HomeMy WebLinkAbout2806 1S. 'ff a comeyaace should be ~ade by the Mortgagor of the premisea herein deac-
r~ibed, or tay part thereof, ~itheut the vritten consent of SMA , and vithout
assuaption in regular fors of lav by the grantee of the obligatioa to SMA
created by said praslssory Aote and thia Mortgage, then, and in that event,
and at the option of SMA, and vithout notice, all sums of money secured
hereby shall ia~ediately aad copcurrently vith such comeyance become due and
payable snd in default. SMA eay charge a reasonable fee for its aervices
in causing a transfer in ovnership to be ref2ected ia its books.
16. That vhenever in the sold diacretion aAd judgsent of SMA it shall be for the
best intereat of SMA to require additional aecurity from the Mortgagor, and
in order ~re fully to protect the aecurity of this l~fortgage SMA shall find
it necessary ao to do, then at the option of S;~lA and coumencing with the
first ~nthly payment date after SMA ahall have exercised its option hereunder,
the folloving terms, covenants and conditions shall become in full force and
effect in addition to all of the other terme, covenants and conditions herein
set forth:
That the Mortgagor will 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 stmn equal to the ground renta, if any, next due, plus the premiimma that
vill next become due and payable for mortgage insurance and on policies of
fire and other hazard insurance covering the mortgaged property, plua taxea
and assessmenta next due on the mortgaged property (all as estimated by SMA)
less all aums already paid therefor divided by the number of monthe to elapae
before one month prior to the date when such ground rents, premiums, taxes, and
asseeaments vill become dus , such aums to be held by SMA in trust to pay
said ground rents, premiums, taxes, and epecial aseesements.
(b) The aggregate of the amounts payable pureuant to aubparagraph (a) and those
~y$aie on the note aecured hereby, ahall be paid in a aingle payment each month,
to be applied to the folloWing iteme in the order stated:
(I) ground rents, taxes, seaesamente, fire, and other hazard inaurance premiums,
mortgage inaurance premi~;
(II)interest on the note gecured hereby; and
(III)amortization of the principal of said note.
Any deficiency in the amount of such aggregate moathly payment shall, unless
made goad by the Mortgagor prior to the due date of the next such payment,
constitute an e~ent of default u~er this Mortgage.
If the total of the payments made by the l~iortgagor under (a) hereof shall
exceed the amount of payments actual2y made by SMA, for ground renta, taxes,
and assessments, and insurance pr~iums, as the case may be, sucb excess shall
be credited on subsequent payments to be made by the I~tortg~cgor for such items.
. If, however, such monthly payments shall not be sufficient to pay such itaus
vhen the same shall become due and payable, ttien the IYl~ortgagor shall pay to
SMA aay amount necessary to make up the deficiency. Such payment shall be made
within fifteen (15) days after written notice from SMA stating the amount of the
deficiency, which aotice may be given by mail. If at any time the Mortgagor sha21
tetder to g~p in accordance with the provisions of the aote secured hereby, full
payment of the entire indebtedness represented theteby, S~ shall, in computing
the amount of such indebtednese, credit to the accouat of the Mortgagor any credit
balance remaining under the provisions of (a) hereof. If there shall be a default
under any of the provisions of thie Ibrtgage resulting in a public sale of the
~ prmises covered hereby, or if SMA acquires the property otherwise after default,
g~p shall apply, at the time of the commences~ent of such proceedings or at the
time the property is other~rise acquired, the amount then remaining to credit of
I~~ Nortgagor under (a) hereof as a credit on the interest accrued and unpaid and the
balance to the principal then remaining unpaid on said note. •
17. That if any action~ or proceeding, shall be commeneed by any person other chan
, the holder of thia Mortgage (e~ccept an action to foreclose this Hortggge, or to
collect the debt secured thereby) to irhich action, or proceeding, the holder of
this I~brtgage is made a partq, or in which it ehall become necessary to defead,
or uphold, the lien of this Hortgage, all suma paid by the holder of this Nort-
gage for the expense of any litigation (including reasonable counsel fees), shall ,
be paid by the Mortgagor, tagether With intereat thereon. at the rate of six (6X)
percent, per aarnun, and any such sum, at~d the interest thereon, shall be a claim
the repaysent of which is secured by this sortgage a~d by the note that it
eecurea. In any action or proceeding to foreclose thia Mortgage, or to recover,
or collect the debt aecured thereby, the provisions of 1av respccting the
recovery of costs, disbursements and allovancea shall prevail, unaffected by this
covenaat.
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