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HomeMy WebLinkAbout1947 Said promissory note was given to secure a loan in which the Small $ueineas Administration, an agency of the limited States of America, has participated. In compliance with aeciion lOl.l (d) of the Rules and Regulations of the Small Business Administration [ 13 (:.F.R. 101.1(d) this instrument is to be construed and enlorced in accord- ance with applicable Federal law. 1. The mortgagor covenants and agrees as follows: a. He will promptly pay the indebtedness evidenced by said promissory note at the times and in tht manner therein provided. 6. He will pay all taxes, aeseaements, water rates, and other governmental or municipal charges, fiaee, or impositions, [or which provision teas not been made hereinbefore, and will promptly deliver the official receipts therefor to the said mortgagee. c. He will pay such expenses 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 collection of any or all of the indebtedness hereby secured, or foreeloaure by mortgagee's sale, or court proceedings, or in any other litigation or proceeding affecting said property. Attorneys' fees reasonabh~ incurred in any other way shall he paid by the mortgagor. d. For better security of the indebtedness hereby secured, upon the request of the mortga~,t:~, succeasora or assigns, he shall execute and deliver a supplemental mortKaKP or mortKaRes co+•ering any additions, improvements, or betterments made to the property hereinaboye described and afl propert} acquired by it after the date hereof I all in form satisfactory to mortgagee F urthermore, should mortKagor fail to cure any default in the payment of a prior or inferior encumbrance on the properh• described by this instrument, mortgagor hereby agrees to permit irttirigsget toncpre such default, but mortgagee is not obligated to do so; and each advances shall become part of the :indehtednP~~ sernred by this inrtn~ment. subject to the game terms and conditions. , The rights created by this conveyance shall remain in full force and ellect duriuK and pu~tpune~urnt or extension of the time of the payment of the indehtednesa evidenced ba ::aid promis.•~>rc note or an+ part thereof secured hereby. j. He will continuously maintain hazard insurance, of such type or types and in such amounts ss the mortgagee may from time to time require on the improvements now or hereafter un -aid proprrti, :u~~l will pay promptly when due any premiums therefor. All insurance aliall 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 inay make proof of loan 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 thin 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 pans to the purchaser or mortgagee or, at the option of the morlgaReP, may be .urrrnderPd for refund. R. He will keep all buildings and other improvements on raid property in Kowl repair and condition: will permit, commit, or suBer no waste, impairment, deterioration of said property or anc part thereof: in the event of failure of the mortgagor to keep the buildings on said premises and those erected on said premises, or improvements thereon, in Rood repair, the mortgagee may make such repairF a; in its discretion it may deem necessan• for the, proper preservation thereof; and the full amount of each and every -uch payment shall be immediatelc due and payable: and shall be secured by the lien of this mort¢aye. h. He will not voluntarily create or permit to be created against the property subject to thin mortgage and lien or liens inferior or superior to the lien of this mortgage without the written consent of the mortgagee; and further, that he will keep and maintain the same free from the claim of all persons .upph•inR labor or materials for construction of any and all buildinis or improvements nAM' he1nK PrPCIPd or In be erected ou said premises. i. HP will not rent or assign any part of the rent of said mortKaged property or demnlieh. or renu~+e. or substantially alter anc building without the written consent of the mortRaKeP. j. All awards of damages in connection with any condemnation for public nee of or injury to an. of the property subject to this mortgage are hereby assigned and shall be paid to mortKagee, who may apply the .ame to payment of the instailmenta last due under said note, and mortgagee is hereby authorized, in the name of the mortgaKor, to execute and deliver valid acquittances thereof and to appeal from any such a++•ard. k. The mortKaRee steal! have the right to inspect the mortKaKed premise- at any reasonable time. 2. Default in any of the covenants or conditions of this instrument or of the note or loan agreement secured hereby shall terminate the mortgagor's right to poeseasion, use, and enjoyment of the property, at the option of the mortgagee or his assigns lit being agreed that the mortgaKor shall have such right until default). Upon any such 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 oroperty 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. 80)KJ~c~ PaGE~,cy~o . .