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Home My WebLink About2201 8, Uatil default ia the perEormance of the cove~?ants and agrecments of this mortgage. the mortgagors shall be entitled to collect tbe rents, issues andprofits from the premites hereinbefore dc.scribed. but in case of a default in any of the termu of thLs uwrtgage, and tbe filing of a bill to foreclose this or any other mortgage eacumbering the within described property, the ,lssociaKon shall imuiediately and without notice be entided to the appoiniment of a Receiver oE the mortgagedp~pe rty, and of the rents, issues and profits thereof, with the iuual power of Receivers in such cases, and such Receiver may be continued in pos~ssion of the said pmperty until the time of the sale thereof under such forecloaure, and until the confirmation of such ~.~le by the Court. 9. If a rnnveyance should be made by the mortgagors of the premises herein described, or anypart thereof. without the ~vrittea consent c~f the Association, and w~thout assumption in regular fonn of law by the grantee of tFie obligations to the ~ssociation crtzited b)• said promissory note and this modgage~ then, and in that event, and at the option of the Association. :ind ~vithout notice, all sums of mcmey sec~ued hereby shall immediately and concurrently with such rnnveyance beoome due and payable and in default, Tha Association may deal with saccessors in interest with reference to this mortgage and the debt herebv secured in ihe same manner as with the mortgagors, and may forbear to sue or may extend ticne Eor payment of the debt, securec~ hereby, or Mherwise act without discha~ging or in any wap affecting the liability of the mortgagors hereunder or upon the debt hereby secured. The Associatiaa may alco deal with the Modgagors and/or with sua~essors in interest with reference to this mortgsge and the debt hereby secured by forbearing to sue, extending the time far payment of the debt, providing for diffe,rent monthly payments aad/or a diEferent it~terest rate, and by other express malifications of ihe contract, without losing any priorit~• the Association has over other morlgagees or lienors or holdeis of any junior interests in ihe propedy secured hereby. l0. That in the event the pmmises hereby mortgaged, or any part thereof, shall be condemned and taken iorpu blic use under the power of eminent domain, the Assuciation shall have the right to demand that all damages awarded for the talong of or damnges to said premises shaU be paid to the Assoriation, its snccessors or assigns, up to the amount unpaid an this mcutgage and may be applied npon the payment or payments last payable thereon, 11. It is specifically agreed that time is the essence of this contraM and that no waiver of any obligation hereunder or of the obligation secured hereby shall at any time thereafter be held to be a waiver of the terms or of the instniment secured hereby. 12. If foreclosure proceeciings of any second mortgage or second tnut deed or any junior liea of any ldnd should be insti- tuted, the Association may at its option, immediately or ther~aRer declare ihis mortgage and the indebtedness secured hereby due and payable. 13. To the extent of the indebtedness of the Mortgagors to the Association described herein or secureci hemby, the Asso- ciation is hereby subrogated to the lien or liens and to the rights of the ownen and holders thereof of each and every mortgage, lien or other er~cumbrance on the land described herein which is paid and(or) satisfied, in whole or in part, out of the~ ~~f the loan described herein or secured hereby, and the respectivc liens of said mortgages, liens or other encumbrances, s ah ll~ m and be held by the Association herein as security for the indebtedness to the Assflciation herein described or hereby secured. to the same ex!ent that it would have been preserved and ~vould have been passeci to and been held by the Association had it been duly and regularly assigned, transferred, set over and delivered unto the Association by separate dced of assignment, notwithstand- ing the fact that the same may be satisfied and cancelle~ of record, it being ihe intention of- the p~uties hereto that the same will be sa5sfied and cancelled of record by the hoWers thereof at or about ihe time of the recording of this mortgage. 14. To pay all and singulaz the costs, charges, and expenses including lawyer's fees~ reasonably incurred or paid at any time by the Association, because of the failure of the :lfort~agors to perform. comply with and abide by each and every stipula- tions, agreements, rnnditions and covenants of said promissory note and this deed, or either, and every such payment shall bear interest from date at the rate stated in the note secured hereby. 15. That he ~vill pernut, commit, or suffer no waste, impairment, or deterioration of said property or any pa~t thereof; and in the event of the failwe of ihe Mortgagors to keep the buildings on said premises and those to be erected on s.1id premises, or impro~emenis ihereon in good repair, the Association may make and pay for such repairs as in its diuzetion it may deem necessary for the proper preservation thereof, and the full amount of such payments shall be secured by the lien of this mortgage and shall at the option of the Association be immediately due and payab]e, or payable in such montlily installments as the Associa- tion may determine, and every such payment shall bear interest from date at the rate stated in the note secured hereby, 16. That if the Association and the I?tortgagors agree, the Mortgagors will carry a policy or policies of insurance upon ; their lives in an a~sunt equal from time to time to the amount of indebtedness hereby secured, making said Association benefi- ; ciary thereunder, and that the said Association may pay the premiums for such insurance (in the event the tiiortgagors do not), ` and add each such pa~~nent to the unp~id balance of the loan, as of the first day of the tien cturent month, aad it shall become ~ additional indebtedness securecl by this modgage payable upon demand. ~ 17. That in the event that this mortgage be given to secure a construction loan, failure on the part of the ~tortgagors or ~ their contraetors to complete said building in accordanee with Construction Loan Agreement, of even date here~vith, or to build ~ said construction in accordance ~vith plans and specifications filed ~vith the Auociation, shall constitute a breach of this mortgage, . ~ .ind, at the option of the Association, immediately mahue the entire amount oE principal and interest hereby secured and the Asso- ciation may immeciiately institute proceedings to foreclose this mor±oage. ~ 18. That the abst:act or abstr:?Ms of title covering the mortgaseci 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 foreclosure of this mortgage or other transEer of title to the mortgaged property in extinguishment of ihe indebtedness secured hereby, all ri~ht, title, and interest of the l~tortgagors in and to any such abstracts of title shall pass to the purchaser or grantee. 19. The Association shall have the right, in its discretian, to require that the :~4origagors gay into the Association in addi- tion to the monthly installments of principal and interest to be paid by the ~tortgagors under the note secured by this mortgage, :~n amount equal to one-twelfth of the annual installments of any tazes on the mortgaged premises levied or assessed by any ~ovemmental authority, and one-hvelfth of the annual premiums for Fire and Extended Coverage insurance on the mortgagecl ~ ~~remises as hereinbefore reqiared bS• the Association, and the 1liortgagors' failure to make such pa}7nents shall constitute a default under this mortgage. ~ I\' WITi\ESS ~~'HEREnF, ihe said ~tortgagors hereunto set their hands and seals the day and year first above ~vritten. ~ Resorts, Limited, a Tennessee Limited Partner- Sign~d, sealed and deli~•ered in the pr~ence of: ship autho ' ed to transact b e~s in Florida ~ z= ~ ~ - - _ BY= _ . - ~SEAL) ~ James eberger ~ ~ "General Partner" ~ ( SEAL ) ~ ~ - _ _ _ _ ~ - - ~ ~ - a- ~ ~-EJ - ~~Q~u-->..e.~ ~ ~~I.) ~ ' ~ Catherine B. Lineberger ~ ~ ~ - ~ - - - - - - - (SEAL) (W I iNESSES) (AAORTGAGORS) ~ ~ $,~~21~ ~~f2199 ~ ~ - ~"~-".3',.~ _ ~ _ . . ~ Y~ ~`~.a