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Home My WebLink About1882 i 8. Until default in the performance of the corenunts uncl a~~c.~neMs uf this morigugc, the awrtgagars sbal! be rntitled ; colkrt the rents. issues nnd profits from thc premises hereinb~[wo desccibed, but i~ cua~e oE a default i~ any of the tcrn~s of this mo~tgnge, sncl the filing af a bill to Ea~eclosa this or any athe~ mortgage cncumbering the within de~cribed propcrty, the ~ .-~ssociatia~ shull immediately and without notice be entitkci to the Appuintment of n Raceiver oE d~e mott~aged~o(~ rty, and ~?f the re~ts, iss~es und profits thereof~ K7~I1 ttl@ usual power of Receivers in such cases. and such Receiver may be continued ~n passessia~ of the ssid propert~• ~uiW the time oE the sak thcrcof undNr such foceclosum, and until the confirm~licx~ of such ~ ..~lc by tlx~ Court. ~ 9. lf u conve ice shouW be made by the mortgagors of the ~xemiK~s herein described, or arypa rt thereof, without th.~ writtc~ eoncent o dee Assoriation, and ~a~thoat assumption in n~nilar form of luw by the grantee of tl~e obligations to the ! 1.~~~ciation createei bv said ~c.~missonr note and this mortg.ige~ then, and in that event, and at the uptic~ aE thr Assuciata~~~, ~ :~n~i ~~~thout ~wtice, ~Il sums of maney sec~~reel hemby shuA immecliately and c~ncurmntlv with such rnnveyance beeume due unct ~x?~~uWe aod in default. The A.uociation may deal with sttccessors in intemst with refem.~ee to this mortgage and the debt hereb9 .trured en the~ same mamirr as with ~he mortgagoss, n~d m~y forbear to s~~e or may extend time for ~yment uf the clebt, secure~ ~ henby, or otheM~isc aM ~~~thout dischsrgmg a' in any wnv Affcrtu~g the liability of the mortga~urs hereunder or upon'the debt hereby sccured. The Association may also deal vrith the~ Moctgagors aad/or with succ~~sso:s in intenst with ne#eret~ce to this ~ murtgage and tho debt herebv secun~cl by forbenring to sur, extendsng the time for payment of ehe debt, providing for diEfecent ~ nwnthly }x~~Tr~cr?cs and/or a ilifferent interest rate, and by Mher express maliBcntions of +the contr.?ct, v?•ithout bsin Any ~xiorit~• x thc Assoeiation hat over other morigagees or lienon or holders of any jw~ior interests in the ~xoperty sec~u~ed here y. 10. That in the event the pmmises hcreby nxirtgagrd, or any part thereof, shall be condemned and take~i for public usr ~ under the poH~.v of eminent domau~, the Assuciatiou shall have the right to demand that aU damages awarded for the taking oE o~ clamages to said premises shttll be paid to the Association, its successors or assiGns, up to the amount unpaid on this mcntgage and # ma.• be npplied upon the pa~lnent or payn~ts l:ut ~?yable thereon. 11. It is specifically agreed thlt time is ihe essem~e of this cantruct :~nd that no waiver of any obligation hereunder or of the obligation serured hereby shall at any time thereafter be held to be a waiver of the terms or of the instrument secured hereby. 12. If foreckuune proceeclings of any second mortgage or second tnut deed or any junar lien of any lund should be insti- t~_:eci, the Association may at its option, immecliately or thertaker declare this mortgage and the indebtednest senu~ed hereby due :?nd ~y8ble. , i3. To the e:tent of the i~debtedness of the Mortgngors to the Associati_on-descxibed hercin or senued l~eceby, the As~o- ~ ~~i:~tioa is hereby subrogat~ci to the lien or liens and tu the rights of the ow~ncrs'an't~olders thercof of each and e mortgage, e c licr~ or other et~cumbrance on the land described herein which is paid and(&) ratisfied, in ~vh~e a'!"'i~part, out of t ~~f the ban des~xibed herein or secured herebv, and the respecti~e liens of said mortgages, li~ns or other encumbrances, s ~ t~~ and be held by the Association herein az secun for the indebtedness to the Association herein described or hereby sec~ucd' o thr wme cx!e~t that it ~vould have bcen pr~and ~~~ould have been pas.u~cl to and been held by the Associatan had it been cluh• and re~gul:.rh• assigned, transferrecl, set over and delivered unto the Assariatic~e by separate deed of assignment, notwithstand- = ing the faM tl~t the same may be satisfied and cancelled of record, it bcing the intention of the ~xuties hereto that the same wi11 l~e saSsEied anci cancelled of record by the hoWers thereof at or about the time c?f the rernrding of this mortgage. 14. To pay all and singular the costs, charges, and expenses incluciing lawyer's fees, reasonably incumed or paid at any tim~ bv the Association. beca~ue of the failure of the 1lfortgagors to perform, compiy ~~th and abide by each and every stipula- t io,is, AQteements, co.~ditio~u and covenants of s~id promissory notc and this deeci, or eithcr, and every such payment shall bear interest~from date at the rate stated in the note secureci hembr. 15. That he ~vill permit, commit, or suffer no waste, impairment, or deterioration of said projx~rty or an,y ~art thereof; .~nd in the cvcnt of the fsilure of the I~fortgaQors to keep the buildinKs cx~ said premises ~nd those to be erected on s~id ~xemises, ~~r improrements thereon in good repair, the Association may make and pay for such repairs as in its disrre,~tion it may deem nc~ry for the proper pmservation thereof, and the full amount of such pavments shall be secured by the lien of this inortgage :~nd shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the As9ocia- t t~n may determ~e, and every such paymcnt shall b~?r interest from date at the rate stated in the note secured hereby. ' 16. That if the A.ssociation and the ;ltortgagors agree, Ghe ~iortgagors will carry a policv or policies of insurance upon i { their lives in an a~ant equal from time to time to the amount of indebtedness hereby sec~ued. making said As.wciation beneEi- ~ ~ ~ ian• ihereunder, and that the said Association maypa y the premiums for such insurance (in the event the ~iortRagors do ~at), ~ and actd each such ~~~ment to the un[x~id balanc~e o( the lo~, as of ths first day of the then ramnt month, and it shal) becocne ~ :ulditsonal indebtc~iness secumcl by this mortgage payable ugon demand. i7. That in the event that this mortgage be given to secure a construction lain, failure on the pad of the ~tortgagors or ~ their contractors to complete said building in accotYiance with Construction La1n ~~ree~nent, of e~•en date herewith, or to bi~ild c:tid construMion in accorclance ~vith plans and s~x~cifications filed ~~•ith the A~sociation, s}~all constitute a breach of ihis mortgage, ~ ,~nd. at the opiion of thc Association, immediatel,v mature the entim amomzt of principal and interest hercby secured and the Assn- c i: tion n~a} immecii.~Iety institute procecdingc to forecl~se this mor!gage. ~ I3. 'I'hat thc a?bstract or abstracts of title co~•ering the mortgared property shall at all times, tluring the life of this mort- :~:~;e. remain is~ the possession of the llssociation and in the event of thc fe~rcclosure of il~is mortgage or other traRSfer oi title to ~ th~~ mortgaged proPerty in extinguishment of the indebtedness secureci }:creb~~, all ri~ht, titM, and interest of the Mortgagon in ,~nd to any such abstraets of title shall ~ss to the pumbaser or grantee. ~ 19. The Association shall have the right, in its discretion, to rcqiiire tl~.~t ihe lllortgagors ~y into the Association in addi- 1 ti~~n to the manthly installments of principal and interest to be paid b~• the \tortgagon under the note secured bv this mortgage, .~n :unount equal to one-iwelfth of the annual installmer,ts of anv taxcs on the morigageci premises le~~ied or ass~~ci'~by•.~ym• :~~•emmental authority, :u~d one-hvelfth of the :?nnaal premiums for Fire and Extended Covc~rage insurance ap'`~he~ ma3~gc~•. , ~ I~remisPS :is hereinbc~fore re7uireci b~• the Assuciation, and the ~tort~agors' failnre to make sueh pa~~ne~~ts sh:dl rn~~titut@ c ~Eat41~ ~;r~der this tnortsa~e. = 't `~~``.~y n . I~ ~~'IT\ESS ~1'}IEREnF, the-~:HCL\~ortgagors hereunto sct their hands and seaLs the dai~• anc) ~•eaz ~.~b~e tvritt~p. - ' BEACH CLUB COLONY~~3'1~TA~~j IN~. = tii~ned, sealecl and deli~•erc~cl in the presence of: z r. cf C; ~ { B ' ~ d~~ ~ i~~ ~ . • , OI ~ . ~ . . . , f ~ ~ -~~~j~~-~-~__. ~ (SEAL1 ~ tii~Al.l _ ( SF AI.) (W I TNE SSE S! (MOR iGAGORS: ~ a~1~3 ~880