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HomeMy WebLinkAbout2651 • . ~ ~I , i ~ i ! • i i. TO HAVE AND TO HOLD, the said property, together with cell and singulu the rights, member, hereditament:, and appurtenances thereunto belonging or in any wise appertainin ,unto second party, its successors and assigns, in fee situp e ' forever; and fast party hereby binds himself (itulf), his (its heirs, executors, administrator, successor and assigns, to warrant and forever defend said property unto second party, its successors and assigns, from and against lint party, the heir, e; ecutors, administrators, successors and assigns of first party and all other persons whomsoever lawfully claiming or to claim !ii the same or any part thereof. PROVIDED ALWAYS, NEVERTHELESS, and it is the true intent and meaning of the parties to these presents, that if first party shall pay, or cease to be paid, unto second party, its suece~rs or assigns the total indebtedness secured hereby, whether evidenced by pate firn above described, future advance notes, or otherwise, with interest thereon as aforesaid, and t ij shall perform all terms, conditions. and covenants acrnrding to the true intent of said note, any other instrument hereinafter ~ referred to, and this mortgage and any other instrument securing note first above described or other instrument evidencing indebtedness of fiat putt' to second putt', and comply with all the provisions of the Farm Credit Act of 1971 and all amendments thereto, and with the regulations isrued and that maybe issued by the Farm Credit Administration, all of which are 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, Grst party covenants as follows: 1. Firt party is lawfully seized of said property in fee simple and has a perfect right to convey ume; there are no encumbrances or liens whatsoever on said property except this mortgage. - li 2. This mortgage shall also secure any future advances made by second poly, at its•option, to fast poly, or one or more or all of them, u 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 S 400, 000.00 ,plus interest thereon, and any disbursements made fot the payment of taxes, levies or insurance on the property covered by the Gen of this mortgage, with interest an such disbwsementa. In the evtnt of rush advance. the amount ' thereof shall be added to the mortgage debt. ~ 3. It is further understood and agreed by all polies 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 poly to any reamortizatior<:, extensions, deferments or other rearrangements as contemplated herein stall not be construed u payment of any indebtedness hereby secured, (whether or not, among other changes in terms, the interest rate or rates remain the same and/or time for payment is thereby extended or lessened), and shall not diuharge the lien of this mortgage which 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 successors and assigns, until the total- indebtedness hereby secured is paid in full. 4. First party will inrure and keep insured as may be required by second poly from time to time all groves and orchards now on said property or that may hereafter be thereon against loo or damage by foe, windstorm, hail, frost, freeze, 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 foe, hail, windstorm, and/or other asualty, in such form, such amounts, and in such company or s companies as shall be satisfactory to sernnd party, the loss, if any, to be payable to second party as its interest may appear at i the time of the loss. First party will deliver to second puty the policy or policies of insurance with mortgagee clause attached thereto satisfactory to second party, and will promptly pay when due all premiums for such insurance. If any grove or orchud shall be destroyed or damaged by foe, windstorm, hail, frost, frceu, 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 indebtedness secured by ~ this instrument as second party may in its sole discretion determine. If any building on said property m insured :lull be k~ destroyed or damaged, the amount received in settlement 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, subject to the regulations issued or that may be issued ~ under the Farm Credit Act of 19? 1 or acts amendatory thereof or supplemental thereto; any portion of the proceeds not w ~ used shall be applied on the debt hereby secured in such manner as second puty, in its.wle discretion, may determine. 5. First party will pay, when due and payable, all taxes, assessments and other charges that may be levied or assessed against said property, and all judgments and all other amounts that may be or become a lien thereon. 6. First party will keep in good order and condition, preserve, and repair, rebuild and restore all terraces, buildings, i groves, orchards, fences, fixtures, shrubbery and other improvements, of every kind and nature, now on said land snd 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 putt', cut, use or remove, or permit the cutting, use or removal of, any timber or trees on acid land for sawmill, turpentine or other uses or purposes, except for fuewood and other ordinary fum purposes. Fiat puty will also preserve and keep in good order and condition all trees and timber now and hereaftet 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 fertilize, cultivate, are 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 fire by making and maintaining proper firebreaks on and around said property, and by keeping undergrowth cut, to the satisfaction of second putt' and second putt' is hereby authorized and empowered to have appraisals of said property made by a Land Bank appraiser, or by other, at such times as second poly, in its sole discretion, may desire. The cost of such appraisals shall be paid by first putt' immediately upon presentation of an itemized statement thereof and 3 shall be secured by this instrument. 8. Time is of the essence of above recited note, this instrument and of any other instrument evidencing ~ indebtedness secured hereby. If fast poly 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 secured hereby, second party may, at its option, exercise ury one or more of the following rights, powers, privileges and remedies: (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 sums advanced by second poly in doing ao shall be due and payable by fiat party to second poly immediately without noticx, and shall be secured by this instrument, and shall bear 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 u may be authorized by law. 9. As further security for the payment of the note herein described and any other instrument evidencing indebtedneu secured hereby and for the performance of all the terms, conditions, and covenants of said note, said other instruments and of this mortgage, fast party hereby trartsfen, assigns. and sets over to second party all of t_h~ er!+ps sown or ~i 'j s' i