.....]on, use, and enjo)'ment of thc properl)'. at th. option of the
<br />m~rtgillge" or hilt a8f.ignil fit being allr""d that them",l1gafl:<:trshall have .uch right lInlil ,l..rauh). Upon any .uch
<br />llef;auk. II", ulortj(llg"" ,h,,1I be~on"; lhe !)"'".to! all oltnerenu nnd !...061. ncauinl' after <lefauh a. ..'cnri!\'
<br />(....the i."lebtednr""""eur~d hefeb)', wit~.~,~.,o ;.~!"" llpqn oaitl propertr for Ih. purp"." of ,'nlle<:ting ."ch
<br />renl. ""d I,...ti!.. Th;. i...trumeot.hnll operate ". an_ignrnr'nt of any rwlal. on >aid property 10i!~te"\oot.
<br />
<br />l!:tf.- t"O _~ ..;,'~ t)"~'! H
<br />
|