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HomeMy WebLinkAbout2648 ~ ! ~~.i 1 ' $aid pe~o+ni~or~r note wa~ ~qirea to ~ecun a loaa in which the Sa~~ll Businew Administntioa. an aaencr ot t~+~ United ~tata~ ot Americ~. 6a~ pa~tictpated. Ia ooa~?pliance ~rith ~eotioo lOl.l(d) of the Rnlea aad Re6ulatioas ot tha Sma11 B usiae.s Administ~atioa [ 13 GF.R. 101.1( d 1 j, thia uutrument i~ to be cowttued aad e~~oroed in accord- +~nca ~ritL appticabk Fedscal L~r. l. Tbe mort~ot oareaunt~ aad aat~ee~ ~ tollo+vs: Hs will peamptlp ps~ the indebtedna~ e~ridwced by ~aid promi~wry note at the times and in the maaner ehereis prorided. 6~. He ~iU pa~ aII tua. arawsentt, water ra~, and other aovernmeatal or muaicipal eharsa, finar or impositioo~. for ~rhich praviaioa ha~ not beea made 6eniabetor~ and will promptly deliver the oQ'icial reeeiet~ ~aerefor to the ~aid mort~~ee. c. He ~rill pa~ suc6 ~pen~e~ md fees a~ ma~ be incnrred ia tha protection aud mainunaaca of said pe+opertr, inctudins tbe fee~ of any attorne~ employed by t6e mortaaaee for the coDectioa af any or aD of t6e indeb~ednea hereby secnred, or foe+eclo~nre br ~nortga6ee'a aale, or court proceedings. or in aay other l~d~tioa or prooeedin6 aQectiaR said property. Attorney~s' feea e+easonab)y iacurred in any other wav ahall be paid by thc mort~ytar. d. For better secaritr ot the indebtednese hereby secured. upon the requeat of the mortga6ee. its anccessors or assigns, he ~hall ezecute and deliver a supplemental mort~age or mortRa~e.a coveripg aa~ additions. improvements. or betterments made to the property~ heraiaaiiove deecribed and 'a]I pr~perty acguired by it after the daFe hereof (all in [orm satiafactory to mortgageel: ~unheimore, sbauld mortaagor fail to cure anp default in the pa}ment of a prior or inferjb~~eneuutbrance~~pp,;(~g ptoperlY d~oscribed bv this inatrument, mortgaaor hereby agreea to permit mortgagee:~to.gure such-de[a~t,;~;ntort~ee is not obGgated to do so: and such advancea sh~ll become part of the indebtedneaa eecured by thia instrument, subject to the same terms and conditions. e. The righta created by this con~eyaace a6a11 remain in full force and eHeci durinR an~~ pa?tpunen~rnt or erienaion of the time of the payment of the indebtedneas evidenced bv esid promieeory note or an~ part thereof secund hereby. j. He will continnonsl~ maintain haurd insurance, of snch type or t~pes aad in wch amounta as the mortgagee raay from time to time require on the improvemeats now or hereafter on sai~l properl~, and ~U Pil P~~'Pdr when dne mr pnminma thenfor. All uunrutce shall be carried in oompaniea aooepUble to mortsa~ee and the pc?licie~ md renewaL thenof ahail be held by mortaagee and have attached thereto loes payable clansea ia favor of and ia form aceeptable to t6e mortaaaee. In event of loes, mortaagor will aive immediate aotice in writina to mortaasee, and mort6aaee may make proof of las if not made prnmpdy by mort;aaor, and each insnrance compaay concerned ie hereby authoriud and diiected to make paymeat for snch loes dircctl~ to mortasaee instead of to mort6aaor and mortgagce joindy, and the iosurance proceed4 or aay put thereof, may be apptied by mort~agee at ita optioa either to the redaction of the indebtednees henby secund or to the natontion or r~epur of the property damaaed or destroyed. In event of foredosnre of this motta:6e, or other tranafer of title to ~aid pmpertr in eztin6nishmeat of the indebtcdnea~ secared hereby, all riEht, tide, and iate.rest of the mort6aaor in and to any inwranee policies thea ia tonx shall paa to the purchaaer or mort~a6ee or. at the option of the mortFa~tee. ma~ be aurrendered Eor a refund. a. $e MiU keep all bwldin~e and other improvementa on gaid propert~ in good repair and condilion; will permit, rnmmit, or auger no waete, impairment, deterioration of aaid propert} or an~ part thereoi; in the event of failure of the mort6agor to keep the buildiags on eaid premiaea and tho6e erected on said premieea, or improvemwts thereoa..in good repair, ihe mortgagee may make anch repair6 a~ in ite diecretion it may ucem neceaeary tor the prnper pre~ervation thereoi; and the iall amount oi each and even soch payment ahall be immediately due and payable; and shall be eecured by the lien of thie mortRaFe. h. Ae will not voluntarily create or permit to be created aaain~t the pmperty sabject to thia mortga6e any lien or liens inferios or auperior to the lien of thia mortgaae without the ~rritten coneent of the mortaag~ee; and furtber, that he will iceep and maintain the 8ame free from the claim of all per,wne ~uppl}ing labor or materials for co~nstruction of any and all bnildin~s or impmvement~ now beinR erecte~i or to lre erectrd on said preani~es. ~ _ i. Ne will aot rent or aesign any pari of the rent of aaid mortgaEed propert~ or demolish, or re~nu~•e, ur aubstantially alter anv buildinR without the written conaent of the mort~eaRee. j. All awards of dama~ee in connection with pny condemnation ior public uee of or injur~ ~o an~~ n( tl~e property aubject to this mortgage are hereby aeeigned and ahall be paid to mortRaRee, who ma~ apply the Qame to payment of the inetallments laat due under said note, and mort6agee ie herebc authorized, in the nam~ of the mortgagor. to e:ecnte and deliver valid acquittancea thereof and to appeal from an~ !+nch award. k. The mortgaRee al~all have the ri~tht to inapect the mort~ca~[ed premi~ a1 an~ rea~nable time. 2. Defanlt in anr of the oovenanb or coaditions of this intrtueent or of the note or loan agreement eecured hereby ahall terminate the mortaagor s right to poseeasion, we, and enjo~meat of the pmperty, at the option of the mort6agee or hia aasigns (it beina a6reed that the mort~agor shall have such right until default). Upon any snch default. the mort~ts6ee shall become the ownet oI all oi the rt~ts and pm6ts acerain6 after default as eecurit~ for the indebtedness securcd hereby, Mrith t}~e ti~ht to eatnt mpon ~aid proPerty for the purpwe of collectin~ auch renta and pro6ts. Thia instrument shall operate a~ aa ~i~nn~ent of any rentals on spid ~propert7bt~ t e~cten~ - - ~ - s~ox~~1 vae~ 2643 . . S~ A ~O Ru 329 '2-??~ ~.:~_;;~?_a:rw`~'_ _ i rt - ~s . , : ~u-~`-~~'~':~ ~ . ' .