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HomeMy WebLinkAbout2897 1S. ~f a comrayance should be sade by the Mortgagor of the pre~nises herein desc- ribed, or aAy past thereof, vithout the vtitten consent of SMA , and vithout assu~ption in sagular fora of lav by the grantee of the obligation to SMA created by •aid pro~iasorq note and this Mortgage, then, and in that event. and at the optioa of SMA, a~d vithout notice. all sume of money secured ~ hereby shall ia~ediately aAd copcurrently vith such comeyance become due and fi payable at~d in default. SMA may charge a reasonable fee for its services ~ ; in causing a tratiefer in o~merahip to be reflected in its books. ? 16. That whenever in the sold discretion atrd ~udgsent of SMA it shall be for the best intereat of SMA to require additional eecurity from the Mortgagor, and in order ,ore fully to protect the security of this Hortgage SMA shall find 3 it necessary so to do, then at the option of S;~lA and commencing with the first nonthly paya?ent date after SMA ahall have _exercised its option hereunder, the following terms, covenants and conditions shall become in full force and effect in addiCion to all of the other tetms, covenants and conditions herein set forth: That the Mortgagor will together with, and in addition to, the monthly payment uc~der the terms of the note secured hereby on the first day of each awnth until the said note is fully paid, will pay to SMA the following sums: (a) A a~ equal to the ground rente, if any, next due, plue the premi~s that will next become due and payable for mortgage insurance and on policies of fire and other hazard insurance covering the mortgaged property, plus taxes and assesementa next due on the mortgaged property (all as eatimated by SMA) leas all suma already paid therefor divided by the number of months to elapse hefore one month prior to the date when such ground renta, premiums, taxes, and aaseaements will beccme dus , such eums to be held by SMA in truat to pay esid ground rente, premiums, taxes, and apecial assesaments. (b) The aggregate of the amounts payable pureuant to aubparagraph (aj and thoee payable on the note secured hereby, shall be paid in a single payment each month, ~ to be applied to the following items in the order etated: t (I) ground rente, tsxee, asaessments, fire, and other hazard insurance premiums, mortgage ineurance premium; (II)intereat on the note aecured 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 Nortgagor prior to the due date of the next such payment, constitute an etient of default under this Hortgage. If the total of the payments made by the Nortgagor under (a) hereof shall i exceed the amount of payments actually made by SMA, for ground rents, taxes, i and assessments, and insurance premiums, as the case may be, such excess shall be credited on subsequent payments to be made by the l~lortgugor for such items. ! , If, however~ such nwnthly payments shall not be sufficient to pay such itesos ' when the same shall become due and payable, tNen the 1~4urtgagor shall pay to SMA any 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 notice may be given by mail. If at any time the Mortgagor shall tender to g~ in accordance vith the provisions of the note secured hereby, full paymen[ of the entire indebtedness repreaented thereby, g~ shall, in computing the amount of such indebtedness, credit to the account of the MoYtgagor any credit balance remaining under the provisions of (a) hereof. If there shall be a default ; under any of the provisions of this Iiortgage resulting in a public sale of the pre~ises covered hereby, or if SMA acquires the property otherMrise after default, S~ shall applq, at the time of the co~encement of such proceedings or at the time the property is othervise acquired, the amount then re~aining to credit of I~lortgagor 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 than _ the holder of this Mortgage (except an action to foreclose this Mortgage, or to : collect the debt secured thereby) to which action, or proceeding, the holder of ~ this Mortgage is made a partq, or in vhich it shall became necessary to defend, 3 ~ or uphold, the lien of this Nortgage, all swes paid by the holder of this ~rt- ~ ~ gage for the dcpense of any litigation (including reasonable counsel fees), shall ~ be paid by the Nortgagor, together with intereet thereon, at the rate of six (6X) ~ ~ percent, per anrnm~, and anq such eum, and the interest thereon~ shall be a claia ~ ~ the repa~ent of which ia eecused bq this mortgage snd by the note that it secures. In any action or proceeding to foreclose thia Mortgage, or to recover, ? ~ or collect the debt secured thereby, the provisions of law reapecting the ~ ~ recovery of coata, disbursements and sllowsnces shall prevail, unaffected by this ~ COVlZLtAt. 4 QOOK ~O~ PAGE ~~96 ~ ~ ~x... ^ 4T *X~~` ~_'3d-~ Y~4~i'- S'~v'~~~-x,'f jr,y.~s, ~.s' - : - r. - ;_s . . . _ . _ ' ' ' _ _ _ _ .