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HomeMy WebLinkAbout1173 . . - . - _ ric.___._. - 1 s-Sg ~ .~ca_' . . ~ . 1 TO HAVE AND TO If04D, tho said pruperty, together with all and singular the rights. nxmbers. hereditaments. and appurtenances thereunto bclonging or in any wise appertaining, unto second party, its successors and assigns. in fee simple farever, and ~rst party hereby binds hinuelf (itseln. his (its) heirs, executun. administrators. successors and assigns. to warrant and forever defend said property unto second party. its successon and assigns. from and against Grst puty. the heirs. executurs, adnunistryturs, sua~etsors and assigns of fitst party and ali other pecwns whomsuever lawfully claiming or tu claim ;i the san~e or any part thereof. PROVtDED A~.WAYS, NEVERTHELESS, and it is the true intent and nxaning of the parties to these presents, that ~ if first party shall pay, or cause to be paid, unto second party~ its suc~ssors or assigns the total indebtedness secured hereby, i; whether evidenced by note first above described, future advance notes, or otherwise, with interest thereon as aforesaid, and st?all perform all terms, conditions. and cov~enants acoording to the true intent of said note, any other instrument hereinafter referred to, and this mortgage and any other instrunient securing note first sbove described or other instrument evidencing indebtedness of first party to second party, and comply with a!1 the provisions of the Federal Farm I~oan Act and all amendments thereto, and with the regulations issued and that may be issued by the Farm Credit Administration, all of which are hereby made~ a part hereof, then this mortgage shall cease, determine, and be utterly null and void; otherwise it shall ; remain in full force and effect. FOR THE CONSIDERATION AFORESAID, first party covenants as follows: ' 1. First party is lawfuliy seized of raid property in fee simple and has a perfect right to convey same; there are no encumbrances or liens whatsoever on said property except this mortgage. 2. This mortgage stiall also secure sny future advances made by ~econd puty, at its option, to Pust party, or one or nwre or all of them, as may be made during the time authorized by Iaw for such advance, PROVIDED THAT TI~ MAXIMUM AMOUNT SECURED I-~REBY SHALL NOT AT ANY ONE T1ME EXCEED Tk~ PRINCIPAL SUM OF 3 68, 000. 00 , plus interest thereon, and any disbursements made for the payment of taxes, levies or insurance on the pruperty covered by the lien of this mortgage, with interest on such disbursements. ln the event of such advance, the amount thereof shall be added to the mortgage debt. 3. It is further understood and agreed by all parties hereto that the execution by f;ust pazty and the acceptance by second party of any notes, renewal notes or other instruments, or the agreement by second party to any reamortizations, extensions, deferrrients or ~other rearrangements as contemplated herein shall not be oonstrued as payment of any indebtedness hereby secured, (whether or not, among other changes in ter~m, the interest rate or rates remain the same and/or time for payment is thereby extended or lessened), and shall not disdiarg~ the lien of this mortgage Vvhich is to remain in full force and effect until the total indebtedness secured hereby has been paid in full. All notes or other instruments contemplated herein sl?all renrdin uncancelled and in possession of seoond party,its successors and as.tigns, until the total indebtedness hereby secured is paid in full. 4. First party will insure and keep insured as may be required by second party from time to time all groves and orchards now on said property or that may hereafter be thereon against loss or damage by fue, windstorm~ hail, frost, freeze, and;or other casualty, and all buildings now on said property, and all buildings which may hereafter be erected thereon, against loss or damage by fire, hail, windstorm, and/or other casualty, in such form, such amounts, and in such company or companies as shall be satiafactory to seoond party, the loss, if any, to be payable to second party as its interest may appear at the time of the loss. First party will de6ver to seoond party the policy or policies of insurance with mortgagee clause attached thereto satisfactory to second party~ and will promptly pay when due all premiums for such insurance. If aay gro~ or orchard shall be destroyed or damaged by fue, windstorm, ha~, frost, freeze, and/or other casualty, the amount received in settlement of the loss or damage may be applied at the option of second party on such part of the indebtedness secured by this instrument as seoond party may in its sole discretion determine. If any building on said property so inwred shall be i destroyed or damaged, the amount received in settlement of the loss or damage may be applied at the option of fust party to ; the reconstruction or repair of the buildings so destroyed or damaged, subject to the regulations issued or that may be issued ! under the Federal Farm Loan Act or acts amendatory thereof or supplemental thereto; and any portion of the proceeds not ~ so used shall be applied on the debt hereby secwed in such manner as seoond puty, in its sole discretion, may determine. 6 S. 1=irst party will pay, when due and payable, all taxes, assessments and other charges that may be levied or ~ assessed against said praperty, and al! judgments and all other amounts that may be or beoome a lien thereon. 6. First party will keep in good order and condition, preserve, and repair, rebuild and restore all terraces, building~, ~ groves, orchards, fences, fixtures, shrubbery and other improvements, of every kind and nature, now on said land and ~ hereafter erected or placed thereon that may be destroyed or damaged by fue, windstorm or otherwise, and will not permit ~ the change, injury or removal thereof, will not commit or permit waste on said land, and will not, except with the written consent of ~econd party, cut, use or remove, or pernut the cutting, use or removal of, xr?y timber or trees on raid land for sawnull, turpentine or other uses or purposes, except for firewood and other ordinary farm purposes. First pacty will also presern and keep in good order and condition all trees and timber now and hereafter growing upon the said property, and will at all times protect the trees and timber against loss or damage by fire, all to the satisfaction of the second party. 7. First party will at all times propedy tertilize, cultivate, care for, and maintain in a productive condition all the grove and orchard trees now on raid property or hereafter planted thereon, and will protect the grov~es and orchards against loss or damage by fue by making and maintaining proper fuebreaks on and around said property~ and by kceping undergrowth cut, to the satisfaction of second party. First party will not top-work the grove or orchard trees withoui first i obtaining the written consent of second party. Second party is hereby authorized and.empowered to have appraisals of said ~ ~ property made by a Land Bank appraiser, or by others, at such times as stcond party, in its sole discrttion, may desire. The ; ~ cost of such appraisals shall be paid by first party immediately upon Qresentation of an itemized statement thereof and shall , be secured by this instrument. ~ 8. Time is of the essence of above recited note, this instrument and of any other instrument evidencing ~ indebtedness secured hereby. lf first party fails to Comply with any covenant, condition or agreement in this instrument, or in said note, or in any reamortization, renewal, deferment. extension agreement or other instrument evidencing any ~ indebtedness secured hereby, second pany may, at its option, exercise any one or more of the following rights, powers, i privileges and remedies: ~ ~ (a) Pertorm any one or more of the covenants ot first party in this instrument, in above recited note, or in any t other instrument evidencing any indebtedness secured hereby, and all sums advanced by second party in doing so ~ shall be due and payable by first party to second party immediately without notice, and shall be secured by this instrument, and shaU bear interest from the ~date of advance by second Party at the highest rate provided in any note ~ or other instrument secured hereby. (b) Declare all amounts secured by this instrument immediately due and payable without notice. (c) Proceed immediately to foreciose this mortgage, and pursue such other remedies as may be authorized by law. ~ 9. As further security for the payment of the note herein described and any other instrument evidencing ~ ~ndebtedness secured hereby and for the performance of all the terms. conditions, and covenants of said note, said other instruments and of this mortgage, first party hereby transfen. assigns, and sets over to second party all of the crops sown or ~ - ~ ~ w~ r, _ , ~ ~ ~ 4 ~ ~'R~F.C"+4..~'~`.e..~` r'~'~.~~ . ~