HomeMy WebLinkAbout0756 events the Mortgagee may, at its option, declare the entire
indebtedness hereby secured due and payable upon six months'
notice. If such option is exercised and notice given, then upon
the expiration of such six months' notice, the entire indebtedness
hereby secured shall be due and payable and nonpayment thereof
shall constitute a default under this mortgage, and the same may
be collected by foreclosure or in any other manner provided by
law. However, if the Mortgagor pays the said additional assess-
ment in cash within said six months' period, then the right of
the Mortgagee to accelerate the debt secured hereby, for said
specific nonpayment, shall terminate as to such default, without
in any manner affecting the rights of the Mortgagee under any
other existing or subsequent default under this mortgage or the
note secured hereby.
11. It is mutually understood and agreed that Mortgagee, in
making the advance(s) for which this Mortgage and Security Agree-
ment is security, has investigated and is relying upon the quality
of husbandry utilized upon the premises described herein, upon the
argicultural and farming skills of Mortgagor, and upon information
furnished by certain third parties whom Mortgagee has contacted
regarding the financial condition and farming skills of Mortgagor.
Accordingly, Mortgagor covenants and agrees that in the event of
the sale or other disposition of the property described herein,
Mortgagee or any holder of the Note secured hereby shall have the.
right, at its option, to require that the principal amount of the
indebtedness secured hereby be reduced to seventy-five percent
(75$) of the principal amount disbursed, exclusive of any re-
quired payments on principal for release of~security, insurance
losses or condemnation awards. In the-event of the exercise
of such option by Mortgagee and in the event Mortgagor or Mort-
gagor's successors or assigns, shall fail or neglect promptly to
make such payments as are necessary to so reduce said principal,
Mortgagee shall have the right, at its option, immediately and
~I! without further notice, to declare the entire indebtedness
I secured or to be secured by this mortgage to be immediately
due and payable and to foreclose or to exercise any other rights
I or remedies which Mortgagee shall have in the premises. Failure
i of the Mortgagee to exercise this option shall not be deemed a
} waiver of this option as to any subsequent sale or other dis-
! ~ position of the property hereinabove described or referred to
~ herein.
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12. This mortgage shall secure not only existing indebted-
~ Hess, but also such future advances, whether such advances are
E obligatory or to be made at the option of the Mortgagee, or
otherwise, as are made within twenty (20) years from the date
hereof, to the same extent as if such future advances were made
on the date of the execution of this Mortgage, but~such secured
indebtedness shall not exceed at any time the maximum principal
amount of TWO HUNDRED SIXTY THOUSAND AND 00/100 DOLLARS ($260,000.00)
plus interest and any disbursements made for the payment of
taxes, levies or insurance on the property covered by the lien of
this mortgage, with interest on such disbursements.
ri 13. When and if Mortgagor anti 2~lortgagee shall respectively
become the Debtor and Secured Party in any Uniform Commercial
Code Financing Statement affecting property either referred to or
described herein, or in any way connected with the use and en-
joyment of these premises, this mortgage shall be deemed the
Security Agreement as defined in said Uniform Commercial Code and
x the remedies for any violation of the covenants, terms and con-
ditions of the agreements herein contained shall be (i) as pre-
scribed herein, or (ii) by general law, or (iii) as to such part
of the security which is also reflected in said Financing State-
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