HomeMy WebLinkAbout1098
20 chat Mortgagor wdl riot permit any other hens to be fled agarnsl the card premises and d any such hens are Ided. whether paramount or sutwr-
~i,~rate to this mortgage. Mortgagor will have or cause to bs had Bard bens discharged immediately
21 Mortgagee shall have the right to charge Mortgagor's account with Mortgagee for the interest and principal payable as provided rn the promissory
~iiite as such becomes due -n accordance therswrth
22 If the Mortgagee rdquests. Mortgagor hereby covenants and agrees that Mortgagor will furnish the Mortgagee annually Irom the date of this
nuirtgage instrument, unless some other date is agreed to between the patties in writing, a certified audited linancral statement of the Mortgagor and annual
umplete operating statements of Mortgagor tl the Mortgagor's fiscal or calendar year shall not coincide with the date herein specified. then the date which
ire Mortgagee shall specrly shall be controlling Mortgages shall supply Mortgagee with such other Irnancral statements as Mortgagee may from trine to trine
request
23 It is agreed that nothing herern contained nor any transaction related thereto shall be construed or So operate as to require the Mortgagor to pay
interest at a rate greater than it is now lawful in such case to contract tor. or to make any payment Or to do any act contrary to law, that if any clauses or
provisions .herern contarned operate or would prospecUvsly operate to mvahdate this Mortgage or said Note m whole or in part. than. such clauses and
provisions only shall be held for naught. as though not herern contarned. and the remainder of this Mortgage shall remain operative and in full force and effect
24 If all or any part of the mortgaged property shall be damaged or taken through condemnation (whrch term when used in this mortgage shall in-
clude any damage or taking by any governmental authority. and any transfer by private sale in Ireu thereon. either temporarily or permanently. the entire in-
debtedness secured hereby shall at the option of the Mortgagee. become immediately due and payable. The Mortgagee shall be entitled to all compensation
awards. and other payments or relief tnerefor and is hereby authorited, at its option. to Commence. appear in and prosecute. in its own Or the mortgagor's
name. any action or proceeding relating to any condemnation. and to settle or compromise any claim in connection therswrth. Ali such cornpensation.
awards. damages. claims rights of action and proceeds and the right thereto are hereby assigned by the Mortgagor to the Mortgagee. who. after deducting
tnereirom all its expenses. including attorney's fees. may release eny moneys so received by it without affecting the Ireu of this mortgage or may apply the
same in such manner as the Mortgagee shall determine. to the reduction of the sums secured hereby. end to any prepayment charge herein provided. and any
balance of such moneys then remaining shall be paid to the Mortgagor. The Mortgagor agrees to execute such further assit•r merits of any compensations.
awards. damages. claims. rights of action and proceeds as the Mortgagee may require.
25 This mortgage shall be construed as a security agreement under the Florida Unilorm Commercial Code
26 Other provisions
27. Mortgagor hereby grants to Mortgagee, as additional security for the
performance of the terms and conditions of this mortgage and the
payment of the promissory note secured thereby, a security interest
in and a first lien on all existing or presently maturing citrus
crops emanating from the Spring Bloom of 1980, and all subsequent
blooms, and all irrigation and drainage pumps and power units now
situate upon the above described property. Mortgagor shall have
the right to use any such equipment and machinery in the operation
and maintenance of the grove business and shall have the right to
replace the same without the consent of the Mortgagee; provided,
however, the security interest granted hereby shall cover any such
replacement equipment or machinery; and further provided that the
Mortgagor, at all times, shall maintain the equipment and machinery
of comparable type and condition as the equipment and machinery
conveyed by the Mortgagee to the Mortgagor simultaneously with the
execution of this mortgage. The lien on the 1980 crop shall
expire and be released when the principal balance of the
promissory note is $1,000,000.00 or less.
28. In the event this mortgage becomes in default, the Mortgagee shall
have the right to immediately have a receiver appointed for the
purpose of managing the grove located on the subject property
which receivership shall include, but not be limited to, all
caretaking, harvesting and sale of fruit from the grove located
on the subject property. Upon appointment of a receiver pursuant
to this paragraph, the Mortgagor shall immediately deliver possession
of all real property, together with any equipment, machinery,
fe"rtilizer, supplies or other items in connection with the
caretaking and sale of the fruit.
29. For as long as any part of the indebtedness secure by this mortgage
shall remain unpaid, Mortgage shall maintain and care for the
citrus trees and crops located or grown on the mortgaged property,
such maintenance and care to include cultivating, spraying, dusting,
pruning, fertilizing, irrigating and protecting the trees and
crops against damage by freezing and fire, all to be done in a
good and husbandlike manner and in accordance with the standard
methods of citrus grove caretaking generally recognized, accepted
and in use for citrus groves located in the vicinity of the
mortgaged property. -For as long as any part of the indebtedness
secured by this mortgage remains unpaid, Mortgagor shall not hedge
or topwork the citrus trees located upon the mortgaged property
without the prior written consent of Mortgagee.
~Q~3~~ P~f~~