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HomeMy WebLinkAbout0310 i . ~ i ~i . i~ ~ ~ . ~ , 7 ~I TO NAVE AND TO HOLD, the said property, together with all and singular the rights. membera, hereditanxnts. and ~ i appurtenances thereunto belo~ging or in any wise appertaining, unto second party, its successors and assigns. in Cee simpk ; farever; and iirst pariy hereby binds himself (itseln, his (its) heirs. cxecutors~ administrators, succeuors and assigns, to ? warrant and foreve~ defend said property unto second party, its successors and auigns, from a~d against first party, the hein, i executors, adnunistrators, successors and assigns ot first parry and all other perso~s whomsoever lav+rfully claiming or to claim 'i the sanx or any part thereof. • ~ ii ' PROVIDED ALWAYS, NEVERTtIEL.ESS~ and it is the true intent and meaning~of the parties to these presenta, that ;i if first party shall pay, or cause to be paid, unto second party, its successors or ~assigns the total indebtedness ucured hereby. ~ i whether evidenced by note first above described, futuse advance notes, or otherwise, with interest thereon as aforesaid, and ;f shall perform afl terms, conditions, and covenants according to the true intent ut said note, any other instrument heteinafter rcferred to, and this mortgage and any other instrument securing note first above described ot other insttumenl evidencing ~ indebtedness of first ~party to second party, and compty with all the provisions of the Farm Credit Act of 1971 and all ~ amendments thercto. and with the regulations issued and that may be issued by the Farm Credit Administradon, all of which are hereby made a part hercof, then this mortgage shall cease, determine, and be utterly null and wid; otherwise it shall remain in full force and effect. j~ FOR THE CONSIDERATION AFORESAID, first parry covenants as follows: ~ " l. First party is lawfully seized of.said property in fee simple and has a perfect right to convey same; there are no - 'i encumbrances or liens whatsoever oti'said property except this mortgage. ~ 2. This mortgage shall alw secure any futuro advanoes made by second party, at its option, to fust party, or one or " more or all of them. as nny be made during the time authoriud by law for such advana, PROVIDED 'THAT THE i MA.`t;`~'-_!!3 MOUNT SECURED HEREBY SHALL NOT AT ANY ONB TIME EXCEED TNE PRINCIPAL SUM OF a 750, 000 . 00 • P~~ ~terest thereon, and any disbursements made for the payment of taxes, levies or insurance on the property covered by the lien of this ~~wrtgage, with interest on such disbursements. Ia the event of such advance, the amount thereof shall be added to the mortg,age debt. 3. It is further understood and agrced by all parties hereto that the execution by first party and the acceptancx by second party of any notes, renewal notes or other instruments, or the agreement by seoond puty to any reamortizations, i extensions, deferments or other rearrangements as contemplaled herein shall not be construed as payment of any indebtedness hereby secured, (whether or not. among other changes in terr~u, the interest rate or rates remain the same and/or time tor payment is thereby extended or lessened), and shall not discharge the lien oP this mortgage which is to remain ! in full force and effect unW the total indebtedness secured hereby has been paid in full. All notes or other instruments ' contemplated herein shall remain uncancelled and in possession of seoond party,its successors and auigns, until the total ~ indebtedness hereby secured is paid in full. ~ 4. First party will insure and keep insured as may be required by xcond 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, freeu, _ and/or other casualty, and all buildings now on said property, and all building,s which may hereafter bt erected thereon, against loss or damage by fue, hail, windstorm, and/or other casualty, in such form, wch amounts~ and in wch company or companies as shall be satisfactory to second puty, the loss, if any, to be payable to second party as its interest may appear at the time of the loss. First party will deGver to second party the policy or policies of insurance with mortgagee elause attached thereto satisfactory to second party, and will promptly pay when due all premiums for such insuranoe. If any grov~e or orchard shall be destroyed or damaged by fue, windstorm, hait, frost, freeze, and/or other asualty, 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 i t}us instrument as second party may in its sole discretion determine. If any building on said property so inwred shall be ~ destroyed or damaged, the amount received in settlement of the loss or damage may be appGed at the option of fust party to ~ the reconstruction or repair of the building,s so destroyed or damaged, 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 shatl be apPlied on the debt heret,y secured in such manner as second puty, in its sole discretion, may determine. i 5. First party wiU pay, when due and payable, all taxes, assessments and other charges that may be levied or ~ ' assessed against rdid property, and all judgrnents and all other amounts that may be or become a lien thereon. } 6. First party wiU keep in good order and condition, preserve, and repair, rebuild and restore ~11 terraas, building,s, ! ' groves, orchards, fences, fixtares, shrubbery and other improvements, of ev~ery kind and nature, now on said 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, wiU not corrunit or permit waste on said land. and will not, except with the written ! consent of second Qarty, cut, use or remove, or permit the cutting, or removal of, any timber or trees on said land for ~ ; sawmill, turpentine or other uses or purposes, except for frewood and other- ordinary iarm purposes. First party will also preserve and keep in good order a~~~' rondition all trees and timber now and hereaCter growing upon the said property, and ~ ~ w-ill at all dmes protect the trees and timber against loss or damage by 6re, all to the satisfaction of the second parry. ~ 7. First party wiU at all times properly fertilize, cultivate, care for, and mair?tain in a productive oondition all the ~ grove and orchard trees now on raid property or hereafter planted thereon, and wil! protect the groves and orchuds ag~inst ~ i € loss or damage by fire by making and maintaining proper firebreaks on and around said property, and by kaping i ~ undergrowih cut, to the ratisfaction of second pazty and second puty is hereby authorized and empowered to hawe 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. i ' The oost of such appraisals shall be paid by first pazty immediately upon presentation of an itemized statemeni thereof and # ~ shall be secured by this instrument. € 8. Time is of the essence of above recited note. this insttument and of any other instrument evidencing ` indebtedness secured hereby. If fust party fails to comply with any covenant, condition or agreement in this instrument, ot in said note, or in any reamortization, renewal, deferment, extension ~eement or other instrument evidencing any indebtedness secured hereby, secorid party may, at its option, exercise any one or more of the following righ~s, powers, pnvileges and remedies: ~ (a) Perform any one or more of the oovenants of Grst party in this instrument, in above recited note, or in any other instrument evidencing any indebtedness secured hereby, and all wms advanced by second party in doing so ~ . shall be due and payable by first pazry to second party immediately without notice, and shall be secured by this ' j 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 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. £ ; ~ s ' 9. As further security for the payrr~nt of the note herein described and any other instrument evidencing E ; indebtedness secured hereby and fot the performance of aU the terms, conditions. and covenants of said note, said other ~ ° ; instruments and of this mortgage, first party hereby transfers, assiyis, and sets over to aecond party al! of the crops sown or ~ r~ ~ ; F.:t PAGE ~ i . I i~ . . ~ - ~ A - . ' S. ~.;'r.av+~.<. e...._ 4 - , ...,~c . _ _ . ~ . _ . . 4'~~'. . . ~ .