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HomeMy WebLinkAbout2527 ~ - - . _ - - - ~ ' 'I'O ftAVE :4ND TO ti~~D,-tlie saiJ prnpcrty; tugetlier with aq and singular the riglUs, n~embers. hc~editaments. and appurtenances thereunto belungu~g o~ in any w~ix appertain~ng, wuo second p:+rty. its succeswrs and assigns~ in fee timple forerer: anei first party heccby binds hi~~uelf Z::Seln. his (its) heirs. cxecuturs. adn~inistrators. si~c~rssors and assigns. to warrsnt and furever defend said prope~ty unto xcond party. its succesx~rs anJ assigns, from and ag-rinst first party. the heirs. . executurs, adnunistrators, su~ceswrs and assig~s of Gtst parry and all uther perwns whumwever IawfuUy claiming ur to claim the sank or any part thereof. ~ ' PROVIDED ALWAYS, NEVERTtfELESS, and it is the truc inte»t and meaning of the parties to these p~esents, that : 1~ if first party shall pay, or cause to be 4raid. unto seamd party, its succ°ssors or assigns the total indebtedness secured hereby, ~ whether cvidenced by note first above described, future advan~-e notes. or otherwise. with interest thereon as aforesaid. and 1~! shall peci'orm all terms, conditions, and covenants ~ccording to the true intent of said nute. any other instrument herei~u~fter referred to. and this nwrtgage and any oti~er instrument securing note ~irst above described or other instrunient evidencing indebtedness oC ~rst party to sernnd pactY. and wmply with all the provisions of the Farm Credit Aci of 1971 and all amendments thereto, and with the regulations issued and that may be issued bY the Farm Credit Administration, all ot which ~ are hereby made a put hereof, then this mortgage shall cease. determine,.and be utterly null and v~id; otherwise it shall remain in full force and effect. FOR THE CONSIDERATION AFORESAID, first party covenants as `ollaws: ~ ~ I. First party is lawfully seizec! of sa:d property in fee simpte and has a perfect right to convey rame; there are no s encumbrances or liens whatsoevrr on said property except this mortgage. ~ 2. This mortgage shall also secure any future advances made by second party, at its option, to Pust party, or one or i ~ more or all of them, as may be made during tlie time authorized by law for such adrence, PROVIDED THAT THE , ~ MAXIMU111 AMOUNT SECURED HEREBY SHALL NOT AT ANY ONE TIME EXCEED THE PRINCIPAL SUM OF ~ S 8Q,000. 00 , plus interest thereon, and any disbursements made for the payment of taxes, levies ot insurance on the propert~ covered by the lien of this mortgage, with interest on such dishursements. In the event of such advance, the amount ; thereof shall be added to the mortgage debt. ' 3. It is further understood and agreed by aU parties hereto that the execution by first party and the acceptance by ~ second party of any notes, renewal notes or other ~nstruments, or tlie agreement by second party to any reamortizations, s 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 = and/or time for payment ~s thereby extended or lessened). and shall not discharge the lien of this mortgage which is to remain ± in full force and effect until the total indebtedness secured hereby has been paid in full. Alt notes or other instruments ~ contemplated herein s1~aU remain uncancelled and in possession of seeond party, its successors and assigns, until the total ; indebtedness hereby secured is paid in full. ~ 4. First party wiit insure and keep insured as may be required by second parry f~om time to ti~ilal~ groves and : orchards now on said property or that nrey hereafter be thereon against loss or damage by fire~ windstorm, , rost, freeze, ~ and/or other cawalty, and all buildings now on raid property, and all buildings which may hereafter be erected thereon, against loss or damage by fire, hail, windstorm, and/or other ras•.ialry, in such form, such amounts, and in such company or ? companies as s,hall be satisfactory to second party, the loss, if any, to be payable to second party u its interest may appear at r the time of the loss. First party wiil deGver to second Qarty the policy- or policies of insurance with mortgagee clause attached thereto satisfactary to second party, and will promptly pay when due all premiums for such insurance. lf any grov~e or ; orchard shall be destroyed or damaged by fire, ~vindstorm, hail, frost, freeze, and/or other casualty, the amourit received in ~ I~'~ settlement of the loss or damage may be applied at the option of 3econd parry on such part of the indebtedness secured by ; , this instrument as second party may in its sole discretion determine. If any building an said property so inwred 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 Farm Credit Act of 1971 or acts amendatory ihereof or supplemental thereto; any portion of the proceeds not so used shall be applied on the debt hereby secured in such manner as seoond party, in its sole discretion, may determine. 5. First party will pay, W'hen due and payable, all taxes, assessments an3 ~~~r charges that may be levied or ~ assessed against said property, and alt judgments and all other amounts that ma•• be or become a lien thereon. b~ding~, ~ 6. First p art y will kee p in good order and condition, preserve, and repair, rebuild and restore all terraces, y groves, orchards, fences, fixtures, shrubbery and other improvements, of every kin d an d natuce, now on sai d l a n d a n d hereafter erected or placed thereon that may be destro~ed or damaged by fire, windstorm or otherwise, and will not pernut 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 hereatter growing upon the said property, and witl at all times protect the trees and tnnber against loss or damage by fire, a0 to the satisfaction of the second party. 7. First party will at all ticnes properly fertilize, cultivate, care for, and maintain in a productive condilion all the grove and orchard trees now on said property or hereafter planted thereon, and wiU 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 un~ergrowth cut, to the satisfaction of secor?d party and second parry 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 pazty immediately upon presentation of an itemized statement thereof and s shall be secured by this instrument. 8. Tinx is of the essence of above recited note, this instrument and of any other instrument evidencing indebtedness setured hereby. lf first party fails to comPly with any covenant, condit±on 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) PerEerm any one or more of the rnvenants of first party in this instrument, in above recited note, or in any ~ other instrument evidencing any indebtedness secured hereby, ar~d atl 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 shall bear interest from the date ot 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 evidencin~ indebtedness secured hereby and for the performance of al! the terms, conditions, and covenants of said note, said other instruments and of this mortgage, first party heraby transfers, assigrss, and sets overE~O~econd party all of the crops sown or , ~ PAGEz5zz ~ - ~ ! _ ~_~~..M~ ~ ~_t _ , . . . . . .