HomeMy WebLinkAbout1950 8. Uatil defauh in t!?e perEormanoe of the ooveaants aad agreemeats of this mottgaga, the mortgagan shaU be entitled
to coUect the reats, issues andpm
fib frotn tlie premims hace~nbefore de~crib~d, but in case oE a defautt ia any of the ternoa oE
this mortgage, and the filinag af a biU to faceclose this a my other mottg~ge encumbering tbe within deseribed property. the
,~ssociatan shall immediately and without notice be entitkd to the appointment of a Roceiver of the aastgaged~x~operty, and
of the re~ts, issues and profits thereof~ with the asualpo
wer of Receivera in such cases, snd such RecBiver may be oontinued
;n pos~sion o£ the said property until the time of tbe sale thereof under such foncloaure, and until the confirmatian of such
sale by the Court.
9. If a cor?veyance should bc made by tbe mortgagoca of the premises herein desc~ibed, or anyp~t thereof, without
thc written conse.~nt of the Association, and without assumphon in t~egular form of 1aw by the graatee of tTie obligations to the
~scociation creuted by said promissory note and thit mottgage. then, and ia that event, and at the option of the As~ociatan,
:ind ~vithout notice, all sums of mc+ney sec~ired hereby shall immediately nnd rnncurrently with such rnnveyance become duc and
payable and in dehdt The Association may deal wlth sucoessors in interest with ceEerenoe to t~ moctgage and the debt }~ercby
secured 'm the same a~u~rr as with the mortgagors, and aray fo~bear to sue or may ertend time for paymeat oE the debt, securecl
hercby, a otherwise act wit}wut diSC:harging or in any way affecting the liability of the mortgegars hereunder or upoa the debt
hereby secured. The Associatiou may alto deal with the Mortgagors and/or with suoce~ors in iaterest with reference M this
?nort~age anci the debt bei+eby secured by forbearing to sue, ~iend'a~g the time for paymeAt oE the debt, Pto„iding fa diffaent
mouthlY P~Y~b and/or a differeat interest rate, sud by other ea~press malificatioas ~ the contract, without losing any priorit~~
the Associatioa has over other awitgagees or lienois or holders of any junior interests in the property secured herebY.
10. That in the event the premises hereby mottgag~d, or any part thereof, shaU be caxiernned and taken forpu
blic use
under the power of eminent domain, the Asa~ciation shaU have the right to demand that all damages awarded for tLe taldng of or
damages to said premises shall be paid to ihe Associatioq its saccessors or assigns, up to the amount unpaid on this mo~tgage and
mav be applied upon the paymeat or payments last payable thereon.
11. It is specifically agreed that time is the ~ssence of this ca?tract and that no waiver of any obligation here+mder or of
the obligation secuc+ed hereby shall at any time thereafter be hdd to be a waiver of the teims or of the instruu~ent se~cured hereby.
12 If foreclosure proceedings of any second awrtgage oz second trust deed or any Junior lien of any ldnd slwuld be indi-
tuted, the Association may at its option, iaunediately or tt~after declare this mortgage and the indebtedness src~red hereby due
and paysbk.
13. To the extent of the indebtedness of the Mortgagors to the Association described hemin or secuted hereby, the Asso-
ciation is hereby subrogated to the lien or liens and to the rights of the ownen and lioklers thereof of each snd every mo~rttgage,
lien or other eucumbrance on the land described herein which is paid and(or) satisfied, in whok or u~ p~u~t, oat of tbe~~
~~F the loan described herein or secured hereby, and the respectn~c liens of said mortgages, liens or other encumbrances,
to and be held by the Associatian herein as secvrity for the indebtedneu to the Associatian herein described ~ hereby aecurec~
o
the same ex!ent that it would have been preserved and ~vould l~ave bcen ~asseci to and bctn held by the Association had it been
duly and regularly assigned, transferred, set over and deliver«i unto the Association by separate deed of assignment, notwithdand-
ing the fact that tbe same may be satisfied and cancelled of recbrd, it being the intention of the p~rties hereto that the same will
be sa~sfied and caneelled of reco~rd by the holders t}~ereof at or about the time of tLe rrco~+ding of this mortgage.
14. To pay aD and singular the oosts, charges, and enpe~ues induding lawyer
s fees, rea~onably inc~ured or paid at any
time by the Association, because ~ the failure of the riortgagors to perform, comply with and abide by each and ewery stipula-
tions, agreements, canclitions and covenants of s.iid promissory note and this deed, or either, and every such payment shall bear
inte~est from date at the rate stated in the note secared hereby.
15. T'hat he w~71pernu t, commit, or suffer no waste, impairment, or deterioration of said property or any part thereof;
a premues
:ind in the event of the af ilure of the Mortgagors to keep the buildings a~ said and t~OSe to be erec~ted on said premises,
~~r improvements the~eon in good repair. the Association may make and pay of
r suchr~xi us as in its disu+etion it may deem
necessary for the proper preservation thereof, and the full amount of such pa,vmenb shall be secured by the lien of this mortgage
and shall at the option of the Association be immediately due and payable, or payable in such month}y uutallments as the Assa~ia-
tion may determine, ~ad every such payment shall bear interest fmm date at the rate stated ia the note secnred hereby..
' 18. That If tt~e Association and the 1ltortgagors agree, the Mortgagors will carry a policy or policies of insnr.~nce upon
i their lives in an ar~3eunt equal from time to time to the amoant of indebtedness hereby secured, m~lcing said Associatioa benefi-
~ c~iary there~nder, and that the said A~9ociation maypay the premiums for such insurance (in the event the Modgago~s do not),
t and add each such payment to the un~ balance of the loan, as of the fitst day of the thea current m~th, and it shall become
s additional indebtedness secured by mortgage payable upon demand.
€ 17. That in the event that this mortgage be given to secure a cmistn~ction loan, failure on the part of the Mortgagors or
their contraMors to complete said building in acco~dance with Construction Loan Agreement, of e~ven date herewith, or to build
~ said constn~ction in aocordance with plans and speci6cations filed with the Associatian, shall oonstitute a breach of this mortgage,
~ ~nd, at the option of the Association, immediately mahue the entire amount of principal and interest hercby secured and the Asse-
ciation may immeciiately iastitute proceedings to foreclose this mortgage. ~
18. That the abstract or abstracts of title covering the morcgaged 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 fareclosure of this mortgage or other transfer of title to
the mortgaged property in eYtinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in
and to any such abstracts of title shall pass to the purchaser or grantee.
~ 19. The Association shaU have the right. in its discretion, to require that the Mortgagors pay into the Association ia addi-
tinn to the monthly installments of principal and interest to be paid by the Atortgagors tuidti the note seciu+ed bv this matgage,
:~n amount equal to one-twelfth of the annual installments of any taxes on the mortgaged premises levied or assessed by any
go~•enunenta) authority, and one-twelfih of the annnal premiums for Fire and E;tended Coverage insurance on the mortgaged
~~remises as hereinbefore required by the Association, and the ~lfortgagors' failure to mal;e such pa}~ents shall constitute a default
undcr this mortgage.
It~ WIT\ESS ~YHEREnF, the said hiortgagors hereunto set their hs~nds and seals the day and year first,above written.
~ BEACH CLUB COLONY ,p,~~~~~',~{!~t'~, INC.
~ Signed, sealed and dclivered in the presence of: r`=-`,~ ~
~ ~ ~ .t~ 4;
~ ' -
~ . BY ` , - I.)
~ ' °r P° opu - . e
i • : -'J~~'~"~-~-
~ x1'..FC/- - ~ _ . > ~~r~~~~L~.~ .
a± . ~s
( SEAI. )
~
~ _ _ - - (SEAL)
(YIIITNESSfSy (Al10RTGAGORS)
~ 8~i~i ~i~
= ~ - - , - ~