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Said promissory note was given to secure a loan in which the Small Bwiacss Administration, an agency of the
United States of America, has participated. In compliance with section 101.1(d) of the Rules and Regulations of
the Stttall Business Administration [ 13 C.F.R. 101.1(d 1 j, this instrument is to be construed and en[orced in accord-
ance with applicable Federal law.
•1. The mortga6or covenants and agrees a [ollows:
s. He will promptly pay the indebtedness evidenced by said promissory note at the lima sad in the
manner therein provided.
6. 13e will pay all to:es, aseasmeats, water rates, and other governmental or tnuricipal charges, fines, or
impositiotts, for which provision has not been made hereinbefore, and will promptly deliver the ofTicial rc~•esipta
therefor to the said mort6a;ee.
c. 13e will pay such ettpenaa and fees as may be incurred in the protection and maintenance of said
property, iacludtag the fees of any attorney employed by the mortgagee for the collection of say or all of
the indebtedness hereby secured, or foreclosure by mortgagee n sale, or court proceedings, or in any other
• litigation or proceeding affecting said property. Attorneys fees reasonably incurred in any other way shall he
paid by the mortgagor.
d. For better security of the indebtedness hereby secured, upon the regnrst of the mortgagee, its
auccesaors or assigns, he shall execute and deliver a supplemental mortgage or mortgages covrrinR an~~
additions, improvements, or betterments made to the property hereinabove described and all property
acquired by it after the date hereof Tall in fornr Batiafactory to mortgagee ~ . FurthernorP, should mortgagor
fail to cure any default in the payment of a prior or inferior encumbraucP ou. the property described by
this instrument, mortgagor hereby agrees to I+ermit mortgagee to Burr such default, but mrortgagec is sot
obligated to do so; and such advances shall become part of 1hP indebtedness •erurrrl by this inrtrun+Pnt,
subject to the same terms and conditions.
TLe rights created by'thia conveyance shall remain iu full force and Ptfect duriuK au. purtpun+•nu•ut
or extension of the time of the payment of the indPbtedne:. evidenced by -aid promissory uotP or anc part
thereof secured hereby.
j. Ne will continuously maintain hasard insurance, of ouch type or types and in such amounts as the
mortgagee rosy from time to time rrquire on the in+provemcnts now ur hrn•aft+•r on ,aid property, and
will pay promptly when due say premiums therefor. All insurance alrall be carried in companies acceptable
to mortgagee and the policies and renewals thereof shall be held by mortgagee and have attached thereto
loss payable clauses in favor of and in form acceptable to the mortgagee. In event of loss, mortgagor will give
immediate notice in writing to mortgagee, sad mortgagee may make proof of loss if not made promptly by
mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such
loss directly to mortgagee instead of to mortgagor and mortgagee jointly, and the inaurance• proceeds, or any
- part thereof, may be applied by mortgagee at its option either to the reduction of the indebtedness hereby
secured or to the restoration or repair of the property damaged or destroyed. In event of foreclosure of tl+ia
mortgage, or other transfer of title to said property in extinguishment of the indebtedness secwed hereby, all
right, title, and interest of the mortgagor in and to any insurance policies then in force shall pass~to the
purchaser or mortgagee or, at the option of the mortgagoP, n+ay be .urrendrrv•d for a reload.
i
R. HP will keep all buildings and other improvrment:c on paid property in ~uwl repair and condition:
will permit, commit, or suffer no waste, impai-ment, deterioration of said propert}• or an.' part thereof:
in the event of failure of the mortgagor to keep the buildings on :aid premises and those erected on said
4 premises, or improvement: thereon, in good repair, the mortgagee n+ay make such rrprirs as in its discretion
~ it may deem necessary for tlrP proper preservation thereof: and the full amount of each and PvPry_ such
3 payri+ent shall be immediateh• due and payable: and shall he secured by the lien of this mortKa~e.
:
h. He will not voluntarily create or permit to be created against the property subject to thin mortgage an•
lien or liens interior or superior to the lien of this mortgage without the written consent of the mortgagee; and
farther, that he will keep and maintain the same free from thv claim of all pr run. •upph•ing lalr+?r or
materials for construction of any and all buildings or improvement. now heu+t; ?•rerted or to }?e Premed mr
t said premises.
i. HP will not rent or assign and part of the rent of said mortgaged property or demolirih. or renu?+e.
?ir substantialk alter any_ h+rilding withriul the written rnnsent of the mortgagee.
j. All awards of damages in connection with any condemnation for public use of ur injure to any of the
property subject to thin mortgage are hereby assigned and shall be pail! to n+rirtgagee, who may apph• the
.an?P to pa~n+rnt of t1+P installments la-t due under raid note, and mortgagee i~ hereby authorized, in the
name of the mortgagor, to execute and deliver valid acquittance.. thereof and Io appeal from any such award.
k. "fhe mortgagee shall have the right to inspect the mortgaged premise- at any n asonablr time-.
2. Default in-any of the covenants or conditions of thin instrument or of the note or loan agreement secured
F+erebv shall terminate the mortgagor's right to possession, use, and enjoyment of the property, at the option of the
' mortgagee or his assigns (it being agreed that the mortgagor shall have ouch right until default). Upon any such
3 default, the mortgagee shall become the owner of all of the rents and profits accruing after default as security
for the indebtedness secured hereby, with the right to enter upon said property for the purpose of collecting ouch
~ rents and profits. This instrument shall operate as an assignment of any rentals on said property to that extent.
3 ~~1~~ ~3U1 ~'Y~E 1347
SBA FORM 928 (2-73)
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