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HomeMy WebLinkAbout0215 TO HAVE AND TO HOLD, the said property, together with all and singular the rights. members, hereditaments, and !j appurtenances thereunto belonging or in any wise appertaining, unto second party, its successors and. assigns, in fee simple forever, and first party hereby binds himself (itself), his (its) heirs, executors, administrators, successors and assigns, to warrant and forever defend said property unto second party, its successors and assigns, from and against first poly, the heirs, executors, adnunistrators, successors and assigns of first party and all other persons whomsoever lawfully claiming or to claim ~ the sanx or any part thereof. ~I PROVIDED ALWAYS, NEVERTHELESS, and it is the true intent and meaning of the parties to these presents, that if first party shall pay, or cause to be paid, unto second party, its successors or assigns the total indebtedness secured hereby, whether evidenced by note first above described, future advance notes, or otherwise, with interest thereon as aforesaid, and S shall perform all terms, conditions, and covenants according to the true intent of said note. any other instrument hereinafter referred to, and this mortgage and any other instrument securing note first above described or other instrument evidencing i, indebtedness of first puty to second party, and comply with cell the provisions of the Fum Credit AM of 1971 and all amendments thereto, and with the regulations issued and that maybe iswed by the Farm Credit Administration, all of which are hereby made a put hereof, then this mortgage shall cease, determine, and be utterly null and void; otherwise it shall 3 remain in full force and effect. 1 i FOR THE CONSIDERATION AFORESAID, first party covenants as follows: 1. First party is lawfully seized of said property in fee simple and has a perfect right to convey same; there zee 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 fast poly, or one or more or all of them, as may be made during the time authorized by law for such advance, PROVIDED THAT THE MAXIMUb1 AMOUNT SECURED HEREBY SHALL NOT AT ANY ONE TIME EXCEED THE PRINCIPAL SUM OF s 1, 000, 000.00 . Plus interest thereon, and any disbursements made for the payment of taxes, levies or irauranoe on the 1 property covered by the lien of this mortgage, with interest on such disbursements. In the event of such advance, the amount i thereof shall be added to the mortgage debt. 3. It is further understood and agreed by all puties hereto that the execution by first party and the acceptance by second party of any notes, renewal notes or other instruments, or the agreement by second puty 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 terrtts, the interest rate or rates remain the same and/or time for 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 or other instruments i contemplated herein shall remain uncancelled and in possession of second patty its suaxssors and assigns, until the total indebtedness hereby secured is paid in full. 4. First party will insure and keep insured u may be required by second puty from time to time all groves and orchards now on said property or that may hereafter be thereon against loo or damage by fire, windstorm, hail, frost, freeze, and/or other cawalty, 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 shall be satisfactory to second poly, the loss, if any, to be payable to second puty u its interest may appeu at the time of the loss. First party will deliver to second party the policy or policies of inswance with mortgagee clause attached thereto satisfactory to second party, and will promptly pay when due all premiums for such inswance. If any grove or orchard shall be destroyed or damaged by foe, windstorm, hail, frost, freeze, and/or other caswlty, 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 this instrument as second poly may in its sole discretion determine. If any building on said property so insured shall be j destroyed or damaged, the amount received in settlement of the loss or damage may be applied at the option of fast poly to the reconstruction or repair of the buildings 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 shall be applied on the debt hereby secured in wch manner as second party, in its sole discretion, may determine. 5. First party will pay, when due and payable, all 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 become a lien thereon. 6. First party will keep in good order and condition, preserve, and repau, rebuild and restore all terraces, buildings, groves, orchards, fences, fixtwes, shrubbery and other improvements, of every kind and nature, now on said land and hereafter erected or placed thereon that may. be destroyed or damaged by foe, windstorm or otherwise, and will not permit the change, injury or removal thereof, will not commit or permit waste on said 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 said land for sawmill, turpentine or other uses or purposes, except for firewood and other ordinary farm pwposes. First patty 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, pre tor, and maintain in a productive condition all the grove and orchard trees now on said property or hereafter planted thereon, and will protect the groves and orchuds against loss or damage by fire by making and maintaining proper fuebreaks on and wound said property, and by keeping undergrowth cut, to the satisfaction of second party and second puty is hereby authorzed 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 cost of wch 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. If first party fails to comply with any covenant, condition or agreement in this instrument, or in said note, or in any reamortization, renewal, deferment, extension agreement ~ 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 covenants of fiat 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 i shall be due and payable by first puty to second party immediately without notice, and shall be secured by this instrument, and shall beu interest from the date of advance by second poly 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 purwe wch 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 indebtedneu secured hereby and for the performance of all the terms, conditions, and covenants of said note, said other instruments and of this mortgage, first party hereby transfers, assigns, and sets over to second party all of the crops sown or t y sooK 322 P~~ 215