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HomeMy WebLinkAbout1830 . ~ ~ i = I - ~ - - - - - - F-~------_--_-~_--_=_--__-- - i . I ' i 'i il TO HAVE AND TO HULD, thc said propcrry. together with all anu singular tt~e rights, n~embers. hereditaments, and ;j appurtenances thereunte belonging or in any wisc apperta~ning, unto second party, its succeswrs and assigns, in fee simpie ' forever; and first party hereby binds hinueif (itseln. liis (its) hcirs, executors. administrators, successors and assigns. to ' warrant and forever defend said property unto second party, its successors and assigns, froro and against first party, U~e heirs, exeruturs, administraturs. sucreswrs and assigns uf first parry and all other persons whomsoever lawfuily claiming or to claim tl~e sanx or any part thereof. ii PROVIDED ALWAYS, NEVERTHELESS, and it is the true intent and meaning of the parties to these przsents, that ' if first party shall pay, or puse to be paid, unto second parry, its successors or assigns ihe total indebtedness secured heteby, wliether evidenced by note first above described, futuce advance notes, or otherwise, with interest thereon as aforesaid~ and shrll perform all ternu, conditions, and covenants according to the true intent of said note; any other instrument hereinafter referred to, and this mortga~e and any other instrwuent securing note first above described or other insirument evidencing ~i indebtedness of first party to second party, and comply with all the provisions of the Farm Credit Act of 1971 and all amendments thereto, and with the regulations issued and that may be issued by the Farm Credit Administradon, all of which are hereby made a part hereof. then this mortgage shaU cease, determine, and be utterly null and v+oid; otherwiu it shall remain in full force and effect. FOR THE CONSIDERATION AFORESAID, ~rst party covenants as follows: 1. First party is lawfully seized of ~said 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 shall also secure any future advances made by second party, at its option, to fust party, or one or nwre or all of them, as may be made during the time authorized by law for such advance, PROVIDED THAT THE MAXIMUI~f AMOUNT SECURED HEREBY SHALL NOT AT ANY ONE TIME EXCEED THE PRINCIPAL SUM OF ~ 450, 000.00 ~ P1us interest thereon, and any disbursements made Cor the payment of taxes, levies or insurance on the property 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 first party and the acceptance by second par~y of any notes, renewal notes or other instruments, ot the agreement by second party to any reamortizations, _ 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 terms, the interest rate or rates remain the same and/or time for payment is thereby extended or lessened), and shall not discharge the lien of this mortgage lvhich is to remain . in full torce and effect until the total indebtedness secured hereby has been paid in full. All notes ur other instruments contemplated herein sl~all remain uncancelled and in possession of second party,its sua-essors 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 gror•es and orchards now on said property or that may hereafter be thereon against loss or damage by fire, windstorm~ hail, frost, freeze, andJor 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 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 vrnll deGver 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 gove or orchard shall be destroyed or damaged by fire, windstorm, hail, frost, freeze, andJor 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 sernnd party may in its sole discretion deternune. If any building on sa~d 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 building~ so destroyed or damaged, subject to the regulations issued or that may be issued ' under the Earm Credit Act of 19~ 1 or acts amendatory thereof or supplemental thereto; any poriion of the proceeds not so ~ used shall be applied on the debt hereby secured in such manner as second 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 g, assessed against said property, and all judgments and all other amounts that may be or become a Gen thereon. ~ 6. First party wiq keep in good order and condition, preserve. and repair, rebuild and restore all terraces, buildings, ~ groves, orchards, fences, fuctures, shrubbery and other improvements, of evcry 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 x the change, injury or removal thereof, will not commit or permit waste on said land, and will not, except with the written ~ consent of second party, cut, use or remove, or permit -the cutting, use or removal of, any timber or trees on said land for ~ sawnull, turpentine or other uses or purposes, except for firewood and other ordinary farm purposes. First party will also ~ preserve and keep in good order and condition all trees and timber now and hereafler growing upon the said property, 3nd 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 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 wilf protect the groves and orchards against loss or damage by fire by making and maintaining proper fuebreaks on and around said property, and by keeping ~ undergrowth cut, to the satisfaction of second party and 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 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 covenant, condition or ageement 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 first 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 sball be due and payable by first party to second party immediately without notice, and shall 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. :y`~ (b) Declare aU 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. _ , = rE 9. As further security for the payment of the note herein described and any other instrument. evidencing I ' indebtedness secured hereby and for the performance of all the terms, conditions, and covenanis of said note, said other instrwnents and of th~s mortgage, fiirst party hereby transfers, assigns, and sets over to second party all of the crops sown or ~ ~ btNJ~~ ~CE~V~ F; ~ - - < ~ _ ~ _ . . - . . . _ __r~