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HomeMy WebLinkAbout1104 ~ , TO HAVE AND TO HOLD, the said property, together with all and singular the rights, members, hereditament:. and appurtenances thereunto belonging or in any wise appertaining, unto xcond party, its successors and assigns, in fee simple forever, and first party hereby binds himself (itxlf), his (its) heirs, executors. administrators, successors and assigns, to warrant and forever defend said property unto xcond party, its successors and assigns, from and against first puty, the heirs, executors, administrators, successors and assigns of first party and all other persons whomsoever lawfully claiming or to claim the saute or any part thereof, PROVIDED ALWAYS, NEVERTHELESS, and it is the true intent and meaning of the parties to thex prexnts, that if first party shall pay, or caux to be paid, unto xcond party, its successors or assigns the total indebtedness secured hereby, whether evidenced by note first above described, future advance notes, or otherwix, with interest thereon as aforesaid, and shall perform all terms. rnnditions, and covenants according to the true intent of said note, any other instrument hereinafter referred to, and this mortgage and any other instrutttent xcuring note first above described or other instrument evidencing indebtedness of first party to second puty, and comply with cell the provisions of the Fum Credit Act of 1971 and all amendments thereto, and with the regulations issued and that may be issued by the Farm Credit Administration, cell of which are hereby made a part hereof, then this mortgage shall coax, determine, and be utterly null and void; otherwise it shall remain in full force and effect. FOR THE CONSIDERATION AFORESAID, first party covenants as follows: 1. First party is.lawfully xized of said property in fee simple and has a perfect right to convey same; there are no encumbrances or liens whatsoever on said property except this mortgage. 2. This mortgage shat! also secure any future advances made by xcond party, at its option, to lust puty, or one or ti. more or all of them, as may be made during the time authoriud by law for such advance, PROVIDED THAT TIIE MAXIMUM AMOUNT SECURED HEREBY SHALL NOT AT ANY ONE TIME EXCEED THE PRINCIPAL SUM OF S 150, 000.00 ,plus interest thereon, and any disburxments made for the payment of taxes, levies or insurance on the property covered by the lien of this mortgage, with interest on such disburxments. In the event of such advance, the amount thereof shall be added to the mortgage debt. 3. It is further understood and agreed by all parties hereto that the execution by lust party and the acceptance by second party of any notes, renewal notes or other instruments, or the agreement by xcond party to any resmortizations, 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 terms, the interest rate or rates remain the saint and/or time for payment is thereby extended or lesxned), and shall not discharge tht lien of this mortgage which is to remain in full farce and effect until the total indebtedness secured hereby hu been paid in full. All notes or other instruments contemplated herein shall remain uncancelled and in possession of xcond party its successor and assigns, until the total indebtedness hereby xcured is paid in full. 4. First party will insure and keep insured as may be required by xcond party from time to time all groves and orchards now on said property or that may hereafter be thereon against loss or damage by fue, windstorm, hail, frost, freeu, and/or other casualty, and all buildings now on said property, and all btWdings which may hereafter be erected thereon, against loss or damage by fire, hail, windstorm, and/or other casualty, in wch form, such amounts, and in such company or companies as shall be satisfactory to xrnnd party, the loss, if any, to be payable to second party as its interest may appeu at the time of the lou. First puty will deliver to xcond party the policy or policies of instuance with mortgagee clatue attached thereto satisfactory to xcond party, and will promptly pay when due all premiums for such insurance. If any grove or orchard shall be destroyed or damaged by fue, windstorm, hail, frost, freeu, and/or other casualty, the amount received in settlement of the loss or damage may be applied at the option of second party on such put of the indebtedness secured by this instrument as xcond party may in its sole discretion determine. If any building on said property so insured shall be destroyed or damaged, the amount-received in xttlement of the loss or damage may be applied at the option of fast party to the reconstruction or repair of the buildings so destroyed or damaged, subjeM 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 such manner as xcond puty, in its sole discretion, may determine. 5. First party will pay, when due and payable, all taxes, asxssments and other charges that may be levied or assesxd against said property; and all judgments and all other amounts that may be or become a lien thereon. 6. First party wiD keep in good order and condition, prexrve, and repair, rebuild and restore all terraces, buildings, groves, orchards, fences, fixtures, shrubbery and other improvements, of every kind and nattue, now on said land and hereafter erected or placed thereon that may be destroyed or damaged by fue, windstorm or otherwise, and will not permit the change, injury or removal thereof, wi[I not commit or permit waste on said land, and will not, except with the written consent of xcond party, cut, use or remove, or permit the cutting, ux or removal of, any timber or trees on said land for sawmill, turpentine or other uses or purpoxs, except for firewood and other ordinary fain purposes. Fiat puty will also prexrve 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 patty. 7. First party 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, acid will protect the groves and orchuds against loss or damage by Gre by making and maintaining proper firebreaks on and around said property, and by keeping undergrowth cut, to the satisfaction of xcond puty and second puty ii hereby authorized and empowered to have appraisals of said property made by a [and Bank appraixr, or by others, at such times as xcond party, in its sole discretion, may desire. The cost of such appraisals shall be paid by first puty immediately upon prexntation of an iteniud statement thereof and shall be xcured by this instrument. 8. Time is of tht esxnce of above recited note, this instrument and of any other instrument evidencing indebtedness xcured hereby. If fast 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 or other instrument evidencing any indebtedness xcured hereby, xcond parry may, at its option, exercise any one or more of the following rights, powen, privileges and remedies: (a) Perform any one or more of the covenants of lust party in this instrument, in above recited note, or in any other instrument evidencing any indebtedneu xcured hereby, and all sums advanced by xcond puty in doing so shall be due and payable by first party to xcond puty immediately without notice, and shall be xcured by this instrument, and shall bear interest from the date of advance by xcond puty at the highest rate provided in any note or other instrument xcured hereby. , (b) Declare all amounts xcured by this instrument immediately due and payable without notice. (c) Proceed immediately to foreclox this mortgage, and pursue such other remedies as may be suthoriud by law. 9. As further xcurity for the payment of the note herein described and any other instrument evidencing indebtedness xcured hereby and for tht performance of all the terms, conditions, and covenants of said note, said other instruments and of this mortgage, first party hereby transfers, assigns, and xts over to xcond party all of the crops sown or