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HomeMy WebLinkAbout0873 . • i I' I I. ~ t i i TO HAVE AND TO HOLD. the said property, together with aU and singular the rights. nkmbers, hereditaments, and j appurtenances thereunto belonging or in any wise appertainin , wto sernnd poly, its successors and assigns, in fee simple forever; and first party hereby binds himself (itself), his (its heirs, executors. administrators, successors and assigns, to warrant and forever defend said property unto second party, its successors and assigns. from and against first poly, the heirs, i ~ executors, adnunistrators, successors and auigns of first party and all other persons whensoever lawfully calming or to claim l) the sanx or any part thereof. ! PROVIDED ALWAYS, NEVERTHELESS, and it is the true intent and meaning of the patties to these presents, that if first party shall pay, or cause to be paid, wto second party, its successors or assigns the total indebtedness secured hereby, whether evidenced by note first above described, future advance notes, 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 in:trument hereinafter referred to, and this mortgage and any othei instrunxnt securing note first above described or other instrument evidencing indebtedness of first poly to second poly, and comply with all the provisions of the Farm Credit Act of-1991 and all ii amendments thereto, and with the regulations issued and that maybe issued by the Fatm Credit Administration, all of which zee hereby made' a put hereof, then this mortgage shall cease, determine, and be utterly null and void; otherwise it shall remain in full force and effect. FOR THE CONSIDERATION AFORESAID, fast party covenants as tollows: ji 1. First party is lawfully seized of said properly 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 fsturc advances made by second party, at its option, to fusf poly, or one or i more or all of them, as may be made during the time authorized by law for such advance, PROVIDED THAT THE ~ ~ MAXIMUM AMOUNT SECURED HEREBY SHALL NOT AT ANY ONE TIME EXCEED THE PRINCIPAL SUM OF j S 2,200,000 ,plus interest thereon, and any disbursements mide for the payment of taxes, levies or insurance on the rio~zty ~1~r:~ bl the lien of this mortgage, ~vsih iattrest an ssch disti~rner!!er!ts. In t_he sYtnl of s~~Ch 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 fast party and the acceptance by second party of any notes, renewal notes or other instruments, or the agreement by second party to any roamortizations, 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 terrrrs, the interest rate or rates remain the same and/or time for payment is thereby extended or lessened), and shall not discharge the lien of this mortgage which is to remain in full force and effect until the total indebtedness secured hereby has been paid in full. All notes or other instruments Contemplated herein slraU remain uncancelled and in pcuseuion of second puty,its successors and assigns, wtU the total indebtedneu hereby secwed is paid in full. 4. Fast poly will insure and kcep insured as may be required by second poly from tune to time all groves and orchards now on said property or that may hereafter be thereon against loss or damage by foe, windriorm, hail, frost, fretu, 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 fue, hail, windstorm, and/or other casualty, in such form, such amounts, and in such company or companies as shall be satisfactory to second poly, the loss, if any, to be payable to second party as its interest may appeu at the time of the loss. First party will deliver to second party the policy or policies of insurancx 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 foe, windstorm, har7, frost, freeze, and/or other casualty, the amowt received in settlement of the loss or damage may be applied at the option of second party on such part of the indebtedness secured by 1 this instrument as second poly 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 loss or damage may be applied at the option of foal party to the reconstruction or repair of the buildings so destroyed or damaged, subject to the regulations issued or that may be iswed wder the Fum 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 u second puty, in its sole discretion, may determine. 5. First party will pay, when due and payable, all taxes, assess<rrents and other chuges that may be levied or ( assessed against said property, and all judgments and all other amowts that may be or become a lien thereon. 6. First party will keep in good order and condition, preserve, and repair, rebuild and restore cell terraces, buildings, ; groves, orchuds, 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 r 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 cell 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, and will protect the groves and orchards against loss or damage by fue by making and maintaining proper fuebroaka on and wound said property, and by keeping undergrowth cut, to the satisfaction of second poly 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 as second puty, 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 thin instrument 8. Time is of the essence of above recited note, this instrument and of any other instrument evidencing ~ indebtedness secured hereby. If lust 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 ' indebtedneu secured hereby, second party may, at its option, exercise any one or more of the following rights, powers, ~ privileges and remedies: i (a) Perform any one or more of the covenants of first party in this instrument, in above recited note, or in any other instrument evidencing any indebtedness secwed hereby, and cell sums advanced by second party in doing so shall be due and payable by fiat poly to second party immediately without notice, and shall be secured by this 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. s (c) Proceed immediately to foreclose this mortgage, and pursue wch other remedies as may be authorized by law. } 9. As fwther security for the payment of the note heroin described and any other instrument evidencing y indebtedneu secured hereby and for the performance of all the terrrn, conditions, and covenants of said note, said other ii instruments and of this mortgage, first party hereby transfers. assigns, and sets over to second party all of the cxops sown or ~ i~