HomeMy WebLinkAbout4758 15. 'jf a conveyance shotild be made by the Mortbagor cf the premises herein desc-
ribed, or any part thereof, without the ~rritten consent of SMA , and without
assumption in regular for~n of law by the grantee of the obligation to SMA
created by said promissory note and this Mortgage, then, and in that event.
and at the option of S MA, and without notice, all su:r.s af money secured
~.ereby ahall imnediately and copcurrently with such conveyance become due and
payable and in default. SMA may charge a reasonab2e fee for its services
!n causing a transfer in ownership to be reflected in its books.
16. That whenever in the sold discretion at?d judgmen[ of SMA it shall be for the
best interest of SMA to require additional sec~ri:y from the Mortgagor, and
in order more fully to protect the security of ::7:s Mortgage SMA shall find
it necessary ao to do, then at the option of S;tA and commencing with the
first monthly payment date after SMA shall riavN exercised its option hereunder,
the following terms, covenants and conditions sha:: ~~came in full force and
effect in addition to all of the other terms, covenan[s 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 sume:
(a) A sum equal to the ground rents, if any, next due, plus the premiums that
will next became due and payable for mortgage insurance and on policies of
fire and other hazard insurance covering the mortgaged property, plus taxes
and assessments next due on the mortgaged property (all as estimated by SMA)
less all swns already paid therefor divided by the number of monl-hs to elapse
before one month prior to the da[e when such ground reats, premituns, taxes, and
assessments will becane due , such sums to be held by SMA in trust to pay
said ground rents, premiums, taxes, and specia2 assessments.
(b) The aggregate of [he amounts payable pursuani to subparagraph (aj and those
payable on the note secured hereby, shall be paid in a single payment each month,
to be applied to the following items in the order stated:
(I) ground rents, taxes, assessments, fire, and other `~a zard insurance premiums,
mortgage insurance preminm;
(II)in[erest on th~ no[e aecured t,e:e~y; 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 Mortgagor prior to the ~ue da:e o_' t~:e next such payment,
" constitute an ezent of default under this Mortgage.
If the total of the payments made by the Mortgagor under (a) hereof shall
exceed tke amount of payments a~tually made by SN1A, for ground rents, taxes,
and assessments, and insurance premiums, as the case may be, such excess shall
be credited on subsequent pa}Raents to be made by the Mortgagor for such items.
If, however, such month2y payments shall not be suff icient to pay such items
vhen the same shall become due and payable, tlien the Mortgagor shall pay to
S:~iA any amount necessary to make up the deficiency. Such payment shall be made
within fifteen (15) days after ~aritten notice from SMA stating the amount of the
~ deficiency, which notice may be given by mail. If at any time the Mortgagor sha12
tender to S~p in accordance with the provisions of the note secured hereby, full
paymen[ of the entire indebtedness represen[ed thereby, g~p shall, in computing
~ the amount of such indebtedness, credit to the account of the Mortgagor any credit
balance remaining under Che provisions of (a) rereof. 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 acquires the property otherwise after default,
s gpqp shall apply, at the time of the commencement of such ptoceedings or at the
; time the property is otherwise acquired, the amount then remaining to credit of
; Mortgagor under (a) hereof as a credit on the interest accrued and unpaid and the
balance [o the principal then remaining unpaid on said note. ~
17. That if any action, or proeeeding, shall be cotmnenced by any person other than
the holder of t~is Mortgage (except an actio~ to foreclose this Mortgage, or to
; collect the debt secured thereby) to whieh ~ction, 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 Mortgage, a12 swcs ~,a~d by the holder of this Mort-
gage for the pxpense of any litigation (includir_g r~asonable counsel fees), shall
be paid by the Hortgagor, together with interest t!:ereon, at the rate of six (6X)
percent, per anrnim, and any such sum, and the :-t.;:ast thereon, shall be a claim
the repayment of which is secured by this ~ortgage and by the note that it
i secures. In any action or proceeding to foreclose this Mortgage, oY to recover,
or collect the debt secured thereby, the provisions of Iav respecting the
recovery of costs, disbursements and allowances shall prevail, unaffected by this
covenant.
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