HomeMy WebLinkAbout2068 ti. ~.'ntil clef.iult in thc ~x~rfurraauce uf the ~y»~~uauts autl :~~;r~~•inrnts of this murt~;a~;e, th~ ~nurt~;.t~;urs s}?all l~e rntitled
c~llect the r~•nts, iswes .uxl pr~~(its from the premises hereinbeforu dc•scritx•d, but in r.ise uf a drEault in any of the tenn~ u[
tliis mori~,it;e, and the filinfi oE a bill to foreclu~e this or any other rnort~at;e encuml~ering the ~~•ithin ~lescribe~ci property, the
\ss~x•iation shall immc~liatelv and ~vithcut n~~tice t~e entidr~cl to tfie appuie~t?ne•nt uf a ltcre•i~•er i~f the ~nortg.i~~~l pro~ rh•, uncl
~~f the~ rents, issue~s ;iud pre~Eits thercr~f, ~vith the usu:?1 Ew~~•er oE R~ti~civers in such cases, :ind a~ch Recci~•er may be contiuut~ci
~n lx~s;essi~~~? of th~ ,.tid prujxrt~• until thr time of the s:ile the~rruf unile~ such fureclusure, and ut~til thc~ cti>nfirmatiun of surh
..~li~ b~~ thr Cuurt.
9. lf a cvmve~3nce should lx~ madr by t1~e mortgagors uf thc ~xrmis~•s heri~in descritx~i, o~ ;?nt• part the~rof, ~~•ith«ut
+h~~ ~~•ritt~n cYn~su•nt uf th~ Ass~x•i.~ti~in, ai~cl t~etlio~~t :u~um}~tiup in rr~ul:ir Forn~ ~~f l:i~r bv the ~rantce uf tl~° obligatiouc to the
1~.~K•iatiun ~•reatE~ci bv .aid ~xuu~issorv ni>tr an~~ t}~is n?urtt;.~l;e, t~~~•n, and in tlr.it ~•~t•nt, an~l at t~te uliti~~n uf f~~~• :~~~;x•iati~m,
u~~! ~~•itl~uut m~tice. all :ums uf numi~~• :~Y•~ued hemb~~ sh:ill inu»~~~li~teh• :ind cuncurrc•ntl~~ with cuch cti~mr~.u~ce lx~>n?e ilue and
}~•~~.~Llc au~l in default, The Assuciation may deal ~~ith successurs in iuterest with reference to this mortgake and the drbi Lercl» •
:criuc~ci in the sa?ne marene•r as ith the mort~a~urs, ancl ma~' furlx•:~r tu su~• ~~r ne:iv r~tend tin~e (ur j~av~neut ~~f ti?e deUt, seeu~tYl
I~ereb~•, or uth~•r~~•i~e act ~~•ithout dischargin~ ur in ao~~ ~~;i~• a[f~Ytin~ the liabilitv of tl~r mort~;:?;;urs ltercundrr ur u~wn the debt
hereb~• secured. 7'he Assuciatiou mav also de~l ~~•ith the~~lurtg.?~ors diiil~or ~~~ith sucY•essun in int~•re~t ~~ith referrnce to this
:nurt~:?~c and the~ ciebt herehv securcYi bv fnrixariuk to su~•, ~xtcndin~ the time Eor pa~•ntrnt oE the tlrbt, ~~ro~•iding for different
inaethh• pa~~ments and/or a cliFferent interest rate, and bv other t~sprt~ss m~xlifir.?tious of the ctmtr;ict, ~~•itl~uut lusiuK an~~ rriorih
' th~ :\s~ociatiun h.?s o~~er other moriga~ces ur lie•nurs ~~r hulilers ~~f :iuv jiu~ior interests in the pru~x•ri~• secureci hrreb~•, ;
10. Th:~t in the e~~ent thc Ex~•mis~~s h~•rch~~ u~~,rtfi;i~eYl, ~~r :u~~• ~~:~n ti?ereuE, sh:?U i~e .~ondr,~~~~c~ci :~nd takeu ior I~ubiic i~st~
~~nelrr t6c Ex~~~r~ uf rminent dom.~ii~, tLe :~..~k•uit~un shuil li.i~•r the~ ri~ht tu dem.?nd t}iat a1) dam:i~es ati~•arcl~til for the taking of ~~r
~l.ima~t~. tu ~,iicl premises sh:~ll he I~:ii~~ tn tht~ Assoeiati~~n, its success~,r, or :~~si~~~~s. u~~ tn the .unotu~t u~~paid on this mort~afie and
rna~• }m aE~~~lic~ u~x>n the pa~•ment or ~~at~ments last pav:?bl~~ th~•rcan.
- li. lt is sjxY•ificall~~ a~reed th:~t time i~ the ~ssenc~ of this cvn~t~act .ind t}iat no ~~•:ii~-rr of am• ublit;utiuii Lereun~ler ur uf
thr ubli~ation secu~ed hereb~~ tihall at am• ti~n~- then~after }~e heid to hc a~~•ai~~er of the terms or of the instniment cc~c•ured hereb~•,
~ 1?. lf foreelosure ptt~cr~~lin~s c~f am• s°cv~nd inr~rt~:t~e or se~cYmd tni~t clc~eci or any junior lien of .:n~• kind sho~tlt~ be insti-
!utrd, t~ie Ass~x~iatic~~i mav ~t its oPtiun, immecli.~teh• ur thereafter deYdare this mort~a~e and the indehte~lnc~ss src•ured herebv due
~ :u~d pa~~able. ~ ,
k 1i. To th~~ cxtent uf the indehte~lurss uf the \turt~aQors the Ass~xi;itiun ~iescribed hemiu or serure~l I~cri•by, the Asso-
~~.~ti~>n is hcreby si?bro~atc~ci to the lien or liens and t~ thc ri~ht< c~f ti~c u~~•n~•rs nnd holders therc~f uf each and evrry mortgage,
iirn or othcr ei~cuml~r:mm on the land clescrilied herein ~a•hech i. j~:iid anrl(~~r> sati5fi~~l, in whole nr iu 1x1rt, out of the proceccls
.~f the 1n.~n describe~ herein ~~r securc~~l hereb~•, and the res~x•cti~~r liens ot s:?id mort~:~~rs, lirns or othe•r enc~~mhr.~necy, shall pass
ti t,~ :uu[ t~ held Uv the Asscx~iation hc•rcin as security for t6e inileLtrduess to the Acs~x iatiun herein desc•ribed or herebv seeured, to
- thi• sarne rx'.t~nt th:it it ~~;,tilcl ha~•e Uee•n J~reserreci and ~~•ould 1~avc~ hc~en ~~.?cs~Y1 to and lx~en held by the Asscx~iation had it Fx~ert
_ ~lut~• :~u~l rekul.irl~~ assi~necl, tr.~nsferred, set o~•er and cleliverc~cl untu tlir Ass+x•i.,tinn b~• se~~arate dred o( assi~ment, noh~-ithst~nd-
~ in~~t}ie fact that ihe satne ma~• be ~:itisfic*d and cancelleci of recnrd, it Ix~i~~~; (hc intention oF the Fx~rties hereto that tht~ same ~~~11
; t~r sa',isfied an~l c;incellf~l of rec~rd b~• the hulders thereof at or atxn~t the time of the rrcording of this mortga~e.
~ 1~. To pa~• all and sin~ular the costs, ch;u~es, and expenses incluclin~ 1a~~1•er's fe~c~s, reasunabh• incurrect or paid at am-
_ time h~• the :1cs~x~iati~m. ix~r:u~;a~ of thc~ f,~ilure c~f the \Ic~rt~a~ors to j~erkmn, rnmPlv ~~•it}~ an~i :il~ide bv e:lch and even~ stipula-
t~u~ic. ,~~re~~me•nts, e~,nrliUuuc a»~1 rnve•n.ints of s:tici l~romiscon~ not~• :in:l thic cleed, ~~r ~ith~~r, .~nd ~~~~en• such ~~:i~~mt•nt sh:ill lx~:?r
_ ~nterest fmtn date at th~ r.ite ststc•~l in the note sc~c•ure•cl hercl~~~. ~
_ l:i. Th:~t he ~~•ill Ih~rniit, commit, or suffcr no ~~•act~. im~.~innrnt, ~~r cl~•tcri~~r.itiun ~~f ;;~i~l ~in~~x•rt~• ~x ;em• ~ktrt there~~f:
~ iri~i in the t~~•ent ~~f thr f:iilure of the \iort~~a~~rs to keeE~ th~ huil:~in~,: ~n~ saicl ~ucmise~s :ifl(~ ~}I(UP ~O FX~ ercrted on saic! premises.
~~r irn~~rurements the~reon in g~xxl rep:~ir, the Assr~ci.~fion m.i~~ m.+ke anc! ~r,rv for such r~patrs :i; in its disc~rMiun it mav deem
n~~ces~arv for tl~e Pr~~}>er I~resc~n~ation thereof, :md the full amount of such l~a~ments shall lx~ secured b~• the lien of this murtgage
...i.. ~ i i -
.u~ci shall at the opiir,n of the ,~lssoei:.tion 1~ imrr.~.,;~,... av;:. js:::,:,;.z•, or pa~•able in such montl~Iv instrillments as the ;tssocia-
tiun in;i~~ dctrrtz~inF, ;~nd e.~cr.- ~~~ch I~,i~Tnent sliall l~ear interrtit frorn c;:ite :it the rate statecl in th~ not~ secsered heref?~•.
16. Tl~.~t if t~~~ .~lssoci,~tic~n and t~~~ \iort~a~ors a~~r~r, the ~tnrt~,:~~urs ~~•i11 ram~ a~olicv ur ix~licirs ~~f insur:?nce u~~ri
_ thi•ir li~•cs in a~= aml+unt e~~u.il (rom timc: t~. time tu the am~unt of in:lehtedness herebr ~sccuted, makinti saicl Asscicia!itzn betie(i-
~ i.ir~ ih~rei~n~ler, an~l th:?t tlie ~.~icl _1ss~x~i;ition ma~- pa~• th~~ premium. fur suc}, in.ur:incr { in t}ie e~•ent the ~(urt~:?~ort do notl,
`a .inr? ;u]d cach siuh ixi~•ment to the uni~id b.ilance of the I~~an, as ~~f tLe fir.t d,+v af the tt?en enm;nt ~nonth, and it shall lxrcmie•
:ulc3iti~~n.~l inclehtcclnc•;c ti(Y'iif('t~ ~/t' ~~liS m+~rt~a~e Pat•ab]e ujx,n tl~~m:uid.
1;. Th.it in !hF e~~<nt tl~.it this rnnrt~~.i~~~ bc t;i~•e~n to ~cYnm a c~ciri,trn.~h~~n l~~:en, failure ~~n th:~ jiart ~if th~ \iurt~a~ars ~~r
= th~•ir ~~~nh.ict~~rs to complete ~:~ici h~~~ldin~~ in acrurelance ~~~ith Cuustn~ctiun I.e~.in ~1~~rcYm~•nt, i~F r~•e•ii el:~te~ herr~~ith, ~>r t~~ I~uil~1
:.iicl c„n.tructii~n in aer~,rel:~nce• ~~ith i~l:inc :ind ~ExYificatiu:~s filt•el «i;i~ tlit~ :1c.~K~i:ili~~n, cli;ill cu~istit~itf• a hre•.ich e~f t}~is murt};.~~~~~.
.~rul. .~t th~~ ut~tion ~~f the :t,.~~~iati~~n, im~nc;~iatrlt• mature tht~ cntire• ,irrin~uit ~~t ~uincip,il ancl i+ite•rrst hrrcb~• scti•nrc~cl am! the A~sn-
ci.itiun in~»• imme~li:iteh~ iustitttte• ~~r~x•cedin~s to foreclosc thi; mntt~,s~~t~•.
• , ~
1~, l~hat the .ihctr,~ct ur ah:tr:ut~ ~~f title• cY~~~~~rin,t; the mort~:i~rci Z~m~x~rt~~ sh,ill at ~t~~ htllf5, LIUfI~I~ the life uf this n~~~rt-
~ ,.i~,~~, tc•m.iin in thc' JH~s,<•csiun ~~f th<~ :\•;>~~ciatinn ancl in the i~~~nt ~,f tL~• f:,r~ c1~,rure ~if thi~ rn~~rt~,.~~c~ or ~~ther tr:+nsfer ~~f title t~
` thr ni:~rt,a~~ecl ~~n~i~ert~• in ~xtin~,ni>h~ne~nt „f tlie ineic~i~teclne:s s~•<•iir<vi ~~t~re~h~~, all ri~~lit, titl<•, and intemst uf tl~~ \tort~~.{~nrs in
f' ,~nd t~~ ant sitch ahsir.icts ~~f title ~h.el! E~a.s t~> the~ j~t:rch:uer ~~r gr.u~tre.
2 -
~ 1y. ~rh~ .as~~;ati+~n sh:~ll h:~~•~ tl~e ri;ht, in its cliscretiun. t~ r~~~i~ire t1~ it th<• \I~rrt~,.~~~~t~ P~~• int~~ tlic• A~soe•iatiun in ad~li-
t„m to th~~ n~~mt}:h• i~~.t,~llin~~tit, uf ~~nuci~~al an<l int~~rest to l~~ ji.ii~l in Sli~~ \t~~rt~,.i!~nr~ imcle~r thr nr~tt~ sc~e•nre~il h~- tL;s m~~rt~:~~i',
_ .~~s .!~nuunt fY,ll.l~ ~U ~~su-t~t~c~lfth ~~F th~ :~nnua! ii~ct.ill:nent~ i~f an~~ t.i~t•s ~~n th~~ nu~rt~.~~~~-el ~~re~tnicec 1t~tieYi i,r a,:~•ssrci h~• am-
~u~~~~mnt•ut.il .?utl~e~rih•, ,~nd ~mf•-t~tf•lfth c~f the• :~r~nii.cl I~re>miurn; fnr 1 irc• an~l I:~t~ i>~le~c! C~,~-e~r.iC~' i~i4ii~.,nce~ ~,n iLe rnurt<~a~rrl
~~r~~n:~"~~ hrr~~inhi•F~~n• ri~~~iiire~r! 1~~ !{u~ .~..,,ri.iti~~~i. .uti~l the• \l~~rt~.:~~~:? (!~II~Iif' ~n II1.lI:4 StICII j~.ienu•ut. ~L-~ll i~~u~titute~ a ~li~fault
un~I~ r tl~i~ niurt~;.t~,r.
1\ ~1'I 1\E~:titi HI~:lil'~?f~. th~• :,~i~I \I~,r}_,t,~~t~ ~i~ re iititu t tlu•ir h u~~l; .~ticl ~i•.~1. t~ir cl.i~ .in:l ~~~.ir f~t,t :ila~~t~ ~~~ritit•ii.
_ ~~~~n~~,l. ,s.~l~~~l .~n~i ci~~t~~cr~•~l t6c ~~rt,~:~~~~ „t. B~;ACH CLUB COLO~Y OF STUART~ INC.
~ ~ ~ j ~ / f3/t s B ~ ~ l /C ' C' ~ -
- - _ - ,y - /s ~ - ~ < ...($F!1L)
~
- ~ G~o~e A~stolopou}os, Presidc~r~
_ . , . ~ . i ~ ; (SEAI.)'
~
~
~ SY..~.~ _
_ . , -:,;`~'«c.C .
n
~ ~4:iNE~5E5 ~(SKAt.~
KOK!G4GOe;'
i
EC~~.1y6 PAf.E~VUS ~
;
i
~
- . _ . . . ..L"-:.- .