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Home My WebLink About0506 • r• ' ( • , ~ ~ , ~ i ~ UnW def~ult in the pe~fomiance of the co~~enants and agrc~ynents uf this matgage. the mcxtgagas shall bc e~titkd ~ n~ coikrt the rents~ issues nnd~x~ofits from thc premises hereinbcfore dc~crilxd, but in casr o( a default in any of the tecnu of ~ this mortgage, and the filing of a biU to fo~+eclose this o~ a~ny other mortgage cncumbering the within described propeity, t}~e j .-4csociation shaA immediatclv and without notice be entitled to the appointment of a Aeceiver of the mortgagedpro~etty, and uf the re~ts, issues and pro~its thereof, with the usual power of Hcceiven in such cases, and such Recciwer may be eontinued ~ in ~ssion of the sad propert~• imtil tl~e iiu~ uI i:K ~~I~ thij~~~ i.r~ci.r sucti iusZi~u~~~, an~ ~r,til thr :~rlcef;nnzsia~ nf nx~h ..zle bv thc Coiut. 9. lE a comeyYnce should be made by the mortgagors of the pmmises herein described, ur any part thereof, ~vithout ~ ch~• written cauent af the Association, and ~+ithout :tssumptiw? in ms~nd~r form af taw by the grantee of the obiigations to the ~ ~.uiciation em:iteci br uiid promissocy note and this nwrtgage, then, ancl in that event, ~nd at the ~,ption of the Ass~mi.~ti~m. ~ n ~ .~n~1 ~~~thai~t notiee, al) sums of money secared hereby shall immeciiately n~d aa~cunrntlv with such rnnveyance become due and 1~ayable ancl in dcfault, The Association may deal wlth snecessors in interest ~vith mference to this mortgage and the debt herebv .ecured in lhe same manner as v?~ith the mortRa~ts, and may Eorbcar to s?~c or may eztend time fur p.~yment of tLe clcbt, securecl hcrcbv, or other~•ise act Nzthout discha ing or in anv N:~v affcrtin~; the liability of the mortgagun hercundec or u~wn the debt hereby ser~u~, The Acsociation mav deal witli the Mortgagors and/or with succes.sors in interest with reference to this ~nortg.zge and tho debt hereb~~ secureci by forbearing to suc, e~dending the time for payment of the debt, providing for different ~nnnthly ~a~~nents and/or a c~ifferent interest rate, and by other express mcxlifieations of the eontr.ict, «~ithoe~t bsing nny i~riorih- the ?~ssociation has over other mortgagees or lienors nr holciers of any jw~ior intereses sn the pre~ertv cccY~red hereby. l0. That in the c~rnt the prcmiscc hcreby mortgaged, or ,my part thereof, shaA be condemned aud taken forpu blic usc under the poN~er of emincnt danaui, the Assuciation shaU have the riRht to demand that all damages awardcd for the taking of or t damages to said p~+emises shall be paid to the Association, its succt~cors o~ assiGns, up M the amount unpaid an thit mc?rtgage and ma.~ be apnlied upon the pa~~nent or pa~~cr~ents l.~tst pa~~able thereon. ~ 11. It is specificaily agn~ed that time is the c~sence of this mntract and that no waiver of any obligation hereunder or of ~ the obligatic~? secured hereby shall at any time thereafter be held M be a waiver of ihe terms or of the inshumer~t secured hereby. 12. lf fonrlosure proceexlings of any second modgage or second tnut deed or any junior lien of anv kind should be insti- hiteci, the Assoeiation m,~y at its option, immc~ciiately or thereaker derlare this mortgagc~ and the indebiedness seeured hereby due and payable. 13. To the extent of the indebtedness of ihe AfortgaRors to the Association dea~ibed hemin or seciued hereby, the Asso- ~~i:~tan u hereb~• subrogated to the lien or liens and to the rightc of the uw~ners and holders thereoE of each and e i"°rt8a8e. tien or othes encumbrance on the land described herein which is paid and(cx) satisfieci. in whole or in pnrt, out of t p ~~f the loan d~scribed hecein or secu~ hereby, and the respectivc liens of said morigages, tiens or oiher encumbrances, st~s t~~ arxi be held b~• the Association herein :as securitv for the indebtedness to the Assxiation herein describeci or hereby s~~c,vre~ o thr same ex'.ent that it ~~~oWd have bcen pr~rve~ and ~rould hlve been passecl to and been held by the Association had it been .1u1~• and re~ilarly assi~xd, transfern~d, set over and delivered unto the Association by separate deed of assignment, r~ot~vithstand- in~~the facc that the same may be satisfied and cancelkd of record, it bcing the intentian of the p-arties hereto that the same will l~e sa5sfied and cancelled of recorid by the holders theteof at or about the time of the rerording of chis mortgage, 14. To pati all snd singular the costs, charj{es, and e:penses including lawyer s fees, rea,aonablv incurred or paid at an~• time b~• the A.~~sociation, bcca~ue of the faihue of the I?tortgaQon to perfonn, rnmpty with :and abide ~y each and every stipula- t~ons, a~nrements, condita~u and co~rnants of said pmmissory note and this dc+ecl, or eithcr, and every such payment shall bear intere~Y from date at the rate statecl in thc note seciued hereb~~_ ~ 15. That he willpenm t, cammit, or suffer no waste, impaument, or deterioration of said property or any pnrt thereof; t :~Rd in the c~ent of the af ilure of the Atortgagors to keep the buildings cx~ saidprem ises and those to be e~rcted on slid premises, ~~r improvements thereon in good repair, the Association may make and pay of r such r+epairs as in its disc~retion it may deem ncrescary for the proper pr~eservation thereof, ared the full amouot of such peyments shall be secured by the lien of this matgage :~nd shall at the option a( the Associatan be immediately due and payable, or payable in such monthly installments az the Assoc~a- t ion may detc rmine. and ev~en svch pa~~nrnt shall bear interest fmm date at the rate stated in the note secured hereby. 16. That if the Assaciation and ihe 2ltortgagors agre~e, the Mortgagors will carry a policy or poticies of insunuK,~e upon their lives in an arrieunt ~ual from time to time to the amount of indebtedntss hereby secured, making said Association benefi- ~ ian- lhereunder, and that the said Association mav pay the premiums for such insarance (in the event the 1liortgagors do not), :ind add each svch pa~-ment to the un~aid balance~of the loan, as of the first day of the then c~uient mor?th, and it shall becomc additional indebteciness scrun~ by this mortgage payable npon demand. I7. That in the event that this mortgage be given to secu~e a constniction 1oan, failare on ihe part of the :1lortgagors or their contractors to complete said bnilding in accordance v~z~h Constn~ction Loan Agreement, of even date hereivith, or to build caid con.ttruction in acratdan~~e H~th plans and sperifications filed ~~•ith the Association, shall constitute a bmach of this mortgage, .~nd, at the option of thc Association, immediatelv mature the entire amount of principal and interest hcrcby se~tmed and the Asso- c~iation may immedi~teh• institute proceedings to ~foreclose thu mortgage. ~ I8. That the abstra:t or abstracts of title coverin~ the rrtortga~ed praprrty sha11 at all times, during the life oE this mort- ~a~P. remain in the possession of the Association and in the event of the fareclosure of this mortgage or other transfer of title to th~ mortgaged pro~xty in e:tinguishment of the indebtedness secured hcreby, all right, tiile, and interest of the Mortgagors in 3nd to an~• such abstracts of tide shall pass to tbe purcha~ser or grantee. 19. 'I'be Association shall have the right, in its discretion, to r«~uire that the 11~ortgagors ~xey into the A~wciation in addi- !~:~n to the monthlv insiallments of princi~l and interest to be paid bv the \lortgagon under the note sec~u+ed ~y this mortgage, .~n ;imount equal to one-tv?~elfth of the annual installments of an~ tates on the mortgaged pmmises levied or ascc~seci by am• ;o.~emmental authorih•, and one-tv~-elfth of the annual premivms for Fire and E~tended Coverage insurancr on t~e'~?tg~gec~ i~remises as hereinbefore reqivmd b~• the Assuciation, and the ~tort~agors' faile~rt to make such pa~7nents sh~ll constihl~~~ de~AUlt y . . i~ndcr this mortgabe. i:-, I~ «°IT\ESS \t'HERE(~F, the said ~fortgaaors hereunto set thcir hands and seals the da~• and ~•ear ~r~,~byV~#n~tt,eh,- BEAC~i CLUB COLONY OF C. " Sic~:s~Yl, sealty3 and deli~•pm•j in the Precc.ur of~ - _ . _ 49c-~ ' ` . ' . .a ~y~', ~~a . 8~~~~- ~t ~ ~s(?sr~~.~i Geo~~e A stoloP , side~at~...,•••~ r---~~ " ~ (SEAL) ~P~ , j SEAL) i ~ ( SEAL) ~wiTNESSESi iMORTGAC,pRS1 . ; °R 9 504 ` ~1 2 . ~ ~ _ ~ . ; ~ ~ ~ ~ ; : i n-., ~.~~.~~~~~,~~~r ~ ~ ' - . ~ ~;~r~"~-~:~=.~~~