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HomeMy WebLinkAbout2024 1S. ~f a comreyaace should be wade by the Nortgagor of the prem:sea herein deac- ribsd, or anr ~rt thereof, ~ithout the Written consent of SMA , and vithout assunption in ragular fors of law by che grantee of the obligatioo to SMA created by said presissorq note and this ?brtgsge, then, and in that event, at?d at the option of SMA~ and vithout notice, all sums of money secured hereby shall i~aediately at~d copcurrently vith such conveyance become due and payable and in default. SMA oay charge a reasonable fee for its services - in causing a transfer in rnmership to be reflected in its books. 16. That whenever in the sold discretion atd judgment of SMA it shall be for the best intereat of SMA to require additional eecurity from the Mortgagor, and 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,•SA and comsnencing with the first monthly paya~ent date after SMA shall have e~cercised 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 Hortgagor will together vith, 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, vill pay to SMA the following sums: (a) A stmm equal to the ground rente, if any, next due. plus the premi~ans that will next become due and payable for mortgage insurance and on poliries of fire and other hazard insuraace covering the mortgaged property, plus taxes and aaee8aments next due on the mortgaged property (all as estimated by SMA) leea all aums already paid therefor divided by the number of months to elapse before one month prior to the date when such ground rents, premiums, taxes, and aesesamenta will becane due , such sums to be held by SMA in truet to pay said ground renta, premiums, taxes, and special assessmenta. (b) The aggregate of the aawunt,~ payable purausnt to subparagraph (aj and those payable on the note aecured hereby, ahall be.paid in a aingle payment each month, to be applied to the follo~ing itema in_the order atated: (I) ground rents, taxes, asseesmente, fire, and other hazard insurance premiums, mortgage inaurance premium; (II)intereat on the note secured hereby; and ; ~ (III)amortization af the principal of said note. Any deficiency in the amount of such aggregate monthly payment shall, unless made good by the Mortgegor 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 the Mortgagor 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 ~ade b~ the Hortgdgor for such items. If, however, such monthly payn~ents 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 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~yp in accordance ~,rith the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, S~p shall, in computing the amount of such indebtednesa, credit to the account of the MoYtgagor any credit balance re~sining under the provisions of (a) hereof. If there shall be a default under any of the provisions of this Mortgage resulting in a public sale of the premises covered hereby, or if SMA acquiree the property otherwise after default, g~p shall apply, at the time of the co~mnence~aent of such proceedings or at the time the property is otherwise acquired, the amount then remaining to credit of Mortgagor under (a) t~ereof as a credit on the interest accrued and unpaid and the balance to the principal then r aaaining 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 en action to foreclose this Hortg~ge, or to collect the debt secured thereby) to vhich action, or proceeding, the holder of this Mortgage is made a party, or in which it shall become necessary to defend, or uphold, the lien of this Hortgage, all sums paid by the holder of this Mort- gage for the acpense of any litigation (including reasonable counael fees), shall be paid by the Mortgagor, Logether with intereat thereon, at the rate of six (6X) percent, per annum, and any such eum, an~d the interest thereon, shall be a claim _ the repayment of ~rhich is aecured bq this mortgage and by the note that it secures. In any action or proceeding to foreclose this Mortgage, or to recover. or collect the debt secured therebq, the provisions of law respecting the recovery of coste, disbursenenta and allovaacee ahall prevail~ unaffected by this covenant. 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