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HomeMy WebLinkAbout2425 8. Untii ckfauh in the perfo~manoe d the cov~eiuu~b and a~Ynents of thi: a~ottgra~e, tbe mortj~p~ slall be a~titkd tu collect the n~ts. issua andp~ its fmm the pcaaire~ bereiabafore describcd, but in c~sse oE a c1eE~ull ia any of tLe te~ of this martgage, and the f~I,'n~ of a biq to foredo~s d~is or a~ny otl~ a~ortgage mcumbering the within described propaty, tl~e .~saociatjoa shall imn?eriiaceT and vvichout racke be entickd to the •ppoincment of a Receiver of the mo~tgagedp~u~pe~ty, and of the ~nts, iuues and pro~ib the~eof, with tbe usua!po wer of Receivers in auch caaes, snd such Rcreivo~ m~y be-oontinued ~n poasessbz~ oE the said property until the time af the sale thereaf under such Eaccloaure, and until the confirn~ation oE such .ak bv the Cowt. 9. lf a conveyance should be mada by tLe moctgagan of the premix~ herein described, or uny put thereof, without thP written co~tsent of the Assocwtion, and v?ithout ass~unptiwn in t+egulsr form of law by the grantee of tfie obllgatioos to tbe ~wuwciation created bv said ~omiuury note and thia muwtgage. thc~. a~d ia t}wt event, and at the optia? of the Asu~ciutK,n, an~l ~~~thout notice, a'll sums of mcmey ser~red hereby sha11 immediately und concurmntly with such rnnveyance beoome due and i~ayable and in dehult. The Association may deal with suocbssors in inte~est with reference to thii mo~tgage aad the debt herebv secured in the same mannrr as with the mortgagurs, and may Eorbear to sue o~ may ext~d time for payment of ihe debt, securc~ hereby, or otherwise act without disclw~gu~g or in any way aEfecting the liability oE the mortgagcxs hereunder or upoa the debt hereby secured. The Association may nlso deal with the Mortgagors and/or with successors in interest with reference to this mort~age and the debt hereby secured by forbearing to sue, extend'mg the time for payment of the debt, Providing for difEec~e~t monthly payments and/or a different intetest rate, and by other express moclifications of the contrnM, without bsing an,y Priorih• the Association has over other mortgagees or lienon or holders of any junioc interests in the property sec~red hereby, l0. Thnt in the event the premises hcreby mortgaged, or uny part there~, shall be condernned and take~ Eorp~ blic use under the power of eminent domain, the Assuciatio~ shall have the right to demand that aU damages awarded for the taking of or damages to said premises shall be paid to the Association, its successors or assi~ns, up M the amou~t unpsid on this mo~tgage and mav be applied upon the payment or peyments last payable thereon. 11. It is specifically agreed that time is the ~ce of this contract and that ao waiver of any obligation here~uider or of the obligation secured hereby shall at any time the~eafter be held to be a waiver of the ter~ns or of the insdvment secured hereby. 12. If forecloavre procredings of any second mortgage or second trust deed or any ~unior lien of any ]dnd should be insti- tuted, the Association may at its option. inunediately or thereafter declare this mortgage and the indebtedness sec~ued hereby due and payable. 13. To the extent of the indebtedness of the Mortgagors to the Associntioa d~cribed hemin or secured her~by, ihe Asso- ciation is hereby subrogated to the lien ~ liens and to the rights of the owners and holders thereof of each and every moitgage,, lien or other er~cumbrance on the land d~cribed herein which ic paid and(or) satisfied, in whole or n~ part, oat of the ~~f the loan described herein or secured hereby, and the respectivc liens of said mortgages, liens or ather ~mbrar~ces, s~~ t~ and be held by the Asxociation herein as secunty for the indebtedness to the Axso~ciation }~erein de.9cribed or hee~+eeby secured, o erei h the same ex!ent that it vr~ould have been pre.oerved and ~vould l~ave been passed to and been held by the Association had it been duly and regularly assigned, transferred, set over and delivered unto the Association by separate deed of assignment, notwithstand- ing the fact that the same may be satisfied and cancelled of record, it being the intention of the prarties her~to that the same will he saysfied and caneelled of record by the holders thereof at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges, and e:penses induding lawyer's fees, reasonably incurred or paid at . any time by the Association, berause of the failure of tLe 1lfortgagors to perfonn~ comply with and abide by rach and every stipula- ti~ns, agreements, conditions and covenants oE said promissory note and this deed, or either, and every such payment shaIl bear interest from date at the rate stated in ihe note secured hereby. ' . 15. That he will~emu t, canmit, or suffer no waste, unpairment, or deterioration of said property or any part thereof; and in the event of the af iliu~e of the Mortgagots to keep the buildings on saidprem ises and those to be erected on said premises, or improve~r~ents thereon in good ~p~ir, the Associatian may make and pay of r such repaus as in its discretion it may deem necessary for ibe proper preservation thereof, and the fiill amount of s~h pa,vments shall be~secured by the lien of this mastgage :u~d shall at the option of the Associatioa be immediately due and payable, or payable in such monthly installments as the As9ocia- tion m~y det~ennme, s?nd every such payment shall bear interest from date at the rate stated in the note secured hereby. I 16. 14~at if the Association and the rtortgagors agree, the Mortgagors will carry a policy or policies of insurance upon ; their lives in an a~eant equal from time to time to the amount of indebtedness hereby secured, maldng said Association beneEi- ~ ~~iary thereunder, and that the said Association may pay the premiums for such uuurance (in the event the Mortgagors do r~ot), ~ and add each such payment to ihe un~ balance of the loan, as of the first day of the thert ctvrent month, and it shall become j additional indebtedness secured by mortgage payable upon demand. E 17. That in the event that this mortgage be given M secure a construction loan, failure on the part of ihe Mortgagors or ~ their contractors to complete said building ia accordance with Construction Loan qgreement, of even date herewith, or to huild ~ said construction in acrordance with plans and specifications filed with the Assocu~tion, shall constitute a breach of this mortgage, ~ and, at the option of the Association, immediately mature the entire amount of principal and interest hercby s~cured and the Asso- i ciatian may immc~iately institute proceedings to fareclose this mortgage. 18. That the abstract or abstracts of tide covering the mortgaged property shall at all times, during the life of this mort- ~age, remain in the possession of the Association and in the event of the foreclosure of this mortgage or other transfer of title to thr mortgaged pro~ty in eztinguishment of the indebtedness secured hcreby, all right, tide, and interest of the Mortgagors in ai~d to any such abshacts of title shall pass to the purchaser or grantee. ~ 19. The Associatan shall have the right, in its discretion, to require that the Mortgagon p~ay into the Associaiion in addi- ~ tion to the monthly installments of principal and interest to be paid by the ~iortgagors under the note secured bv this mortgage, ~ .~n :imount equal to one-twelfih of the annual installments of any taJCes on the mortgaged premisec levied or asses.ted by any a ~o~~emmental authority, and one-tw•elfth of the annual premiums for Fire and Extendecl Coverage insuranee on the mortgagecl ~ ~rcm~ses as hereinbefore reqaired b~~ the Association, and the I~iortgagors' faih~re to make'such payments shall constitute a default ~ under this mortgage. ~ I1` ~'IT\ESS ~VHEREOF, the said Nortgagors hereunto set their hancls and seals the day and ~ear first above written. ~ BEACH CLUB COLONY OF STUART, II3C. s Signed, sealed and deli~•ered in the presence of: ~ ~ ~ ~ B L ~ ~ v ~ eo~~ p tolopo os, esident ~ ~ p . ~ (SEAL1 ~ (SEAL) ~ ~ 1 W I TNE SSE S) (A10RiGACiORS) ( SEAL ) ~ ~ ~ ~ ~ ~ ~ > . _ a ~ ~ ' ~ , . _ ~.y~~