HomeMy WebLinkAbout0866Said promiawry ~ote was give~ to eecure a loan in which the Small Business Admit-istration. an agency of the
United Stata oE America, has participated. la compliance with eection 101.1( d) o( the Rules and Regulations af
the SrEall Busineas Admi~ietration [13 C.F.R. 101.1(d) ]. tliis instruR~ent is to be construed and e~~orced i~ acco~d-
ance with applicable Feder~l law.
l. The mortgagor cavenanta and agrees as follow~:
a. He will Qromptly pay the indebtedaees evidenced by said pmmiaeory note at the timea and in the
manaer therein provided.
6. He will pay all ta:es, aeeeaameot~, water ratea, and other governmental or municipal charges, fines, or
impositiotu, for which provision has not been made hereinbefon, and will prompdy deliver the ofGcial rec-eipts
theretor to the ~aid mortgagce.
c. He will pay euch expeneea and feea as may be incurred in the protection and maiatenance of said
property, i~cluding the (eea of any attorney employed by the mortgagee fnr the collection of any or'all o!
the indebtedneee hereby aecured, or forecloeure by mortga~ee'~ aale, or r_ourt ~-roceedin~s. or in any other
litigation or proceedinR afiectinR eaid propert~~. Attorne~•a' fees reaAOnahk incnrred'in an~~ other wav ehall be
paid by the mort~aQor.
d. For better eecurity of the indebtedness hereby ~ee~~red, upoi~ tlie r~•i;~ir~t nf tl~e morl~aRee. ite
succeeaora or assi~na. he ehall execute and deliver a suppiemental mortK•r~~ or mort{;aReR covrring an~~
additiona, improvemt~nts, or bettermenta made to the proprrh~ hi•reinabo~c ~lescribed and all propert~
acquired by- it a[ter the date hereoi 1 al) in forn~ aatiafaclory to mortga~ee 1. Furlher~nnrr. s6ouid n~ortKaKor
fail to cure any- de(ault in the pa~~n~ent of a prior or in[erior encumbrauce on the prupert~• deacribed bv
this inatrument, n~ott~aRor hereb?~ aRrees to perniit mortgaKee to rure ~ach ~lefault, but mortKaRec is not
obligated lo do so; and such advances shall become part ~( IhP in~lehtr~ln~:~ ~~•rurrd bv thiF in~trument,
aubject to the same terma and conditionE.
~~. T1ie righte created by thia con~•eyance ~hall remain in (ull (orce~ ~n~l ~•lirct durio~ au~ ~~ur~Nun~•uuv~t
or exten~ion of the time of the E~a~•mPni of ihe iud~htedne.~. Pvi~i~n~~~~l b. ,ai~l pro~ni~rorv u~~~e or an~ ~~ar!
thereof recured herebv.
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~. -. .. ..... ..........:::.::o. f t~\Y~~~LY~\• uedea u iTieui a~~Cc~ va euua Y~ N~ ui Q~ ~fe aaiu ii~ eucu ~a~uuuiaie ie uie
mort~taRee ~na~• from time to time rrquire on the impro.e~nent~ noN or hrrc•aftrr un ~ai~l pro~~~•r~~, :uul
will pay promptly when due any premiume therefor. All ineurance el~all be carried in companiea acceptable
to mortgagee and the pc-liciea and renewala thereof ehall be held by mortgagee and l~ave attached thereto
lose payable clauaee in favor of and in form acceptable to the mortgagee. In event o[ loea. marigagor will give
immediate notice in writing to mortgaRee, and mortgagee may make proo[ of loee i( not rnade ~promptly by
mortgagor, and each inauranee company concerned is hereby authorized and clirected to make payment for sueh
loes directly to mortgagee inatead ot to mort8agor and mortgagee jointl}•, and the ineurance proceed0. or any
part thereof, may be applied by mortgagee at ita option either to the reduction of the indebtedneae hereby
secured or to the restoration or repair of the propert~ damaged or destro}•ed. In event of foreclosure of ihis
mortgage, or othe~ trans(er of title to eaid propert}• in extinguishmeut of the indebtednees aecured hereby, all
right, title, and intereat of the mortgagor in and to any inaurance policiea then in force ehal) paes to the
purchaser or mort~rRrr or, at dir optiou uf the morlRaKee, uia~ be• ~urrrn~l~•n•~I fur a refn~~~l.
g. Ne will keep all buildinFa and other in~pro~en~ent,: on ,ai~I ~-ro~~rrl) in ~:owl rrpair and cundi~ion:
wil) permit. commit, or aofier no Nacte. impairment, deterioration of ~ai~l pro~~ett~• or an~~ part thereof:
in the e~~ent of failure o[ the mort~aFor to keep the buildinKs o~~ ,aid ~~r~~~uise• an~l thore erected on sai~l
premisea. or impro~•ementr thereon, in Food repair, the mortKaRPe ~na~• u~•rke :~~ch rrpairF •r+ in its ~ii6cretion
it n~ay~ deem necessar~- for the proper preservation thereof: and lhe full amount of each and evPn such
payment shall be imme~liatel~• ~l~~e an~i pa~~ablP: and shai) be secure~l b~ thr lien of thir ~~wrt~[aKe.
/~. :ie will not ~oluntarily create or permit to be created against the property subject to thie mortgage any
lien or liena inferior or auperior to the lien o( thia mortRa~e without the written coneent of the mortgagee; and
forilier, that he wil) iceep and mainlair~ ihe eau~r freP (roii~ thr claiw uf a~l ~irrrionr ru~-ph•inR labur or
materiala !or construction of am• and all buildin~ta or improvem~~m. (lON' hPlll~ YfPCIP1I or In he Precte~ nn
aaid premiaea. '
i. HP will not rent or a:~iRn an~ parl of the rent of ~aid mortKa~Pd pro~-rrt~ or rlrmolirih, ur rrmo~e,
or :+ubitantiall}' alter an~- huildinR N•ithoi~t thr writtPn conFent of Ihe mort{;a~e~•.
j. All awarde of damaRra in connection with any~ condemnation for public u+r of ur injur~ Io an~ uf thr
pro~-erty sabject to this mortFa~ce are hereb~• assigne~l and shall be pai~l to mortKaRee, who mac apply the
.ame to pa~mrnt of ~lie installmenta I:+.t due under aaid nute, an~l murtgaKee ir herebv authorized, in the
namr of the ~nortgaKor. to exPCUle and ~Irli~~er valid acquittance~ therPOf and to ap~-ra) from am• si~ch a~.anl.
k. "I'he ~uortRaRer Kl~all ha~e ~hr ri~tMt to inepect Ihe n~ortKaKed }~remiart :~t anv re•awnnable tiinr.
2. Default in any_of the covc~nante or conditione of thia inetrument or of the note or loan a~reement aecured
hereby ahall terminate the mortgaRor's right to poeaeaeion, use~ and enjo~-ment of the propert,r•, at ihe option of the
mortgagee or his aeei~cns /it being agreed that the mortgaRor shall have euch right until default). Upon any such
default, t6e moriRage~ bhall b~come the owner of all o( the renta and pro6tr aceruing after default as securitv
for the indebtedneae eecured hereby, with tti~ riAht to ent..r upoa said property for the purpose o( collecting such
rente and profits. Thie instrument shal) operate as an as~ignment of any rentals on aaid property to that extent.
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S~~ FO pM 928 12-7J1
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