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Home My WebLink About2354 ~ • - ' 11.. I. • • f • • • ' + , ' , Said promieaory note waa ~iven to eecure a loan in which the Smal1 Businese Adminietration, an agency o( the l.Tnited ~tatea oi Amcrica. has participate~l, ln complia~ce with eection 101.1(d) oP the Rules and Reguiatious of the Small Bueinesa Administration (13 (:.F.R. 101.11 d I fhia inetrument ie to be conatrued and enfotcet! in accord- ance with applicabte Federai taw. l. The moctgagor coveaants and aareea as follows: a. He will promptly pay the iadebtednese evideaced by aaid promiaeory note at the timee and ia the maaner therein provided. b. He wil! pay all taxea, aaeesxmenta, water ratea, and other governmental or municipal chargea. finee, or impoeitiona, for which provieion has not been made hereinbefore, and will promptl} deliver the ol6cial receipta therefor to the said mortgagee. c. He will pay auch e:peaaes aad fees ae ma~ be incurred in the protection and mainteeance of aaid pmperty, including the feea of any attorne~ employed by the mortgagce for the collretion of any or all of the indebtedneaa hereb~ ~ecured, or foreclosure b~ mortRa~ee'~ Ai1IP~ or court procee~lin~tK, or in an~ other litigation or proceedinR afiectin~ i,aid propert~•. Attorne~~a' feea rearonabh• incurmd in an~ oiher war rhal) he paid by the mortRaKor. ' d. For better ~ecurity of the indebie~lne~ hereby secured, u~wn the requrrt o[ tl~e morlKagce, its succes~ora or aa~iRna, he aha11 execute and Jeli~er a Fupplemental mortKa~ce or mortKaKes coverin~ an~ addition~, impm~~ementa, or betterments made to tl~e propert}- herein~bu~~c deseribed and all propert~ acquirP~l bc it after tlie date hemof ~ all in forni satisfactory to n~ort~~Fee H urth~•r~nore~ •hould mort~a~;or (ail to cure anv default in the pa~~nent of a prior or inferior eucumbrance on Ihe pro~?ert~• describ~•d i?v thi: inatrument. mort~a~~r hercUc a~rec•~ to pern~it mort~aKee to cure ~uch default, hut mort~a~ee i~ not ohliKated to do so: an~l euch advance~ .halT i?rcome part of th~ in~ieht~~~lne•:. .r~•ur~d b~• thia in~tr~rm~itl, .ubject to the eame terme and conditiou~. 7'he ri~htK created b~ this cou~•e~•auce ahall remain in full force and rl~ect durin~ an~ ~~or~punenu~nt ar extenrion of the time o~he pa}-mFnt of the indebtPdne~x evide~nced bv ~,-uil promi~:~on• notP or an~ ~?ar[ tliereo[ secured hereb~~. ~ ~ He will continuouely maintain hasard ineurance, of euch type or typea and in such amounte as the mort~a~ee ma~ (rom time to time require on the improveui~nl. now ur hereaRer un c:ai~l pro~i~rl~, a~~d will pay promptly when due an}' premiums therefor. All inaurance ahall be cart~ied in companiea acceptable to mortgagee and the policiea and re~ewala thereof ahall be held b}~ morigagee and have attached ther~eto ' loss pa}-able claueee in [a~~or oi and in forni acceptabie to the mort~agee. in e~~ent of Iose, mortgagot wi11 give I immediate notice in writing to mortgagee, and mortgagee may make proof of loae if no! made pmmptly b} mortgagor. and each inaurance company concerned is hereb} authorized and dincted to make papment for sueh loea direcdy to mortgagee inetead oE to morigagor and mortgagee jointly. and the inaurance proceeda, or any part thereof, may be applied by mortgagee at ite option either to the reduction of the indebtedneae hereby secured or to !he restoration or repair of the propert~ damaged or deatroyed. In event of forecloeure of this mortgage, or other transfer of title to eaid property in extin~uishment of the indebtedneea secured hereby, all right, title, and interest of the mortgagor in and to an~ insurance policiea then in force shall paea to the purch~ser or mort~a~ee or, at tlie option of ihe mort~a~r~, ~na~ lu• :urr~•nd~•re~l for a refuu~l. R. He wil) keep all buildin~s an~l othcr improvementr on •aid J?roJ?rr~c in ~ood repair :~nd ~unditim~: ~+ill pertnit, commit, or eaf~er no waste, impairment, deterioraliou of +ai~l propert~• or am part thereof: in the e~ent ot fsilure of the mortga~or to keep the buiidinp,a on ~ai~i premisex and those PCPC~PII on ~aid premi~e~, or in~provement$ thereon, in ~oo~l repair, the mort~agee ma~• make Fuch repairE a= in it= ~li4crelion it' ma~• deent neceayan for the proper prexen•ation thereof; and the fuil amount of eaci~ an~i r~~~n~ ~u~h pa~~meut sl?all be imme~liatel~• due and pa~•able: and s6a11 be secured b~ the lien of thi~ n~i?rt~;a€~•. h. He will not ~•oluntarily create or permit to be created a~ainat the propertq eubject to thie mortgage ant lien or liena in(erior os superior to the lien of thie mort~a~e without the written consent of the mortgagee; and furtl~er, that he hill i:ee~~ and maintain ihe aan~r free fro~n thr claim o( ali prr~+onr ruppkin~ la6ur or materials for consiruction of anr and all boildin~;s or improcemrnt• now M~in~ ~~r~cte~l or to h~ c~re~ted on ~aid prPmiaes. i. He wil) not rFnt ur a~+i~n an}~ part of the rent oi eaid mort~a~ed pruperh or demolirh, or re~nu~r, ~~r :uh:lantiall~• alter an~ buildinK ~+•ithoul the writtrn conFent of the mort~a~;er•. j. ~11 awards of dama~re~ in co~~~ieclion hitlz anr- condemnation (or ~?ublir u~t• nf or injur~ tu au~ of tlu• ~?ropt•rtr ~ubje~i to thiA morl~a~P are hereb~• aasi~ne~l :~nd ~hall be ~?aiil to mortKaKee, h•ho ma~ ap~?k tht~ :amr to ~?•r~-ment o( the inatalhnents la,t due »nder aaid not~~, an~l mortga;:eF i. herc•I»- authorize~l, in thf~ na~n~ of thf• mortga~or, to ex~•cute and ~IPliver ~ali~l acquittanc~ri th~~reof an~l 1~? a~~ppal irom :u~~ ~n~L awar~l. k. '('lir rn~~rt~aK<~r +l~al! h~~~ IhP ri~ht Ir~ inrperl tl~r m~~rl}:a~:t•~I prrmite~. ;i~ anv rra-onablf• tim~~. 2. Default in an~ of the co~•enanta or conditiona of thi~ inatrument ot ot the note or loan a~[reement aecured hereb~• shall tPrminate the mort~a~or's ri~ht to possesrion, uee, and enjo~ment o( the property, at ihe option of the mort~;a~ee or hiE a•Fi~ns ( it bein~ a~reed 'that the mort~agor ahall have such re~ht until default Upon sny euch default. the mortRa~eP sl~ail becornP thP oa•ner oi all of the rente and pro6ta accruin~c alter default ae seciirit~- for the indebtedneas Fecured hPreb~•, with the ri~;ht to enter upon said propert~~ for the purpose of collectinR such rents and profita. Thi~ instnimrnt shall operste se an aseignment oi any rentala on said propert~ to that extent. C~~~+r~r~ ~ 5::{lK :..1~.'.. ~ . . - ~ . 5A~ Fcrm o:~ 174~'1~ . . . . - . . . '.i - ~ .