HomeMy WebLinkAbout0583.:.~:-~( ~ ~~ ~ ~~ _
~. !',,~
Said promsasory note was given to srcure a loan in which the Small Bu:inrw Administraiio~~ aa age~cy of the
l;nited Statea of America. har participated. I~ complia~ce with section lO1.lld) o[ the Rulea and Regulations of
the SrEall Buaineas Administration [13 C.F.R. 101.1IJ~ ~. tl~is instrument i~ to be construed and enfotced in accord-
iace with sppGcable Federal law.
l. The mortgagor coveaants and agrex~ u tollow~:
a. He will promptly pay the indebtednee~ evidenced by aid promiseory note at the tima and ia the
manner theniu provided.
6. He will pay all taxea, asscasmenta, water ratea. and other governmeatal or mun;~ipal char~ca, 6ne~, or
impositione, for which provision has not been made hereinbetore, and will promptJy Jeliver the o~cial re~.~;pts
therefor to the said mortgagee.
c. He will pay auch expenaea and feea as may be incurred in the protection and maintenaace o( said
property. inciuding the feea ot any attorney employed by the mortgagee for the collection o[ any or all of
the indebtedneas hereby eecu~ed, or forecloaure b~• nu~rl~a~er'~ aa1r, ur cuurl ~~rucee~lin~;s, or in a~iy other
litigation or proceeding affectinR Faid property. Attorne~F ~er,~: reawonal~h incurre~l in anv other wa~• ,~hall F~•
paid b~• the mort~caRor.
d. For betttr aecurity of the indebtednese herehy re~•urrd, upon the r~•yur•~ of the morl~aKer. itF
aucrrssors or assi~ns, 13~ ehall execuic amI ~tiivrr ~ rupplementai murtKa~~ or mort~;aKe~+ covrrinR an~
addition~, improvement6. or b~ttermenis niaJe to the prop~•rty h~•rrinabu~~• ~Ic-cribed anJ aIF propeth
acquired b~~ it after the date hereof ~ all in forni sati~factory to u~ort~;a~ee ~. M~urihPrmo~~~, shoulrl mortKaKor
fail Io cure am• default in the pa~u~rnt ~-f a prior or inferior rncumbrancP on tl~e ~uu~iPrtc des~ribed b~
tl~ia inatrument, mort~aRor hereb~• aKrees to ~-ern~it mortKaKee ~u ~•urr ~ueh dPfault. bu~ mortKaK~c is not
obli~ated to dn :o: rnd ~n~h s~~]•an~P~ ~le~!! hPcirnze S:art o[ tl~~ i:2elPhtrelcef•-- ~rt•seert! hs~ slzit it:ttsi::ii~ni.
.ubject to t~~e•ame terms and conditiona.
~~. The ri~ehtK creatrd by thia conveyance K6all rrmain iu (ull (~-rer an~l ~•iirrt ~Iurii~F an~ ~~ur~pun~•~u=•n~
or rxtenriott of the time of the pa~-mrnt of thr indrbtP~lne•.. r~i~lrn~•~•~I I~~ -,ei~1 promi".on uulr ur an~ part
thereof recured herebv.
j. He wilt continuouely maintain hazard ineurance, of eu~h t~ pe or typeF and in euch amounta ae the
mortRaKee n~a~• from tin~e to timP rrquire o~i th~• iln~~ru~ru~rpl. noh ur hrr~•~(trr un -.-i~l ~~ro~u•rt~, :u~J
will pay prompN~ Nhen due anp premiuma therefor. All inaurance e}~al) be earried in companiee acceptable
to mortga~ee and the policiea and renew~als thereof al~all be hel~l b~• mortgaqee and l~ave attached thereto
lose pa~-able clauaes in [a~or of and in form acceptable to the mortKegee. In event of loaa, mortga~or will give
immediate notice in ~.riting to mortgagee. and mort~a~ee may make proof o[ loae if not made promptly b~•
mortgagor, and each ineunnce compan~• concerned is hereby authoriaed and directed tu make pa}ment for euch
loss directl~• to mortgagee inatead of to mortgagor and mortga~ee jointl~. and the ineurance proceede. or an~
part thereo(, may be applied by mortgagee at ita option either to the reduction of the indebtedneea hereby
secured or to the restoration or repair of the propert~• damaged or deFtroved. In event of forecloaure of thie
mortRage, or other tranafer of title to eaid propert~• in extin~tuishmen~ of the indebtedneas secured hereby, all
right, title, and intereat o[ the mortgagor in- and to ~n~• inaurance policiee then in force ehall paee to the
purchaarr or mort~aRrr or, at the option uf ihr n~ort~a~rr, u~a. I-r _~urn•ml~•n•~1 for a rrfim•l.
R. Hr will keep all buildin~a and other impro~rmenti ou ~ai~l ~-rup~•rt~ iu ~ou~! r~•~,air .~n~l cun~lilion:
aill pcrmil, commit, or ~uRer no w•a~te, im~~airtnent. deterioration ~f -ai~i ~~ru~~+•n. or au. ~-ar1 therPOi:
in thF• ~•~ent of failure of the mort~a~or to keep ihe buildinKf ou rai~l j-re•mi~r~ an~l ~4o•f~ r•fPC1P~l on ~ai~l
prFmi~F~, or improvenient: therron, in ~ood repair, thP mortKaRPe mav u~ak~• =uch r~•~~airt a~ in it~ ~li~crrtion
it mav ~Ieem necessar~~ for the proper presen•ation thereof: and the full amuuni uf rach an~l r~~r~ ~~~~h
~~aymrnt ~hall be im~nrdiatelv ~lue an~l pa~ablP: and ~hall bP •PCUrr~l b~ ti~r lirn ~f thi~ ~norlXa~~•.
h. 1(e will not ~~oluntarih~ create or permit to be created against th~ propert~ bubject to this mortgage an••
li~n or lienr infrrior or wperior to ihe lien of ihie mortRaRe without the written conecnt of the morigagee; and
furtl~er, thrt hF~ wilt ~:ee~- and mainlain thr ~am~' ~fFP fru~u ll~r claiu~ ut all prr•un• .u~-~-I~in~ Ialwr or
materiale for ~ uction of am- and al) buildin~ta or impru~em~•nt• noM• twinK rrP~•~P~1 or t~ hP ~rP~trd on
said prPmi
i. Hr ~sill not rent or a~siRn an~ part of the rent o( ~aid mortKa~ced proprrt~ or ~Irmoli,•h, or rrmu~i,
~-r .u~t~ntialh• alter an~ huildinR without the w-ritten conae•n1 of the morty~aKer~.
j. ~11 rwarda of ~lama~:ra in conuection wi~h an} condeinnatiun (or publi~ u-~• uf ur injun tu an• uf the~
~-ru~~~•rt~ subject to thi• mort~a~e are l~ereb~• assiKnr~l and ~hall be paid to mortKaKee, who ma~ apph the
,:~mr t~~ pa.m~~nt of tl~r in~tallmPnt~ la~t dur under ~aid nutr, and murt~[a~;ee i- hereb~ authorizeJ, in thr
namr of Ih~• mortKaKor. to exrcute an~l ~IPli~er ~ali~l ac~uiltan~e. ~hrrPO( an~i t~~ a~~pPal ~rom .u~• ~nch a~.ani.
A. ~fhe• mort~a~e~ .hall ha~e ~hr riKht to inspeM tl~e mort~eaKr~l ~irriui~.•t al an~ rra-onable~ ti~u~•.
2. Default in anv of the covenante or conditione of this inetrument or of the note or loa~ a~rreement eecured
h~reb~• ~hall trrminate th~ mort~a~or'F ri~ht to poeseseion, uee. and enjo}~ment of the propert~•, at the option of the
morlFa~ee or hia a~i~tna ~it beinR aRreed that the mortgaRor ahall ha.-e euch ri~ht until default). Upon any such
default, thr mort~aRee ~hall become the o~vner of aU of the tente and pro6tr accruing aft~r default ae eec~~rit~•
for the indebtednec• rrcured her~b}•, with the riQlti to ent'r upon said property for the purpoee ot collecting euch
renia and profitF. Thit inatrument shall operate as an aaaiaome~t of any r~ntale on eaid propert~ to that e:tent.
~ "~'.~ •J~ P~~:E ~V~
. • s - :s'1';~
i SB• ~n RM 926 ~2-731
~_
~5.~?-:~ ~ :.. ... .. . . .. . . . ... - . . .,