HomeMy WebLinkAbout0574 together with all buildings, structures and other improvements now or hereafter located thereon, and all and singular
the tenements, hereditaments, appurtenances and privileges, now or hereafter belonging or in anywise appertaining to
said property, or any part thereof, and all the estate, right, title and interest, including all homestead and dower rights
of the Mortgagor in and to said property, or any part thereof, and the rents, issues and profits thereof which are hereby
specifically assigned, trans[ened and set over to the Mortgagee as additional security for the repayment of the indebted-
ness hereinafter described; and together also with all water and water rights, all wells, windmills. pipes, pipelines, water
storage tanks and towers, and all other water developments, storage or conservation facilities and structures, all pumps
and pumping plants, all motors, engines. turbines. generators, transformers and other installations, devices and facilities
of every kind and description for the operation of said pumps and pumping plants, and all other machinery and equip-
ment. now or hereafter located or used on, in or about said Qroperty: for or in connection with the control of water thereon,
or for the irrigation and/or drainage thereof, or for furnishing said property with water for domestic use or for stock.
TO HAVE AND TO HOLD the same unto the Mortgagee, its successors and assigns, forever, in fee simple.
The Mortgagor hereby covenants with the Mortgagee that he is lawfully seized of said property in fee simple; that
he has full power and lawful.right to convey the same as a[aresaid; that it shag be lawful [or the Mortgagee at all times
peaceably and quietly to enter upon, hold, occupy and enjoy said property; that said property is tree from all liens and
encumbrances; that he will make such [urther assurances to perfect the fee simple title to said property as may reasonably
be required by the Mortgagee; and that he does hereby fully warrant the title to said property and will defend the same
against the claims of all persons whomsoever.
The Mortgagor hereby [urther assigns to the Mortgagee all of the rents, royalties, bonuses and benefits under any
existing and/or future oil, gas or mineral lease of any of the property hereby mortgaged, as additional security for the
payment of the indebtedness hereby secured. The Mortgagor shall have .he right to collect and retain such rents, royal-
ties, bonuses and benefits until default hereunder or under the note hereby secured. In the event of any such default,
the Mortgagee is hereby granted the unconditional right and power, at its option, at any time while such default remains
outstanding, to demand, receive and collect such rents, royalties, bonuses and benefits and apply same towards pay-
ment of the indebtedness hereby secured. The Mortgagee shall not be bound hereby to demand, receive or collect any
of such rents, royalties. bonuses or benefits, and shall not be risible for failure to exercise the rights hereby granted,
and failure to exercise such rights alter the happening of a default shall not be construed as a waiver of such rights in the
event of a subsequent default.
This mortgage is on the condition that if the Mortgagor shall pay to the 1<~fortgagee the indebtedness evidenced by
that certain promissory note of even date herewith in the principal sum of.T..!a~...Million...Six_..Hundre~..._
Fifty T ousand and 00/100--Dollars
(S 2 ~ 650 ~ 000.00 bearing interest as therein provided, made by the Mortgagor and by...----.-•-----.-.-
and payable to the Mortgagee at its Home Office in Hartford, Connecticut, in lawful money of the United States, in
instalments, the last of which shall be due and payable on January 2 , 19••96., and shall
keep and perform all of the covenants, agreements, conditions and stipulations contained herein and in said note, then
the estate hereby granted shall terminate and this mortgage shall be void.
The Dortgagor hereby rnvenants and agrees with the Mortgagee as follows:
I; 1. To pay the principal and interest and all other sums payable by virtue of said promissory note and of this mort-
gage promptly as the same shall become due.
2. To pay, before the same become delinquent, all taxes, assessments and other charges, general or special, already
levied or assessed or that may hereafter be levied or assessed upon or against the property hereby mortgaged,
f ~ or any part thereof, and immediately upon request to furnish the Mortgagee the official receipts showing pay-
I merit thereof.
~ 3. To pay all liens which might by operation of law or otherwise be or become superior to the lien of this mortgage;
to keep said property in good condition and repair and not to do or permit waste thereon, or do or suffer anything
to be done which would depreciate or impair the value thereof and not to remove, demolish or make any sub-
stantial alterations to any of the buildings or other improvements without the written consent of the Dortgagee.
4. To cultivate, fertilize, spra}•, dust and prune all citrus trees located on the mortgaged property in a good and
husbandlike manner for and during the term of this mortgage, and in the event that the `iortgagor shat! fail
to care properly for said grove as herein required, then the Mortgagee may, at its option, declare the, entire in-
debtedness secured by this mortgage due and payable, and may, at its option, foreclose this mortgage and ask
[or and obtain a receiver to manage said grove during the time that said foreclosure is pending.
5. To keep the buildings and other improvements now or hereafter located on said property constantly insured
~ against loss or damage by fire, windstorm and such other hazard or hazards as may reasonably be required by
the Mortgagee at any time while the indebtedness hereby secured remains unpaid, ~n an amount, in form and
in a company or companies satisfactory to the Mortgagee, and to deposit the policies of such insurance and re-
newals thereof with the Mortgagee, with all premiums therefor paid and with mortgagee clause satisfactory to
s the 1liortgagee attached thereto. Any amount received by the 1ltortgagee under any such policy may, at the
option of the 1liortgagee, (a) be applied toward payment of any sum hereby secured as the 1~lortgagee shall de-
termine. or (b) be used toward the cost of rebuitd~ng or repairing the destroyed or damaged buildings or other
improvements on the mortgaged property, upon completion of such rebuilding or repair to the satisfaction of the
Mortgagee, or (c) be paid to the Mortgagor. Interest shall not be allowed on any :assurance proceeds held by
the :Mortgagee pending completion of reconstruction or repair of said buildings or other improvements. Such
policies of insurance and all renewals thereof are hereby assigned to the Dortgagee as additional security for the
payment of the indebtedness hereby secured and the Mortgagor hereby agrees that any values available there-
~ under upon cancellation ar termination of any of such policies or renewals, whether in the form of return of pre-
miums or otherwise, shall be payable to the Mortgagee as assignee thereof.
6. In the event that the 1liortgagor shall fail to pay an}• taxes, assessments, insurance premiums, liens or charges
I of an}• character, general or special, which the lortgagor is required hereunder to pay, the Mortgagee may,
{ at its option, make payment thereof and may also redeem the mortgaged propert}•, or any part thereof, from
tax sales, without any obligation to inquire into the validity of such taxes, assessments or tax sales, the receipts
of the proper officers to be conclusive evidence of the validity and amount thereof. Should the Mortgagor fail
to, keep the property in good repair or to keep the buildings and other improvements insured, as herein agreed,
~ Uf,~K322 ~a~E 573
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