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HomeMy WebLinkAbout0216 11. It is apecifically covenanted aad agreed by and bctween the parties hercto that in the event tlie citrus groves which are aituated upon the real property eacumbered hereby ehall become afflicted by an Act af God, such as burricane or floodwaters or freeze, or shall become infested by any disease to tha end and mctent that the produc- tivity of the said citrus groves are diminished by Fifty Percent (50'~i) ox mare of the annnal productivity over the five ~5) yeare immediately preceding the occurrence of the damage or iafestatian, that then and in such an event, the Mortgagor shall ha?ve a mora- torium of its then existing obligation to pay principal oan the sum evidenced by the promiasozy note which thie mortgage secures, as followa: ~ (aj If the citrus groves shall have been damaged ae the result of flood or hurricaae, the Mortgagor shall be eatitled to a moratorium af a period af # time not to e~cceed two (2) years thereafter; ; ~ ~ (b) If the damage which the citrua groves sustain shall have beea ~ occasianed by freeze, frost, disease infestation or Acts af God, the Mort- gagor aha11 be entitled to a moratorium for a period of time not to exceed three (3) years thereafter; and the pa.yments which ordinarily would have been paid by the Mortgagor of principal upon the ia.debtedness which is evidenced. by the note which this mortgage secures, save aad except for this moratorium, ahall be exteaded to the end of the promissory note ~ so that auch paymeate, upon which a moratorium has been declared, shall mature coa- secufiively ia anaual iastallmeats subaequent to the maturity date af the last installment ~ provided for in the said promissory note which this mortgage aecures. While any such moratorium shall exist, the parties hereto specifically covenant and agree that the in- terest an the uapaid balance of the promisaory note which the mortgage secures eha11 continue at the rate specified therein atnd shall be payable annually, as provided therein, ~ aad nothing aet forth herein shall be deeaied to release or relieve the Mortgagor from making any Qther payrnents which mature vnder this mortgage, save aad except the paymmts of deferred balaace of principal, ae provided herein. This moratorium in ! ao manaer affects the obligatioa a# the Mortgagor to pay the payments on the firat mortgage in favor af Prudentiat Life Insurance Company af America as they may be- come due aad payable. 12. Tbe obligations aad provisiona contained herein are binding upon and ehall inure to the ben~fit af the parties originally n.amed as Mortgagor and Mortgagee and their respective hei~Es, successors, legal represeatativ~s or assigns. j ; ~ IN WITNF.SS WHERF70F, the said party af the first part has caused these i ~,,pr:a~~nte to be signed in its name by its President and its corparate seal to be affixed, ~ C~~t~e~~~,bp its Secretary, the day and year above written. ~ .~;~r : ~'•'(•'S i :::ti ~~(C,ogp~rate Seal) SARGEANT CITRUS PRODUCTS, I . ~ _ . ~,a ' c~ ~ 1 ~g r e.~:~ _ By . . J ~ A~tr.st=' ~ resi ent ~ !0 ecretary ' r l ~ t~ t, ~~r~ti:s+:.. Sign ea1~d and delivered in o preaeace: ~ . ~ ~ , ~ $Oti~ ~V ~7 ~3~ : rATTO1M • KANNER. A7TOIWi1r~ A7 LAW. ftCUR1TY TRUlT •UILDIMG. ytAMl. FLORIDA a- 4v ~ rfi,,. %~'y ~z"~ : y , ' • ~ -~'~.a- ~ ?G~`~"'~.