HomeMy WebLinkAbout2635 F~1ClAL ~RECORGI
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Said promieaory note wae given to secure a loan in which the Small Bu+ineas Adminiatration, an agency of the
United States oi America. haa participateJ. In compliance with eectio~ IOI.l(d) oi the Rulea and Regulations of
tlie Small Bueineea Adminietration [13 C.F.R. IOl,lldl this inatru~ient ie to be conatrued and enfotced in accord-
snce with applicable Federal law. •
l. The mort~a6or eovenanta and a~rees as foliows: ,
a. He wil! promptly pay the indebtednees evidenced by said pcomissory note at the timea and in the
manner therein provided.
b. He wili pay all taxea, aaseaameate, water rate~, and olher ~overnmental or municipal charges, finea, or
impoeitione, for which provision haa not been madeshereinbefore, and will promptly deliver the of6cial receipts
therefor to the esid mortgagee.
c. Ae will paq euch e:penaea and ieee aa may be incurred in the protection and maintenance ot aaid
property, including the feee of any attorney employed by the mortgagee far the collection of any or all of
the indebtednesa hereb}• aecured, or foreclosure by mort~a~ec's eale, or couri proceedin~a, or in an~ other
litigation or proceedinR afTectinR said pmJ?erty. Attornc~•A' fee: masonabh~ incurred in am• othPr war Rhall be
paid by the mortga~or.
d. For better e~ecurity of the indehtedne~v hereby aecureJ, u~wn the request of tlie mort~agee, its
eucceaeore or aesi~na, he ahall execute and deliver a supplemental nwrt~aKe or mortRaRee covering an~
additiona, improvements, or betterments ma~lc to thc pro~?ert}- herei~iabo~•e des~ribed a~~d all propert~
acquired b}- it after il~e date hemof t a~) in forni satislaclor~• to mort~agee Furtl~eriuor~, ~hoi~ld ~nort~a~or
fail to cure ant default in the pa~~nt~ni of a prior or iuferior encumbrauce ou the (~roperi~~ described 1>~
~~ilS inaUunient. mort~u~or hetej»• agrePS ~A l/CT1111~ mort~;a~;ee IO CU~P, RllC~l I~Q~i111~1. htll mort~a~;ee 1~ I10~
abliKated to do so: and such ad~~ancc+ •hal) bec~me part of Ih~ ind~htrdne.• :~t~cure~l br Ihi~ in•~rnmPnt.
rubject to the same terms and condition~.
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e~. =1'~ie rig~t~eatet~~ ~ thia conce~ance ahall re~nain in full [orce and rRect durinR au~ ~?o:~ipunemt•nt
or extei~ion oi thp e~~!!~' ~e i>a~-ment of ihe ind~htedne:s evid~nce~l b~~ raid promi~~ur~• not~ or anc ~?art
thereo~.e~eured ~ebv~
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ge will «x~tine'oaslgmaintain hazard ineurance, of auch ty pe or typea and in such amounta aa the
mort~ca~ee ma~ oni;t'u'~ie;to time rrquirr on the improvemcnt• nor~~ or I~ert~after on raid pro~~t•rly, an~l
will pay, prom Mt~eii dpe any premiums therefor. Alt ineurance ahall be canied in companiea acceptable
to rrt4rtaagee . t}te ~?liciea and renewals thereof ahall be held by mortgagee and have attached thereto
' loss payable clw~ses i~rita~aor o[ and in form acceptable to the mortgagee. In event of lose, mortgagor will give
immediate no~Sce in wiiting to mortgagee, and mortgagee may make proof of loae if not.tpade. ~romft~ly by
mortgagor, and each insurance company concerned is hereby authorized aad ~tirected to m~k~tp~yment ~otench
lose directly to mortgagee inetead of to mortgagor and mortgagee jointly, and the ineurance procteds, or anp
part thereof, may be applied by mortgagee at ita option either to the reductioa of the indebtedneas hereby
secured or to t{ie restoration or tepair of the property damaged or destroyed. In event of forecloeure of this
mortgage, or other trans[er of tide to said propertv in exiin~uishment of the indebtedneea secured hereby, all
right, title, and interesi of the mortgagur in and to an} inaucance policiea then in force shail paea to the
~iurchaser or mortKa~et~ ar. at the option of the mori~a~e~, ~nac b~~ ~t~rr.•nd~•rt•~) G?r a refun~l.
~ g, He will keep al) buildings and other iml~rovemettts on eaid ~~tuperty in ;:oud repair an~l conditiou:
~ ~+~ill pennit, commit, or sufier no waste, impairmenl, deterioration of ~aid propert~• or a~»' part thereof:
in tt~e ecent of fail~~re of the mart~~~or to kePp the buildin~• on sai~l premi~e~ an~l tl~o~e erected on sai~l
! E~re~ni.es, or i~npro~-ementc ihrrPOn, iu ~ood repair, the mort~a~ee ma~• roake wch repairF a~ in i(s diecretion
E it ru;er deem necer•sar~- for the proper preservation thPreo(: an~l the full amount o( c,~ch aml P~~~r~ ~uch
~ pacn~F•nt ;I1a11 be imme~liateh- di~P and pa~abl~: an~l shall he seeurPd b~~ the lien of Ihi- mort€a~f•.
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; h. He will not vofuntarily create or permit to be created a~ainst the property eubject to thie mortgage an•
~ lien or liena inferior or superior lo tl~e lien of lhis mortgage without the written consent of the mortgagee; and
3 further, ihat Ize »-il) iceep anil maintain ihe san~r (ree irom thr claim of rll ~?errun~ :upph-in~ labor or
materials for construction of an~- and all buildin~~ or improvem~nts no~. lwin~ rr~el~~) or to I~r ~r~~ted on
? said premises.
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_ e. HP will not rent ur a:~si~n an~ (?arl of the rent ~F ~ai~1 mortgakNd ~,r.~prrt}~ or dE~moliah, or rrnio~e,
~ ~?r :uE~rt:+ntia~~f• a~tPr an~ ~~i~il~~in~! Hithout the wriu~~n con~ent of ihe ~nort~a~et~.
j. ~il aNarda of dan~:~~;r~ in conuection N-itli am conde~~i~~ation for public ~ise of or injur~ ~o an~ of tL~•
properic ~u6je~t to thi; mort~;u~c are hPmb~ a-~igne•d :~n~l ~hal) be paiil tn mort~a~;ee. ~~'ho ma~ appl}• ihe
:•rme to ~?~c~nent of th~ in.tallm~nt:~ la-t ~lu~ un~l~r tai~1 not~•. and ~uort~;a~;ee i< hert•b~ authnri•r.ed, in thF
~ namF o( thr riiort~;a~;or, to exr•cui~ an~i ~i~li~•rr ~ali~l a~~~uittancc~: th~~rPOf an~l to :~pp~•.~I fro~n anc ~u~h a~.•ar~l.
: k. 'I~h~~ u~i~rt~a~;e~~ ~I~all hace~ Ih~• ri~ht to im~~e~t lhc~ n~ort~:a~~~~l pr~•mi~~•. at ,~n~ rru•~~i~ablP tim~•-
2. Default in an}• of the covenantx or conditions of ihis instrument or of the note or loan a~reement secured
F hereb~- shall terminate the mort~a~or's ri~ht to possesaion, uRe, and enjo~•ment o( the propert~, at the option of the
= mort~a~;ee or his assiRne (it bein~ a~reed that the mort~a~or shal) ha~•e such riRht u~tii ~~efauit). L'pon an~~ sach
default. the mort~aRe~ ohal) hPCOmP the owner of all of the renta and profit4 accruin~ after default an aecurit~~
for ihe indebtednes.g secured hereb~•, hith the ri~ht to enter upon eaid propertr (or the purpose of collecting such
renta and profits. Thia instrumFnt ihatl operate aa an asei~nment of any rentals on said propert~ to that extent.
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