You are obligated to pay your rent, as your lease is binding.
The owner not paying his mortgage is between him and the bank that the mortgage is with (the owner should not be receiving money and not paying anything to the bank).
For your sake, I hope that the owner will be paying his maintenance fees (and maybe the taxes also), because, if he is not, the association may cut your access to the amenities and can have you start paying them instead of the owner.
I agree that consulting a real estate attorney is very good.
Hope this helps,
Beachfront Realty, Inc.