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HomeMy WebLinkAbout0981 ~i ~lt~ ~ Said promiawry aote ww aivea to ~ecure a loan in which the Small Bwinew Ad~inistratioa, an aaeacp of the Uaited Statas oi Awedca. ha~ partioipated. In compliance with ~ectioq 10~.1(d) of t6e Rulea and Reaulatioaa oi the Small Bwiaess Administration [ 13 C.F.R. 101.1( d)]. thu inatrument is to be coa~tcued and enforoed ia aocord• i aucs with applicable Federal Lw. • ~ 1. The ~nostaaaor oavea~nta and aaroa iu folb~n: ! ~ a He wtll proanptl~ psr.the iadebtednew eridenoed br ~aid pennsi~wrp note af the tuae~ aad ia tba ~ manaer therein prorided. b. He ~rtll pa~ all taxes, aNasmeat~, water sata, and other ao~eramental or municipal ehae~ei, 6ne~, or impositioos; for whicb pro~isioa 6as not bem made hereinbeton, and wiU prompdr deliver the oicial receipt~ ~ thee~efor to t6e said mort~aaoe. . ~ G He will p~~ wch e:pen~e~ aad Eees as auy be incnrced ia the protection and maintenaaoe ot said ? propert~, incladioa t6e fee~ ot an~ ~twrnar employed by the mortasaee for the oollection o[ aay or aU of t6e iadebtedneN hereby ~ecnnd, or foe~eclo~are br ~nort6agce's ule, or court prooeedings, or ia any other litiaation or ~trooecdina aHectia~ said pmpetty. Attorneys' tees r+eseonably incutred in ~oy other ww shall be } paid by the mort~aRor. ' ~ d For beKer eecuritr of the utdebtednees hereby aecured. upon the request o[ the mortgage~e, its ~ , suoce~sors or aeeigoa, he ehall cxecute and deliver a wpplemental mortga~e or mortgaRes coveriaa an~• additiona, improvemeats, or bettermenb made to the ~ property hereinabove dacribcd and all pmpesty acquired by it after the date hereof (all in form eatiafaMory to mortgageel. Furthermore, ehould mortgagor fail to cure any default in the payment of a prior or in[erior encumbraace on the pmperty described by dw in4trnmwt, mortaa6or hereby agreea to petmit mortgagee to cure auch default, but mortgagce is not ~ } i obliaated to do w; and ~uch advances aha11 become part of the indebtedneaa eecur~ed by tbia inetniment, ~ sabject to the eame terrae and conditions. - e. The riahts created by thia eonveyanee shall remain id full force and e$ect durenR an~ pw?~?unemrnt or exteasion of the time o[ the payment oi the indebtednese evidenced bv said promiasory note or an~ part thereof eecnred hereby. ~ s j. He rrill oo~ntinaowl~ maintain Lasard inaurance, of wch t~pe oc tppes and in snch amo~mts a~ the ~or~~a~ m:y from wne to time nquin on the impmvemeaia now or hereafter on said~ properi~, and ~ Mr P~PilJr ~rhen dne aay pnminm~ thenlor. All in~nrance ~hall be carried in campaniea aceeptabk to mortgaaee and t6e pa~icies and reaewaL t6ereof shall be held by tnort~ee and luve attached thereto loes payable claa~ in favor of and in fotm aooeptable to~t6e'mortgaaee. In event of loW, mortaaacrr will ~ve imiaediate notioe in Mrritioa to mostsaaee, and mortaa6ee auy malce proof ot lo~ if twt ~ude pmmpdy by mortaaaor, and each insuranoe oompany coacerned is herebX ~vthorised and directed to make payment for ~uch loss directly to mo?t;aaee iwtead of to mort~agor and raortgaaee jointly, and the inaurance prooeeds. or any part thereof, may be applied bp mortaaaee at ib option either to the rednction of the indebtedness hereby eecured or to t6e reatoration or npait of the pmperty damaaed or deatrnyed. In event of foreclosure of this g mortgage, or other tranafer oE title to eaid pmpertp in eztinguiahment of the indebtedneas secured hereby, all ~ ri6ht, tide, and intereat of the mott~agor in md to any insurance policies thea in [orce shall pae~ to t6e purchaser or mortgagce or, at d~e option oi the mort~taRee, ma~ be ~urrendered for a refi~ud. a. He will 1~eep all buildings and other improvementa on aaid property in good repair and condition; will permit, commit, or su$er no waate, impairment, deterioration of aaid property or an~ part thereof; I~ in the event of failnre of the mortgagor to keep the buildinge on esid premieea and thoee erected on said premisea, or impmvements thereon. in good repair, the mortgagee may make auc1~ repairs aa in ita diacretion ' ~ it may dcem naxseary for. the proper preaervation thereof; and the full amount of each and even s~~ch - ~ i payment ahall be immediately due and payable; aad ehall be eecured b~ the lien ot thia mort~aRe. i . - i k. He Nrill not volnntaril~ create or permit to be created +~auut the property anbject to thi~ mort~age ~ay ! lica or liens inferior or saperior to the liea of thia mort6age without the written consent of the mortgagee; and ; lurther, that he wi11 ~Ceep aad maintain the saaie free from the claim of all pereons uupplying lebor or i materiala for conatrnction. of any an~1 all b~ildin~qu or impmvements now bein~r erected or to be erected on ~ "~id Premiaa. i. He wiil not nnt or aesian a~?y part oi t6e rent of esid mortgaged ptopert~ or demolish, or re~nu~•e, ~ or svbstantialiy alter any buildinR without the written consent of the mortRaRee. - ~ j. Ail awuds of damaaes in conneetion Mrith any condemnation Eor public uee of or injur?- to any of the property subject to thie mortgage are herebq aesigned and ahall be paid to mortRagee, Mrho may appir the aame to payment of the inataliments last due under aaid note, and mortgagee ie hereb~ suthoriud, in the - aame of the mortaaaor, to ezeeute ~nd deliver valid ecquittancea thereof and to appeal from any such award. k. The mortgaRee sl~all have the ri~cht to inapect the mortga~ed premieeK at any reseoneble time. 2. Defanlt ia any ot the ooreaanta or eonditioos of thi~ inrtrument or of the nofe or loan a6recmeat recnred herebr ahall terminate the mort~agor's ri~rht to pw~e~sion, we, and enjoyment oi thZ property, at the option of the ~ mortaaaee or his aesiaos (it beina a6reed that the mortga~or shall have such tiaht nntil del~nlt Upon an~ such ~ defanh, the mortaaace shall become the owner of ~11 of tl~e rlnb and pro6b accrnina after defanlt as eecurity for the indebtednees ~ccured hereby, aith the ri~tht ta eot~ npon said propert~ for the purpwe of oollectina such , ranta and prn5ta. This instrnment ~hail operate a~ ad ari~oa4ent of anr renta4 on uid propetty to that erien~ ~ - . ' SBA FO RM 928 (2-731 ~ • ` K ZlZ ~ - ~ • ~ _ ~.5~c~ a..~ . . _ . _ - - - . I 3 '~.~.,s _ . ~f " _ .s-"' _