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Home My WebLink About2818 , . 8. Until dvf~?ah i~~ tlx~ pexiurnwu~re ~f th~t cove+~wnts a~wl ognryurols uf this ~n~tg~gr, the nwrtgwgas stwU be ontit~Cxl ca ealkrt the ernts, tssuea ~cl Ita (rom ths ~xemi~a heroGibe(aco dcxribe~d. but t~ cam+ af ~ clei~uh in at?y c~E the term~ uf thi~ pa~t~e?. ~~xl ths fiUng • b111 to Eneerkbe this or iu~y othor mo~tg~e rncumbeuing the withi~~ ~Mscribed p~upc~rty, the .\swci~tia~ shMll imaxtiliatrlv R~d without ootice be entitkd to the a~au~tmcut of A Rec~civa~ uf thc~ nxxtR~godp~q~~ y, ancl uf tho n~ts, issurs ~u~d pn~ib tl~ruf, with the ~u~wd }~wcr uf R~rrivcra in sunc ~+~xs. and such liccciver m+?y be co~tinual ~n ~xu~r.~i~w~ of tht+ s~?it1 ~KV~tt~~ witil thu tinx uf the snl~ therruf iuxirr such. fomclus~ue, a~xl witil IIM con(irnu~tiun i~( s~K•h .,~ir M~ tlx• (~xut. 8, lf • cwwvuuvruK~ shouki bc~ ~~u~cb br the mottgag«s vi tho ~xrmis~n hrre in da~scribrci, ~ an ~ut thc~eui. without ~hr ~~Titttti~ euusr~~t o~ tl?r Ass~ici+~tiw~~ ~~id Hitlxu~t axs~uoptiw~ i~ n~nitw~ fonn of !uw by the qrantce~ ~~t~ obli~tkuu ta the~ ~.~x•iatiw~ ~fan~tai bv tuici ~~umis~o~y oote ux1 this nwctg~ug~. thon, w~d in tl~t cvw~t. ~iu~d nt thr u~uiM? af tl~r Assuca~tN~~?, .~~~~1 ~~itlnx~t ~~otice, u~l ~cums of mmM• sccurcci hcmby shaA immrdiatcly und cu~x~u~tlv with s~~ch rnnvcvu~~ 6e~cume dt~e K~x1 ~wyaWr x?Kl i~~ ~kfault, The Auoriution may deal with au~eeasws in U~tecest with rcEc~xr to this nwrtg~ige a~x1 the dobt hcrcbv .ocurod in the sume mannr~ ~u wlth the mwtgagas. and may fo~bep~ to r~e w m.v ext~cf tinM for ~ayme~~e of Ihe debt, sccur~vl i~rreby. or othrrwi.o wct H~itlwut disc2wr~a~~q or i~ any W~ay ef[ertinR the Ilubility af ttw meut~ugurs hereunder or upon the ckbt hMrby srcwrd. The Ax~ociatioa m~y abo deal with the Moctgugoa oodlor with succ~rs in iotcrest wlth n~fercnce to this ~~K?rtgago und tho debt hrrebv sccu~i by Eorbe~ariug to su~•, rxtnxling the titne f~ ~yme~~t oE the ckW, ~xovicfing Eor dtffarnt ~ mwithh ryiynknts and/or • c~iffarent lnterost r~te, and by other ex~xt~ modiEicutions of the ca~ta~ct, witha~t losiog nnV ~io~it~• - thc !lsaoctxtion bas o~~er ather mottg~geos ur lir~~us uc hoklrn aE ~~y jw~tor interesh in the Em?~x~~ty sc~~~nd hrreb~•. ~ l0. Tlu+t in tha e~~ct?t the ~emise~ hc~rby nxxtgugrd, or uny pa~t theroof, shuq be concirinucd u~Kl lxlccn torpu blic iw~ uu~lrr the Ew~~rr oE emiix~t doa~au~, the Aswcwtiw~ s1wU lw~ro the right to de~n+u~d that All ciamngrs av?~rdeci for the takin~ of ar ~l~uu~ges to s~ici ~rnuses shaU be ~?id b the Associati~, Its s~x,~ces.scus oc assi~ns, up to thc amou~t uop4id on thts m~ct~ge and ~~u~v be ap~ird upon ~the ~ya~t ar ~ymeats l~rst ~rayxWe thMroo. ll. lt is specifically ~greecl that time is tl~ esse~co af this contruct ancl tt?at na waivrr of anv obligution l~erewxlrr u~ uE thr obligation xrumti hercby shap at A~y ttme thtnaRer t~ 1tRld to be ~ waiver of the terms or of the insht~mc~~t secured hero~y. 1~. lf EarecMsure ~x+~c~li~~gs ot any ~d mat~ ge or s~cond tnut eleed or ~ny junbr lien of a~y kind should be insti- tuttd, the Associatioo mxX at Ih optia~, imn~diAtely or thenwfter d~rlare this mortgage ancl thc Lxiebtcdne~s.s srcured hereby duo vnd paytbb. 13. To thr ~xtc~~t of the inc#ebtecL~ess af the Mortgagius M thc+ AxcoeiAtioa dasesibod herein or seeureti hrrrby, tl~e Auo- .•i.?ti~w is hcreby-submgatcd ta the lie~? ar Urns a~d to the rights of the uwnrn ~nd holders there.wf of each and c raortgage, lic•n or othrr ~~cumbtanee an the lanci dc~cribed hereln which te paid and(or) satisfiecl, in whola or in part, out of t mo ~~f tlx+ loan de~scxibed hcrcin or ~ecute~ci hcreby, and the respectiv~ lie+u oi said mo~tgages, liens or othcr encumbrur~s, ~ Uw~ n. ;uxi t~ held b~• the Axsociation herein ~ts securi~h? for the i~xkbteKLx~s to the Association hcxein descYibecl or hereby to thr ~m~ cx!ent tlu~t it ~vouW have bt~e~~ ~~ed and ~~.ac,ld ho~ boe,~ ~ co A,~d b~ hcld by the :?s~oclaiion lud it l,ret? ~~l1IY dlri~ ~qIdTM ~13S1q11l~ ~iBRiFllit`(~, set ov~ and delivei+ad unto the Asaociatim by seQ~rnte doed oE asaigma~ant, ratwithitand- i~~~ the (act that ~he samr may be satisfied and cnncelled of record, it being the aitautiaa of tho p~vties hereto that t1?e same will t.e sy~sf'ied and cnncelleci of ceeord by the holdc~s thanoE At or about the tiine of the mcording of this mortgaga. 14. To pay all xcxi xingutar the eosts, clwrges. and expe~ues Including lawyer's Iees. n+asonably incurred or paid at wiV tinx? bv the Association, beruiur of thc~ (ailure of the 111o~tRugon to perforin, comply with and abide by each u~d every stipula- tK~ns, H~renx~its, conditiau a~xi rn~~e~~xnts of said Promusory note and this deecl, or ~ither, and every such pnyment shall bc~ur intrrest fron? dato at thc rate stated in the note secured hriebv. 15. That hc wiU~emu t, conunit, or suEEer no wute, impuirment, or deterioratio~ of said properh~ cx am• part thercof; .~nd in thc c~mt of thc+ af i1un+ of the 11fatga~qaa to keep the-buiklings ~ said and tlwse to be e~+rcted cxi said pcemiies. ~v impro~enxti~ts therrai in good repair. tho Assoc3Atioa ma?y malce und psy us as u~ its dixTCt~ it may decm uc far the p~uper pcasen~tion thei+eo~, and the (ull amount of sucl~ pnyments shaq~ s~cured by the lien of thts matgage ..nil s~l~ at the optioa af the Assayatan be icnmediately due and PaYabk• ot PoYable in such raonthly uutallments as the Associa- tK,~ muy cletem~ine, and c~~ery such papment shall bear interest from date at the satc stated in the note secured he~rby. ' 18. That if the Assaciation and the \tortgagors agree, the !lfortgagcm will cury a policy or policies of insurnnce upon I th~•ir livrs ia un a~mt equal from time to time to the amount of indebtedne~ hereby secured, malcing said Assaciatan benefi- ~ .~ia~• thetcu~xier, und tlwt the said Aswciation maypa y the premiums for such insurance (in the evc~t the \fortgagors do not), ~nd add each sueh pa~-~nent to the un id•baLncp of the loan, as of the fint day of the then c~u~rnt month, and it shall become i .~~lditiw~al inde6tedness sec~urd bY ~~&a3° P~Yable upon dt~nwnd 17. That in the e~~ent tlwt this nwstgsge be given to secure a constn~ction loa~ failu~e on the ~art oE the \tortgagors or ;heir conhuctors to compkte said buik~ing in accadance ~a~th Co+?stnicti~n Loan Agrerment, of ch~en clate hc~vith, or to build ..~id cu~struMion in accordance with plans and sperifications filed ~~~th the Association, shall constitute a bn~ach of this martgage, .:rni, ~t the option o[ thc Association, immediately mature the entire amount of principal and interest h~ccby se+c~red and the Asso- . iation may immediateh• icutitute pcoceedings to foreclose this mortgage, ~ 1& '['hac che ubstraa ar ab~cts of atk covrring the mo,tgaged property shall at all times, during the life of this mo~t- ,.~~e, remain in t6e passessio~ af the Associatiaa nnd in the event of the forecldsure of this mortgage or other transfer of titk to ±!~r mortgagcd prorarty in extinguishment af the u~debtedness secured hereby, all right, titlc, and i~terest of the Mortgagors in .ind to an~• such ahstr:~cts of title shlll p~nss to the purchaser or grantee. . 19. 7'h~ Association shall hav~e the right, in ics d;scn~ion, to require that the Morcgpgors pay into the Assoc~seion in addi- t ~~.n to the moathl,v installme~ts af principal and inte~rst to be paid by the ~tortgagors under the note secared bv this nwctgage, .;n amom?t equal to a~hvelfth of the annual installmeats of anv taxes on the n~ortgaged premises levied or a~es~~ by any: ;u~~en~mentul authority, and one-h~elfth of the unnual premiums Eor Fire and Extended l:overage inswance on ihe pnpttgaged ~~mmises as hereinbefare mquired b~• the ~?ssaci~tion, and the ~to~tgagars' faihme to ma{:e such pa~Tnents shap constitu~~.9.d~~uk ~ U!?C~E7 tlllS I11W'~~T3}~'C. C•~ `~c . 1\ N'IT\ESS ~t'~~EREOF, the said ~ibrtgagors 2x•re~into set their hlnds and seals the day and year f~t ~v~e• ttM ; d~i~'j~~.. ~ ~ : ~ ~~£neci, se.~led and deli~-er+ed in the prese~xr oi: BEACH CLUB COLONY OF .S'z~~'~g~~'•~~ C~ _ 6,=~- . = ° ~ . . ' • e olop oa, , ~ ' _ „ • 7 J c~ ~ ~ o ~ ~ ; ''~~~:-~.,,~8~; . ( SEAI. ) , _ . - ( SEAL ) tw~i?+ESSES~ - cMO~iTC~wo~s~ ~158 ~2813 _ : - 3'`"~~~~:-_~. .