HomeMy WebLinkAbout1509 15. ~'ff a comeyance ahould be sade by the l~ortgagor`oih the premiaes herein desc-
ribed, or any part thereof, vithout the vritten consent of SMA , and vithout
asauoption ~in ragular fore of lav by the grantee of the obligation to SMA
created by eaid praaieaory ~ote aAd this Martgage, then, and in that event,
and at the option of SMA, and without aotice, all sums of money eecured
hereby shall iasediately and copcurrently with such comreyance become due and
payable and in default. SMA may charge a reasonable fee for its aervices
in causing a transfer in ownership to be reflected in its books.
16. That whenever in the sold discretion and judgment of SMA it shall be for the
best inteTeat of SMA to require additional security from khe Mortgagor, and
in order more fully to protect the security of this I~brtgage SMA shall find
it neceseary so to do, then at the option of S2~iA and comnencing With the
firat aonthly payment date aftes SMA ahall have e~cer~ised 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 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 moath until
the said note is fully paid, will pay to SMA the folloving suas:
(a) A sum equal to the ground rents, if any, next due, plus the premiuma that
will next become due and payable for mortgage ineurance and on policies of
fire and other hazard inaurance covering the mortgaged property, plua taxea
and asaessmenta next due on the mortgeged property (all as estimated by SMl1)
lesa all awne already paid therefor divided by the number of manthe to elapse
before one month prior to the date vhen such groucd renta, premiums, taxee, and
sesesaments will become dus , such aume to be held by SMA in trust to pay
eaid ground rents, premiuma, taxea, and special asaessments.
(b) The aggregate of the amounts payable pureusnt to subparagraph (a) and thoae
payable on the note secured hereby, shall be paid in a single payment each month,
to be applied to the following itema in the order stated:
(I) ground rents,•taxes, aeeeasments, fire, and other hazard insurance premiums,
mortgage inevrance prcmi~mn; ~
(II)intereet on the note aecured hereby; and
(III)amortization of the principal of said note.
Any deficiency in the amount of auch aggregate monthly payment shall, unless
m~de good by the Mortgagor prior to the due date of the next such payment,
constitute an e~ent of default under this Hortgage.
~`If the total of the payments made by the Mortgagor under (a) hereof shall
exceed the amount of payments actually mede by SMA, for ground rents, taxea,
and assessments, and insarance premiums, as the case may be, such excess shall
be credited on subsequent payments to be made by the l~brtgagor for such items.
. If, however, such monthly payments 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 sha11 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 Martgagor shall
tender to g~p in accordance with the provisions of the note secured hereby, full
payment of the entire indebtedness repreaented thereby, g~p shall, in computing
the amount.-of such indebtednesa, credit to the account of the Hortgagor any credit
balance remaining under the proviaions of (a) hereof. If there ehall be a default
under any of the provisions of this l~brtgage resulting in a puhlic sale of the
premises covered hereby, o# if SMA acquiree the property otherwise after default,
g~ shall apply, at the time of the cor~eacement of such proceedings or at the
time the property is othervise acquired, the amount then rmoaining to credit of
Hortgagor under (a) hereof as a credit on the interest accrued and unpaid a~ the
balance to the principal then remaining unpaid on said note. •
17. That if any action, or proceeding, shall be co~eneed by any person other than
the holder of this Mortgage (except an action to forec2ase 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 become necessarq to defend,
or uphold, the li~n of this Mortgage, all sums paid by the holder of this Mort-
gage for the expense of any liCigation (including reasonable counsel feea), shall
be paid by the Mortg~gor, together with interest thereon, at the rate of six (6X)
percent, per anrn,m, and any such sum, and the interest thereon, sha12 be a claim
the repayment of vhich is eecured bq this mortgage and by the note that it
secures. In any action or proceedirg to forecloae this Mortgage. or Co recover,
or collect the debt secured therebq, the proviaions of 1aW respecting the
recovery of costs, disbureesents and allovsnces shall prevail, unaff ected by this a
covenant.
4 g~K 205 ~ 1~09
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