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HomeMy WebLinkAbout0454 : ' . i TO HAVE AND TO HOLD, the said properry. together with all and singular the rights~ membat:, hereditur~nts. and ii ~ppurtenances thereunto belonging or in any wise appertainin , unto second party, its suecessott and assigns. in Cse simple i~ forever, and first party hereby binds hirnself (itseln, his (its~ heirs, executors. administraton. succeuors and auigns. to ; warrant and- forever defend said property unto second party. its succeswrs and assigns. from and against fint party. the heirs. ~ ; executurs, adnunistrators, successors and assigns of first party and alt o!her persons whomsoever lawfully claiming or to claim , the sank or any part thereof. ' PROVIDED ALWAYS, NBVERTHELESS, and it is 1he true intenl and meaning of the partics to these ptesents, that if Pirst party shall pay, or cause to be paid, unto second party. its successors or assigns the total indebtedneu seeured heceby. whether evidtnced by note first above described, future advance notes. or otherwise, with interest thereon as aforesaid, and shall perform all terms, conditions. and covenants according to the true intent of said note. any other instrument hereinafter referred to. and this mortgag,e and any other instrwuent securing note first above described or other instrument evidencing i:~debtednas of first party to strnnd party; and comply with ap the provisions of the F~rm Credit Act of 1971 and all amendments thereto, and with the regulations iuued and that may be issued by the Farm Credit Administntion. all of which i are hereby made a put hereof, then this mortgage shaU aase, determine, ~nd be utterly null and wid; otherwise it shall remain in full force and effect. • . FOR THE CONSIDERATION AFORESAID, first party covenants as foUows: . I. First party is lawfully sciaed of said property in fee simple and has a perkct right to convey same;.lhere 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 puty, or one or more or all of them. u may be made during the time authoriud by law for such advana~ PROVIpED THAT THE I~UIXIMUM AMOUNT SECURED HF.REBY SHALL NOT AT ANY ONE TIME EXCEED 7HE PRINCIPAL SUM OF S 500, 000. 00 , plus interest thereon, and any disbursements made for the payment of taxes, levies or insutana on the : property eov~ered by the Gen of this mortgage, with interest on wch disbursements. In the event of such advana. the amount thereof shall be added to the mortgage debt. ~ 3. It is further undentood and agreed by all puties hereto that the execution by firat party and the acaptana by second party of any notes, renewal notes or other instruments, or ihe agreement by second puty to any reunortizations, extensions, deferments or other rearrangements as contemplated herein shall not be rnnstrued ~ wy~~t of any indebtedness hereby secured, (whether or not, among other changes in terrtu, the interest nte or rates remain the same , and/or time for'payment is thereby extended or lessened), and shap not dischuge the lien of this mortgage which is to remain in full force and effect until the total indebtedness secured hereby has been paid in tull. All notes or other instruments contemplated herein shall remain uncancelled and in possession of seoond puty,its wccessots and assigns, until the total indebtedneu hereby secured is paid in full. 4. First party will inwre and keep insund u may be required by stcond puty from time M time all grova and orchards now on said property or that may hereafter be thereon against lou or dam~ge by fire, windatorm. hail, frost, freeu, andJor other casualty, and all buildings now on said property, and all buildin~t which may hereatter be erectcd thereon, ' against loss or damage by fire, hail, windstorm, and/or other casualty, in such form. such amounts, and in wch oompany or ~ companies as shall be satisfactory to second party, the lou, if any, to be payable to second party u its interest may appear at ~ the time of tht loss. First party will deliver to second party the policy or policia of insurana with mortgagee clause attached thereto satisfactory to xcond party, and will pcomptly pay when due all premiums for such insursu~a. lf any grove or ocehard shall be destroyed or damaged by fae, windstorm, hail, frost, freeu, and,/or other ~lty, the amount reaived in settlement of the loss or damage may be applied at the option of second puty on such put of the indebtedneas aecured by this instrument u second puty may in its sole diuretion determine. lf any building on ssid property so insured shall be ' destroyed or damaged, the amount received in settkment of the lou or darn~ge may be applied at the option of ~fust party to ; the recanstruction or repair of the buildin&s so destroyed or darr~aged. subjeet to the regulations iswed or that may be iss~ud under the Farm Credit Act of 1971 or acts amendatory thereof or supplemental thaeto; my portion of the procads not so used shail be applied on the debt hereby secured in such manner as second puty, in its sole disctetion, may detamine. 5: First party will pay, when due and payable, all taxa, auessments and othet chuges that may be kvied or li assessed against said property, ~nd all judgments and all other amounts that may be or beoome a lien thereon. 6. Firsf party will keep in good order and condition. preserwe, and repair. rebuild and restore all tenaas, buildings, ~ grov~es, orchuds, fences, fixtures. stuubbery and other improvements, of every kind and nature, now on said land and ~ hereafter erected or p{aced thereon that may bt datroyed or damaged by fire, windstorm or othtrwise, md will not permit E the change~ injury or removal. thereof, will not rnmmit or permit wute on said iand, and will not. excxpt with the written ~ consent of seoond puty, cut, use or remov~e. or permit the cutting, use or removal of, any timber or trees on said land for t sawmili. turpentine or other uses or purposes, except for fuewood and other ordinacy fum purposa. First party will also s presen~e and keep in good order and condition al! trees and timber now and hereafter growing upon the said property, and ~ witl at ail times protect the trees and timber ap~ainst lou or damage by ~re, an to the satisfaction of the seoond party. ~ ` 7. Firat puty 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 will protect the gcoves and orchuds ag,ainst , loss or damage by fire by making and maintaining proper fuebresks on and around said property, aad by kaping ~ undergowth cut, to the satisfaction of second pazty and second puty is.hereby authotized snd empowered to hare appraisals ~ of said property made by a land Bank appraiser, or by others, at such times as sccond party. in its s~le discretion, rtny daire. ~ The cost of such appraisals shall be paid by first puty immediately upon presentation of an itemiud statement thereof and ~ shal! be secured by this instrwnent. 8. Time . is of the essence of above recited note, thia instrument and of any other instrument evidencing ' indebtedness secured hereby. If fust puty fails to oomply with any covenant~ oond,ition or agteement in this insvument. or in ~ said note, or in any reamortization, renewal, dsferment, exte~ion- agreement or other instrument evidencing aay , indebtedness secured hereby, seoond party may, at its option, exercise any one oc more of the following rights, powers~ ; privileges and remedies: f (a) Perform any one or more of the covenants of fust party in this instrument. in above recited note, or in any 1 c other instrument evidencing any indebtedness secured hereby, and all sums advanced by second puty in doing so ? shall be due and payable by firstpu ty to second party immedistely without notice, and shaU be stcured by this ~ = instrument, and shall beaz interest from tht date of advana by seoond puty at the highest rate provided in any note ~ or other instrument secured hereby. ~ - (b) Declue all amounts secured by this instrument immediately due and p~yable without notice. # ~ (c) Proceed immediatdy to foreclose this mortgdge, and pursue wch other remedies as may be suthoriud by law. i ~ 9. As further security for the payment of the note herein described and any other instcument evidencing i ~ indebtedneu secured hereby and for the perfom?ance of all the terms, conditions~ and covenants of said note, said other ~ ~ , instruments and of this mortgage, firri party hereby transfers, assigns, and sets o~er to seoond party all of the aops sown oc ~ ~ ` V ~ <J T1113L r ~ i ~ ~ ~i ~ ~ a l~ t ~ ~ - - - - _ y ~ ~,,c~.,. . ~ _~p ~ t . ; .cw , _ . .