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Home My WebLink About2295Said promuwrp aote wu givea to ~ecure a loan ie which the Small 8wiaew Admi~i~~~atioo. an a6eacy ot the United Stata o[ America. hs~ participated. la compliaace with ~ection 101.1(d) ot the Rulea and Re6ulatio~u ot the Sntall Bwiaa~ Adminiatratioa [13 C~.R. 101.1(d) J. this iastrume~t is to be con~trued and enforced ia acco~d- aaoa ~vith applicabk Federal la«. 1. The mortaa6or oaveoant~ aad aa~ee~ as tollow~: s. He wiU ptomptty par the iadebtedna~ evidenced by ~aid promwory note at the time~ and in the maaaer thaceia provided. b. He will pay aU tua, awesaments, watet rates, aad other 6ovemmental os muui~ipal ch~r6a, fiue~. or imposition~, for which provi~ioa ha~ aot bew made herei~belon, and will pmmpdy deliver the ol6cial ra.ze~pts therefor to t6e ~aid mottaaaee. e. Se will pay ~uch ~atpenaa aad Ieea as may be incurred in the prntection and maiatenance of said propertr, iacludins the !ea ot any attorney employed by the mottaasce for the collection of anr or all ot the indebtedness henby aecured, or foreclosure by mortgagee r sale, or court procculings, or in any other liti6ation or proceedi~a aBectinR aaid' properiy. Attorne~s teea reaiu-na61~ incurred in an~ other wav sh~ll he paid by the mortRaRor. d. For better securitr of ihe indebtedaeae hereby 6ecured. upon ~he rcyueat of the niortga~ee. ite ~ucceeson or aasign4 he shall execute and deliver a supplemental mort~caKe or n~ortKaRea coverin~ an}• additions. improvements, or betterment~ made to tl~e pwperty l~ereinabo~~e ~lescribed ~~~i all propcrt~~ acquired by it after the date hereof (all in form satiefactory to mortgagee 1. Furtl~ern~are. el~ould mortgaKor (ail to cure any default in the payment of a prior or in[erior encumbrance on tl~e ~iroperty deacribed by thia insirument, morl~aRor hereby agreea to permit mortgagee to rure eocli default, but ~nattKaRee ia not obligated to do so; and such advancea shall become part o( tlie i~~lehtr~inc~ frrure~l b~~ thi~ inFtn~ment. ~ubject to the eame terms and conditions. e. The rights created by thia conveyance shall ranain in [uU torce anJ etiect durii~K an~ pue~punrwrot or extenaion oI the time o~ the paym~nt of the indebtednear e~•idenced b~~ taid promi~on• no~e or am pa~~ thereof Eecured hereby. /. He will continuowlr m~intain haurd insurance, of such type or typea aad in such unounb as the mortRaRee may from tinu to time require on the in~provement4, noN ur hr.rra(~rr ~-n ~ai~l prop~•r~~~. :u~d will pay prnmptir when due aay premium~ therefor. All insnrance shall be carritd in compania acceptable to mortgaatx and the pc-licia and renewala thereof shall be held by mortgagee and have attached thereto los~ payable clauaea in favor oI and in form acceptable to the mortgagee. In event of loes. mortgagor will give immediate notice in writin6 to mortga6ee, aad mortgagee may make prooE o[ loes if not made prnmptly by mortga6or. and each inaurance company concerned is hereby authoriud and directed to make payment for ~uch loa dircctly to mortgagee in~tead oi to mortaagor and mortgagce jointly. and thc insurance proceeds, or any part thereof. may be applied by mortgagee at its option either to the reductioa of the iRdebtedne~s henby secured or to the restoration or repair o~ the property damaged or deatroyed. In event of ~oreclosure oI thi~ mortga6e, ot other tranafer o[ title to wid property in e:tinguistiment of the indebtedaeu secured hereby, all ri6ht, title. aad i~terest of the mortgagor ia and to any insurance policid then in force ~hall paw to the purchaaer or mortgager or. at the optio~~ of ihe mortRaRee. m+~ Ix sorrrndrrr~l (or •a rcf~u~~l. g. He will kcep all buildings and other improvementn ou said proprrly in ~ouJ rr.p~ir and condition: will permit. commit. or auBer no waate. impairment. deterioration of aaid ~~ropert~• or anv part thereof: in tl~e event of failure ~of the mortgagor to keep the buildin~ca on said premieea and tl~oxe erected on sai~l premieea, or impmvements thereon. in ~ood repair, the mortKagee may make euch rrpairb a~ in ita diacretion it may deem neceaaary for the proper prtaervation thereo(; and the full amount uf eacb and evPn• such payment ahall be immediately d~~e and payable; and ahall be secural b~- the lien nf thiK mort~a~Ce. • /~. He will not voluntarily create or permit to be created again~t the property ~ubject to this mortgaae aay lien or liens inferior or superior to the lien oI this mortgage without the written consent o( the mort6agee; and (urther, that he will ~ceep and maintain the uawe iret from 1he claim uf all penwns rupplyinR lalwr or material~ for coaatruction of any and all buildinRs or improvemrnts now F~einK rrect~d or to be er~cted on said premiies. i. He will not rent or assign any part of the ren~ of said mortgaged proprrt~ or demoli~h. ur rrmu~•e, or subatantially alter anv M~ildinR without ~he written coneent of-the mortRaKer. j. All award~ o( daa~~gea in conuection with any condemnation for public uEe of or injur~ ~u an~ of thr ~~ro~xrty subject to this mort~age are iiereby aseigned and shall be paiil to mortKaRee. who may apply the aame to pacnunt of Il~e inetallments laat due under aaid nute, and mortgaKee ie herebv authorized. in the nam~ o~ Ihe mortgagor, to ex~cute and deliver valid acquittancea thrreoi an~i to ap~~eal irom an~ Euch award. k. The n~ortRaRee ehall have the ri~cht ~o inspecl ~he mortKaKe~l pren~iw. a~ an~~ rraaon,~ble ~in~c. 2. Default in any of the covenants or conditions of ihis itutrument or of the note or loan aareemeat ~ecured hereby ~hall terminate the mortgagor s right to pos~csaion, u~e. and enjoyment oi the propertr. at the option of the m~~6~6~ or hu aesiEns (it bein6 agreed thai the mortgaRor ~hall have such ri6ht until dehult). Upon any ~uch def~ult, the mort~aRee shall become the owner of ~11 0~ ihe rents and pro6ts accruin6 after default u security for the iadebtednee~ ~ecured hereby. with th~ riitht to ent'r upon s~id property Ior the purpo~e of collectina ~uch rents ~nd pro6t~. This irutrument ~hall operate a~ an usi6ament ot anr rentals on ~aid property to that extent. ~ SBA FORM 928 fI 73- -~..;~-°^ - ~. ~;__ - - ~~ ~~~~ .. x-~ -- s~~x.347 ~,ACE228, 9