HomeMy WebLinkAbout0596 15. 'ff a comreyaace should be made by the Morteagor of thz premises herein desc-
ribed. or any part thereof, without the Written consent of SMA , and without
aseumption in regular fota of lav by the grantee of the obligation ~o SMA
created by esid promisaory note and this Mortgage, then, and in that event,
and at tAe option of SMA. and without notice, all sums of money secured
hereby ehall i.amediately and concurrently vith 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 ref lected in its books.
16. That vhenever in the sold discretion and ~udgment of SMA it shall be for the
best interest of SMA to require additiooal secsrity from the Mortgagor, and
in order more fully to protect the security of ~his Mortgage SMA shall find
it neceasary eo to do, then at the option of S;~lA and consnencing with the
first monthly payment date after SMA shall have eacercised its option hereunder,
the folloving terms, covenants and conditions sha:l ~ecome in full force and
effect in addition to all of the other terms, covenants and co~itions 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 month until
the said riote is fully paid, vill pay to SMA the following sums:
(a) A s~ equal to the ground rents, if any, next due, plus the premiums that
Will next become due and payable for uaztgage inaurance 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)
le8s all sums already paid therefor divided by the number of months to elapse
before one month prior to the date vhen such ground rents, premiums, taxes, and
aesessments will became due , such aums to be held by SMA in trust to pay
said ground rents, premivms, taxea, and special assessments. ~
(b) The aggregate of the amounta payable pursuant to subparagraph (aj and those t
payable on the note secured hereby, shall be paid in a single payment each month,
to be applied to the follo~ring items in the order atated:
(I) ground rents, taxes, aseessments, fire, ~d `oZ1i'er hazard insurance premiums,
mortgage i~surance premfum;
(II)interest on the note aecured 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 payments made by the Mortgagor under (a) hereof shall
exceed the amount of payments a~tually made by SMA, for ground rents, taxes,
and assessments, and insurance premiums, as the case may be, such ex~ess shall
be credited on subsequent payments tv be made by the Mnrtgagor for such items.
If, however, such monthly payments shall not be sufficient to pay such items =
vhen the same shall become due and payable, tken the Mortgagor shall 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 gMp in accordance with the provisions of the note secured herebq, full
payment of the entire indebtedness represented thereby, g~ shall, in camputing
the amount of such indebtedness, credit to the account of the Mortgagor any~credit
balance remaining under the provisions of (a) hereof. If there shall be a default
under any of the provisfons of this Mortgage resulting in a public sale of the
prea+ises covered hereby, or if SMA acquires the property otherwise after default,
'g~p shall apply, at the time of the co~encement of such proceedings or at the
time the property is otherwise acquired, the amount then remaining to credit of
Mortgagor under (a) heYeof as a credit on the interest accrued and unpaid and the
balance to the principal [hen remaining unpaid on said note. - '
17. That if any action, or proceeding, shall be co~nenced by any person other than
the holder of this Mortgage (exeept an action to foreclose this Mortgt~ge, or to
collect the debt secured thereby) to which action, 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 this Mortgage, all sums ~aid by the holder of this Hort-
gage for the expense of any litigation (including reasonable counsel fees), shall
be paid by the Mortgagor, together with interest therecn, at the rate of aix (6X)
percent, per anrnim, and any such sum, and the int~:est thereon, shall be a claim
the repayment of which is aecured bq this mortgag2 and by the note that it
secures.. In any action or proceeding to foreclose this Mortgage, or to recover,
or collect the debt secured therebq, the provisians o€ Iaw respe~~3:.g =ht
recovery of costs, disburaemeata and allovances sha11 prevail, unaffected by this
covenant.
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