|
8Q_.,.~~ 5$74
<br />Said promissory note was given to secure a loan in which the Small Business Administration, an agency of the
<br />IInited Staten of America, has participated. In compliance with section 141.1 (d} of the Rules and Regnlatione of
<br />the Sreytl Business Administration (13 C.F.R. 101.1/d} 1, this instrument ie to he construed and enforced in accord-
<br />ance with applicable Federaliaw.
<br />-- I. The mortgagor covenants cad agrees as follows:
<br />a. He wilt promptly pay the indebtedness evidenced by said protnimory note at the .times and is the
<br />manner therein provided. ,
<br />b. He will pay all taxes, aeeessmeau, wafer ntea, and other governmental or mn:,izipai chasgee, 8nee, or
<br />impositions, for which provision has not been made hereinbefore, and will promptly deliver the offieia! reieipts
<br />therefor to the said mortgagee.
<br />a He will pay each expenses and fees as may be incurred in the protection and maintenance of said
<br />properly, ins-lading the Fees of any attorney employed by the mortgagee for the collection of any or all of
<br />the indebtedness hereby~aecured, or foreclosure by mortgagee'x sale, ar court proceedings, or in any other
<br />litigation or proceeding affecting said property. Attorneys' h+ea reaaonahh incurred in am other way shall he
<br />paid by the mortgagor.
<br />d. For better security of the indebtedness hereby secured, upon the n•qurst of the, mortgagee„ its
<br />successors or assigns, he shall execute and deliver u -upplemental mortgage nr nwrtgages covering any
<br />additions, improvements, or 6ettermenis made to the property hereinabov-c described and all properh
<br />acquired by it after the date hereof gall in. form satisfaetorv to ntortgageei. Furtbermore. should mortgagor
<br />fait to cure am- default in the payment oC a prior or inferior encumbrance on the property described by
<br />this instrument, mortgagor hereby agree= to permit mortgagee to curt such default. but mortgagee is not
<br />obligated to do so: and such advance.: shall become part nF the indrhn•dnr>~ crrured by this in-tnuuent,
<br />subject to the same terms and ennditioue.
<br />e. The rights creased by this conveyance shall remain iu Full force and etFert during auv postpunrmeat
<br />or extension of the time of the payment of the iudchtednes.. evidrnred by .aid prnmissnn~ ante or env part
<br />thereof secured herebv.
<br />~. He will continuously maintain hazard insurance, of each type or types and in such amounts ns the
<br />mortgagee may from time to time require ou the improvement- now ur 6rreaFU•r nu ,aid property, .nul
<br />will pay promptly when due any premiums therefor..41! insurance shall he 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 e. rnC of loss, mortgagor will give
<br />immediate notice in writing to mortgagee, and mortgagee may make proof of loss if not made promptly by
<br />mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for sach
<br />tuna directly- to mortgagee instead of to mortgagor and mortgagee jointly', noel the insurance proceeds,. or anv-
<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 ar 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, ail
<br />right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass to the
<br />purchaser or mortgagee or, at the option of the mortgagee, mar he su rreudered (or a ref uud.
<br />g. He wilt keep all buildings and other improvements on said property iu ;;nod repair :uul nmditiml:
<br />will permit, commit, nr stlRer uo waste, impairment, deterioration of .aid property ur any part thereof;
<br />in the event of failure of the mortgagor to keep the buildings ou wid premises ^nd those erected ou ,aid
<br />premises, or improvements thereon, in good repair, the mortgagee war make such repairs as in its +liscmtion
<br />it may deem necesaurr for [he proper preservation. thereat: and the full amount of carte :u,d even- -nch
<br />payment shall be immediately due and payable; and shall br .scared 6y tier lieu of this mortgage.
<br />h. He will not voluntarily create or permit to be created against the property subject to this mortgage env'
<br />lien or liens inferior or superior to the lien of this mortgage without the written rmhsent of the mortgagee; and
<br />blether, that hr w'dl keep mul maintain the ,amt leer loan for vlatm of al! prr,ons -upplcin;; labor or
<br />materials for wnstruction of any and all buildings or improvem:•nt. uoy. bring .•rr+~ted nr to be .erected ou
<br />' -said premises. -
<br />i. Hr will not rent or aasigo any port of the rent of said mortgaged properh ..r demolish, or reuwve,
<br />or substantially aher uuy building without the written consent ,a the niongage+•-
<br />j. All awards of damages in contraction with any eondennlation Inc public use of or injury to auv o(tl+•~
<br />properh subject to this mortgage arc hereby assigned and shall 6e paid to nu+rtgager, who may apply the
<br />same. to payment of the installments lust due under said note, and nhurgugee is herebv authorized, in the
<br />-name of the mortgagor, to execute and deliver valid acquittance. tbrreof and u. appeal from ~urv sneh award.
<br />_ - k. '1'hr uutrtgagee aimll Gave the right to inspect the mortgaged preeuiar. at any reasonable tines.
<br />- - 2: flefault in any of the eovenante or conditions of this instrument or of the note or loan agreanent secured
<br />hereby shalt terminate the nmrtgagor s right to possession, use, and enjoyment of the property, at the option of the
<br />mortgagee or bin assigns (it being agreed that the mortgagor shalt have such right until default 1. Upon any such
<br />default, the mortgagee shall become the owner of all of the rents and profits accruing after default as security
<br />for the indebtedness •+ecured hereby, with the. riabt to enter upon said property for the purpose of collecting such
<br />rents and pro;F.te. This?instrumegE:eFiall operate as an assignment of any rentals on said property to that extent.
<br />SBA FO nM 92a (2-]31
<br />
|