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HomeMy WebLinkAbout2769 ;j 1 _ ~ ~ " ~ I . . i~ ~I `I i} TO HAVE AND TO HC'LD. the said prope~ty, together with all artd singulu the rights. members, hereditaments. and ~I appurtenances thereunto belonging or in any wise apperta:nin . unto second patly. its successors and as.:igns, in [ee simpk forever; and fust party hcreby binds hi~~uelf (itseln, his (its~ hcirs. executots. adnunixtratocs. successors and assigns. to warrant and to~eva~ dafend said property unto second parry. its successors and auigns, i'rom and against first party, the heics, executurs, adntinistrators, successon and assigns of first party and all othe~ persons whonuoever lawfully claiming or to claim ' the san~e or any part thercof. . PROVIDED ALWAYS, NEVERTHELESS, and it is the true intent and meaning of the parties to these ptesents, that f if first party shall pay, or ~use to be paid. unto sernnd party, its_successors or assigns the total indebtedness secured hereby. whethet 2videnced by note fusc-above described. future adran~ notes. or otherwise. with interest thereon as aforesaid, and i shall pe[form ail terms. conditions, and covenants according tu the true intent of said note, any other insttument hereinaCter tl referred to, and this nwrtgage and any other instrument securing note first aborre desc~ibed or other instrument evidencing indebtedness of ~~st party to seco~d party, and comply with aA the provisions of the Fum Credit Act of 1971 and all amendments thereto, md with the regulations issucd and that may be iswed by the Farm Crodit Administration, ap of which ' are hereby made a put hereof, then this mortg~ge sha~1 aase, determine, snd be utterty nuq and roid; otherwise it ahall remain in full iora and effect. I~ FOR THE CONSIDERATION AFORESAID, first party covenants as Collows: i~ F~cst parry is Iawfully seized of raid propecty in [ee simple and has a perfect right to convey same; there are no encumbrances or Gens what9oever on said property except this mortgage. ~I 2_ '[i~is mortgage shall also secure any future advances made by second psrty, at its oPtion, to fust party, or one or ~ more or all of them, as may be made during the time authorized by law for such advanoe, PROVIDED ~THAT THE MAXIINUI?1 AMOUNT SECURED t~REBY SHALL NOT AT ANY O1~E TIME EXCEED THE PRINCIPAL SUM OF S l, 840, OOJ. 00 , p~~ ~terest thereon, and any d'ubursements made for the payment of taxes. levies or insurance on the property covered by the Gen of this mortgage, with interest on such disbursements. In the cvent of such advana, the amount thereof shall be added to the mortgage debt. 3. lt is further understood and ag~eed by all parties hereto that the execution by ~rst party and the acceptance by ;i second party of any nates, renewal notes or other uutruments. or 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 interost rate or rates cemain the saine and/or time for payment is thereby extended or lessened). and shall not discharge the lien of this mortgage vvhich is to rernain - in fuU force and effect until the total indebtedness secured hereby has been paid in full. All notes or other instruments ~I contemplated hecein shall remain uncancelled and in possession of seoond party.its sucxessors and assigns, unW the total j~ indebtedness hereby secured is paid in full. ~ 4. First party vvill inwre and keep insured_as maY be required by second parry from time to time aU groves and orchards now on said property or that may hereafter be thereon against loss or damage by fire, windstorm, hail, frost, freeu, and/or other pwalty, and all buildings now on said property, and _all buildings which may heceafter be ecected thereon, ~4~ ag~inst loss or damage by fue, hail,. windstorm, and/or other casualty, in such form, such amounts, and in such company or {I companies as shall be rati~Pactory to second puty, the loss, if any! to be payable to second party as its interest may appeu at ~i the time of the Loss. First parry will deGver to seoond puty the policy or policies of insurance w~th mortg,agce clause attached j~ thereto satisfactor~ to second party, and wili promptly pay when due all premiums fa such insurana. If auy grove or II orchard shall be destroyed or damaged by fire, windstorm, hail, trost, freeu, andlor other casualty, the amount received in seidement of the loss or damage may be applied at the option of second party on such part of the indebtednas secured by this instrument as seoond puty may in its sole discretion determine. If any building on said property so inwred sha11 be ~ destroyed or damaged, the amount received in settkment of the loss or damage may be applied at the oPtion of fust party to ~i the reconstruction or repair of the buildings so destroyed or damaged, subject to the regulations issued or that may be iswed ~I under the Farm Credit Act of 1971 or acts amendatory thereof or supplemental thereto; any portion of the proceeds not so 1 used shaq be applied on the debt hereby secured in such manner as uoond party, in its sole discretion, may determine. 5. First puty will pay, when due a~d payable, all taxes, assessments and other charges that rtray be levied or ~i assessed ag,ainst said property, and all judgments and all other amounts that may be or become a lien thereon. b~dings, ~ First party ~vil! keep in good order and condition, preserve, and repair, rebuild and restore all terraoes, groves, orc har d s, f e n c e s, C ix t u r e s, s h r u b b e ry a n d o t h e r i m p r o v e m ents, of eve ry kind and natwe, now on raid land and ~ hereafter erected or placed thereon that may be destroyed or damaged by fire, windstorm or otherwise, and will not permit ~ the change, injury or removal thereof, will not commit or permit waste on raid 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 raid land for sawmill, turpentine or other uses or purposes, except fot firewood and other ordinacy fum purposes. First party will also preserv~e 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 satufaction of the second party. 7. Firri party wi~ at all times properly fertilize, cultivate; care for, and maintain in a productive condition all the grov~e and orchard trees now on said property or hereafter planted thereon, and will protect the groves and orchards ap,~inst loss or damage by fire by making and maintaining proper faebreaks on and around said property, and by keeping undergowth ~ut, to the ratisfaction 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 o~st of such appraisals shall oe paid br 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 indebtedneu secured hereby. If first party f~.ils to comply with any cover_ant, condition or agreement in this insvument, 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 oovenants of fust party in this instrument, in above recited note, or in any other instrument evidencing any indebtedness secwed hereby, and all wms advanced by second party in doing so shall be due and payable by fint party to second party immediately without notice, and shall be secured by ihis instrument, and shall beu 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 toreclose this mortg,age, and purwe such other rernedies as may be authorited 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 perforrnance of all the terms. conditions, and covenants ot said note, said other instruments and of this mortgage, first party hereby transfers, assigns, and sets over to second party aU of the crops sovm or 60Ux~~ PACE~7~ . r':,•y,aTM.