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HomeMy WebLinkAbout2521 1S. ~f a comreyance ahould be asde by the Nortgagor of the premisea herein desc- ribed, or any part thereof, without the vritten consent of SMA , and Without assuvption in tagular far~ of law by the grantee of the obligation to SMA crested by said pro~iasorq note and thia Mortgage, then, and in that avent~ and at the option of SMA, and without notice, a11 sums of money secured hereby ahall liaediately and copcurtently vith euch comeyaace become due and payable ac~d in default. SMA may charge a reasonable fee for its services 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 interest of SMA to require additional security from the Mortgagor, and in order more fully to protect the security of this Hortgage SMA shall find it necessary so to do, then at_the option of S;iA and comnencing with the first monthly payaient date after SMA shall have exercised its option hereunder, the fol2oWing terma, covenaats and conditions shall become in full f~rce and effect in addition to all of the other terms, covenants and conditions herein set forth: That the Mortgagor 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, will pay to SMA the following sums: (a) A atmn equal to the ground rente, if any, next due, plua the premiwas that will next become due and payable for mortgage insurance and on policiea of flre and other hazard inaurance covering the mortgaged property, plus taxea and asseaements next due on the martgaged property (all as eatimated by SMA) less all eums already paid therefor divided by the number of montha to elapse before one month prior to the date vhen auch ground renta, premiums, taxes, and asaeaements vill become dua , such sums to be held by SMA in trust to pay said ground rents, premiums, taxea, and special assessmente. (h) The aggregate of the amounts payable purauant to aubparagraph (aj and those payable on the note aecured hereby, ahall be paid in a single payment each month, to be applied to the following itema in the order atated: (I) ground ~ente, taxee, seeeasments, fire, and other hazard insurance premi~s, mortgage insurance premium; (II)interest on the note aecured hereby; and (III)amortization of [he principal of said note. Any deficieney in ihe amount of auch aggregate monthly payment shall, unless made good by the Mortgagor prior to Che due date of the next such payment, constitute an eyent of default under this Mortgage. If the total of the payments made by the Mortgagor under (a) hereof sha21 exceed the amount of payments actually made by SMA, for ground rents, taxea, and assessments, and insurance premiums, as the case may be, such excess shall be credited on subsequent payments to be made by the 1Kortgagor for such itea?s. . If, hovever, such monthly payments shall not be sufficient to pay such items 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;~p in accordance with the provisions of the note secured hereby, full payment of the entire indebtedness represented thereby, g~ shall, in computing the amount of such indebtedness, credit to the account of the Mortgagor any credit ~ balance remaining under the provisions af (a) hereof. If there shall be a default under any of the provisions of thia tlortgage resulting in a public sale of the I premises covered hereby, or if SMA acquiree the proper[y otherwise after default, i gj„~p shall apply, at the time of the commencement of such proceedings or at the ~ time the property is othetwise a~quired, the amount then remaining 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 comaneneed by any person other than 4 the holder of this Mortgage (except an action to foreclose this Mortgage, or to ~ collect the debt secured thereby) to vhich action, or proceeding, the holder of ; this Mortgage is made a partq, or in vhich it shall become necessary to defend, ~ or uphold, the lien of this Mortgage, all suma paid by the holder of this Hort- ~ gage for the expense of any litigation (including reasonable counael f ees), shall ~ be paid by the Mortgagor, together vith interest thereon, at the rate of six (6X) percent~ per anrnun, and_any such sum, and the interest thereon, sha11 be a claim ; the repayment of vhich is aecured by this mortgage and by the note~that it secures. In any action or proceeding to forecloae thie tbrtgage, or to recover, or co2lect the debt aecured thereby, the provisions of law respecting the ; recovery of cost8, disburaements and allo~,rancea shall prevail. unaff ected by this ~ covenant. f S t 4 . 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