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HomeMy WebLinkAbout1232 it r I TO HAVE AND TO HOLD, the said property, together with all and singulu the rights, members, hereditaments, and appurtenances thereunto belonging or in any wise appertainin ,unto second party, its successors and assign:, in fee simple forever; and first party hereby binds himself (itsel ,his (its heirs, executors, administrators, wccessors and-assigns, to warrant and forever defend said property unto secon~ party, its successors and assigns, from and against fast poly, the heirs, ~ executors, adnnistrators, successors and assigns of fast 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 if first party shall pay, or ease to be paid, unto second party, its successors or assigns the total indebtedneu secwed hereby, i whether evidenced by note first above deuribed, futwe advance notes, or otherwise, with interest thereon as aforesaid, and ~ shall perform all terms, conditions, and rnvenants according 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 first puty to second party, and comply with all the provisions of the Firm Credit Act of 1971 and all amendments thereto, and with the regulations isuded and that may be isuded by the Farm Credit Administration, all of which j zee hereby made a part hereof, then this mortgage shall cease, determine, and be utterly null and void; otherwise it :hall remain in full force and effect. I~ FOR THE CONSIDERATION AFORESAID, first party covenants as follows: ~I 1. First party is lawfully scrod of said property in fee simple and has a perfect right to convey same; there are no ~ encumbrances or Gens whatsoever on said property except this mortgage. 2. This mortgage shall also secure any future advances made by second party, at its option, to Fust poly, or one or more or al! of them, as may be made during the time suthoriud by law for wch advance, PROVIDED THAT THE ~i MAXIMUM AMOUNT SECURED HEREBY SHALL NOT AT ANY ONE TIME EXCEED THE PRINCIPAL SUM OF 'j t 900, 000.00 .Plus interest thereon, and any disbwsements made for the payment of taxes, levies or insurance on the property covered by the Gen of this mortgage, with interest on wch diabursementa. U the Brent of such advance, the amount thereof shall be added to the mortgage debt. i 3. It is fwther understood and ageed by all parties hereto that the execution by fast poly and the acceptance by second putt' of any notes, renewal notes or other instruments, or the ageement by second putt' to any reamortirations, 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 me or rates remain the same i and/or time for payment is thereby extended or kssened), and shall not discharge the lien of this mortgtge 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 shall remain unancelled and in possession of second party its wecesson and assigns, until the total indebtedness hereby secured is paid in full. 4. First putt' will inwre and keep insured as may be required by second puty from time to time all Bove: 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 awalty, and all buildings now on said property, and all buildings which may hereafter be erected thereon, against loo or damage by foe, hail, windstorm, and/or other casualty, in wch 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 inswance with mortgagee clause attached thereto satisfactory to second putt', and will promptly pay when due all premiums for such inswance. If any Bowe or orchud shall be destroyed or damaged by fire, windstorm, har7, frost, freeze, 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 put of the indebtedness secured by this instrument as second party may in its sok discretion determine. If any building on said property so inwred shall be j destroyed or damaged, the amount received in settkmnt 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, wbject to the regulations iuued a that may be issued under the Farm 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 as second puty, in its sole discretion, may determine. S. First party will pay, when due and payable, all taxes, asseaarnents 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 terrace=, buildings, groves, orchuds, fences, fixtures, 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 of othetwise, and will riot permit the char in' or emo r valthereof "ll ge, fury , wl not commit or permit waste on said land, and will not, ex t with the written consent of second party, cut, use or remove, or permit the cutting, use or removal of, any timber or ter es on said land for 's ~ sawmill, turpentine or other uses or purposes, except for firewood and other ordinary fum pwposes. First party will also i preserve and keep in good order and condition all trees and timber now and hereafter Bowing upon the said property, and will at all times protect the trees and timber against loss or damage by foe, 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 orchud trees now on said property or Hereafter planted thereon, and will protect the Bove: and ore~arda against loss or damage by fire by making and maintaining proper firebreaks on and wound said property, and by keeping undergowth 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 party, in its sole discretion, may desire. The cost of wch appraisal: shall be-paid by first poly 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 instrufient and of any other instrument evidencing indebtedness secured hereby. If fast party fails to comply with any covenant, condition or ageement in this instrument, or in said note, or in any reamortiution, renewal, deferment, extension ageement or other instrument evidencing any i r indebtedness secured hereby, second party may, at its option, exercise any one or more of the following rights, powers, , privileges and remedies: s is (a) Perform any one or more of the covenants of first party in this instrument, in above rested note, or in any r ~ other instrument evidencing any indebtedness secwed hereby, and all sums advanced by second party in doing so shall be due and payable by fiat party to second party immediately without notice, and shall be secured by this instrument, and shall bear interest from the date of advance by second patty at the highest rate provided in any note or other irutrument secured hereby. (b) Declare all amounts secured by this instrument immediately due and payable without notice. (c) Proceed immediately to foreclose this mortgage, and purwe wch other remedies as may be authorized by law. ~f 9. As further secwity for the payment of the note herein described and any other instrument evidencing indebtedness secured hereby and for the performance of all the terms, conditions, and covenants of said note, said other instruments and of this mortgage, lust party hereby transfers, assign, and sets over to second party all of the crops sown or X331 p~Ei~~32