HomeMy WebLinkAbout0691 15. ~f a comeyance ehould be aade by the Mortgagor of the preimisea herein desc-
s~ibed, or aAr part thereof , without the vritten consent of SMA , aiu! vithout
assuaption io ragular fors of law by the grantee of the obligation to SMA
created by said pro~iesory note aud thia liortgage, thea, and in that event,
and at the option of SMA, atd vithout notice, a21 sums of uoney secured
hereby shall is~ediately and copcurrently vith such coaveyance become due and
payable and in default. SMA say charge a reasonable fee for its services
in causing a ttranefer in ownership to be reflected in its boo~C~.
16. That whenever in the sold discretion and judgment of SMA it shall be for the
best interest of SMA to require additional security from the Kortgagor, ard
in order more fully to protect the security of this Hortgage SMA shall find
it necessary ao to do, then at the option of S:~lA and coumenclag with ihe
first ~nonthly payment date after SMA at~all have exercised its option hereunder,
the following terms, covenants and conditions shall become in full force and
effect in addition to all of the other terms, covenants and conditions herein
set forth:
That the N~rtgagor will together with, and in addition to, the monthly payrcent
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 rents, if any, next due, plue the premiums that
will next become due and payable for mortgage inaurance and an policies of
fire and other hazard insurance covering the mortgaged property, plua taxes
and asseaementa next due on the mortgaged property (all as eatimated by SMA)
less all aums already paid therefor divided by the number of months to elapse
before one month prior to the date when auch ground rente, premiwas, taxes, and
assesaments will becvme dtts , such eume to be held by SMA in trust to pay
esid ground rente, premiums, taxe8, and apecial asseeements.
(b) The aggregate of the amounts payable pursuant to subparagraph (a) and those
payable on the note secured hereby, shall be paid in a aingle payment each month,
to be applied to the following items in the order stated:
(I) ground rente, taxea, aeeessmence, fire, and other hazard insurance premiums,
mortgage ineurance premium;
(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 Hortgagor prior to the due date of the next such payment,
constitute an e~ent of default under this Mortgage.
If the total of the payments made by [he Hortgagor under (a) hereof sha21
exceed the amount of payaents actually made by SMA, for ground rents, taxea,
and assessments, and insurance pr~iums, as the case may be, such excess shall
be credited on subsequent payments to be made by the Mortgs~gor for such items.
. If. however, such monthly payments shall not be sufficient to pay such ite~s
when the same shall become due and payable, then the t~rtgagor 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 [he amount of the
deficiency, vhich notice may be given by mail. If at any time the Mortgagor shall
tender to S~p in accordaace vith the provisions of the note secured hereby, full
payment of the entire indebted~less represerted thereby, S~ shall, in computing
the amount of such indebtednesa, credit to the account of the Mortgagor any credit
balance re~aining under the provisions of (a) hereof. If there shall be a default
under any of the provisions of this Nertgage resulting in a public sale of the
pre~ises covered hereby, or if g~ acquirea the property otherw3se after default,
g~p shall applq; at the time of the coa~c+encement of such proceedings or at the
time the property is othenrise acquired. the amount then re~aining to credit of
Hortgagor 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 (~ccept an action to foreclose this Mortgage, or to
collect the debt secured thereby) to ~rhich action, or proceeding, the holder of
this Mortgage is made a partq, or in which it shall became necessary to defend,
or uphold, the liea of this l~Iortgage, all sums paid by the holder of this Mort-
gage for the aicpense of any litigation (including reasonable couneel fees), shall
be paid by the Mortgagor, together With intereat thereon, at the rate of eix (6x)
percent, per anrnim~ a~d any such sum, and the interest thereon, shall be a claiai
the repaysent of which ia eecured by this moxtgage and by the cw te that it
aecurea. In any action or proceeding to forecloee this ?~(ortgage, or to recover.
or collect the debt eecured therebq, the provieions of law respectirg the
recovery of costa, disburs enents snd allovances ehall prevail, unaffected by this
covenant.
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