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HomeMy WebLinkAbout0869 ii _ i ice- . ~ . - 1 1 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 apperts;nin ,unto second party, its successors and assigns, in fee simple ~ forever; and first party hereby binds himself (itself), his (its heirs, executors. administrators, successor and assigns. to i~ warrant and forever defend said property unto second party, its successors and assigns, from and against first puty,.the heirs, ii executors, adnunistrators, successors and assigns of first party and all other persons whomsoever lawfully claiming or to claim ~ the sanx or any part thereof. PROVIDED ALWAYS NEVERTHELESS and it is the true intent and meaning of the parties to these presents, that ~i if first party shall pay, or cause to be paid, unto second party, its successors or assigns the total indebtedness secured hereby, I wt?ether eviden~td by note first above described, tuturc advance Holes, or otherwise, with interest thereon as aforesaid, and ( shall perform all terms, conditions, and covenants according to the true intent of said note, any other instrument hereinafter referred to, and this mort¢aste and any other instrument securing note first above described or other instrument evidencing indebtedness of first putt' to second putt', and comply with all the provisions of the Fum Credit Act of 1971 and all amend,~~ents thereto, and with the regulations issued and that maybe towed by the Fum Credit Administration,all of which are hereby made a part hereof, then this mortgage shall cease, determine, and be utterly null and void; otherwise it shall 1 j remain in full force and effect. ~ ~ FOR THE CONSIDERATION AFORESAlD, first party covenants as follows: - U 1. First party is lawfully seized 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 shall also secure any future advances made by second putt', at its option, to lust poly, or one or more or all of them, as may be made during the time authoriud by law for wch advance, PROVIDED THAT THE [NAXIMUbf AMOUNT SECURED HEREBY SHALL NOT AT ANY ONE TIME EXCEED THE PRINCIPAL SUM OF S 2,200,000.00. Plus interest thereon, and any disbursements made for the payment of taxes, levies or insurance on the property covered t+y the tier! of this rru~rtgage, with interest on wch disbwsements. 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 puties hereto that the execution by first party and the acceptance by second poly of any notes, renewal notes or other instruments, or the agreement by second poly to any reamortiutions, 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 same andJor time for payment is thereby extended or lessened), and shall not discharge the lien of this mortgage v?rhich is to remain in full force 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 second puty,its wccessors and assigns, until the total indebtedness hereby secwed is paid in full. 4. First party will insure and keep insured as may be required by second putt' 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, treeu, and/or other casualty, 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 wch form, such amounts, and in such company or companies as shall be satisfactory to second party, the toss, if any, to be payable.to second poly as its interest may appear at - the time of the loss. First poly 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 insurance. If any grove or - orchard shall be destroyed or damaged by fire, 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 part of the indebtedneu secured by this instrument as second party may in its sole discretion determine. If any building on said property so insured shall be destroyed or damaged, the amount received in settlement of the loo or damage may be applied at the option of fast party to the reconstruction or repair of the buildings so destroyed or damaged, wbject to the regulations iswed or that may be issued under the Farm Credit Act of 1971 or acts amendatory thereof or supplemental thereto; any portion of the procads not so used shall be applied on the debt hereby secured in wch manner as second puty, 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 i assessed against said property, and all judgments and all other amounts that may be or become a lien thereon. b. First party wiii keep iii good order and condition, preserr~, and repair, rebuild and restore all ierracts, 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 poly, 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 fum purposes. First party 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 poly. 7. First party will at all times properly fertiliu, cultivate, care for, and maintain in a productive condition all the t 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 maintairurtg proper firebreaks on and wound said property, and by keeping undergrowth cut, to the satisfaction of second party and second poly is hereby authorized and empowered to have appraisals of said property made by a Land Bank appraiser, or by others, at such times u second party, in its sole discretion, may desire. The cost of such appraisals shall be paid by first puty 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 i indebtedness secured hereby. If first party fails to compply with any covenant, condition or agreement in this instrwnent, or in said note, or in any reamortization, renewal, defernnnt, extension agreement or other instrument evidencing any indebtedness secured hereby, second party may, at its option, exercise any one or more of the following rights, powers, i ~ privileges and remedies 9 (a) Perform any one or more of the covenants of fast party in this instrument, in above recited note, or in any other instrument evidencing any indebtedness secured hereby, and all wms advanced by second party in doing so shall be due and payable by first party to second party immediately without notice, and shall be secured by this 1 instrument, and shall beu interest from the date of advance by second party at the highest rate provided in any note or other instrument secured hereby. (b) Declue all amounts secured by this instrument immediately due and payable without notice. (c) Proceed immediately to foreclose this mortgage, and pursue such other remedies as may be authorized by taw. f 9. As lwther security for the payment of the note herein described and any other instrument evidencing f indebtedness secured hereby and for the performancx of all the terms, conditions, and covenants of said note, said other 9 i~ instruments and of this mortgage, first party hereby trarufers, assigns. and sets over to second poly all of the crops sown or Bo~c326 rub 867 i ~ it