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HomeMy WebLinkAbout0090, ' " ` ~ ~ I' ~ V TO HAVE AND TO HOLD, the said property~ together with all and singular the rights. n~embers. hereditaments. and appurten~nces thereunto belonging or in any wiu appertaining. unto second party, its successors and assigns, in fee simple iarever; and Grst party he~eby binds hinuelf (itseln, his (its) heus, executors, adnunistrators~ successors and auigns, to warrant and forever defend said property unto second party, its successors and assigns. f'rom and against fust party~ the heirs, executurs. adnunistrators, successors and assigns of first party and all other persons whomsoever lawfuUy claiming or to claim the samc or any part thcrcof. PROVtpED ALWAYS, NEVERTFIELESS, and it is the true intent and meaning of the pacti~s tu tl~cse ptesents, that if first party shall pay, or cause'to be paid, unto second party, its successors o~ assigns the total indebtedness secured hereby. wl~eiher evidenced by note first above described, future advance notes, or otherwise, with interest theteon as aforesaid. and shall perform all terms, conditions, and covenants according to the true intent of said note. any other instrument hereinafter referred to, and this riw~tgage and any other instrwnent xcuring note first above described or other inst~ument evidencing indebtedness of first party to second party, and comply with all the provisions of the _Fum Ccedil Acl ot 1971 and all amendments thereto. and with thc regulations issued and that may be issued by the Farm Credit Administiation, aU of wl~ic}~ are hereby made a part hereof, then this mortgage shall cease. determine, and be utterly null and wid; otherw~se it shall remain in fup torce and effect. FOR TtiE CONSIDERATIOh AFORESAI~. first party covenants as fo!lows: 1. First party is lawfully seized of said property in fee simple and has a perfect right to rnnvty sacne; ti~c:~ ~re no encumbrances or liens whatsoev~er on said property except this mortgage. 2. This mortgage shall also secure any future advances made by second party, at its o~:~on, t~~ fusr par:y, ~r one or more or gli of them, as rruy be made during ihe time authorized by law for such advance, PRGNiDED TiiAT THE MAX1MUbl AMOUNT SECURED NEREBY SHALL NOT AT ANY ONE TIME EXCEED TH~ PRINCIFAL SUM OF 5100, 000. 00----. P~~ ~nterest thereon, and any disbursements made Cpr the payment of taxes, levies or insuranc: on the property covered by the lien of this mortgage, with interest on such disbursements. In the event of such advan:e, 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 fust paciy and tt~ acc~rana by second party of any notes~ renewal notes or other instruments, or the agreement by seaond partv to ar~y r~am~rtizat:ons, extensions, defernxnts or other rearrangements u contemplated 6erein sFull not be consiriecd u pafinent o; any indebtcdness hereby secured. (whether or not, anx,cg other changes in terms, tl~e in+erest r~te ar ;z:.^.S Il;1!21n titr S81M and/or time for payment is thereby extended or lessened), and shall not discharge the lien uf t~s ~nortsJagG ~xi•icl; is to rer_~ain in tuq force and efiect until the total indebtedness secured hereby has been paid in full. Ai! r~ofes or othei instru~nents contemplated herein slt~ll remain uncancelled and in poueuion of second party,its successors and assigns. until the tutal indebtedness hereby secured is paid in full. 4. First party wi11 insure and keep insured as may be required by aeoond puty [rom t~e t~ tist~ sZt g,roves and orchards now on said property or that may hereafter be therton ag,~inst loss or damage by fire, wincist:,;rr., .`.a'sl. frost, freeu, and/or other casualty, and all buildings now on said property. and all buildings which may hereafter be ~scctttl ,ntteon. against loss or damags by fire~ hail, wiodstorm. and/or other casualty~ in such tocm, wch zmo>>~ts, }~d ;n sucts ~mpany or companies as shal! be satisfactory to sernnd puty. the loss, if any, to be payable to second party a~ its intr.rp,st ma; 3QDC~T•at the time of the loss. First party will deGver to second party the policy or poGcies ot insurance wit~i mur!gage~ ~lausz attached thereto satisfactory to second party, and will promptly pay when due all premiums for wch insutsax. ~f any gr~ve or orchard shall be destroyed or damaged by fue~ windstorm, hail. frost. treeu, and/or other casvaliR, t~ amount reoeived in setttement of the loss or damage may be applied at the option of second party on such put of ~.=:e indebtedness secured by this instrument as seoond party may in its sole discretion determine. lf any building on said property so insured sha11 be destroyed or damaged, the amount received in settlement of the lou or damage may be applied at the option of fust puty to the reconstruction or repair ot the buildings so destroyed or damaged~ subject to the regulations issued or that may be issutd under the Farm Credit Act of 1971 or acis amendatory thereof or supplemental thereto; any portion of the proceeds :tai so used shall be applied on the debt heret,y secured in such manner as second party, in its sole discretion, may detecmin~. 5. First party will pay, when due and payable, all taxes. asseuments and other charges that may be Iaried or assessed ag,ainst said property, and all judgments and all other amounts that may be or become a lien thereon. ~ 6. Firu party will keep in good order and condition, preserre, and repair. rcbuild and restore all terraas, buildings. groves. orchards, 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 fire, windstorm w otherwise, and will not permit the change. injury or remo~ral thereof, wiq not commit or permit waste on said land, and wiU not. except with the written consent of second party. cut, use or remove, or permit the cutting, use or removal of. any timbet or trees on said land for sawmill. turpentine or other uses or purposes, except for frewood and other ordinary fum purposes. Fint party will also preserve and keep in good order and condition all trees and timber now and heteafter growing upon the taid ptoperty, and will at all times protect the trees and timber against loss or damage by fire, all to the satisfaMion of the second party. 7. First party will at all times properly fertilize, cultiirate, are for, and maintain in a productive condition all the grove and orchard trees now on s:~id property or hereafter ptanted thereon. and will protect the goves and otchuds aEainat loss or damage by fire by making and maintaining proper firebreaks on and uound said ptopetty. and by keeping undergrowth cut. to the satisfaction of second party and second party is hereby authoriud and empowered to have appraisals of said property made by a Land Bank appraiser, or by others. at such tiines as second party, in its sole discretion, may desire. The oost of such appraisals shall be paid by first party immediately upon presentation of an itemiud statement thereof and shall be secured by this inswment. 8. Time is of the essence of a5ove recited note. this instrumer.t and of any other instrument evidencing indebtedneu secured hereby. If fust party fails to comply with any oovenant. condition or agceement in this instrument, or in said note, or in any reamortization. renewal, deferment. extension agreement or other instrument evidencing u-y indebtedness secured hereby, second p~rty may, at its option. exercise any one or more of the following rights. powers, privileges and remedies: (a) Perform any one or more of the covenants of fint party in this instrument, in above recited note~ or in any other instrument evidencing any indebtedneu secured here~y, and all sums advanad by second party in doing w shall be du- and payable by first party to second puty immediately without notia. and shaU 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) Declare all amounts secured by this instrument immediately due and payable without notice. (c) Proceed immediately to foreclose this mortgage. and pursue wch other remedies as may be authoriud by taw. 9. As further security for the payment of the note herein described and any othar instrument evidencing indebtedneu secured hereby and [or the performance of all the terms, conditions, and covenants of said note, said other instruments and of this moctgage. first p~rty hereby transfers~ assigns~ and sett over to seoond ~suty all of the crops sown or 6~f ~~ P','t ~ ; 1 - - ..s~ : _ _ ~ `~ . ~ ~,~.-`:;~~ ~~ ~~-~.