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15. 'ff a comeyaace should be sade by the Mortgagor of the premises herein desc-
ribed, or any ~art thereof, Without the vritten consent af SMA , sr~d vithout
assuaptioa in ragular fors of lav by the graatee of the obligation to SMA
created by aaid psooisaorq note and this Mortgage, ther, and in that ~vent, ~
and et ehe option of SMA, and vit~ut notice, all sums of nwney secuYed ~
hereby ahall ianediately and concurrently wlth such comreyance becose due aM
payable at?d in default. SMA may charge a reasonable fee for ita services
in causing a transfer in ovnership to be reflected in its books.
16. That vhenever in the soZd discretion and ~udgment of SMA it shall be for the
best 3nterest of SMA to require additional security from the Mortgagor, and
in order more fully to protect the security of this Mortgage SMA ahall find
it neceasary ao to do, then at the option of S~lP? and cocAnencing with the
first monthly payment date after SMA shall have exercised 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 with, and in addition to, the monthly payment
under the terms of the note secured hereby on the first day of each awnth 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 premi~mms that ~
will next become due and payable for mortgage ineurance and on policies of `
. fire and other hazard ~insurance covering the mortgaged property, plus taxea
and assessments next due on the mortgaged property (all a8 estimated by SMA)
less all sums already paid therefor divided by the number of months to elapse
before one month prior to the date when such ground rents, premiums, taxea, and ~
asaeasments will becace due , such aums to be held by SMA in trust to pay ~
said ground rents, premivma, taxes, and special asaessments. ~ ~
(b) The aggregate of the amounte payable pursuant to aubparagraph (aj and those
payable on the note secured hereby, shall be paid.in a single payment each uwath,
to he applied to the following items in the order stated:
(I) ground rents, taxes, assessments, fire, and ott~er hazard insurance~premiums,
mortgage insurance premfum;
(II)fnterest on the note secured hereby; and
(YII)amortization of the principal of said note.
Any deficiency in the amount of such aggregate monthly payment sha21, unless
made good by the Mortgagor prior to the due date of the next such psyment,
constitute an e~ent of default~under this Mortgage. r
If the total of the payments made by the Mortgagor under (a) hereof shall
exceetl the amount of payments a=tually made by SMA, for ground renta, taxes,
and assessments, and insurance premiums, as the case may be, such excess shall
be credited on subsequent payments to be made by the Murtgdgor for such items.
. If, however, such monthly payments shall not be sufficient to pay such items
When the same shall become due and payab2e, 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 ehall ~
tender to g~ in accordance with the provisions of the note ~ecured hereby, full ~
payment of the entire indebtedness represented thereby, g~ shall, in computing ~
li the amount of such indebtednesa, credit to the acconnt of the Hortgagor any credit ;
` balance remaining under the provisions of (a) rereof. If there shall be a default `
! under any of the provisions of this l~brtgage resulting in a public sale of the 3
~ premises covered hereby, or if SMA acquires the property other~+ise after default,
~ g~ shall apply, at the time of the co~aa?enc~ent of such proceedings or at the
i time the property is otherwise acquired, the amou~t then remaining to credit of
! Mortgagor under (a) hereof as a credit on the iAterest 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~enced by any person other than
the holder of this Mortgage (except an action to foreclose this Hortg~ge, or to
collect the debt secured thereby) to which action, or proceeding, the holder of
this Mortgage is made a party, or in Which it shall became necessarq to defend,
~ or uphold, the lien of this Mortgage, all sums gaid by the ho2dtr of this l~brt-
9 gage for the expense of any lftigation (including reasonable counael fees), shall
; be paid by the Hortgagor,.together with interest thereon, at the rate of six (6X)
percent, per annum, and any such sam, and the interest thereon, shall be a claim
' , the repayment of Which is secured bq this mortgage and by the note that it
i secures. In any action or proceeding to foreclose this l~iortgsge, or to recover~
or collect the debt secured thereby, the provisions of lav respecting the
recovery of costs, disburs ments and allovances ahall prevail, unaffected by this
covenant. ~
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