HomeMy WebLinkAbout1520 1S. '~f a comeyance ehould be wade by the Mortgagor of the premises herei~ deac- .
ribed. or any part thereof, vithout the written cortsent of SMA , and vithout
assuoption in ragular fors of law by the grantee of the obligatioa to SMA
created by said prosissory note and this Mortgage, then, and in that event.
and at the optioA of SMA, and vithout•notice, all sums of money secured
hereby shall i~ediately and copcurrently vith such conveyance become due and
payable and in default. SMA may charge a reasonable fee for its 8ervices
in causing a transfer in ownership to be reflected in its books.
16. That whenever in the sold discretion and ~udgment of SMA it shall be for the
best intereet of SMA to require additioaal-security from the Nortgagor, and
in order more fully to protect the aecurity of this Mortgage SMA shall find
it necessary so to do, then at the option of S;lA and con~aencing with the
first nonthly payment date after,SMA ahall have exercised its option hereunder,
the following tenos, covenants and conditions shall become in full force and
effect in addit~ion to all of t~e other terms, covec?ants and conditions herein
set forth:
That the Mortgagor vill together vith, and in addition to, the monthly payment
undeic the terms of the note secured hereby on the first day of each month until
~ the said note is fully paid, Will pay to Sl~~i the following sums:
(a) A s~mm equal to the ground rents, if any, next due, plus the premi~s that ~
will next'become due and payable for mortgage ineurance and on policfes of
fire and other hazard insurance covering the awrtgaged property, plus taxea
and asaeeements next due on the mortgaged property (all ae estimated by SMA)
leas all suma already paid therefor divided by the number of montha to elapae
before one month prior to the date when such ground rents. premiums, taxes, and
asseasments wfll became dut , euch aums to be held by SMA in truet ta pay
said ground rents, premiwns, taxea, and special assessmente.
(b) The aggregate of the amounts paysble pursuant to subparagraph (aj and thoee _
payable on the note secured hereby, ahall be paid in a aingle payment each month,
to be applied to the folloving itema in the order stated:
(I) ground rente, taxes, assessments, fire, and other hazard inaurance premiums,
mortgage ineurance premium;
(II)interest on the note eecured hereby; and
(III)amortization of the principal of sai~ note.
Any deficiency in the amount of auch 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 Hortgage. .
If the total of the payments made by the Hortgagor under (a) hereof shall
exceed the amount of payments actually made by SMA, for ground rents, taxes,
and assessments, and insurance premiums, as the case may be, such excess shall
be credited on subsequent payments to be made by the Mortgxgor for such items.
~ . If, however~ such nwnthly payments shall not be suff icient to pay such ite~ns
; vhen the same shall become due and payable, tlien the Mortgagor 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 gMp in accordance with the provisions of the note secured hereby, full
payment of ttie entire i~ebtedness represented thereby, gMp shall, in computing
the amount of sucfi indebtedness, credit to the account of the Mortgagor any credit
balance r~aining under the provisions of (a) hereof. If there shall be a default
under any of the provisions of this Abrtgage resulting in a public sale of the
o premises covered hereby, or if SMA acquiree the property othervise after default,
g~ shall apply, at the time of the co~mencement of such proceedings or at the
time the property is other~+ise acquired, the amount then remaining to credit of
~ l~fottgagor 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 comneneed by any person other than
the holder of this Hortgage (e~ccept en action to foreclose this Nortga~ge, 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 become necessary to defend,
or uphold, the lien of this Mortgage, all sums paid by the holder of thie Mort-
~ gage for the e~cpense of any litigation (including reasonable counsel fees), shall
~ be paid by the Mortgagor, together With intereet thereon, at the rate of six (6Z)
~ percent, per annum, and any such sum, and the interest thereon, shall be a claim
the repayment of vhicfi is eecured bq this mortgage and by the note that it
secures.' In any action or proceeding to foreclose this ?brtgage, or to recover.
or collect the debt aecured thereby, the provisions of law respecting the
recovery of costs, diebursements and allowances shall prevail, unaffected by this
covenant.
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