|
7~-- 1TRFDL~~t* c.y
<br />Said promissory note was given to secure a loan in which [he Small $uainess Administration, an agency of the
<br />United States of Amezica, has participated. In compliance with section 101.1 (d) 06 the Rufea and Regulations of
<br />the Stai1 Business Adminiairadon [13 C.F.R. 101.1 (dl ], this instrument ie to be construed and enforced in accord-
<br />ance with applicable Federal Lw.
<br />1. T9te mortgagor caveaanta attd agrees ae follows:
<br />s. Ifs will promptly pay the indebtedtess esidenced by said promissory note at the times and in the
<br />moaner therein provided.
<br />b. Be will pay all taxes, saeeaementa, water rates, sad other governmental or *_+:tt:.:eipal charges, fines, or
<br />impaeitiot;a, for which prwiaion has not hers made hereinbefore, and will promptly deliver the ofliciaT rciziyta
<br />therefor to the acid mortgagee.
<br />c_ Tie will pay ouch expenses and fees as may be incurred in the protection and maintenance of said
<br />property, inchrdiarg the fees of any attorney employed by the mortgagee for the collection of any or all of
<br />the iadebiedttess hereby secured, or foreclosure by mortgagee's sale, or court proceedings. or in any other
<br />litigation or proceeding affecting said property. Attorneys' tees reasonably incurred in anv other way shall he
<br />paid by the mortgagor.
<br />d Fe better security of the indebtedness hereby secured, up,w the request of the mortgagee, its
<br />suc+cessora or assigns, hr shall execute Pnd deliver a supplemental mortga,•e nc mortgages rocrring and
<br />additions, improvements, or betterments made to the property hereinaboae describcvl and elf property'
<br />acgnimd by it after the date hereof tall in form satisfactory to mortgagee,. Furthermore, should mortgagor
<br />fail to cure an. a'efaait in m- ,rn, o, .,. ;nfi`ri:%r =.n ...::bra..,. ... ',lte .~„ ... r:. ;t;:~•,•:l.g.d ht~
<br />r pay--- a pear i....t,_
<br />this inatrunteat, mortgagor herebyaagrees to permit mortgagee to cure sorb default, but :uortgagec is not
<br />obligated to do so: and sorb advances =half become part of the indrhtrducss -.•currd hp this instnrmeu6
<br />subject to the same terms and conditions.
<br />e_ The rights created by this rnnvecanee shall remain in full foyer and rilect during any pnRtpuc,rmrut
<br />or eiteasioa of the tittle of the payment of the indebtedness eyidenred by said pmmiswrc note or ana part
<br />thereof sertrrcd hereby. .
<br />J. ile will eoatinuously maintain bossed insurance, of ouch type or type. and in such amotmts as the
<br />ttoortgatix mar from lime to tima~rrquitr an [hz im}>royetnents now or i,rrraftrr on -aid properly, tort!
<br />will par promptly whoa doe any premiums therefor. All ituuranre shall be carried in companies acceptabk
<br />to moatgagoe sad the policies and renewals tltetrof shall be held be mortgagee and bare attached thereto
<br />~ pacablr clauses in favor of and in farm acceptable to the mortgagee. In event of loss, mortgagor will give
<br />immediate t:otice is writing to mortgagee, sad mortgagee may make proof of loss if not made promptly by
<br />rnorigagar, sled cacti itauraare rnmpany coarerrted is hereby auihoaixd and directed to make pay~ttent for sorb
<br />loos dirtrtlc io mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds, or any
<br />part ehrte+of, may be app&ed by mortgagee at its option either to the reduction of the indebtedness hereby
<br />sartttrd or to the restrsiation ur repair of the property damaged ar destroyed. la event of farrclosttm af'thi~
<br />moe•Ygagr, or other transfer of title to said pmperic in extinguishment of the indrbtedttrss ser::red hereby, all
<br />right, title, and interest of the mortgagor in sad to any imuraare policies then in farce shall pass to the
<br />purcharwr ar morttrager ar, at the opiimt of the mortgagee. may hr -urrrmlrnYf fur a rcftutd.
<br />;. IIe will keep all 'buildings sad other improaeurrnts on ,.aid l,mlx•rty in =awd repair and v~nditiou:
<br />wilt permit, commit, ar su$er no waste. impairnxnt7 detrrioratian of ..aid fuolu~rty or cur part thereof:
<br />in the treat of failure of the n:ortragar to keep the buildings ou said prrneise+ and thn>e erects,! nn said
<br />l,reatists. or improvement, thereon, in good repair. the mortgagee may tua-.r -ueh repairs, a- in its discretion
<br />ii may deem raeerxsarv for ±he proper prrtnattott thereof: and the lull amannt of each au,l rarra such
<br />paraxat shall be tmareuatek due and payable: and hall be sentr•r+l by the lien n( thin a+ort;:ay:r.
<br />d. Tit gill aw voluntarily rtratr or permit to be eteaied against the proprrh~ subject to this mortgage any-
<br />litss ~ liesa iafrrirv or superior to the Sieta of Chia mortgarr without the written vvttsrnt at the mort{zatter: sad
<br />further, tttzS he will keep and maintain the same Inge front the claim .«f ail !x•rsuns -u l,j;h ing labor or
<br />mauritla for r,tutstrurtian oI anv and all buildings ur iraprc,vem.-nts no.. hYinr ,-rrrtr,l or Ec. hr rrtcted nu
<br />said pret+tiae•w
<br />i. He will sot seat or a ugn any part of the rent of ,aid mortgagod l+ruprrt+ or dernoli.h. ur r :: nr.
<br />a}r -ub_tantiallc alter 3n~ huildang with:~ui the written roaseau of the mnrtracc~r.
<br />} 311 awards of dataagrs is rounertioa with say condemnation for puhiic a:sa- of or iujun to ana of tl,r
<br />fri~.~-rt• subject to ibis ntartf:.agr are hereby assigned and shall br paid to nt,r rtgager, who man apply the
<br />.eau t~a lsacutrat o3 the inatallmen[s la..t due under said ttotr_ and mortgagee i. herrba authorised, in the
<br />„:aloe cf ilk 4ar'>r. tb rxc~te agd diver ,slid ~ruiita_nre~ tlvrrraf and to apl.ra! from anv such avaanl.
<br />k_ 'f ire axaetgatree shall have the right lu in-urri !lu neortfiagesi fartuixrr at anv era+uuable tiwr.
<br />2 1]edattlt at say of tke t~weaatats err marlitiotsa of tltia ittstrumrot or of the note or loan agreement secured
<br />1teEreby stall itrmiaate tles mortgagor's right to ptaataasiaa, use, sad. rnjoymrnt of the property, at the option of the
<br />~aactgtlltne to Ilia aaatlma tit being agreed that the awrlltagor rlrall here such sight until defaulti. Upon say ouch
<br />default, the mortgagee shall become the owarr of all oI tlu rents and profits aeetving after default as security
<br />faa the indtTt3adac+n sotttred hereby, with the debt to ~rtsY npoa said property for the purpose of collecting such
<br />teats sad profits. 17ris iaetrtmtent shall algate m tta ae>lptment of any rentals on said property to that extent.
<br />.--s_ :. ~.i ..
<br />
<br />
|