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HomeMy WebLinkAbout1109 R ' y \ • , , 4 growing upon the said mortgaged prenwes at the time of flung wit for foreclowre hereof and thereafter, and all of the rents, iuues, and profits of the said mortgaged premises unpaid and uncollected at the time of Rling suit for foreclosure hereof and I thereafter, and upon filing suit for foreclosure, or at any time thereafter, second party shall be entitled to have a receiver I( appointed to take charge of the acid mortgage premises and the crops sown or growing thereon, together with the said rents, iswea, and profit: wising therefrom and hereby sssigued, and hold the same wbject to tl?e order and duection of the court. 10. First party covenants that he will not perform any act which might impair of tend to impair the continuation on the property hereto described o! all crop allotments and acreage allotments now established ar hereafter established on any of the property herein described. 1 11(a). !n the event second party become: a party to any legal proceeding (exduding an action to foreclose this J mortgage or to collect the debt hereby second), involving this mortgage or the premises described herein (including but not limited to the title to the lands described above), second party may also recover of first party all costs and expenses t reasonably incurred by the mortgagee, induding a reasonable attorney's fee, which coats, expenses and attorney's fee when paid by second poly shall become a put of the debt secured hereby and shall be immediately pryable upon demand, and shall drew interest from the date of advance by second poly until paid at the higheri rate provided in any note or other i~ uutrurnent second hereby. Il(b). Ut the event said debt, or any put thereof, is established by or in any action for foreclosure of this mortgage, ,~1 second party may also recover of fast poly, in addition to the said debt or so much thereof as shall be unpaid, a reasonable fee for the attorney of second poly for professional services rendered in wch action, wch fee to be incorporated in the , decree of foredowre in such action. 12. First party shat) hold and enjoy the said premises until default in payment of any of the installments as provided ~ in :aid note or other instrument secured hereby or a breach of any of the covenants or conditions of said note or other instrument secured hereby or this mortgage shall be made; however, any agent or employee of second puty or any person designated by second patty may enter upon said premises at any time for the purpose of inspecting same or for :Ay other purposes desired by second poly. 13. All amounts that may hereafter be awuded for condemnation of, and waste and tortious injury to, any of the property hereby encumbered ue hereby assigned and shall be payable unto second poly for application, after payment thentrom of attorney ~ fees and expenses incurrcd by fast party and by sec~rtd party in connection therewith, on wch put of the indebtedness second hereby u second party may determine, with no duty on second puty to collect same. I4. First party agrees as a condition hereof that all obligations, assignments, releases of real property and/ot personal liability, teartwrtizations, renewals, deferments, extensoru or any other agreement, in writing, made by any one or moo of the parties herein designated as first puty .with second party ue hereby authorized and consented to by a!1 parties herein designated as fast party and shall extend to and be binding upon the heirs, executors, administrator, succeuon and assigns of all the parties herein designated a: fast puty. I S. Fiat party agree: as a condition hereof that if a conveyance, lease or other disposition should be made voluntarily by first poly (or by any one or more of the polies designated herein as fast party) of u,y title or interest in and to the real property described above, or any prt thersof, without the written consent of the lawful holder of this mortgage, or if such title or interest of fast party (or of any one or more of ttte polies designated herein as fast poly) is involuntarily 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 (oonveyancx or transfer of title or interest resulting from death of first 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 fast poly, all sums of money secured hereby shall become due and payable and in default immediately and concurrently with wch conveyance, transfer, tease or other disposition, whether the same ue so due and payable and in default by the specific terms hereof dr not. i 16. Second puty shat! have the right, exercisable at its discretion so long as this mortgage is in force and effect, 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 a[I rents,. profits, royalties, income or other consideration to be paid or accruing to fast party f from any oil, natural gu, 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 andfor secured by this mortgage, with the right of, but- no duty upon, second party, its wccessors or assigns, to collect carne. 17. Fiat party will comply with all the teens and conditions of any instrument heretofore or hereafter executed by fast poly in connection with the loan(s) stcuted by this mortgage. 18. A default under this instrument or under any other instrument heretofore or hereafter executed by first party to second party shall at the option of second party constitute a default under any one or more or all instruments ~ executed by first party to second party. 19. If firri party (or either of them, if more than one), his heirs, successors or assigns, or any assumer 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 poly, its wccessors and assigns, the second party, without notice to the fast party, shall have the right to declare cell sums of money secured herby 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. - 20. This instrument is wbject to the Fum Credit Act of 1971 and all acts amendatory thereof and wpplementary ~ thereto, and regulations issued thereunder. All rights, powers, privileges, options and remedies conferred upon and given to second party arc cumulative of all other remedies and rights allowed by law, and may be purwed concurrently, and shall extend to and may be exercised and enjoyed by the wecessors and assigns of second party, and by any agent, officer, attorney or representative of second party, its successors or assigns. All obligations of, and assignments by, fast poly herein and hereunder shall extend to and be binding upon the heirs, executors, administrators, wecessors, and assigns of first poly. IN WITNESS WHEREOF, fast party has hereunto set his hand and seal (and if fast poly is or indudes a corporation, it has caused this insirurnent to be executed, sealed by its corporate seal and delivered by its duly suthoriud officers), this the day and yew lust above written. f f Signed, Sealed and ihtivered - the presence of ~ ~ SEAL) ~ / .Talbert Cooper, Jr. (S~) Ma gar a B. Cooper (SEAL) I (SEAL) j (SEAL) Bnnr_ w.nr