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HomeMy WebLinkAbout2803 ' ~ i ~ ~y ~ i TO NAV~ AND TU iIULU, U~e said pr~perty, t~~gethcr with all and singul;~r tiic rights, membets, hereditamcnts, ~nd ~ appurtcnances tl~crcunto bctonginK or in any w~isc appcrtaining, untu sccund pa~ty, its succcssurs and assigns. in ice si~nplc ~ furever, ~nJ ~rst par~y hereby bind3 hin~sell (itseli~, his (its) h~irs, executurs, administrators, succcssors and ~ssigns, t~> i warraut ai~d torever defend s~iJ propert~• untu secund party, i~s su~r~ssors and assigns, from ;~~~d ag~inst first party, the hrirs, ~ ~xcruturs, administrsWrs, successurs anJ assigns uf Grst p;~rt~~ and ~II utl~cr ~krsuns whomsoc~•cr lawfully claiming or ta claim the s;~mr or ~ny part thcrcof. ( PRUVIDED ALWAYS, NEVERTHELESS, and i! is thc true intcnt and mcaning of the parties to these presents, that ! if first part~• st~all pay, ur cause tu be paid, unto serond parry, its surcessors ur assigus the tutal indebtedness secured hercb~•, 1 whether evidenced by note first abuve described, future ad~;~nce notcs, ur utherwise. with interest thercon as aforesaid, and ~ sh~ll perfe~rm atl terms, canditiuns, and covenants ;~rrordi~Tg to the true inient of said note, any ather instrument herein~ftec rrferred to, and this nx~rtgage and ;~ny uther instruu?ent securing note iirst aba~e described or other instrument evidencing I indebtedness of first parry to second party, and comply with all the provisions of the Farm Credit Act of 1971 and ait ~ amendments thereto, and with the regulatiuns issued and that may be issued by the Farm Credit Administration, all of which ' are hereby made a part hereof, then this mortgage shaU cedse, determine, and be utterly null and v~oid; otherwise it shall ~ remain in fWl force and effect. FOR TNE CONSIDERATiON AFORESAiD, first party covenanls as fblluHS: 1. First parry is lawfully seized of said propert~~ in fee simple and has a{~erfect right to convey same; there are no encumbrances ur liens wl?atsoever on said property except this nwrtgage. i'tus mortgage shatt also secure any future advances n~ade by second party, at its uption, to fizst party, or one or ~rx~re or al! of them, as n~ay be made during the time authorized by law Cor such advance, PROVIDED THAT THB 4tAXII~tUM A:~10UNT SECURED HEREBY SHALL NOT AT ANY ONE TIh1F EXCEED THE PRINC[PAL SU~1 OE~ if S 1, 810, 000.00 , plus interest thcreon, and any disbursements made for the paynient of taxes, levies or insurance on the i property covered by the lien of tfiis mortgage,~with interest on such disbursements. In the event of such advance. lhe aniount iLereof shall be added tu the mortgage debt. " i 3. It is further understood and agreed by all parties hereto that the execution by Crst party and ti~e acceptance by + second party of any, notes, renewal notes or other instruments, or tl~e agreement by 'second party to any ream~rtizations, ! extensions, deferments or other rearrangements as contemplated herein shall not be construed as payment of any I indebtedness hereby secured, (whether or nut, amung other changes in terms, the interest rate or rates remain the same ~ and;or time for payme~t is thereby extended or lessened), and shall not discharge the tien of this mortgage ~vhich is ta remain ~ in full force and effect until the total indebtedness secureJ hereby has been paid in full. Al! notes ur atl~er instruments contetnplatec! herein sl~all ren~ain uneancelled :u~d in possession of second party.its success~~rs and assigns, until the total , indebtedness hereby secured is paid in fuU. j 4. First party wi11 insure and keep insured as may bc reyuired by second party trom time to time all gruves and orchards now on said property or that n~ay hereafter be thereon a~ainst luss or damage by tire, windstorm, hail, frost, ireeze, ~ andJor olher casualty, and all buildings now on said property, and aA buildings which may hereafte~ be erected ti~ereon, against loss or damage. by fire, hail, windstorm, and/or other casualty, in such form, such amounts, and in such company or cumpanies as sl~all be satisfactor}• to second party, the loss, if any, to be payable to second party as its interest rnay appear ai tt~e time of the 1oss. First party wil! deliver to second party tl~e policy or policies of insurance with murtgagee clause attached (a 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, windstorm, hail, frost, freeze, and/or other casualty, the amount received in setden~ent of the toss or damage may be applied at the option of second party on such part ot the indebtedness secured by I! this instrument as second party may in its sole discretion dctermine. If any building on said property so insured shall be ~ destroyed or damaged, the amount received in settlement ot the loss or damage may be appiied at the option of first party to - the reconstruciion or repair of the buildings so destroyed or dsmaged, subject to the regulations issued or that may be issued under the Farm Credit Act of 1971 or acts amendatory thereof or supplemental thereto; any portion of the proceeds not so used shal! be applied on the debt heret~y secured in such manner as second party, in its sole discretion, may determine. ; _ 5. First party will pay, when due and payable, all taxes, assessntents and other charges tl~at may be ievied or assessed against said property, and all judgnients and al! other amounts that may be ar become a lien thereon. 6. First party will keep in good order and condition, preserve, and repair, rebuild and restore all terraces, buildings, iG _ groves, orchards, fences, fixtures, shrubbery and other improvements, of every {:ind and nature, now on said land and ~f hereafter erected or placed tliereon that may be desttoyed or damaged by ~re, windstorm or otherw-ise, and witl not ~ermit ~ ' the change, injury or removal thereof, wili not conunit or permit waste on said land, and will nol, except with the written ~i ' consent of second party, cut, use or renx~ve, or pernut the cuiting, use or removal of, any timber or trees on said land for ; ` sawmill, wrpentine or other uses or purposes, except for firewood and other ordinary farm purposes. First party will also ! prescrve and keep in good order and condition all trees and timber now and hereafter growing upon the said property, aod ; will at all times protect the trees and timber against loss or daniage by fire, al! to the satisfaction oi the second party. i! f 7. First party will at all times properly fertilize, cultivate, care for, and maintain in a productive condition all the ~I, ' grove and orchard trees now on said property or hereafter planted thereon, and will protect the gtoves and urchards against ` ? ioss or damage by fire by making and maintaining proper firebreaks on and around said property, and by keeping ` ; undergrowth ~ut, [o the satisfaction of second party and second party is hereby authorized and empowered to have appraisals ~ s of said property made by a Land Bank appraiser, or by others, at such times as second party. in its sole discretion, may desire. ~ ; 7he cost of such appraisals shall be paid by first party immediately upon presentation vf 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. If first party fails to comply with any corenant, 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 an~~ one or more ot the fottowing rigi~ts, powers. ~ priviieges and remedies: i i ; (a) Perfonn any one or more of the covenants of first party in this instrument, in above recited note, or in any j ' other instrument evidencing any indebtedness secured hereby, and all sums advanced by second party in doing so i shatl 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. ` `f (b) Declare all amounts secured by this instrument immediateiy due and payable without notice. i ~ (c) Proceed immediately ta [oreciose this mortgage, and Pursue such other ren2edies as may be authorized by law. ~ = 9. As further security for the payment o( the note herein described and any othcr instrument evidencine indebtedness secured hereby and for the performance of atl the terms, conditions, and covenants of said note, said other ' instruments and of this rnortgage, first party hereby transfers. assigns, and sets over to second party all of the crops sown or - E~ ~ 224 F,,LE28Q2 s ~ . - - - _ _ _ _ - - - _ - - : ~ , ~ . ~~,y:~ . ~ r~ ~ : , ~ ~ ~ - ~'~a`.:"Lr_.. ~ ..'~'-~u?„-^,np , . . . . ~~~:.~;K,~r~-: ~"'r.