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79-r ~~35~~6
<br />Said promissory 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 101.1 (d) of the Rules and Regulations of
<br />the Shall Business Administration [13 C.F.R. 101.1(d)], this instrument is to be construed and en[otced in accord-
<br />ance with applicable Federal law.
<br />1. The mortgagor covenants and agrees as follows:
<br />a. He will promptly pay the iadebtedness evidenced by said promissory note at the times aad in the
<br />manner therein provided.
<br />6. He will pay all taxes, assessments, water rates, and other governmental or m;::ucipal charges, fines, or
<br />impositions, For which provision has not been made hereinbefore, and will promptly deliver the official re%•bipts
<br />therefor to the said mortgagee.
<br />c. He will pay such expenses and [see as may be incurred in the protection and maintenance of said
<br />` property, including the tees of any attorney employed by the mortgagee for the collection of any or all of
<br />the indebtedness hereby secured, or foreclosure by mortgagee's sale, or court proceedings, or in any other
<br />litigation or proceeding affecting said property. Attorney 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 the mortgagee., i!s
<br />eeccessnrs or es8i~ns; he shall execute and deliver a supplr.mental mortkat;e or mortt:a¢,es covzring any
<br />additions, improvements, or httierntents made to the proprrh 6ercinabutr described and all ptoperh
<br />acquired by it after the date hereoi i all in form astisfnctory to »tortgagee ~. Furtbrnuore, should mortgagor
<br />fail to cure any default in the payment of a prior or inferior encumbr:utcr on the property described h.
<br />this ins[runcent. mortgagor hereby agrees to permit mortgagee to cure sorb default. bui nturtEa{;rr is nol
<br />obligated to do so: and such advances shall hecomt part of Utt inrlehh•+ines. -scored by this mstnnnrnt,
<br />.object to the same terms and conditions.
<br />e. TLe rights created by this conceyanec ,hall remain iu full force and effect during ant pustpuneuu•nt
<br />or extension of the time of the payment of the indebtedness evidenced bt said pr<unissnrc note or am earl
<br />thereof secured hereby.
<br />f. He will continuously maintain hazard insurance, of such type or types and in such amounts as the
<br />mortgagee may frenn time to time regttirr un the improvements now ur hrreaher on said properly, au+l
<br />will pap 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
<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 prop[ of loss if not made promptly b}'
<br />mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for ouch
<br />lose directly to mortgagee instead of to mortgagor and mortgagee jainth~, and the insurance proceeds, or env
<br />part thereof, may be applied by mortgagee at its option either to the reduction of the iudebtedness hereby
<br />secured or to the restoration or repair of the property damaged or destroyed. In scent of foreclosure of this
<br />___ R_ . „~ti... r.ar„trr of rifle to ,raid nrnnerty in rxtineuishmrnt of the indebtedness secured hereby, all
<br />ri[tht title,` and interest of the ntartgagar in and to an}° insurance policies then in farce shaft pass to the
<br />~~ purrlta±er or mortgagee ur, at the optimt of the amrtgagrr. wx~ hr surrendrrrd for a rrfuud,
<br />g. lfr will keep aH h[tifdimgs atul other intprucrments ou raid property in good r=p:rir and rvrndition;
<br />will permit, commit, or suffer no waste, impairment, deterioration of said prop+rt} or any part thereof:
<br />in the event of failure of the mortgagor tm keep the buildings ou said premiers and 1Luse erected un said
<br />premises, or imprncrnrtnh ihemom. in Fond repair, the mortgagee may u:akr aunt repairs as in its di»crrtion
<br />it may deem necessan For the proper preservation thertvrf; ,md the Full uuunutt of each nn:l erect such
<br />p;p•meut shall be incur+liau•ly due and pa}ahb•: wtd shall br secured bt the lira of chi- mortgage.
<br />h. Nn will not voluntarih create or prrntit to be created against the property subject to this mortgage any
<br />lien or liras inferior nr superior ut the lieu of This murtgagt without the written canetnt of the mortgagee; artd
<br />furtbrq that hr will beep and nu:intuiu the s,uur Irre from the claim ..1 all pecans -uppltinp lairor ut
<br />materials fur cunstrutkm ..f amy and all building. ar iwprmrtvnents mew 6ein~: en•rted ut t,t fir erected on
<br />said pr•ntisrs.
<br />i- ll.• will nut rent or arraign ant part of th+• real of .aid nu+rtga grd prupr rte ur demuli•h, ur rrmur c.
<br />ur xuhstuntialh alter ant 6uildinµ without the written eumsenl of Ilu• nurrtgagre-
<br />f. All :[wards of dautagvs iu roumretiuu wiUt auk cundcnutauon fur public use n( ur iolut t n, ant ul t6+•
<br />property subject to thi» martgagr ore hereby assigned antl ,.hall be paid to mortgagee. who mfa) a{+pic the
<br />same to patutrnt mf t6e inRtalLnruts Iaa due under said note, end nutrtgugrr i- lsrr•ht amtltnriaed, in the
<br />name of the mortgagor, la execute and Jeliter talid aequittnuee- thereof cud t+. appeal fnnu sot such award.
<br />k. The mortgagee shat{ have the right to fn»pert the nutrtgagad perm{»r• at any rrasunahle time,
<br />2. Default in any of the covenants or conditions tsf this instrtment or nF the note or loan agreement secured
<br />hereby shall terminate the mortgagor's right to possession, nee, rand enjoyment rat the property, at the option of the
<br />mortgagee or his assigns lit being agreed that the mortgagor shall have such right umil de[aakl. Upon any such
<br />default. the mortgagee shall become the owner of all of the rents and profits scenting after default as stratify
<br />for the indebtedness secured hereby, with the right to enter upon said property far the purpase of collecting each
<br />rents and profits. This instrument shall operate as an assignment of any rentals on said property to that extent.
<br />SBA FL1 CrM 920 12.73)
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