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Home My WebLink About2476 8. Until default in the ~formancc of the :.ovenants ur?d 'ag~crments of this mortgage, the inortgagors shall t~c cntidc~l tu colkct the mnts, ir:ues ~~~d profits from the premises hereinbefore described, but in cnse aE a default in any of the temu of this mortgage, and .he filing a biU to Eoreclose this o~ any other maKgage encumbering the within described property, the .~ssociation shall i:nmediatelv a~d :~;:;..:ut notice be entiNed M the appointment of a Receivrr of the mortgngedpr~o~ rty, and uf the rrnt~, issws and p~ofits ther~eof, ~~~th the usual power of Receivers in such rases, snd ~uch Receiver may be continued ,n pos.;essia? oi the raicl propert~• until the time of the sale themof under such [oreclosure, and until the cc?nfinn~tion of sucl~ .ale br th~ Gourt. y. If a conveyance shuuld lx~ made by tbe m~utgagors of the pre.ris~x hemin described, or .1nv _ part thereuf, without rh~• ~vritte~ consent of the Association, and ~~ithout assumptiun in re~~lar form of law by the grsntee of th~ obligatioiu to the ~.~~ciatan ~ted bv said pc~omissory note and this mortgage~ then, und in that event, und at the uption of tl~r A~~ciatiu~i, .u~~l ~~~tFwut notice, all ~ums of mane~• secared hereby shall immecliately and rnncurrentlv with such ccx?reyance bec~mc ~iue and ~~a~•~ble a~xi in default. The Association may deal with successors in interest ~vith reference to this mortgage and the debt hereb~• ,ecu~ed in the same munnr~ as w•ith the mortgagurs, and may forbear to sue or may extend time for l~:?~~ment c?f the debt, secun~il hercb~•, or other~rite act ~~zthout discha u~g or in any ~~-a~• affcrting t}~e liability of the mortgagurs heceu~ider or upon the debt hereby secured. The Association may u deal with the Mortgagors and/or with succ~c sson in interest with reference to this n~urtgage and thc+ debt herebv securecl b~• forbearinQ to sue, exte~ding the time for payment of the debt, Pro~•iding for diffeirnt monthly pa~~nents and/or a d"Jferent interest rate, and by other express moclifications uf thr contr.~ct, ~~~ithout bsing any priorih- the :~ssociation has over other morig:~gecs ~~r lienors or Ix~lciers of any jw~ior interests in the pn?}x rtv sec~~red hereb~•. l0_ That in the event the pmmises hembv mort gageci, ur :im~ part thercof, shall be caide~nned and taken for publie i~ uu~lcr the po~~•rr of eminent domain, the Assuriatiun shaQ ha~•e thc ripht to demaud that all damages aN~arded for the tal.-ing of or ~lzma~es to saicl pmmises shall be paid to the Association, its suceessors or assiGns, up to the amount unpaici on this mcutgage and ma.• be ap~lied upon the payinent or paymrnts last pa~able thereon. 11. It is specifically agreed th~t time is the essencr of this contract and that no ~vstiver of an~~ obligation hereunder or of the obligation secun~cl hereby shall at any time thereafter be held to be a~vaiver of the ternu or of the instrument secund herebp. 12. lf foreclosore pmcrc~ciings of any second mort~{aoe or second trust deed or any juniar lien of Mny kind should be insti- tut~d, the Association mav ~t its option, immeciiately or thereafter derlare this mortga~e and the indebteciness srcured hereby due :?nd pa~-able. ~ 13. Ta thc: extent of the indebteciness of the Mortgagors to the Association described herein or secured henby, the Asso- .~i.~tion is hereb~• subrogated to the lien or liens and to the rights of the v~~~ners and holders thereof of each and every mortgage, licn or othrr e~~cumbrance on the land describecl herein Nhich is paid and(or) satisfied, in ~vhole or i~~ part, out of the proceedc ,~f the lown desrribeci herrin c~r serureci hembv, and the res~x'ctivr liens of said mortgages, liens or o!h~ r encumbrances, shaU~a t~~ and be held bv the Association hercin as security for tl~e indebtedness to the Assxiation herein described or hereby s~ecun~i, o the• s.~me ct~ent ti~at it ~~•oald ha~•e bcen presened and ~~•ould ha~-e been ~scrcl to and becn held by the Association had it beeti ~lul~~ and mgularh• assi~ned, transferred, set over and delivered unto the Associc~tion by separate deed of assignment, notK~ithttand- ;n~~the faM th~t the same mav be satisfied and cancelled of record, it bcinR the intention of the ~rties hereto that the same ~vill l~e s~~sfied and cancelled of record by the holders thereof at or about the time of the recording of this mortgage_ 14. To pa~ all and singular the cvsts, charges, and expenses induding lawyer's fees, reasonablv inciured or paid at anr time bv the Associatian, bec~ause of the failure of the ~tortgagors to perfonn, comply ~~-ith and abide by rach and everv stipula- tiuns, agreements, conditions and rn~•enants of saicl promissorv note and this c',ecYl, or either, and cverv such pavment shaU brar interest from date at the rate statecl in the note u~cured herebv_ 1~. 'That he ~~-ill permit, commit, or suffer no waste, im~irment, or ~leteriuration of wid propcrt~• or anti• j~art thereof; .md in the c:-ent of t}~r failure of the '~lortgaQon to keep the buildin~c on siid premises and those to br erectccl cx~ ~:iid premises, -~r impro~•ements thereon in go«i repair, the Association ma~• m:~ke and pay for such mpairs as in its discirtion it rnav deem ' nccrscary for the proper presen•ation thereof, and the full amount of s~x~h pa.vments shall ix secured by the lien of this ~nortgage i :~ncl shall at the option of the Associatioa be immediately due and pa~~able, or payable in such monthly installments as the AssocYa- i : iun mav detcrmine, and r~•erv such pay~ncnt shall bear interest from date at the rate stated in the note secured hereb~~. ~j 16. 'I'Lat if thc Association and the ~tortgagors agree, the ~tort~aRors ~~~ill carry a policy or ~licies of insur~nce uEx?n ~ thrir li~~ in au ambunt ecjual from time to time to the amount of u~debtedness herebv scc~ued, mal:ing ~.1id Association benefi- ~ ~ iarc thPreunder, and th,zt the s:~id Association mav pay the premiums for such aisurance (in the e~•ent the \tort~a~ors do notl, ~nd add cach such pa~-ment to the un~id balance~af the toan, as of the first day of the then curmnt month, and it shall becomr .~ciclit~nnal indebtedness secumd bv this mortgage payable u~n demand. 1~. That in the event ihat this mort~a~e be gi~•en to sccure a constn~cti~n loan, failure on the part af the ~fort~~gors or ~ their ~~ntr.~ctors to complete said building in accorciance ~~ith Constroctiun Loan Agreement, of e~~en date herea~•ith, or to build ~aicl cYmstruction in am~rdanee with plzns and specifieations fileci ~~•ith the Association, shall constitute a breach of this mextga~e. .:T~d_ ~t the oiKion of thc Association, immc~liatclv mature the entim amous~t ~F principal and interest hcrcb~• secured and the Asu?- ~ i.~tion ma~~ immMliateh• institute proceedings to foreclose ihis mor!gage. ~ 1~. Th1t the abstr.~M or ab~iructs of title ecn•erin~ the mort~;a~~~ci pruE~ert•• shall :~t all times. <lurin~ the life uf this murt- ~-.i~~c•, remain in the possession of the ~sscx•iati~m and in the event of tlx~ foreclcsure of this murt~age or other transEer of title to !h~~ mortfia~ed ~~ruPcrty in extinguishment of the indcbtcdness securcyl hcrcb~~, all ri~ht, titlc, and interest of t6e ~tort~;avors in ~ .~nd to am• such :~i ~~~cts of title shall p:us to the purch:uer or grantee. 19. Tha Acs~ciation shall have the right, in its discretion, to require that thr \tortgagors p.i~• into the Associati~n in addi- ti~~n to th~ m:mthl~• installmcnts of princi~l and interest to 1~ paid b~• the ~(~~rt~agors under the note secured l»• this mortga~e, ~ u.imount c~~wl to one-t~~•elfth of the annual installments of anr tau~s on th~~ mortga~eYl premises le~-icYl or :~csessed b~• am• ; , ~u~-ernment:il authorih•, and Qnr-h~•elfth of the :~nm~al premiums fvr ~irr and E~t~~ndeYl Cu~•rr.~~e iusu~ance on the murl~a~~Y1 } ;~n~mi~et ac her~~inbe•fure rcY~uired b~~ the A~~~Ki.~ti~n~. .ind the ~1urt~u«ors (:i~lnr~ to make such pa~•rn~~nts sh.ill amstitute a default ~ ~:;idrr this iaortGa~r. ' 1\ ~t'IT\ESS ~t'HEKEI)F, the ~aid ~t~rt~a~~~rc he•r~nnt„ .~~t th~•ir haiuis :~nd x•als the ~la~- :ind ~•e.?r first abo~~e written. ~ , , ' ~ ~~~ned. sealcd and dcli~•ercd in the j~r~~crncc BEACH C UB COLONY QF l52`iJA~i,T INC. ~ ~ ~ ~ $Y . Y . • y !~1:1 . ~ r . ~ ~ ~ ; Ge e A tolopo , s~_:Pre~Ydenx~ _ ~ ~ ~ ' ~ ~ c~c_ ~ I) - ~-_c"~~ . a. c.;~' ~ . ~ ; ~ ^ _{SE~t~.? ' ~ .~.~,-:'""'t~~;. ~ ~SEAI.I ~ • . ~ l SEAt.I tW1iNES5fS) iMt'~Ti`vAGORSi ~ s~~9~ 2~75 ~ - - - _ - - $ ~b ~ ~ r _ ~:~~4'! .]__s. _ , . .~x:~