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79-- U Q 4113
<br />Said premissory note was riven to secure a loan in which the Small Business Administration, an agency of the
<br />United States of America, has participated. Iu compliance Kith section 101.1 (d} of the Rules and Regulations of
<br />the Slrali Business Administration []3 C.F.II. 101.1(4) ], this instnnnent is to be coo=trued and enforced in accord-
<br />ance with applicable Federal law.
<br />1. The mortgagor covenants and agrees as follows:
<br />a. Ile will promptly pay the: indebtedness evidenced by eai4 promissory note at the times and in the
<br />manner therein provided.
<br />b. Ke will pay all taxes, assr~sments, wader rates, and other governmen(a1 ar t:t;;a:cipai charges, fines, or
<br />impositions, for which provision has not b+;en made 6ereinbefore, and will promptly deliver the otTicial rcieipta
<br />therefor to the said mortgagee.
<br />a He will pay such expenses and fees as may be incurred in the protection and maintenance of said
<br />property, including the -few of any attorney employed by the mortgagee for the collection of any or all of
<br />the indebtedness hereby secured, or foreclo=ore by inortgayru`s sale, or court proceedings, or in any other
<br />litigation or procee4ing affecting said property. Attorneys' fees reasnuahh incnrre,i in any other way shall he
<br />paid by the mortgagor.
<br />d. Fur better security of the indch(cdness hereby secured, upon the request of the mortgagee, its
<br />successors or assigns, he aha21 execute and deliver a supplemental mortgage nr mortgages corning -any
<br />additions, ingirovemeuts, or betterments made to the proprrty hrreinabuyc dexrihed and all properh
<br />acgcired by it after the date hereof (all in Eonn satisfactory io n:ortgagcel. Furthennorr, sbnuld mortgagor
<br />Lail to cure any- default in the payment of a prior or inferior encumbrance +>u the property described by
<br />this instrument, umrlfiager hereby agrees to permit mortgagee to rare such default tut mortgagee is not
<br />obligated io do so; xnd each adcanees shall become part oC the indebtedness .reun•d by this iestnnuent
<br />subject to the same terms and coavlitimv .
<br />e. The rights created by this cm7cecance shall reu7ain in full force and rlfect duriuF au7 pus(puw•uu•ut
<br />or extensioli of the !tote of the payment of the iudchtedncss r.cidrnccd h.' paid promissory nnlr or any part
<br />thereof secured hereby.
<br />f. He will continuously maintain hazard insurance, of such typo or types and in such amouata as the
<br />mortgagee ntas from time to time require o^ the inepravenu•nts rut. or hrrra(trr on -aid proprrty, :uul
<br />K•ilI pay promptly when due aziy premiums therefor. All insurance shall be carried in companies acceptable
<br />to mortgagee and the policies and renewals thereof shall he held be +nort Magee and have attached thereto
<br />loav payable clauses in favor of and in furor acceptable to the mortgagee. In event oC loss, mortgagor will give
<br />immediate notice in writing to mortgagee, and mortgagee may make proof of loin iF not made promptly by
<br />mortgagor, and each insurance company concerned is 17ereby authorized and dineted 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 iridebtedrleas hereby
<br />secured or to the ra:toration or repair of the property damaged or destrayed. In event of fereelosute of thin
<br />mortgage, or other transfer of title to said property in extinguishment of the indebtedness secured hereby, all
<br />tight, title, and interest of the mortgagor in and to any insurance policies then in Corce shall pare to the
<br />purchaser or mortgagee uq at the optiml of the mortgagee, mac hr ,urrrudrrrd for a refiuui.
<br />g. Ile will keep all buildings and other impro7eutenta on said property iu good repair and cunditimc
<br />Kill pernut commit, or suffer no waste, impairment deterioration of eaid property or any part 2hereaf;
<br />in ti+e event of failure of the mortgagor to keep the btuklings on eaid premises and those erected on said
<br />premises, nr improyemente thereon, in good repair, the morlgagec way tuake uclt mpuirs as in its discretion
<br />it ma}' deem necessary fur the proper pre=en'ation thereof; and the full autnunt of early and every such
<br />payment shall be immediately due and }>ayablr: and sl?aH 17C ePCI1 rP.d by rile lien of II7ie mortgage.
<br />~+. He K'IIl not yOhln(anly Crease Or pennlL to be created agalnet (17a property Eilhlect LO [1775 Mortgage any
<br />lien or liens inferior or superior to the lien of this Inorigace K'llhOtlt the K-ritteu consent of the mortgage-e; and
<br />Further, .that he Kill keep and maintain the settee free fmrn 117e claim of ail persons sul7piyil:g labor or
<br />materials for consiructian of arty and all buildings or itnprovemcnts nnK 17+'ing erected or to be rrecie+l on
<br />said premises. -
<br />i, lie wi^ not rent or ansi~n am part of the rent ul eaid mortgaged property or drtuolish, ur ulna. e,
<br />or +uhstmttially alter any hailding Ki(hout the Kri tteu an7seut of the mortgagee.
<br />j. Ai! awards of damages in eom7ection with any cmuiemnatia+7 for public use of ar injure at anc nC the
<br />proprrty s7ebjeet io ibis mortgage ace heretic assigned and shall be paid to nu7rtgagee, who may apply the
<br />sm+7e to l+ayu7rnt ofthe installeuents last due under said note, and nmrtgagce is herrl+y authorized, in the
<br />-name of tixe mortgagor, to execute. and deliver valid argnittaltces thereof :md to apps! from any sorb award.
<br />/.'. Tltemortgagee si7a11 have the nigh( to inspect the nmrtgage4 premisr~ at anc masonahh• tiut++.
<br />'?. Defatih in-arty of the coyetiante ar conditions of this instrument or of the note or loan agreement eeeured
<br />.herebyshaTl terminate the mortgagor's right to possession, use, and enjoyn7ent of the property, at the option of the
<br />mortgagee ter Iiis~.aasi~t7s {it being agreed that the mortgagor shall have such right until default). Upon any snch
<br />defatlli; the mortgagee-shall become the owner of all of the rents and profits accruing after default as security
<br />-for the indebtedness secured hereby, with the ritild to enter upon said property far the purpose of collecting such
<br />rents.and profits. This instrument shall operate as an assignment of any rentals on eaid property to that extent.
<br />SBh Fp RM 92a 12-731
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