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Home My WebLink About2249 ~ 8. Uatil default in the perEoranance of the cnveaants and agreernents of this mo~tgage, the mortgagors shall be eatitled to colloct the reab, issues andp~nHts fcnm the p~remiset l~adnbeforo described, but in cese of a defa~ilt in *ny of tl~e terms oE chis martgaga, and the oE a bi11 to faceclose this a any other mo~tgage encunnberiag the wtthia de~aibed P~'oP~Y. ~ ~1s~ocjation shall innmedL~~ and wItl~aut notice be entitled to the appointment of a Receiver of tbe moictgaged pcoperty, and of the reuts, issues and pto ts tl~ereof, with the tuwlpo wec of Reoeivea in sach ca~es, :utd such Aeceive: awy ~e-aaitinued ;n poasession of the saia P~I~Y until tbe time af the sale thenwf uader s~x~ Ioncloaure, and ~mtil the oonflrmaHon of such sF?1e by the o~uit. 9. if a oonveyance should be made by tbe mo:tgagas oE the premises here: ~ desaibed, or t?ny part thereof, without the written cocuent of the Association, and wit6out assumption in regular form of law by the graatce of tl~e obligations to the Association created by said p~+omissory note and this mKtgage, thea, and in that event, and at the option of the Association, ~nd ~vithout notica, All sums of mmey secured hereby sball immediately and ooncurrenth? witb such cmveyaace beoome due and PaYable and in dehuh. The Assodatia~ may deal with moceuors in interest with refere~oe to thii mortgage aad d~e debt hereby serured in ihe sama manner as with the ma~tgagars, and may forbear to sue or may e~cteod time for paya~ent of tbe debt, secur~ hereby, ac otherMrise act witbout ~g u~ig or tn any way affecting the li~bility ef the mortgagors hereunder or upon the debt hereby senued. The Aasodatioa ma~y slso deal with the Mortgagors aad/a~ with s~ocessors in intereat with reEerence to this mo~rttgage and the debt ysecured by forbearing to sue, exteading the time fa payment of the debt, Pra~vidin8 f~ differ~at montdiY P4Y~ta andlor~~a diffeceat interest rate, and~ather ~pr~ malifx:atans af tbe oontract, without baia any p~iorih ~ ~ or~ ~g~ ~ a of ~y ct~ ~ ~r. 10. That in the event the pmmises hereby m~ag~d, or any pnrt thereof, shall be ooodemned arnl takeu forpu blic use ~ under the power of eininent da~uuain, the Associatian shajl have the dgbt to demand that all damages awarded for ibe taking of or daa~ages to said p~mises shall be paid ~o the Associ4tion, its sucoe~ors or assigns, uP to the amount unp4id aa this matgage and may be apptiied upon t~e paymeat or payments 2ast payable thereore, 11. It is specifically agr~ed that tia?e is the ~ of this contract and that no waiver of any obligatan here+~nder or of the obligatioa secured hereby ahall at any time thereaRer he beld to be a waiver of the tenns ar of the inshumeat sectu~ed hereby. 12 If foreclosure jxoceeclings of aay sooond mortgage ar seoond tn~tt deed or any iunior liea of sny ]dt~d shoWd be insti- tuted, the Association rnay at its option, immediately or thereafter deciare this mortgage and the iadebtcdness secured hereby due and payabte. 13. To the extent of the indebtedness of the Mortgagors to the Associuh~ descx~bed herein or seciued her~by, the Asso- ciation is hereby subrogated to the lien ac liens and to the rights of the owners and halders thereof oE each and ~mortg,age, lien or other eacumbrance on the land de,scribed herein which is paid and(or) satisfied, in whole o~ ni part, out of p~oeeds of the laan descxibed hereu? or serured hereby, and the respective L'ens of said mortgages, liens or other enenmbianoes, s Aha to and be heW by the Association herein as fo~ tha indebtedness to the As.sociation here~? described or hereby sec~u+e~ o the same extent that it would have been pn~~ and would have been passed to and beEn ltield by the Association bad it been duly and regulady assigned, transferred, ~et over and delivered unto the Association by sep4rate deed of a~a~eat, iwtwithstand- ing the faet that the same may be satidied and eaneelled of rec.~ocd, it being the iateation of the parties hereto that the same will be ra~sfied and canctllea of reoo~d by ihe boldess thereof at or about the t~ne of t6e reoord'mg of this matggge. 14. To pay all and singular the costs, chatge.4, and ezpenses induding lawyer's fces, reasanab1y incurred ar paid at any time by the A.ssociation, becanse of the failure of the 1liortgagors to perfom~, comply with and abide by each and every stipula- tions~ agreements, rnnditions and rnvenants of said psomissory note and this deed, or either, and every such psyment shall bear intemst firom date at the rate stated in the note ser+ued heneby. 15. That he willperm~ t, commi~ or suffer no waste, impairment, or deterioration of said prnperty ~ any part thereof; and in the event of the failure of the Mort~agors to keep the buildings on saidp~m and those to be erected on said premises, or improvements thereon in good repair, t}ie Association may make and pay for such as in its di~a+etion it may deem n ~r~? for tbe proper preservation thereof, aad the f~ amount of such pa,viaents shall~secured by ihe liea af this mortgage arnd shall at the option of the Association be immediately due and gayable, or payable in such moutlily installments as the Assoc,ya- tion may determine, and every s~ch payment shall bear interest from date at the rate stated in the note sec~ued hereby, 16. That if the Association and tbe 1?tortgagots agree, the Modgagors will cazry a poticy or policies of inswz~nce upon their lives in an a~eunt equal from time to time to the amount of indebtedness hereby sec~u~ed, making said Associatioa benefi- ciary theneunder, and that the said Association maypa y the premiums for such ituurance (in the event the Mortgagors do not), and add each such pay,nent to the unpaid b~e of the loan, as of the first day of the thea current montb, and it shaA become additional indebtedness secureii by tlns mortgage payable upon demand • 17. That in the event that this mortgage be ~ven fio secure a corutniction loan, failure on the pa~t of the Mortgagors or their contractors to complete said building in ac~oordanoe with Constr~Mion Loan Agreement, of even date hetewith, or to build said construction in aocordance with plans and spec:ifications filed with the Association, shall constitute a bmeach of this mortgage, and, at the option oE the Association, immediately mature the entire amount of principal and interest hereby secvred and the Asso- ciation may immediately institute proceedings to foreclose this mortgage. ~ 18. That the abstract or abstracts of tide covering the mortga geci property shall at all times, during the life of this mort- oage, remain in the possession of the Association and in the event of tbe foreelosure of this awrtgage or other transfer of title to the mortgaged property in eztinguishment of the indebtedness secured hereby, all right, title, and interest of the Mortgagors in and to any sach abstracts of tide shall pass to the purchaser or grantce. 19. The Association shall have the right, in its discretion, to require that the Mortgagors pay into the A,ssvciatioa in addi- tion to the monthly installments of prineipal and interest to be paid by the Mortgagors undes the n~e secured by this ma~tgage, an amount equal-to one-twelkh of the annual installments of any taxes on the mortgaged premises levied or assessed by any governmental autlwrity, and one-twelfth of the annual prea?iums for Fire and Eatended Coverage insurance on the mortgaged ~ premises as hereinbefore required by the Association, and the 1lsortgagors' faih~re to make such payments shaIl rnnstitute a default under this mortgage. IN WITNESS VVHEREOF, ihe said Mortgagors hereunto set iheir hands and seals the day and year first above written. R,esorts, Limited, a Tennessee I.imited s~g,~ed, sealed and delivered in ihe presence of: partnership uthorized to tr aet business in Florida - - - By: t~, ~--.t _ - - - - J e~-~s E. ~ ~ger - - - EAL) _ ~ 1 • ` neral Partner`~ - -p`~'~^-~~ - _ - - (SEAI.) aufd-oor R;esorts -of Airierica; Inc. a Tennessee corporation ' - - _ - - . _ _ '-'L-imit Partne~",--a~d-not o be(~il~or ~ , or gu or of inst t. ' B ~ - ' - - - - - - - - - Y'-- - -~!'1,~~-_. ) (WItNESSES) . ( TG S- - - - es"`~. ~°~n erger - ~ < ~O~ PAGE2247 ts attorney-in-fact ~ _