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80-a, •~}~'i X673
<br />Sand promissory note was given [o secure a loan in which the Small Business Adminietr:tion, ati'~g~~e
<br />United Staten of Araezira, Las participated. Ia camptiance with section 101.1 t d i of the Rules and Regn~ai#Fi'ps=:.-
<br />the Stall Buttineas Administration [13 C.F.R. lOl.ltd7 ], this instrument is to Ire construed and enforced is accord-
<br />ance with applicable Federal taw.
<br />1. -The mortgagorewenants and agrem as follmrs:
<br />a. He will promptly pay the iade~edaeea evidenced by said promissory note at the times sad in tlu
<br />manner therein provided.
<br />b. He will pay all taxes, assessments, water rates, and other governmental or mts:.:e;pal charges, fitus, or
<br />impositions, for which provinim hen not bees made hereinbefore, and will promptlydelivec the official rec~eipL'
<br />therefor to the said mortgagee.
<br />c He will pay such expenses and fees as may be. incurred in the protection and maintenance of said
<br />property, including the fees of any attorney employed by the mortgagee for the collection of any or aB of
<br />the indebtedness hereby secured, or forectoanre by mortgagee's sale, or court proceedings, or in any other
<br />litigation or proceeding affecting said propert}-. Attorneys fees reasonahty incurred in am other way shall }re
<br />paid by the mortgagor.
<br />d. Ear better security of the indebtedness hereby secured, upon the request of the mortgagee. its
<br />successors or assigns, he shall execute and deliver a sups>lemental mortgage ar nmrteages covering an}'
<br />ad<litiana, improvements, or betterments made za the praprrty hrrrinabove drarriberl and all propern
<br />acquired h}' it niter the date hereof i atl in form satisfactory to nrortga gee I . Ettrtbrrnare. Should mortgagor
<br />fail to cure mn- default irz the payment of a 'prior or ind'eriarr rneunrbraner nn the property r4eseribed b}
<br />this instrument, mortgagor hereby agrees to permit mortgagee to rote such default. but mortgagee is oat
<br />obligated to win so: end such adyauces shall hr•.cnme part ref rtes inrlehtr-dnrss sera reel by this instrument.
<br />subject to the same terms and conditions.
<br />r. The rights created by this conveyance shall remain in hdl Inn•e and eti~ect during anc post punrutrnt
<br />or extension of the time of the payment of the indebtedness e•vidrnerd In -ai+I promi;sarv uo:e nr am part
<br />thereof secured hereby.
<br />J. He will continuously maintain hazard insurance, of each type nr types and in such amounu as the
<br />mortgagee may from time to time require uu the impr»ements Hors nr 6rrrnftrr on -aid proprrt,. :rod
<br />wilt par promptly when due any premiums therefor. 311 insurance shall be carried in compamies acceptable
<br />to mortgagee and the policies and renewals thereof shall 6e held by martragee and have attached thereto
<br />loss payable clatrses in favor of and in firm acceptable to the mortgagee.. Lt went of loss, morgagor will rave
<br />immediate notice in writing to mortgagee, and mortgagee may snake peon( .,f loss if not made promptlc by
<br />mortgagor, and rnch insurance compan}' concerned is hereby autltarized and directed to snake payment for suet
<br />foss directly to mortgagee. instead of to mortgagor and mortgatXec faintly, and the insurance Itracer_ds, or env
<br />part ihernof, may rte applied 6y mortgagee at its option either to the reductior. of the indebtedness herebr-
<br />secured art to tl:e restoration .or repair of the property eiamagerl or destroyed. In event ul farectosure of this
<br />mortgage, art other tzarts#er ref title to ;aid propem in extinguishment of the indebtedness secured hereby, all
<br />right, title, and interest of the mortgagor in and to any insurance policies then in force shall pees to the
<br />purchaser or nmr[{tagre nr. at the optimr of the nmrtgagre, mar br mun•ndrrrd for a refund.
<br />g. He will keep all buildings :urd other improyernents mt .aid property iu gaud repair :uui ronditiou:
<br />will permit, commit, or suffer no waste, impairment, daterioratiom of said property or anc part tLeruof;
<br />in the event of failure of the mortgagor to keep the buildings ou paid premises and those erected on said
<br />premises, or inyrrorements thereon, in good repair, the mortgagee nxuy nuke such n•pairs am in its discretion
<br />it may deem necessan~ for the proper preservation thereaf::urd the full xntount u[ each unrl tutee ,ur6
<br />payment shall 6e immediately due and parable: mrd shall be secured Irv the lien of this mot gar.
<br />h. He will not voluntarily create or permit to he created against the property subject to this mortgage any
<br />lien or liens inferior or superior to the lien of this mortgage without the written consent of the mortgagee; and
<br />further, that hr. will keep and muiutaiu the snort Iree I'rueu the claim of ;dl persons ,upplyim;: tabor m
<br />materials for constrection of any and all buildings ur inrproseaurnts now being rrreterl or io br rrrrtrd nu
<br />said ~ premises.
<br />i. He will not rem nr assign asp part of she rent of said mortgaged pnrpertc or demali.+h, or rrntuve,
<br />nr subsluutiulh~ alter any bnildiug without the +vri frets ronseut nC the_ mortgagee.
<br />j, All awards of damages iu conrreetimt with any coudemuutimr for public use of nr iujun to au} of th.•
<br />properly subject to this mortgage are hereby assigned and shall 6e pain to mortgagee, who map apply the
<br />same to payment of the insmllments lust due under said note, and mortgagor is heretic authorized, iu the
<br />-Hume of 4he mortgagor, to exer.~tne and deliver valid acquittances thereof :unl a. appr:d stow auv -urh award.
<br />d'.. 'Cho umrtgagec shall have the tight to inspect the mortgaged premiers at any reasonable time.
<br />2. Default 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 property, at the option of the
<br />mortgagee or his assigns tit being agreed that the mortgagor shall have each right until default j. Upon any such
<br />default, the mortgagee shall become the owner of all of the rents and profits accruing niter default as security
<br />foe- the inclebtodneas ee+t~rredFlje_mby, with the. right to ettrer upon said property for the purpose of collecting such
<br />rents and-nrofite. This instrument shall operate as-an-s..;gatnent aE say rentals an said property to that extent.
<br />SBA fp nM 'eta i2-131
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