Loading...
HomeMy WebLinkAbout0870 ~ ~ . i growing upon the acid mortgaged promises at the time of fitin8 salt for faedowre lte~eAf and thereafter, irtd all of the rents, bores, and profit: of the said- mortgaged premises unpaid snd uncdlected at the time of filing wit for foreckuun hereof and thereaher, and upon filing wit for [foreclosure, or at any time thereafter, second party shall be entitied to have a receiver appointed to take duuBe of the mid mortgsge premises and the coops sown or growing thereon, together with the said rents, iswes, and profit: arising therefrom and hereby assigned, and hold the same wbject to the order and duectton of the court. 10. First puty covenants that he wrll not perform any act which might Impair or tend to impau tha continwtion on the property herein described of all crop allotments and acreage allotments now estab.:.~ -d or hereafter established on any oI the property herein described. 11(a). !n the event second party becomes a party to any legal prooeedirrg (exduding an action to tondose thu mortgage or to collect the debt hereby secured). involving th4 mortgage or the premise: described herein (including but not H limited to the title to the lands described above), second party may also recover of first poly all costs and expenses ressonably incurred by the mortgagee, induding a reasonable attorney's Eee, which costs, expenses and attorney's foe when u pad by second putt' shall become a part of the debt secured hereby and shall be immediately payable upon demand, and shall draw interest from the date of advance by seovad putt' unW paid at the highest rate provided in any note or other instrument second hereby. ! 11(b). in the event said debt, or any part thereof, is established by or in any acticxt for fondown of this mortgage, second party may also recover of first party, in addition to the said debt or so much thereof u shall be unpaid, a reasonable fee for the attorney of second putt' for professional services rendered in such action, such fee to be inoorponted in the decree of foredorure in such aMion. 12. First party shall hold and enjoy the said premises until default in payment of any of the installments as provided ~ in said note or other inrtrurnent secured hereby or a beach of any of the covenants or conditions of said note or other instrument second hereby or this mortgage shall be made; however, any agent or employee of second party or any person designated by second patty may enter upon :aid premises at any time for the purpose of inspecting same or for aey other purposes desired by second poly. • 13. All amounts that may hereafter be awuded for condemnation of, and waste and tortiow injury to, any of the property hereby encumbered zee herby assigned and shall be payable unto second puty for appliation, after payment therefrom of attorney's fees and expenses incurred by fast party and by second poly in connection thenwiW, on such part I~ of the indebtedness scoured hereby as second party may determine, with no duty on second putt' to collect same. - II 14. First party agrees ss a condition hereof that all obligatiorts, sssigr?ments, releases of real property and/or personal liability, reamo*tizati~s, rsneorals, dsferrnents, exisrr±eionr !x any other agreement, in writing, made by any core nt mars of the pantie: herein designated as fast poly with second party zee hereby authorized and consented to by all polies herein designated as fast party and shall extend- to and be binding upon the heirs, executors, administrators, ruccesaors and assigns ii of all the parties herein designated ss fast party. ii 15. Firt party agrees as a condition hereof that if a conveyance, lease or other disposition should be made j~ voluntarily by first-party (or by any one or more of the parties designated herein as lust party) of any title or interest in and to the real property described above, or aqy part thereof, without the written consent of the lawful holder of this mortgage, or if sorb title of interest of first party (o[ of any one or more of the polies designated herein as lust puty) k involuntarily ji conveyed or ttand'etted as the result of foredosure of a junior lien or is roquired under court order or decree as the result of litigation (conveyance or ttarrst'er of title or interest resulting from death of fast party, or any of the fast parties, 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 first putt', all sums of money secured hereby shall become due and payable and in default immediately and ooncurnntly with ruch conveyance, transfer, lease or other disposition, whether the same zee so due and payable and.in default by the specific terms hereof or not. i; 16. Second puty shall 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 party, its sucussors and assigns, and fast putt' hereby agrees to so assign and transfer, any and all rents, profits. royalties, income or other consideration to be paid or accruing to fast party from any or7, natural gas, mineral, timber, leasehold of other interest of any kind and nature whatsoever, derived from, oonnected-with or affecting the within descrrbed real property but not otherwise wbject to, conveyed and/or secured by this mortgage, with the right of, but no duty upon, second party, its ruccessors or assigns, to collect same. 17. First party will comply with all the terms and conditions of any irutrument heretofore or hereafter executed by fast party in connection with the loan(s) secured by this mortgage. ~ ~ 18. A default under this instrument or under any other instrument heretofore or hereafter executed by first { 'I party to second party shall at the option of second party constitute a default under any one or more or all instnrments executed by first party to second party. !9. If first party (or either of them, if more than one), his heirs, successors or assigns, or any assurrter of the I ~ indebtedness hereby secured, fsles a petition in voluntary bankruptcy, for receivership, for corporate reorganization, or for other debtor relief of any chuacter or kind, or is adjudged a bankrupt, then and in the event, and at the option of the second party, its successor and assigns, the second party, without notice to the fast party, shall have-the right to declare all rums of ! money secured hereby immediately due and payable and in default whether the same zee so due and payable and in default by the ~ecific terror hereof or not. 20. This instrument is wbject to the Fum Credit Act of 1971 and all acts amendatory thereof and rupplementary thereto, and regulations isrued thereunder. All rights, powers, privileges, options and remedies conferred upon and given to second party are cumulative of all other remedies and rights allowed by law, and may be pursued concurrently, and shall extend to and may be exercised and enjoyed by the ruccessors and assigns of second party, and by any agent, officer, attorney or representative of second putt', its ruccessors or assigns. All obligations of, and assignments by, fast party herein and hereunder shall extend to and be binding upon the heirs, executors, administrators, successors, and assigns of first party. 1N WI'INFSS WHEREOF, fiat party has hereunto set his hand and seal (and if fast putt' is or indudes a ' corporation, it has cauxd this instrument to be executed, sealed by its corporate seal and delivered by its duly authorized omcers), this the day and year lust above vyritten. i ' • i ~ i Signed, Sealed and Delivered - . Davis Enterprise, Inc. ~'".S~~r /,/]/fit the presence of: - ~ ' .y • ~ < oe d s, .rest en , . = .a. ~ i ~ ~ > ~ ? . ~ Joe Se reran ~s:~'i " " r - - ~ (sE~?i) (BRAE) P1Vf~ •