Loading...
HomeMy WebLinkAbout0840 S. Until defa~dt in the ~formance of the co~~enants :~nd agrec~neots of this mortg~ge, the moKgagors shaU be entided t~i colkrt the rents, issucs and pmfits f~m the premises hereinbeforo described, but in r.ase of a deEault in any of the temu oE this mortgage, and the filin~ af a bill to foreclose this or any other mortgage encumbering the within described property, the ; Association shall immecliateh~ and withcut notice be entitled to the appointment of a Receiver of the mortgaged p»perty, and ~ of the rents, issues and profits thereaF, with the asual powet of Receivers in such cases, and such Receiver may be continued s ~n pos~ession of the said propert~• imtil the time of the sale thereof under such foreclosure, and until the eonfirmation of such ~ 4 .ale b~• thc Court. ` 9. lf a conve~~ance should be made by the mortgagon of the premixs herein described, or am' part thereof, without + the ~vritien coT?sent of the Associatio~, and ~~~t}n~ut assumptiun in rr~ul:~r form of law bv the grantee o~ th~ obligations to the ~ ~>~uciation cr~ited bv said pmmissory note and this mortgage, then, vid in t}~at event, ~ and :~t the uption uf the Asx~ciatiun. :~ud ~~~thc~ut notiee, all sums of mone~~ sec~ueci here6y shal) immediatelv and a~ncurrentiv Htith such rnnve~:u~ce becu~ne ~lue and ~~a~•uble and in default. The Association may deal with successurs in interest ~vith reference to thu mortgage and tbe debt herebv ~ecured in the same tnannrr as ~+•ith the mort~agois, and mav forbear to sue or may extend time for ~xnznent of the debt, secun~ hereby, or othenvise act without discha u~g or in am~ ~va~• affectuig the liability of the mortgagors hemunder o~ upon the debt }~ereby secwed. The Associatian mav a deal with the~ \lortgagors and ~or ~a~th sum~ssun in interest ~~•ith reference to this t trx~rtga~e and the debt herebv secured b~~ forbearing to suc, extending the time for payment of the debt, providing for diffecent monrthly payments and; or a different intemst rate, and by other exprres modificstions of the contr.~ct, witl~out losing anv priorit~- the Association has over other morigagees or lienon or holclers of any junior interests in the pru~rty sec~~red hemb~•. l0. That in the c~vent the pmmisec hereby nx~rt~aGed, or any part thereof, shall be eondrmned and tuke~~ (or public i~ ~ undcr the pow•er of eminent dom.tu~, the Aswciation shall have the right to demund that all damages a~.~arded for the taking of or ~ damages to said pmmises shall be paid to the Association, its succ~~n or assigns, up to the amount unpaid on this mortgage and ma~• be 1p;~litd upon the pa}-ment or payments last p:t~•able thereun. • ~ 11. It is spccificaUy agreed that time is the essence of this contraM and that no waiver of any obligation hereunder or of the obligation securc~ hereby shall at any time thereafter be held to be a waivet of the terms or of the insirument secured hereby. ~ 1?. lf foreck~sure proceeclin~s of anv second mortgage or secoud tnLSt deed or any junior lien of ::ny ]dnd should be insti- ;utcd, the Association mav ~t its option, immccliately or thereafter declare this mortgage and the indebteciness sFCUred hereby due and pa~•able_ 13. To the extent of the indebtedness of the ~lortga~ors to the Association described hercni or secured henby, the Asso- ciation is hereb}' subrogated to the lien or liens and to the rights of the o~+~nen and holders thereof of each and every mortgage, lien or other er~eumbrance on the land described herein w~hich ic paid an~l(or) satisfied, in .~~ho1e or in part, oat oE the proeeedc ~~f the la~n described hemin or securecl hemb~•, and the resPectir~ liens oi said mortgagrs, liens or other encumbrances, shall~ t~ a~xl he held bv the Association herein as securitv for the indebtedness to the Association herein described or herebv s~ecured, to thc c~me ex!ent that it ~~•ould ha~•e bcen preserved :?nd ~~~ould hare been p.assed to and been held by the Asmciation had it lx~en ~luh• and regularh• assi~ned, transferrrd, set orer and delivered unio thc Associatian bv separate cleed of assignment, nohvithstand- ing~the fact that the same may be satisfied and cancelled of t~ecord, it being the intention of the P.uties hereto that the same ~vill be sa~sfied and cancelled of mcord b~• the holders theieof at or ~bout the time of the recording of this mortgage. 14. To pa~ all and singular the costs, charges, and e~penses including lawyer's fees, reasonablv incurred or paid at anv time bv the Association_ hecause of the fsilure of the \1ort~a~ors to perEann, comply ~~th and abide b~~ each and everv stipula- tions, ~i~r~ements, rnnditio~~s and rn~•enants of said promissorv note an~ this deecl, or either, and c~~erv sach pavment shall bexr interest from date at !he rate stat~Yl in the note securecl hereb~•. 15. That he will permit, commit, or suffer no waste, impairn~ent, or deterioration of said prolx~rtv or am• part ihereof; :~nd in the event of the failure of the '?tort~a~on to keep the buildin~s on ~.1id premises and those to be erected on said premises, t~r improarments therean in good repair, the Association may make and pay for such mpain as in its disc7c.~tion it mav deem =.~ecescary for th~ proper preservation thereof, and the full amount of such pa~~ments shall be secured bv the lien of this mcxtgage ~nd shall at the option af the Associ:.tioa be immecliatel~~ due and payable, or pa~•able in such monthly installments as the Associa- - ~ tion may determine, ~nd everv such payTnent shall bear uiterest from date at the raie stated in the note securecl hereb~~. 4 _ . ~ 16. That if the Association and the ~tortgagors a~ree, the '~1ort~a~ors ~s~ll cam a jwlicy or ~licies of insurance upon ~ their lives in an a~unt equal from time to time to the amount oF 'v~debtednc~ss hercbV secured. making said Association benefi- ~ .•ian• ihereunder, and that the ~aid Association mav pa~• the pmmiurns for such insuranm (in the event the \fortga~ors do rx~t), ~nd add each such p1~~nent to the ungaid balance~of the loa:?, as of the first dav of the then ctirrrnt month, and it shall lx~come ,dclitional indebiedness secured Lv ihic mortga~e payable u~n demand. 1~. That in the e~•cnt that this mc~rtga~e be gi~•en to cecure a constn~ciinn ]oan, failure on the p.1rt of the ~tortga~ors nr their contr.ictors to complete said builciin~ in accordance ~vith Constn~ctiun I.~~.~n Agreement, of e~•en date here~+•ith, or to buil~l ~aid ctimstruction in a~~nlance ~~-ith plans and specifications filecl ~~•ith the As:ociation, shaU constitute a breach of this mortgage, :,ncl, at the option of thc Association. immecliatelv mahue the entire~ amoi?nt of princi~l and interest hercb~• secured and the Assci- ~ iaticin ma~~ immecli:iteh• iustitute procrc~ings to foreclose this mor!na~e. ~ 1~. That the abstnM or ab:tr:ticts of title rn~•crin~G the mortfia~eci p•operh• shall at all times, clurin~ the life of this mort- ~~a;~•. remain in the possession of the :1ss~ciatiun anci in the e~•ent c~f tL~ F~re~ck~se~re of th~s mort~age or other tnnsfer of title to ;he mort~a~ed ProPertv in extinguishme•nt of the indebteciness ser~u~~l hereh~•, all ri~ht, titl~~, and intemst of the '.11ortt;a~ors in ,ind to an~- suc•h al~str~ctc of title sliall pass to the purchaser or grantre. ~ 19. Th~ As.oc•iati~m shall ha~-e the ri~ht, in its discmtion. to m~+~ire th:~t t1~e \1ort~a~ors pa~• into the Association in addi- hun to the mont},h• installment~ of Principal and intere~t to be j~.~ic; b~' the \ic~rt~~~ars under the nate secnreci b~• this mort~a~e, ~ ,~n ,+moui?t r:~ual to one-h~~elEth of the ~nnual ;nct.~llments of an~• ta~i•s on th~ n:urtgat;cYl premises le~•ieci or :usess~~d b~~ anv ~,u~rrnmc~ntal autieorit~•, and one-h~~elfth of the :~nnual premiums fur F'ire and ~:xten~~~•d Co~'era~e iusurancr nn the mortgag~~i ~•rcmis~s :~s hercinlx•f~~re rc~~uir~~~l h~• !he .~~t~~ i,~ti~~~~_ .t?~d the \turtE.~~ors' f:ul~~r~• to make siich j~:i~-mrnt~ sh_~D cti~nstitute a defa~~lt i:nclcr this ~n~rtGa,e. 1~ ~1'IT\ESS ~t"H[:HF <~F'. thr ~.:id \i~rt~~.r,nrc hi rc•un!~~ u t the•ir h.~u~li :~ucl se.?Is the ~la~ :u~d ~•e•ar first :?}x~~'~ ~~-rittrn. ~ BEACH CLUB COLONY OF STUART, INC. ~ ~i~nt~cl, ~alyd :~nd di•]i~~ere~d ir~ the pre~cnc~~ ~if: ~ , ~ C~ ~ ~ By ~l( ~ eo ~ e~to o u os, Presi~t~ ~-uY~~ ci.,+v~ ~ - ~ ~ ~ C.~S~~L>' ' ~ ~ , . F; ' e ` '~~QIZ~r, ~~4 ~ _ ~ ' ~ : n. O~ . 3 ~ :F-~:t :A: I ~ .H~~N SSEc~ MORTGAC,Ot~ I~:~ Q ~C~~L:G~~~~~;- ~ E ~ R : ...a,.~ . ~ ao~191 839 , . ~ i'r . _ . _ . _ ' 3~~i .