HomeMy WebLinkAbout0349 15. ~f a comreyaace should be aade by the lrtortgagor of the preioises herein deac-
• ribed. or any part thereof, without the ~rritten consent of SMA , and vithout
assunpcion in regular for~ of law by the grantee of the obligation to SMA
created by said prosissorq noLe and this liortgage, then, and in that avent,
~ and at the option of SMA, and vithout notice, all sums of money secured
hereby ahall i~ediately and copcurrently vith such corrveyance become due and
payable and 3n defau2t. SMA may charge a ressonable 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 uore fully to protect the security of this Hortgage SMA shall find
it necessary eo to do, then at th~e option of S,'-1A and comnencing with the t
first nonthly payment date after SMA shall liave Pxercised its option hereunder, ~
the folloving terms, covenants and conditions shall become in fu11 force and ~
effect iA addition to all of the other terms, covenants and conditions herein
set forth:
That the Mortgagor will together ~rith, 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 sum equal to the ground renta, if any, next due, plus the premiwns that
will next become due and payable for mortgage insurance and on policies of
fire and other hazard insurarrce covering the mortgaged property, plus taxes
and assessments next due on the mortgaged property (all as estimated by SMA)
less all eums already paid therefor divided by the number of montha to elapae
before one month prior to the date wh~n such ground renta, premiums, taxes, and
asseasments will become due , such aums to be held by SMA in trust to pay
said ground rente, premfums, taxes, and special asaessments.
(b) The aggregate of the amounts payable pursuant to subparagraph (aj and thoae
payable on the note secured hereby, shall be paid in a single payment each month,
to be applied to the follawing items in the order etated:
(I) ground rents, taxes, asaessments, fire, and other hazard insurance premiums,
mortgage insurance premiim;
(II)intereat.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 Mortgagor prior to the due date of the next such payment,
constitute an e~?ent of default under this I~Iortgage.
If the total of the payments made by the Hortgagor under (a) hereof shall
exceed the amount of payments a~tually made by SMA, for groumd rents, taxes, ;
and assessm;ents, and insurance preIDiums, as the case may be, such excess shall ~
be credited on subsequent payments to be made by the Iiortgagor for such items.
. If, however, such monthly payments shall not be sufficient to pay s~rch 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 ~rritten 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~ in accordance vith the provisions of the note secured hereby, full
. payment of the entire fndebtedness represented thereby, g~p shall, in computing
the smount of such indebtedness, credit to the account of the Hortgagor anq credit
balance re~aining under the provisions of (a) hereof. If there shall be a default
under any of the provisions of this Hortgage resulting in a public sale of the
pre~ises covered hereby, or if SMA acquirea the property othervise after default,
gMp shall apply, at the time of the cammences?ent of such proceedings or at the
time the property is otherwise acquired, the amount then remainiag to credit of
Mortgagor 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 commenced by any person othet than
the holder of this Mortgage (except an action to foreclose this Mortgr~ge, or to
collect the debt secured thereby) to which action, or proceeding, the ho2der of
this Mortgage is made a party, or in ~rhich it shall become necessarq to defend, ~
or uphold, the lien of this Mortgage, all sums paid by the holder of this Mort- ~
gage for the e~cpense of any litigation (including reasonable counsel fees), shall
be paid by the Mortgagor, together with interest thereon, at the rate of six (6X)
percent, per anrnim, and any such sum, and the interest thereon, shall be a claim
the repayment of which is serured bq this mortgage and by the note that it
secures. In any action or proceeding to foreclose this l~iortgage, or to recover,
or collect the debt secured thereby, the provislons of lav respecting the
recovery of costs, d3sburaements and all~ovances shall prevail, unaffected by this
covenant.
. : : , : ~ -d . - ao~2~3 Pa~ 349
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