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HomeMy WebLinkAbout1911 T 1 , . ~ y (~1 Said promissory note was given to secure a loan in which the Small Business Administration, an agency of the United States of America, has participated. la compliance with section 101.1 (d) of the Rules and Regulatioru o[ the Small Business Administration [ 13 C.F.R. 101.1(d 1 this instrument is to be construed and enforced in accord- ance with applicable Federal law. 1. The mortgagor e~venaata and agrees u follows: a He will promptly pay the indebtedness evidenced by said promissory note at the times and in the manner therein provided. b. He will pay aU razes, asseeaments, water rates, and other governmental or municipal charges, fines, or impositions, for which provision has not bees made hereinbetore, and will promptly deliver the o~cial receipts therefor to the said mortgagee. c. He will pay ouch ezpewa and fees as may be incurred in the protection and maintenance of said property, including the fees of any attorney employed by the mortgagee for the collectioa of any or all of ~ the indebtedness hereby secured, or foreclosure by mortgagee a sale, or court proceedings, or in sny other t litigation or proceeding aNectinR said property. Attorneys tees reasonably incurred in anv other way shall be t paid by the mortgagor. d. For better security of the indebtedness hereby secured, upon the request of the mortgagee, its successors or assigns, he shall execute asd deliver a supplemental mortgage or mortgages covering any additions, improvements, or betterments made to the property hereinaboye described and all property acquired by it after the date hereof 1 all in form satisfactory to mortgagee ? . F urthermore, should mortgagor fail to cure any default in the payment of a prior or inferior encumbrance on the property described by this instrument, mortgagor hereby agrees to permit mortgagee to cure such default. but mortgagee is not obligated to do ao; and such advances shall become part of the indebtedness secured ba; this instrument, subject to the name terms and conditions. e. The rights created by this rnnveyance shall remain iii hill force and elTect during ana purtponeuu•u1 or extension of the time of the payment of the indebtedness evidenced hv_ said promissory note or area part thereof secured hereby. He will continuously maintain hasard insurance, of such type or types and in ouch amounts as the mortgagee may from time to lime require on the improvements now or hereafter on paid property, and will pay promptly when due any premiums therefor. All insurance shall 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, and 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 insurance 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 this mortgage, or other transfer of title to said property in extinguishment of the indebtedness secured 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 mortgagee, may be surrendered for a refund. 5 s ~ g. He will keep all buildings and other improvements on raid property in good repair and condition: will permit, commit, or suffer no waste, impairment, deterioration of said property or ana• Dart thereof: in the ea•ent of failure of the mortgagor to keep the buildings on said premises and those erected on said s premises, or improvements thereon, in good repair, the mortgagee may make such repairF a= in its discretion t it may- deem necessary for the proper preservation thereof; and the full amount of each and Pa•en• such i payment shall be immediately due and payable; and shall he secured by the lien of thin mortgage. i h. He will not voluntarily create or permit to be created against the property subject to this mortgage an}• lien or liens inferior or superior to the lien of this mortgage without the written consent of the mortgagee; and M further, that he will keep and maintain the same free from the claim of all persons ~upph•ing lalxir or materials for construction of any and all buildings or improvements now being erected or to he erected on said premises. ~ i. He will not rent or assign any part of the rent of said mortgaged property or demolish. or rPmna r. ' or sub+tantially alter am• building without the written consent of the mortgagee. j. All awards of damages in connection with any condemnation for public use of ur injury to ana of the property subject to this mortgage are hereby assigned and shall he paiil to mortgagee, who may apply the same to payment of the installments last due under said note, and mortgagee is hereby authorized, in the name of the mortgagor, to execute and deliver valid acquittances thereof and to appeal from any such award. f. k. 'The mortgagee shall have the right to inspect the mortgaged premise. at anv rPafnnablP time. 2. Default in any of the eovenante or conditions of this instrument or of the note or loan agreement secured ~ j ~ hereby shall terminate the mortgagor s right to possession, use, and enjoyment of the property, at the option of the ~ mortgagee or his assigns lit being agreed that the mortgagor shall have such right until defaultl. Upon any such _ default, the mortgagee shall become the owner of all of the rents and profits accruing after default as security ~ t for the indebtedness secured hereby, with the ritrht to entrrr upon said property for the purpose of collecting such rents and profits. This instrument shall operate as an assignment of any rentals on said property to that extent. q P. gnr,~ e SE3A FORft 929 (2-731