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15. ~f a convayance ahould be aade by tbe Mortgagor of the premises herein desc- i
iibed. or any ~art thereof, vithout the vritten consent of SMA ,~nd without
asauaiption in rs~ular forr of law by the graatee of the obligation to SMA
crested by said pro~issorq aote aird this l~brtgage, then, and in tt~at avent,
aM at th~ optioA of SMA, and vithout notice, all sums of money secured
hereby shall iasediately and copcurrently vith auch comieyance beco~e due and
payable and in default. SMA ~ay charge a reasonable fee for its aervices
in causing a traasfer in owuership to be reflected 1n ita books.
16. That whenever in the sold discretion at~d ~udgment of SMA it etwll be for the
best intesest of SMA to require.additional security fron the Nortgagor, and
in order aore fully to protect the security of this Hortgage SMA shall find
it necessary ao to do, then at the optiQA of St•iA and co~aencing with the
first oonthly payment date after SMA ahall ttave exercfsed its option hereunder,
the folloving terss, covenants and conditions shall become in full force and
effect in addition to all of the other terwe, covenants and conditions herein
set forth: ~
That the Mortgagor vill together with~ and in addition to, the monthly payment
uMer the terns of the note secured hetebq on the f irst day of each month until
the said note is fully paid, Will pay to SMA the folloving suss: r
(a) A s~ equal to the ground rents, if anq, next due, plus the premiu~e that
will next became due and payeble for mortgage insurance and on policies of
fire and other hazard insurance covering the mortgaged property, plus taxea
and aseessmenta next due on the mortg,aged property (all as estimated by SNA)
less all sums already paid therefor divided by the numher of months to elapse
before one month prior to the date when auch ground rente, premiume, taxes, and
aasesements will becane daa , such eums to be held by SNA ia truat to pay f
eaid ground rents, premiums, taxes, and epecial assesamenta.
(b) The aggregate of the amounts payable purauant to subparagraph (a) and those
payable on the note aecured hereby, shall be paid in a aingle payment each moath~
to be applied to the following items in the order stated:
(I) ground renta, taxes, aaeeasmeats, fire, and other hazard insurance premiums,
mortgage ineurance premium;
(II)interest on the note eecured hereby; and ?
- (III)amortization of the principal of said note. ~
Any deficiency in the a.mount of $uch aggregate monthly payment shall, unless
made good by the Mortgagor prior to the due date of the next such payment,
constitute an event of default under this Mortgage. ~
If the total of the payments made by the liortgagor under (a) hereof ahall
exceed the a~ount of payments actually made bq SMA, for ground rents, tauee, ;
and assessments, and insurance preaiums, as the case may be, such excesa shsll
be credited on subsequent payments td be made by the Abrtgrsgor for euch items.
. If, hovever, such monthly paynents shall not be suff icient to pay such itgna
vhen the same shall become due and payable, tken the l~lertgagor shall pay to
SMA any amount necessary to make up the deficiency. Such payment shall be made
within fifteen (15) days after vritten notice from SMA statiag the aaount of the _ ~
deficiency, which~notice may be given by mail. If at any time the Mortgagor shall
tender to g~p in accordance with the provisions of the note secured herebq, full
paynient of the entire indebtedness repreaented Lhereby, g~. ahall, in computing
the amount of such indebtednesa, credit to the account of the ?brtgagor aay credit
balance resaining under the provisions of (a) hereof. If thete shall be a default
under anq of the provisions of this 1~lortgage resulting in a public sale of the
preemises covered herebq, or if SMA 8cquire8 the property ot6erwise after default,
j S~ shall apply, at the time of the ca~enc~aent of such proceedings or at the
~ time the property is otherwise acquired, the amount then remainiag to cre~it of
l~fortgagor under (a) hereef as 8 crediC on the interest accrued and unpaid aad the
' balance to the principal thea re~naining unpaid on said note. _
` 17. That if any action, or proceeding, shall be commeneed by any person other than
the holder of this Hortgage (e~ccept an action to foreclose this Mortgage, or to
collect the debt secured thereby) to vhich action, or proceeding, the holder of
. thia Mortgage is made a party, or in which it sha21 becove neceasarq to defend,
or uphold, the lien of this Nortgage, all ausa paid by the holder~of this Ilort-
' gage for the expense of any litigation (including reasonable counsel feea), shall
be paid bq the Mortgagor, together vith interest thereon, at the rste of six (6X)
percent, per antrum, and anq such sum, and the interest thereon, shall be a c1aLa
the repay~ent of ~hich ie securcd by this sortgage and bq the note that it
aecures. In any action or proceeding to foreclose this Nortgage, or to recover,
or collect the debt secured theteby, the proviaiona of law respecting the
i recovery of costs, disburseaenta aad sllovances ahall prrvail, unaff ected bq this
covenant.
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