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15. 'ff a comreqanc~ ~hould be sade by the Mortgagor of the premises herein desc-
ribed, or any part thereof, vithout the vritten consent of SMA , and without
aasuvption in ragular for~ of lav by th~ grantee of the obligation to SMA
created by said pro~iseorq note sud this liortgage, then. and in that event,
and at the option of SMA, and vithout notice, all sums of money secured
hereby shall i~ediately and copcurrently vith auch comeyance becose due and
payable and in default. SMA ~ay charge a reasonable fee for its aervices
in causing a transfer in ovnership to be reflected in its books.
16. That vhenever in the sold discretion and ~udg~ent of SMA it ehsll be for the
best intereat of SMA to require additional security from the Nortgagor, and
in order more fully to protect the aecurity of this l~tortgage SMA shall find
it neceseary ao to do, then at the option of S:-!A and comeencing with the
first nonthly payment date after SMA shall 11ave exercised its option hereunder,
the followit?g tetms, covenants and conditions shall become in full force and
eff ect in addition to all of the other terms, covemants and conditions herein
set forth:
That the Nortgagor vi12 together vith, and in addition to, the monthly payment
under the terms of the note secured hereby on the first day of each month until
the said note is fully paid, will pay to SMA the folloving sums:
(a) A s~ equal to the ground rente, 1f any, next de?e, plus the premiums that
will next became due and payable for mortgage,ineurance and on policies of
fire ac~d other hazard inaurance covering the mortgaged property, plus taxes
and asaeaementa next due on the mortg,aged property (all ae eatimated by SMA)
leaa all aums already paid therefor divided by the number of months to elapae
before one month prior to the date when auch ground rents, premiums, taxes, and
asaeasments vill become dua , such aums to be held by SMA in truat to pay
esid ground rents, premiuma, taxes, and special aeeessmente.
(b) The aggregate of the amounts payable pursuant to subparagraph (a) and thoae
payable on the note secured hereby. ahall be paid in a aingle payment each month,
to be applied to the folloving iteme in the order stated:
(I) ground rente, taxes, aeaessments, fire, and other hazard inaurance premiwns,
mortgage ineurance premi~;
(II)intereat on the note secured hereby; and
(III)amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment shall, unless
made good by the Mortgagor prior to the due date of the next such payment,
constitute an e~?ent of default under this Idortgage.
If the total of the payments made by the Mortgagor under (a) hereof shall -
exceed the amount of payments actually made by SMA, for ground rents, taxes,
and assessments, and insurance premiuas, as the case may be, such excess shall
' be credited on subsequent payments to be made by the ?(~rtgrsgor for such items.
~ , If, however, such monthly paynents shall not be sufficient to pay such ite~ns
when the same shall become due and payable, ttien the Mortgagor 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 stating the amount of the
deficiency, which notice nay be given bq mail. If at any time the 1~lortgagor shall
tender to g~p in accordance vith the provisions of the note secured hereby, full
payment of the entire indebtedness represented thereby, g~ shall, in computing
the amount of such indebtednesa, credit to the account of the Mortgagor any credit
balance remaining under the prrnrisions of (a) hereof. If there ehall be a default
uader any of the provisions of this Mortgage resulting in a public sale of the
presisea covered hereby, or if SMA acquires the property otherwise after default,
g~ sha21 apply, at the time of the caamencment of such-proceedings or at the
time the property ie othervise acquired, the amount then remaining to credit of
Mortgagor under (a) hereof as a credit on the interest accrued and unpaid and the
balance to the principal then re~naining unpaid on said note. •
17. That if any action, or proceeding, ehall be comaeneed by any person other tt?an
the holder of this Mortgage (except an action to foreclose this Mortgage, or to
collect the debt secured thereby) to vhich action,.or ptoceeding, the holder of
this Nortgage is made a party. or in which it ehall becase necessary to defend,
~ or uphold, the lien of thia l~brtgage, all swna paid by the holder of thia t~l~ort-
~ gage for the expense of anq litigation (including reasonable couneel fees), shall
be paid by the Hortgagor, together with interest thereon, at the rate of six (6x)
percent~ per annum, and any such sun, and the interest thereon, shall be a claim
the repa~eent of which is secured by this sortgage and by the note that it
secures. In any action or proceeding to foreclose this Ibrtgage~ or to recover,
or collect the debt eecured thereby, the provisions of lav respecting Che
recovery of coats, disburs~ents asd allovsnces shall prevail, unaff ected by this
- covenaat.
B~oK zo~ P,~~552
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