|
<br />-Said proat~ory Hate-waa given to neeare a loan in which the StttaB Botiaess Adminiatratina, as agency of the
<br />Utoited States of America, has-parlidpated. In compliance with section 1QI.1(d} of the Risks and RegoLtiom of
<br />the Stttrll Brt~rtme Athaiaistntioa [I3 GF:R. 101.1(d/ ]. this iastrameat v to 6e comtroed and enforced is accord.
<br />sense with applacabk Federal Inv. -
<br />1~ Tlrotttortgagtrenrsaaatsaadagmaaufoiaswaz
<br />a He will psamptly pay the iatkbtednras evidetreed by said promissory note at the titan sad is the
<br />manner therein provided.
<br />b. $e wilE pay all tuts, aeseasmenLy water rates, and other governmental or +vRr:ripal charges, (ins, tx
<br />impvutiotas, for which provieioa has Hat been made hereinbefore, and will promptly deliver the officia: reeesp:a
<br />therefor to the said tttarigagse.
<br />c. He will pap such a:penses sad fees a. may be incurred in the protection and maintenance of said
<br />property, iaeluding the fees of any auomey employed by the mortgagee for the collection of any or all of
<br />the indehtednrs hereby aecvred, or foreclosure by mortgagee's sale, or court proceedings, or in any other
<br />lixigatioa or pros edivg aReetiflg said property. Attarnty~ fees reasonably iaca:rcrl in ane• ether wa-r shall he
<br />paid by then mortgagor.
<br />d. For better security of the indebtedness hereby secured, upon the request of the mortgagee, its
<br />sueeessacs ar assigns, he shall execute and deliver a supplements[ mortgage or mortgagee covering any
<br />additions, improvements, or betterments made to the property' 6ereinabocr described and all property
<br />acquired by it after the date hereof 1 all in form eatiafactory to mortgagee I .Furthermore, shoal+l mortgagor
<br />fat'. to cure any default in the payment of a prior or interior encumbrance nn the property described by
<br />this instrument, mortgagor hereby agrees to permit mortgagee to cure sorb default. bat mortgagee is not
<br />obligated to do so: and such advances shall become part n( the indehtednrss srrnred by this utstrument,
<br />subject to the same terms and comlitions.
<br />r. The rights created by this conveyance shall remain in (all force and rlfect during au< pv„tpwu•umtrt
<br />or extension of [he time of the payment of the indebtedness evidenced by .aid promissory note ur ane part
<br />thereof «ecured hereby.
<br />(. He will continuously maintain hazard insurance, ut such type or types and in such amounts ae the
<br />.mortgagee may from time to time require on tF.c inrpruvrments now ur 6e•n•a(n•r on .Hid proprrh, .and
<br />will pap promptly when due any premituns therefor. All insurance shall bt carried in companies acceptable
<br />to mortgagee and the policies and renewals thereof shall he held by mortgagee and have attached thereto
<br />loos parable 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 easy make proof of lose if not made promptly by
<br />mortgagor, and each insurance company eoaeemed is hereby authorized and dimetcd to make payment foe such
<br />]oes directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance praceeda, or any
<br />part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby
<br />secured or to the restoration 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 intereet of the mortgagor in and to any insurance policies then in force shall pass to the
<br />purchaser oe mortgagee or, at the option of the mortgagee, mac br surrrndrrrd fur a reboot.
<br />g. He will keep all buildings and other improveutents uu said property in gaud repair and cundilion;
<br />will permit, commit, or suffer nu waste, impairment, deterioration of said property or any part thereof;
<br />in the event of failure of the mortgagor to keep the buildings on said prewisea and thong erected on said
<br />premises, or intprovementa thereon, in good repair, the mortgagee may make sur6 repairs us in its discretion
<br />it may deem neceeaarr for the proper preservation thereat; and the toll amount of each .wd even .ach
<br />payatent shall be immediateh• doe, and payable: and shall be secured br the lien of this uurrt~agr.
<br />h. He will not voluntarily create or permit to be created against the property subject to this mortgrge any
<br />lien or liens inferior or superior to the lien of this mortgage without the written consent of the mortgagee; and
<br />furtheq thus he will keep and nu!intaitt the s.uute leer from the claim ..I all prr~otts supplying labor or
<br />materials for conatruetion of any and nil buildings ar impro<rm.•nts no»~ bring rn•eU•d nr In he erected nu
<br />said prentisea.
<br />e. Nr, will not rent ur assign any pert of the rent vi :aid mortgaged pn,prrt~ or drmoli.h, ~.+ n•mut c,
<br />or substanti:dly alter uup bniidinq without the wri tern consent of the nuxtguger.
<br />j. All awn;de of damages in conueetiun with any condetuuatiou (or pu6lie u,r u( +,r injure to auk of the
<br />property subject to thin mortgage are hereby assigned and shall be paid to mortgagee, why ma) apply the
<br />.ame to pu~utrnt of the installments lent due under ,aid nvrt•. and umrtquger i+ hereby authorized, in the
<br />name of the mortgagor, to execute and de~irer valid acquittances thereof and tv appe•al frv>iu uuy sorb award.
<br />k. "1'hr utortga~ec shall have the right to innperl the nurrtgage-J prrminr. at an. r<•usuuable time.
<br />2. I~sfault. in any of the covenants or conditions of this instrument or of the note or loan agreement secured
<br />hereby shall terminate the mortgagor's right to possession, use, and enjoyment of the propertc. at the option of the
<br />mortgagee or his assigns fit being agreed that the mortgagor shall have such right until default 1. Upon any such
<br />defaulF, the mortgagee shall become the owner of all of the rents and profits accruing after default as security
<br />for the indebtednem secured hereby, with the. right to.enrer upon said property for the purpose o[ collecting such
<br />rests a»d profits. This instrument shall operate as an assignment of any rxntala on said property to that extent.
<br />56A FORM 9za (2-73)
<br />
|