HomeMy WebLinkAbout0733 z,
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. In compliance with section lOl.l(d) of the.Rules and Regulations of
the Small Businew Administration (13 C.F.R. 101.1(dl j, this instrument is to be cotutrued and enforced is accord-
ince with applicable Federal law.
1. The mortgagor covenants and agrees a follows:
s. He will promptly pay the indebtedness evidenced by said promiwory note at the times and is the
manner therein provided.
6. He will pay ap toes, assasnaents, water rates, and other governmental or mtuticipal charges, hues, or
impositions, for which provision has not been made hereinbefote, and will promptly deliver the official rei~ipes
therefor to the said mortgagee.
c. He will pay such a:penses and [ea as may be incurred iu the protection sad maintenaaoe of said
property, including the Ieea of any attorney employed by the mortgagee [or the collection of any or all of
the indebtedness hereby secured, or foreclosure by mortgagee ~ sale, or court proceedings, or in any other
litigation or proceeding aBectinpt said property. Attorneys fees reasonably incurred in any other way shall he j
paid by the mortgagor. i
d. For better security of the indebtedness hereby secured, upon the request o[ the mortgagee, its
successors or assigns, he shall execute and deliver s supplemental mortgage or mortgages covrring am
additions, improvements, or betterments made to the property hereinabove described and all property
acquired by it after the date hereof tall in form aatiafactory to mortgagee 1. Furtl~ern~ore, al~ould mortgagor
tail to cure any default in the payment of a prior or inferior encumbrance on the property described by
thin instrument, mortgagor hereby agrees to permit mortgagee to cure such default, but mortgagee is not
obligated to do so; and ouch advances shall become part of the indehtednei. ~e~•ured by thiF instrument,
subject to the game terms and conditions.
The rights created by thin conveyance shall remain in full force and elTect during and puetpunruu•ut
or extension of the time of the payment of the indebtedness evidenced be raid promiv:on- note ur am Dart
thereof secured hereby.
j. He will continuowly maintain hassrd insurance, - of such type or types and in such amounts a. the
mortgagee may from time to time require on the improvementK now ur hr.rra[ter o1t~~•aid property, :uul
will pay promptly when due any premiums therefor. All insurance ehaN'•be~aitl!ed'in companies acceptable
to mortgagee and the policies and renewals thereof shall be held by -h'tortga jY~e -and 'hake `t~ttached thereto
loss payable clauses in favor of and in form acceptabldto the mortgagee. In•treotof•loss,~mdtt6a~orwill give
immediate notice in writing to mortgagee, and mortgagee -may'make proof of loss~lf~•net•made promptly by
mortgagor, and each insurance company concerned is hereby authorized and directed to make payment for such
lose directly to mortgagee instead of to mortgagor and mortgagee jointly, and the insurance proceeds. or any
part thereof, may be applied by mortgagce at its option either to the reduction of the indebtedness hereby
secured or to the restoration or repair o[ the property damaged or destroyed. In event of foreclosure of this
s mortgage, or other transfer of title to said property in extinguishment of the indebtedness secured hereby, all ~
right, tale, and interest of the mortgagor in and to any insurance policies then in force shah pans to the
purchaser or mortgagoe or, at the option of the mortgagee, rosy he surrendrr~•.I for a refund. ;
g. He will keep all buildings and other impro~•ements on raid proprrty in good repair and condition:
~ will permit, commit, or suffer no waste, impairment, deterioration of said property or any part thereof:
e in the event of failure of the mortgagor to keep the buildings on said premises and those erected on said
premixes, or improvements thereon, in good repair, the mortgagee may make such repairs as in its discretion
it may deem necessary for the proper preservation thereof; and the full amount of each and even- such
payment shall be immediately due and payable: and shall he secured by the lien of this mortpcage. 4
•
h. He will not voluntarily create or permit to be created against the property subject to this mortgage any
lien or liens inferior or superior to the lien of this mortitage without the written consent of the mortgagee; and
further, that he will keep and maintain the uamr free from thy. claim of all persons rupplying lalwr or
materials for construction of any and all buildings or improvements now being rrected or to he erected nn
said premises.
i. He will not rent or arraign an} part of the rent of said mortgaged properly or demolish, or remove,
or +obstantia{ly alter snv building without the written cnnseut of the mortgagee.
j. All awards of damages in com:ection with any condemnation for public use of or injury to anc o[ thr j
property subject to this mortgage are hereby assigned and shall be paid to mortgagee. woo may apply the
.amc to pad ment of the installments last due under said note, and mortgagee in hereby- authorized, in the
name of the mortgagor, to execute and deliver valid aequittancea thereof any) to appeal from any ruch-award.
{ k. The mortgagee shall have the right to inripect the mortgaged pretuisrr at any- rraROnable time.
2. Default in any of the covenants or conditions of this instrument or of the note or loan agreement secured 't
hereby 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 snch
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 rittbt to entwr upon said property for the purpose of collecting such
rents and profits. This instrument shall operate Jts sn assigament of am rentals on said property to that extent.
r
.
SBA Fp RM 928 (2-73)
.-=rte-- -