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Home My WebLink About1297 8. U~tD default in the performance of the covenants and agnrme~~s of d~is mortgage, the mortgagora shall be entitled ~ t~? collect the rents, issues and profits from the premises hereinbefore described, but in case of a default in any of the term~ uf chis mortgage, and the filing oE a biU to forecl~ue this o~ any nther uwrtgage encumbering the within described property, the Association shaA immecliatelv and without notice be entitlQd M the n~pir~tme~t of a Receiver of the mortgaged property, und ~~E the rents, issues and profits thereof, with the usual power oE Receivers in such cases, ~nd such Receiver may be continued ,n ~OSSession of the said propert~• until the time of the sale thereof under such foreclosure, and until the confirmation of sucl~ .ale b~• the Court. 9. If a conveyance should be made by the morigagors of the premises herein described, or any part thereof, with~ut t h~• «Titten consent of the Association, and ~~~thout assi~mption in regular form of law by the grantee of t6~ obligations to the ~..ociation created b~~ said pmmissory note and this mortgage, then, and in that event, and at the option af t}?r Associatio~~. :~n~l ~~~thout notice, all sums of monev secnred hereby shall immediately and c~ucurrently with such rnnveyance become due anct E~ayable and in default. The Association may deal•with successors in interest with reference to thit mortgage and the debt herebv secured in the same manner as ~~~ith the mortgagozs, and may forUear to sue or may extend time for payment of the debt, secureci - l~ereby, or othenvise acl without discha~gu~g or in any H~a~~ affecting the liability of the mortgagurs hereunder or upun the debt ; hereby secured. The Association may also deal with ihe Mortgagors and/or with successors in interest ~vith reference to this ~ ~nortgage and the debt herebv secured by forbearing to suc, extending the time for payment of the debt, providing for different ,na~thly payments and/or a different interest rate~ and by other express moclifications of the contr.?ct, ~vit1?out losing ~ny Priorit~• the Association has over other morigagees or lienon or holders of any junior interests in the pruperiy secured hereb~~. 10. That in the event the pmmises hereby mortgaged, or any purt thereof, shall be condernned and tal:en for public tise under the poH~er of eminent domau~, the Assuciation shall have the right to demand that all damages uwarded for the taking of or ; clamages to said pmmises shall be paid to the Association, its successon or assiGns, up to the amount unpaid on this mortgage and a m~v be applied upon the payment or payments last payable thereon. ~ 11. It is specifically agreed that time is the essence of this contract and that no waiver of any obligation heceunder or of ttie obligation secured hereby shall at any time themafter be held to be a~vaiver of the terms or of the instrument secured hereby. 12. lf foreclosure proceeciings of any second mortgage or second tn~st deed or any junior lien of any lcind should be insti- tuted, the Association may at its option, immecliately or thereafter declare this mortgage and ihe indebtedness secured hereby due ~ and pa~~able. 13. To the extent oE the indebteclness of the ~tortgagors to the Associltion deuribed hemin or secured hcreby, the Asso- ci.?tion is hereb~~ subrogated to the lien or liens and to the rights of the owners and holders thereof oE each and every modgage, lien or other ei~cumbrance on the land describecl herein which is paid ancl(or) satisfiecl, in ~vhole or in part, out of the proceeds : ~~f the loan described herein or securecl hereby, and ihe respeMivc liens of said mortgages, liens or othcr encumbrances, stuillpass ~ t~~ and tse held by the Association herein as security for the indebtedness to the Association herein described or hereby secured. to ~ thr ~me ex!ent that it would have been preserved and ~~~ould have been passed to and been held by the Association had it been ~lul~~ and regularly assigned, transferreci, set over and delivered unto the Association by separate deed of assignment, nohvithstand- ing the fact that the same may be satisfied and rancelled of record, it being the intention of the p:vties hereto that the same ~vill l,e satisfied ancl cancelled of record by the holden thereof at or about the time of the recording of this mortgage. 14. To pay all and singular the costs, charges, and e~penses including lawyer's fees, reasonably incurred or paid at am~ ~ tiine bv the Association, txra~ur of the failure of the I?tortgagors to perfonn, comply with and abide by each and every stip~la- t i~~ns, agrec~n~s, eonditions and covenants of said pmmissory note and this deeci, or either, and every such payment shall be~ar interest from date at the rate stated in the note scrured heicb~•. ~ ~ 15. Th:~t he ~vill~e rmit, commit, or suffer no waste, impairment, or deteriuration of wid propertv or am~ part thereof; .~ncl in the event of the failure of the riortgagors to keep the buiidings on said premises and those to bc: erected on said premises, ; ,~r impro~ements thereon in good repair, the Association may make and pay for such repairs as in its discretion it may deem I necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage ? ~nd shall at the option of the Association be immediately due and payable, or payable in such monthly installments as the Associa- ; t;~~n may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby. ; 16. Tl~. t if the Auociation and the ~tortgagors agree, the Mortgagors will carry a policy or policies of insurance upon ` !hrir lives in an arri~unt equal from time to time to ihe amount of indebtedness hereby secured, mal:ing said Association benefi- ~ ` i~r~~ thereunder, and that the said Association may pay the premiams for such insurance (in the event the '.liortgagors do not), F ~nd acld each such pa}'~nent to the unpaid balance of the loan, as of ths first day of the then ciurent month, and it shall lx~come ~ :~clditional indebtedness secured by th'~.s mortgage payable upon demand. ; 17. That in the evcnt that this mortgage be given to secure a constniction loan, failure on the Part of the ~iortgagors or ~ t6eir contractors to complete said building in accordance w•ith Construction I.a~n Agreement, of even date herew~ith, or to build z ~aid c~mstruction in accordance with plans and specifications filed ~~~ith the Association, shall consGtute a breach of this mortgage, x u~cl, at the option of thc Association, immeciiately mature the entire amount of principal and interest hercby secured and the Asso- ~ ~ i.~tion may immediatcly institute proceedings ta foreclose this mortgage. ` 18. That the abstract or abstracts of tiHe covering the mortga~eci property shall at all times, during the )ife of this mort- ~ ; ~~.~~e, remain in the possession of the Association and in the event of the forerlosure of this mortgage or other transfer of title to ; ~ th~• mortgaged pro~erty in extinguishment of the indebtedness securc~cl hcreUy, all ri~ht, tide, and interest of the hiortgagon in ; ~ ~md to an~~ such abstracts of tide shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretion, to reqaire that the Atortgagon pay into the Association in addi- ti~m to the monthly installments of principal and interest to be paid by the ~tortgagors under the note secured by ihis mortgage, ` ,u~ .?mount equal to one-t~velfth of the annual installments of any t:ixes on the mortgaged premises levied ot as~c~set~:by _-any ~ ;:,s ~~~~•emmental authority, and one-tw•elfth of the .~nnual premiums for Fire and E~tendect Coverage insurance ,dn th~ ~ortgaged " I~rcmis~s as hereinhc•fore re~uirccl b~• the Assexi:ition, and the ~tortg.i~ors' failure to make such pa}-ments shall_conctitut4 e default ;i undcr this tnortsa~e. : I~ ~t'IT\ESS ~~'IlEREnF, thc said \fortga~nrs h~reunto set thrir hands and seals the dav and year first ~bOVe ~vritten. ~ ' . ~ Signrd, sealed and dc1i~•erecl in the presence of: BEACH CLUB COLONY OF STUA ~,~NC. . t - ~ . -y = B _ s~~:~' - ~ ' - e ge stolo os, Prestdent - Y7~ :aC- 1~J. ~~~C ~ c1r/`X/~ l SEAL ) =a ( SGAL 1 ` ==s _ ( SEAL ) (VYITNESSE51 (MORiGAGORS) 'v~ 1n~ - ae ~t P~GE~.~:~V