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Home My WebLink About1625 • , i t ~ . t i ~ Said promiseory note wu given to ~ecure a loan in which the Small Bu~ineas Adminiatratioa. aa a6encr of the United State~ of America, has participated. In compliance with eectioa 101.1(d) of the Rulea and Regulations o( the Small Buaineas Administratioa [13 C.F.R. 101.1(d)], thi~ ia~trument is to be conatrued and enforeed in accord- +noe with applicable Federal l~w. l. The mort;aaor ow~enanta aad ~sree~ aa iollow~: a He wiU promptly pa~ the indebtednew evidenced by ~aid pcomiewry note at ehe tima and in the manner t6erein provided. . b. Se will pay aU tua. aMasmea4, water ratea, and other 6overnmental or municipal char6ea. fina, or impwitiow, for wbich provisioa ha~ not bcen made hereinbefore, aad will prampdy deliver the op'icial receipt,~ t6erefor to she said mort~ee. c. He will pay such expen~u and fea a~ auy be incurred ia the pmtection and maintenance of said property. inctudina the feee of any atcorney e~nploy«I br ehe mo,rc~ag~e for che collcccion of anr o: all of the iadebtednaas hereby aecured, or foreclaeun by mortgagce'e sale, or court proceedings, or in any other ~ lidgation or proceeding aBectinR eaid property. Attorneye' fees reasonabl~ incurre~i in anv other wav ehall be paid by the mort~aRor. d. For better eecurity of the indebtedneea hereby eecured. upon ihe requeat o[ the mortgagee, ite suceeeeors or aeeigns, he ehall execute and deliver a eupplemental mortRa~e or niortRa~tes covering an~• additione, improvementa, or bettermente made to the pmperty hereinabove deacribed anci all propert~~ acquired by it after the date hereof (all in [orm eatiefactory to mortgageel. Furthern~ore, al~ould mortga~cor fail to cure any default in the pavment of a prior or inferior encumbrance on the properts deacribed b~~ thia instrument, mort~agor hereb~ agreea to permit mortgaqee to cure such default, but mortKaRee ie not obligated to do so; and euch advancea ahall become part ot the indebte~neca Reeure~ by thiF inRirument, aubject to the eame terma and conditiona. e. The righte created by thie conveyaace ahall remain in [ull iQ~ce..~l e$~~-~urinR au~ poutpuneu~rnt or extenaion of the time of the payment of the indebtedneaa evidence~i b~.eai~l promi~xon• note or anc part thereof 6ecured hereby. ~ ~r~-, : He will continuonaly maintain ha:ard ineurance, of euch type or types and in sneh a~nounts as the mortRagee may from time to time require on the improvementa now or herea[ter on eaid propPrl~•, and will par promptly when due any premiume therefor. All ineurance ahall be carried in companiea acctptable to mortgagee and the paliciee and renewala thereof shall be held by mortgagee and have attached thereto ~ loes payable claueea in favor of and in form acceptable to the mortgagee. In event o[ loea, mortgagor will aive ; immediate notice in wtiting to raortgagee, and mortgagee, may make proof of loes if aot made pmmpdy by mortgagor, and each inaurance company concerned ia hereby authoriaed and directed to make paymeat for such ~ loes directly to mortgagee instead of to mortgagor and mortgagee jointly, and the ineurance proceeds. or any part thereof, may be applied by mortgagee at its option either to the reduction of the indebtednea8 hereby eecured or to the reatoration or npair of the pmperty damaged or deatroyed. In event of forecloeure of thie ~ mortgage, or other tranafer of title to said pmperty in extinguishment oi the indebtedneaa secured hereby, ail E right, title, and intereet of the mortgagor ia and to any inaurance policiea then in force shall paee to the ~ purchaaer or mortgagee or. at tl~e option oi the mort~[aRee, ma~• be eurrendered (or a refun~l. ! g. He will keep all buildinge and other impro~•emente on c~aid propert~~ in ~ood repair and condition: ~ will permit, commit, or suHer no waste, impairment, deterioration of eaid propem• or an~- part thereo(; t in the event of failure of the mortgagor to keep the buildinga on eaid premiseF and tl~o~+e erected on eaid premiaea, or improvementa thereon, in ~tood repair, the mortgagee may make euch repairF aE in ita diecretion it may deem neceeaary for the proper preeervation thereof; and the full amount of each and e~~en• eoch payment aha11 be immediately due and payable; and ehall be aecured b~ the lien of thiR mortga~re. h. He will not voluntarily create or permit to be created against the property eubject to thia mortgage any lien or liene inferior or euperior to the lien of thia mortgage without the written conaent of the mortgagee; and ~ [urther, that he wil) iceep and mainta'tn the ~ame Iree froin the claim of all perrionR ~uppl~•inR labor or materials for conatruction of any and all buildin~s or improvemPntE now• heinR erecie~l or to be ereeted on ~ aaid premiaea. ~ ~ i. He will not rent or aasign an~ part of the rent of eaid mort~aged propert~~ or ~ietnoliah. or rPmo~e, or Fubstantiall} alter an~~ b~~ildinR without the written conEent of the mortRaReP. ~ j. All award~ of damagea in connection with any condemnation for public uee of or injur~ tu an~ o( U~e ~ property subject to this mortRage are hereb} adaigned and shall be paiil to mortRagee. who may apply thr. ~ ~ame to pa~~me~it of the installmente la+t due under Eai~l note, an~l mortgaRee ix herebc authorized, in th~ ~ name oE the mortgaRor, to eaecute and deliver valid acquittancee thereof and to appeal irom an~• Fi~ch a~.~ar~l. ~ ' ~ k. The mort~a~cer ~hall have the ri~ht to inapect the mort~[aKed premiFet ~t anv reaROnable tim~•. ~ • 2. Default in any of the oovenants or conditione of this instrument or of ihe note or loan agreement eecured ~ hereby ehall terminate the mortgagor'a right to poeseeeion, use, and enjoy-ment of the property, at the option of the mortgagee or hie aeei~ne (it being agreed that the mortgaqor ehali have such right until default). Upon any such ~ ~ default, the mort~agee ahall become the owner of all of the nats and profita aceruing after de(ault ae eecnrit~ for the indebtedneee eecured hereby. with th~ ri~ht to enter upon said property for the purpose of collecting euch rente and profite. 1'hid inetrument ehall operate as an assianment of any rentale on eaid property to that extent. ; I ` _ ~ , ~ - ~''iK~~G: l~N(~ ~ ~ SBA F~R~ 928 (2-'.31 n:~