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15. 'tf a coaveyance should be sade by the Mortgagor of the premises herein desc- ~
ribed, or any part thereof, vithout the vritten consent o~ SMA , and vithout t
sesusptiaA ia regular fors of laW by the grantee of the obligation to SMA
created by eaid promissory note and this Nortgage, then, and in that ~vent,
and at the opt3oa of SMA, and without notice, all sums of money secured
hereby shall iaediately and coACUrrently with such conveyance become due and #
payable and in default. SMA may charge a reasonable fee for its services ~
in causing a transfer in ovnership to be reflected in its books. '
16. That whenever in the sold discretion and judgment of SMA it shall be for the
best intereat of SMA to require additional security from the Atortgagor, and
in order more fully to protect the security o: this Mortgage SMA shall find ,
it necessary so to do, then at the option of S:4Fr and comnencing with the
first monthly payment date after SMA shall have exercised its option hereunder,
the following terms, covenants and conditions sha13 become in full force and ~
ef£ect 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, vil2 pay to S~ the following sums:
(a) A sum equal to the ground rente, if any, next due, plus the premitmms that ~
will next becoa?e 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 ae estimated by SMA) }
less all sians already paid therefor divided by the number of months to elapae
before one.month prior to the date vhen such ground rents, premiums, taxes, and
assessments will become due , such sums to be held by SMA in trust to pay
said ground rents, premiwns, taxes, and special assessments.
(b) The aggregate of the amounts payable pursuant to subparagraph (a) 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, as8essments, fire, and other hazard insurance premi~s,
mortgage insurance premium;
(II)interest 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 Mortgage.
If the total of the paya?ents made by the Mor[gagor under (a) hereof shall _
exceed the amount of payments a=tually made by SMA, for grouixl rents, taxes,
and assessments, and insurance premiums, as the case may be, such excess shall '
be credited on subsequent payments to be made by the Mortgagor for such items.
If, however, such monthly payments shall not be sufficient to pay such items
vhen the same shall become due and payable, ttien the Mortgagor sha21 pay to
SMA any amount necessary to make up the deficiency. Such payment shall be made . ~
vithin 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~ in accordance with the provisions of the note secured hereby, full
payment of the entire indebtedness represented thereby, g~p shall, in coe~puting
the amount of such indebtedness, credit to the account of the Mortgagor any credit
, balance remaining under the provisions af (a) hereof. Yf there sha11 be a defeu2t
under any of the provisions of this Hortgage resulting in a pub23c sale of the
, pre~ises covered hereby, or if SMA acquirea the property otherwise after default,
' g~p sha21 apply, at the time of the coamnencement of such proceedings or at the
! time the property is othen~ise acquired, the amount then remaining 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 comnenced 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 ~rhich act~on, or proceeding, the holder of ~
, this Mortgage is made a partq, or in which it shall become necessary to defend,
or uphold, the lien of ~his Mortgage, all sums paid by the holder of this Mort-
gage for the expense of any litigation (including reasonable counael fees), shall -
be paid by the Mortgagor, together with interest thereon, at the rate of six (bX)
percent, per annum, and any such sum, and the interest thereon, shall be a claim
the repayment of vhich is secured by this mortgage and by the note that it
secures. In any action or proceeding to foreclose this Mortgage, or to recover,
or co2lect the debt secured therebq, the provisions of law respecting the
~ recovery of ~osts, disbursenents and alloaances shall prevail, unaff ected by this
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covenant.
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