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HomeMy WebLinkAbout2361 F - - i ~ growing upon the said mortgaged premises at the time of fling suit for foreclosure hereof and thereafter, and all of the rents, issues, and profits of the said mortgaged premises unpaid and uncollected at the time of fling suit for foreclosure hereof and ~ thereafter, and upon filing suit for foreclosure, or at any time thereafter, second party shall be entitled to have a receiver appointed to take chuge of the said mortgage prenuses and the crops sown or growing thereon, together with the said rents, issues, and profits wising therefrom and hereby assigned, and hold the same wbject to the order and direction of the. court. - i1 10. First party covenants that he will not perform any act which might impau or tend to impair the continuation on i ! the property herein described of all crop allotments and acreage allotments now established or hereafter established on any of t ~ the property herein described. Il(a). In the event second party beconus a puty to any legal proceeding (excluding an action to foreclose this # mortgage or to collect the debt hereby secured), involving this mortgage or the premises described herein (including but not '.I limited to the title to the lands described above), second party may also recover of tint party all costs and expenses reasonably incurred by the mortgagee, including a reasonable attorney's fee, which costs, expenses and attorney's fee when paid by second poly shall become a put of the debt secured hereby and shall be immediately payable upon demand, and shall draw interest from the date of advan y second; puty until paid at the highest rate provided in any note or other instrument secured hereby. ~ 'i 11(b). In the event said debt, or any part thereof, is established by or in any action for foreclosure of this mortgage, second puty may also recover of fast party, in addition to the said debt or so much thereof as shall be unpaid, a reasonable 'i fee for the attorney of second party for professional services rendered in such action, such fee to be incorporated in the decree of foreclosure in such action. 12. First party shall hold and enjoy the said premises until default in payment of any of the installments as provided in said note or other instrument secured hereby or a breach of any of the covenants or conditions of said note or other j instrument secured hereby or this mortgage shall be made; however, any agent or employee of second party or any person designated by second poly may enter upon said premises at any time for the purpose of inspecting same or for any other purposes desired by second party. 13. All amounts that may hereafter be awarded for condemnation of, and waste and tortious injury to, any of the property hereby encumbered are hereby assigned and shall be payable unto second poly for application, after payment therefrom of attorney's fees and expenses incurred by fast poly and by second party in connection therewith, on such part of the indebtedness second hereby as second party may determine, with no duty on second parry to collect same. 14. First party agrees as a condition hereof that all obligations, assignments, releases of real property and/or personal liability, reamortizations, renewals, deferments, extensions or any other agreement, in writing, made by any one or more of the puties herein designated as fast party with second party are hereby authorized and consented to by all polies herein designated as fast party and shall extend to and be binding upon the heirs, executors, administrators, wccessors and assigns ' of all the parties herein designated as first party. 15. First poly agrees as a condition' hereof that if a conveyance, lease or other disposition should be made Y voluntuily by fast party (or by any one or more of the parties designated herein as fast party) of any title or interest in and to the real property described above, or any part thereof, without the written consent of the lawful holder of this mortgage, or J such title or interest of fast puty (or of any one or more of the parties designated herein as lust party) is involuntuily conveyed or transferred as the result of foreclosure of a junior lien or is required under-court order or decree as the result of litigation (conveyance or transfer of title or interest resulting from death of lust party, or any of the fast polies, if more than one, excepted), without the written consent of the lawful holder of this mortgage, then and in either of said events, and at the option of said holder, and without notice to the first party, all sums of money secured hereby shall become due and payable and in default immediately and concurrently with such conveyance, transfer, lease or other disposition, whether the same are so due and payable and in default by the specific terms hereof or not. 16. Second party shall have the right, exercisable at its discretion so long as this mortgage is in force and efTect, to demand in writing the assignment of and transfer to second poly, its successors and assigns, and fast poly hereby agrees to so assign and transfer, any and all rents> profits, royalties, income or other consideration to be paid or accruing to lust party from any oil, natural gas, mineral, timber, leasehold or other interest of any kind and nature whatsoever, derived from, connected with or affecting the within descrrbed real property but not otherwise subject to, conveyed and/or secured by this mortgage; with the right of, but no duty upon, second party, its wccessors or assigns, to collect same. _ 17. First party will comply with all the terms and conditions of any instrument heretofore or hereafter executed by - f~st puty in connection with the loan(s) secured by this mortgage. 18. It first poly (or either of them, if more than one), his heirs, successors or assigns, or any assumes of the indebtedness hereby secured, files a petition in voluntary bankruptcy, for receivership, for corporate reorganization, or for other debtor relief of any character or kind, or is adjudged a bankrupt, then and in the event, and at the option of the second party, its successors and assigns, the second party, without notice to the first party, shall have the right to declare all sums of money secured hereby immediately due and payable and in default whether the same are so due and payable and in default by the specific terms hereof or not. € 19. This instrument is wbject to the Farm Credit Act of 1971 and all acts amendatory thereof and wpplemer~ary q thereto, and regulations issued thereunder. All rights, powers, privileges, options and remedies conferred upon and giver~w second puty are cumulative of all other remedies and rights allowed by law, and may be purwed concurrently, and shall 1, extend to and may be exercised and enjoyed by the wccessors and assigns of second party, and by any agent, officer, 1 ' attorney or representative of second poly, its successors or assigns. All obligations of, and assignments by, lust party herein and hereunder shall extend to and be binding upon the heirs, executors, administrators, wccessors, and assigns of fast patty. € [N WITNESS WHEREOF, fast party has hereunto set his hand and seal (and if fast party is or includes a ~ corporation, it has caused this instrument to be executed, sealed by its corporate seal and delivered by its duly authorized ~ officers), this the day and year fast above written. + ~ Signed, Sealed and Delivered nce of: (SEAL) Eddie F. Boatwright A/K/A E ie Boatwright t - (SEAL) ail A. Fur n (SEAL) g /A Gail Furlong (SEAL) S (SEAL) (SEAL) (SEAL) ~f~~3U7 ~f2361 I _