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HomeMy WebLinkAbout0800 - ~ ; - - i i ~ TO HAVE ANU TO tIOLD, the s:iid property, tugett?er with all and singular the riglns, n~embers. l~ereditaments, and ~ppurtenanres tl~ereuntu belunging ur in any wise appertaining, unta second parly, its success~rs and assigns, in fee simplc ic~rever, and ~irst parry hereby binds hinuel( (itseln, his (its) i?eirs. executors. administrators, successors and assigns, to i warr~nt and forever defend s:~id property unto second party, its successurs and assigns, from and against first party, the heirs, executurs, administr:tturs, sucreswrs and assigns of lirst party and ail ather persons whantwever lawCully claiming or to claim the san~e or an)' part thereof. ` PROVIUED ALWAYS, NEVERTIIELESS, and it is the true intent and meaning of the parties to these presents, that if first party sh~ll pay, or cause to be paid, unto seamd party, its successors or assigns the total indebtedness secured hereby. whether evidenced by note first above described, fuwre advance notes, or otherwise. Nith interest thereon as aforesaid, and shaU perform all ternu, conditions, and covenants ac~urding to the true intent of said note, any other i~strument hereinafter referred to, and this nwrtgage and any uther instrument securing note first above described or other instrument evidencing ~ indebtedness of first party to second party, and comply with all the provisions ot the Farm Credit Act of 1971 and all amendments thereto, and with the regulatians issued and that may be issued by the Farm Credit Administration, ail of which are-fiereby made a part hereof, then this mortgage shall cease, determine, and be utterly null and v~oid; otherwise it shall remain in full force and effect. FOR THE CONSIDElZATION AFORESAID, tirst party covenants as follows: I. First party is lawfulty seized of said property in (ee simple and I~as a perfect right to convey same; there are no enrumbrances or liens whatsoever on said property except this mortgage. Tlus mortgage ahall also secure any future advances made by second party, at its option, to first party, or one or more or all of them, as may be made during the time authorized by law for such advance, PROVIDED THAT THE MAXI~1UI11 AMOUNT SECURED HEREBY SHALL NOT AT ANY ONE TIME EXCEED TNE PRINCIPAL SUM OF S 750, 000. 00 , plus interest thereon, and any disbursements made for the payment of taxes, levies or insurance on the propert~• covered by the lien of lhis mortgage, with interest on such disbursements. In the event of such advance, the amount tlureof shall be added to the mortgage debt. 3. lt is further understood and agreed by all parties hereto that the execution by first party and the acceptance by second party of any notes, renewal notes or other instrumenls, 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 ternu. the interest rate or rates remain the same and/or time tor payment is 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. All notes ur other instruments contemplated herein sl~all remain uncancelled and in possession of second 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 may hereafter be thereon against loss or damage by fire, 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 fire, hail, windstorm, and/or other casualty, in such form, such amounts, and in such company or companies as sliall be satisfactory to second party, the loss, if any, to be payable to second party as its interest may appear at the time oC the loss. First party will deGver to second party the poGcy or policies of insurance with mortgagee clause attached thereto satisfactory to second party, and wilt promptly pay when due all premiums for such insurance. lf any grove or orchard shall be destroyed or damaged by fire, windstorm, 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 wch part of the indebtedness secured by i this 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 first party to E ihe reconstruction or repair of the buildings so destroyed or damaged, subject to the regulations issued or that may be issued ~ s under the Farm Credit Act of 1971 or acts amendatory thereof or'supplemental thereto; any portion of the proceeds not so i 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, ali 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 becorne a lien thereon. 6. First party will keep in good order and condition, preserve, and repair, rebuild and restore all terraces, buildings, ~ groves, orchards. fences, fixtures, shrubbery and other improvements, of every kind and nature, now on said land and ~ hereafter erected or placed tl~ereon 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 said land, and wiN not, except with the written I ~ consent of second party, cut, use or remove, or permit the cutting, use or removal of, any timber or trees on said land for ~ ~ sawmill, 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 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. First party will at all times properly fertilize, cultivate, care for, and maintain in a productive condition al! 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 fuebreaks on and around raid property, and by keeping undergowth cut, to the satisfaction of second party and second party is hereby authorized and empowered to have appraisals a 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. [f first party fails to comply with any covenant, cortdition 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: _ ± ~s: (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 ~ shall be due and payable by first party to second party immediately without notice, and shall be secured by this ~ instrument, and shal) bear interest from the date o( 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 ail the terms, conditions, and covenants of said note, said other f ~ instrwnents and of this mortgage, first party hereby transfers, assigns, and sets over to second party all of the crops sown or i - BO~K PAGE ~~~7 ~ ~ ~ - - ~ ; :s _ _ ~ ~ ~ . ~ ~ _