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HomeMy WebLinkAbout2471 i ~ ~ , ti I j ~ ~ ~ ~I • ~ ' I I I TO HAVE A1VD TO HOLD, the said property, together with all and singular the rights, mernbers, hereditaments, and appurtenances thereunto belonging or in any wise appcrtai~in , unto second party, its successors and assigns, in fee simple ji forever; and fust party hereby binds himselF (itsel~, his (its~ heirs, executors, adnunistrators, successors and assigns, to il warrant and forever defend said propecty unto secon party, its successors and assigns, from and against first party, the heirs, II executors, adnunistrators, successors and assigns of first party and all other persons whomsoever lavriully claiming or to claim If the same or any part thereof. !I PROVIDED ALWAYS, NEVERTHELESS, and it is the true intent and meaning of the parties to these presents, that if ficst party shall pay, or cause to be paid, unto second party, its successors or assigns the total indebtedness secured hereby, i whether evidenced by note Cust above described, future advance notes, or otherwise, with interest thereon as aforesaid, and I~ shall perform all terms, conditions, and covenants according to the true intent of said note, any other instrument hereinafter (I referred to, and this mortgage and any other instrument securing note first above described or other instrument evidencing indebtedness of first party to second party, and comply with all the provisions of the rederal Farm lpan Act and all ~ amendments thereto, and with the regulations issued and that may be issued by the Farm Credit Administration, all of which i; are hereby made a part hereof, then this mortgage shall ~ase, determine, and be utterly null and void; otherwise it shall remain in full force and effect. • ~i FOR THE CONSIDERATION AFORESAID, first party rnvenants as follows: I' 1. First party is lewfully seized of said property in fee simple and has a perfect right to convey same;lhere are no j' encumbr~nces or Gen's whatsoever on said property except this morigage. i; 2. This mortgage shall also secure any future advances made by second party, at its option, to Cust pazty, or one or more or all of them, as may be made during the time authorized by law for such advance, PROVIDED THAT THE i' MAXIMUM AMOUNT SECURED t~REBY SHALL NOT AT ANY ONE TIME EXCEED THE PRINCIPAL SUM OF a 421, 400. 00 , plus interest thereon, and any disbursements made for the payment of taxes, levies or insurance on the property oovered by the lien of this mortgage, with interest on such disbursements. In the event of such advance, the amount thereof shall be'added to the mortgage debt. 3. lt is further understood and agreed by all pazties hereto that the execution by first party and the acceptance by second puty of any notes, renewal notes or other instruments, or the agreement by second parry to any reamortizations, j extensions, deferments or other rearrangements as contemplated herein shall not be construed as payment of any indebtedness hereby secured, (whether or not, among other changes in ternu, the interest rate or rates remain the same andJor time for payment is thereby extended or lessened), and shaU not discharge the lien of this mortgage ~vhich is to cemain in full force and effect until the total indebtedness secured hereby has been paid in ful1. All notes or other instruments contemplated herein shall remain uncancelled and in possession of seoond party,its successors and assigns, 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 nray 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 fue, hail, windstorm, and/or other casualty, in such form, such amounts, and in such company or ' companies as shall be satisfactory to second 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 deliver to second 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 any grove or orchard shall be destroyed or damaged by fire, windstortn, hail, 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 trus instrument as second party may in its sole discretion determine. If any building on said property so insured shall be 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 secured in such mat?ner as seoond party, in its sole discretion, may determine. ~ 5. First party will pay, when due and payable, all taxes, assessments and other charges that may be levied or ~ assessed against said property, and all judgments and all other amounts that may be or bec~me a lien thereon. ~ 6. First party will keep in good order and condition, preserve, and repair, rebuild and restore all terraces, buildings, l ' groves, orchazds, 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 d~e change, injury or removal thereof, will not conunit or permit waste on said land, and will not, except with the written ' consent of second party, cut, use or remove, or pernut the. cutting, use or removal of, any limber or trees on said land for sawmill, turpentine or other uses or purposes, except for firewood and other ordinary farm purposes. Eirst party will also preserve 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. Fust party will at all tirnes properly fertilize, cultivate, care for, and maintain in a productive condition all the grove and orchard trees now on said property or hereafter planted thereon, and will protect the groves and orchards against loss or damage by fire by making and maintaining proper firebreaks on and aroupd said property, and by keeping undergrowth cut, to the satisfaction of second party. Fitst party will not top-work the grove or orchard trees without firsl obtaining the written consent of secand 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 second party, in its sole discretion, may desire. 'The cost of such appraisals shall be paid by first party immediately upon presentation of an itemized statement thereof and shail ~ 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. If first party fails to comply with any eovenant, 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 party may, at its option, exercise any one or more of the following rights, powers, privileges and remedies: ~ ~ (a) Perform any one or more of the covenants of ~rst party in this instrument, in above recited note, or in any ~ 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 sl~al! be secured by this ~ instrument, and shall 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 foreclose 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 ~ indebtedness secured hereby and for the performance of all the terms, conditions, and covenants of said note, said other ~ instrwnents and of this mortgage, first party hereby transfers, assigns, and sets over to second parry all of the crops sown or ~ ~ ~ ~ bOGK ~V V PAGE _ ; ~ ~ - ~ : ; ~~r~ ~ ~ ~~Y' `r= ' F _ 4`i`4tr. .r ~ . r~^~ . . . . __`~3 _ w.