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_ The~Mortgagor covena~ts and agrees~ arrang other covenants, to ~
~ cultivate~ fe~~ilize, prune, spray and otherwisa ke~p, care for, . ±
improve and maintain the citrus grove now loca~ed o~ the above• ;
descrlbed land i~ e good state of cul.tivation and fertiiization ;
according~to the best standards prevaili~g in the vicinity of the
land at the time, and the Mortgagee may not claim a default for ;
the failure to comply with this covenant u~til tha Mortgagor ~
shall have failed to correct any such default wtthin twenty (20) . `
~days after such default shall have been b~coLght.to the attention
of the Mortgagor by the Mortgagee. " ~
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!n th~ case of any default in payments by the Mortgagor and a - !
Suit in Equity is instituted by the Mortg~gee fo enforca tts
rights, then the Mortgagee shall be entitled to apply to th~ Court
having ju~isdiction of such Suit for the appointment of a re- ~
ceiver of a11 and stngular said propetty ~nd ~he rents, issues ;
~ and profits therefrom. Such receiver shall have the usual powers ~
and datles, ~ncluding the power to care for a~d Gultivate said
grove and to market any and all the crops-thereon a~d to coilect -
any and all revenues derived therefr.om,-the sa~me to be applied
by such receiver as required.by law and under the directio~ of
sai d Court.
IT RST000 that the Mortgagee has agreed to subordinate . `t
thi age to a new first mortgage not~to exceed $105,000, ~
a•-;~ Y°^r ~~rh ~uhordi nat i on, the Mortgagor agrees to
pay the Mortgagee a sum equal to one-hal f of the i ~creasea ~i i=`=-';
.gation created by said subordination, up to a maximwn of $10,0003~..~~ -
- or, in the alternafiive, the Mortgagee will subordinate this
~ mortgage to a new second mortgage not to exceed $25,000; provided,
~ however, that the payment due to the now existing first rtartgage
held by M. S. Poteat recorded in Off.Rec, Book 69, page 92, on ~
July i5th 1964, is met. The Mortgagor will be entitled to either
one of•sajd subordinatio~s.~or one time enly, and only if this
mortgage is in good standing at~the time'the subordination is 3~
requested.. . ,
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A default under the first rrwrtgage wi•11 be considered a default
under this mortgage, and the Mortgagee shail have the option.of ~
paying the first mortgage payments in arrears and declace this ~
second mortgage due and payable in full. • , r~
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