HomeMy WebLinkAbout1673 1S. 'ff a comeyaace ahould be ~ade by the Mortgagor of the premises herein deec-
ribed, or any part thereof, without the written consent of SMA , and vithout
aseu4ption in ragular fors of law by the grantee of the obligation to SMA
created by said prasissory note and this Mortgage, then, and in that event.
and at the option of SMA, and vithout notice, all sums of money secured
hereby ahall i~ediately and copcurrently with such conveyance become due and
payable and in default. SMA may cturge a reasonable fee for its services
in causing a tranafer in ownership to be reflected in its books.
16. That whenever in the sold discretion atd judgaent of SMA it ahall be for the
best intere8t of SMA to require additional aecurity from the Mortgagor, and
in order more fully to protect the securitq of this ibrtgage SMA shall find
it nece8sary so to do, then at the option of S;~SA and com~nencing With the
first sonthly payment date after SMA shall have e~cercised its option hereunder,
the folloving terms, covenants and cotditions shall become in full force and
effect in addition to all of the other terms, covenanta and conditions herein
set forth:
That the Nortgagor will together with, 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, aill pay to SI''1p? the folloving sums:
(a) A etmm equal to the ground renta, if any, next due, plua the premiums that
will next become due and payable for mortgage ineurance and on policies of
fire and other hazard insurance covering the ~rtgaged property, plus taxea
and asaeaementa next due on the mortgaged property (all as eatimated by SMA)
lesa all aums already paid therefor divided by the number of months to elapse
before one month prior to the date vhen auch ground renta, premiums, taxes, and
asseeaments will become das , such sums to be held by SMA in trust to pay
said ground rents, premiums, taxes, and special asaeaements.
(b) The aggregate of the amounts payable pursuant to eubparagraph (a} and thoae
payable on the note secured hereby, shall be paid in a single payment each month,
to be applied to the following iteme in the order atated;
(I) ground rents, taxes, aseeesmenta, fire, and other hazard insurance pre~iums,
mortgage ineuraace premium;
(II)interest 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 1~lortgage.
If the total of the payments made by the Pfortgagor 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 excese shall
~ be credited on subsequent payments to be made by the I~brtgr~gor for such items.
! . If, however, such monthly payments shall not be sufficient to pay such items
f 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 shall be made
~ vithin fifteen (15) days after written notice from SMA stating the amount of the
deficiency, vhich notice may be given by mail. If at any time the Mortgagor shall
~ tender to g~p in accordance with the provisions of the note secured herebq, full
payment of the entire indebtedness represented thereby, g~p ahall, in computing
~ the amount of such indebtedneas, credit to the account 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 Iiortgage resulting in a public sale of the
premises covered hereby, or if SMA acquiree the property otherwise after default,
gMp shall apply, at thE time of the co~maenc ment of such proceedings or at the
time the property is otherwise acquired, the amount then re~aining Lo credit of
?brtgagor 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 co~eneed by any person other than
the holder of this Mortgage (except an action to foreclose this Mortgbge, 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 ahall become necessary to defend,
or uphold, the lien of this Mortgage, all sums paid by the holder of this t~Iort-
~ - gage for the e~cpense of any litigation (including reasonable counsel feea), shall
be paid by the Nortgagor, together with intereat thereon~ at the rate of six (6Z)
~ percent. per annum, and any such sum, and the interest thereon, shall bt a claim
~ the repaysent of vhich ie aecured by this morigage and~by the note~that it
aecures. In any action or proceeding to foreclose this Hortgage. or to recover,
~ or collect the debt aecured thereby, the proviaions of lav respecting the
recovcry of coats, disbursments and allowances shall prevail, unaff ected by this
covenant.
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