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HomeMy WebLinkAbout2342 w ' - a.. . . . • ~ • ~ .s i ~ + $aid pma~ia~oqr twte ww ~ivea to ~ecure ~ lo~a ir~ which the Small Bwinas Admiaistr~tioa. aa a6eacr of the ~ Uaited Statp oi AmeRic+~, Iw p+uticip+?t~1• Ia comPliance witL sectioq 10.1.1(d) of the Rule~ ued Re,aulations oE the Small Busiaea~ Admwiatratioa [13 C.F.R. 101.1(d) this instrument ii to be conat~ued and eaforced ia aocord- anoe with applicable Fodaral l~?w. 1. The mort;aaor oav~ana and a~ a~ foUo~n: ` . ~ s. He wiD promPUY Pa~ t6e indebtednas evidenced br said promiaory? aote at the tiaies and in th~ ~ manner thereia provided. b. He will p~~ ~11 tazes. a~manv. water rata. and other aovernmeatal or muaicipal ehar6ey fiaa, or impwition~, for which pravision has nd been m~da hereinbefore, md will pmmptly deliver t6e o~cial reoeipt~ t6erefor to tLe said mortaa~ee. - c. He will pay sac6 ~pea~ and fee~ as auy be incurred in the protection aad m~iatenaaoe of said property, ioelndina tl~e fea of ~n~ attorney employed by tbe mortgagee for the collactioa oi aay or all o[ the indebtednea~ hereby secured, or toreclesure by moMgagee s sale, or wurt proccedings. or in ~ny other litigation or ~m~xedina aHectinl[ ~id property. Attorneya feee reasonably i~currul in any other way shall },~e pud by the mort~aRor. . d. For better eecnrity of the indebtedneaa hereby eecnred, upon the requeat of the mortgagee, ite succeseora or aesigns, he shall ezecute aad deliver a supplemental ~nort~aqe or mortRa~ea covering an~~ additiona, improvementa, or bettermeaU made to the prnperty hereinabb~e deacribed and all property acquired by it aiter the date hereof lall in [orm eatiafactory to moctgageel. Furtl~ern~ore, ahould mortga~or fail to cure an~ defAnlt in the pajment of a prior or inferior encumbrance on the property de6cribed by thia inetrument, mortgagor hereby agrees to permit mortgagee to cure such default, bt~t mortgagee id not obligated to do eo: and auch advancea ehall become p~1. of the indebtednea~ secure~ by thie inetroment, aubject to the eame terme and conditions. , . : e. The righta created by t6ia conveyance ahall remain,in Eultforce and eHect during an~- poutpunemrnt or extenaion of the time of the paqment of the indebted4ee~s evi~i~riceil bv eaid. promieeory note or any part thereof secured hereby. " ` . He will contiauouely maintain hasacd insurance, of such type or types aad in such aa?ouab ae the mortgagee msy from time to time require on the improvements now or hereafter on ~ai~l~ propert~-, anJ will pay pmmpdy when due any pnmi~uns therefor. All ineurance ehall be carried in companies acceptable to mor~gagee and the policiea aad renewala thereof ehall be held by mortgagee and have attached thereto loes payable clauses in favor of and in fortn aoceptable to the mortgagee. In event of loes, mortgagor will give immediate notice in writing to mortgagee, and mortgagee may make proof of loss if not made promptly by mortgagor, and each insurance company concerned is hereby authoriud and directed to make payment for such loes directly to mortgagee inatead of to mortgagor and mortgagee jointly, and the insurance proceede, or any part thereof, may be applied bp mortaagee at ite optioa either to the reduction. of the indebtet~?ees hereby eecured or to the reatoration or repair of the property damaged or deatroyed. In event of forecloeure of this i mortgage, or other tranefer of title to said propertp in eztinguishmeut oi the indebtedneas secured herehy, all ~ right, tide, and intereat of the mortgagor in and to any inaurance policiea then in force ehall paee to the F purchaeer or mortgagee or, at d~e option of the mortRaRee, ma~ be surrendered for a tefun~l. g. He wiA keep all buildinge and other improvemente ou eaid property in good repair and condition; will permit, commit, or auffer no waate, impairment, deterioration oi said propert} or an}• part thereof; in the event of failure of the mortgagor to keep the building~ on aaid premiaes and tho~e erected on said ~ premisee, or improvementa thereon, in good repair, the mortgagee may make euch repairB ae in it~ diecretion ~ it may deem necessar~ for the proper preaervation thereo[; and the ful) amount of each and e~~ere suc{~ payment Shall be immediately due and payable; and ahall be secured by the lien o( thia mort~ea~e. h. He will not voluntarily create or permit to be created againet tl~e property subject to thie mortgage any lien or lieaa inferior or euperior to the liea of thia mortgage without the written conaent of the mortgagee; and further, that he will ~Ceep and maintain the ~ame iree irom the claim of all pereon~ ~upplyinq labor or ; materials for conatruction of any and a!I buildin~cs or improvemente now bein~t erected or to he erected on ~ ~id premises. ~ i. He will not rent or aaei6n any part of the rent of said mortgaged propert~ or demolish, or remo~•e, or substantially alter an~ buildinR without the written coneent o[ the mortRaR~e. j. All awards of damagea in connection wilh any condemnation for public u~e of or injur~ to an~ of the ~ property subject to thin mortgage are hereby aeeigned and shall be paid to mort~agee. who may apply the ~ " ~ame to pa~ment of the inatalimente last due under eaid note, and mortga~ee is herebv authorized, in the ~ name of the mortgagor. to ezecute ~nd deliver valid acquittances thereof and to appeai from anc such a.vard. i ~ k. The mort~a{tee ~hall have the ri~tht to inepect the mort~caKed premi~er at any reaeonable time. ~ ~ 2. Def:ult in any of t6e aoveaants or eonditiona of thie instrument or of the note or loan agreement secured ; ` hereby ahall terminate the mortgagor'a right to poeseaeion, uee, and enjoyment oi the property, at the option of the ; ~ mortgagee or hia aeeigna lit being agreed that the mortgagor ehall have auch right nntil default). Upon any euch : default, the mortgagee ahall become the owner af ali of the renta and profite accruing after defanlt ae eecurit~ P: for the indebtednesa eecured hereby, with the riitht to enter npon said pmperty for the'pnrpose' of ~-collecting euch rents and profite. Thia inatrument ehall operate a~ aa aefignment of any rentale on eaid property to that exten~ ~o~x23Z ~~~fz342 ~ • ~ ~ - . SBA FO Rnr. 928 (2-731 ~ ~ - ~:..„,.ye ,y;~~ ~ ; x - " ~ ~~~,L" ~t~~` - . ~ ~ ~ ~ ~ _ . .~'.r~~~ ,a ~ _ ~ ~r - _ e..