79000662 - Laserfiche WebLink

Browse

z-.~a`i~~i~;~ xIDER attached to and part of M{~'6AIG£ for S 130,000.00 Gated February 5, 1979 ~y ____ Ken~th Lee Scheel and Sandra Scheel, husband and wife ___ ?o ?HE PRlIOFM?QL INS:!P.31Mrr r0,wogryy nF eMERi~.~., „Mew •?ersey ,.orparatic^, MQR?6kuEE. Additional Covenants: In the event Mortgagor, without the prior written consent of Mortgagee, shall mortgage or otherwise encumber the aortgaged premises, or ar-y part thereof or any interest herein, whether voluntarily or involuntarily, the Mire balance of the indebtedness secured hereby shall becaee and be immediately due and payable at the option of Mortgagee: provided. however, that Mortgagor m!y mort~ge or encu~er the premises, or any part thereof or any interest therein. where such imortgage or encurabrara;e is granted to an institutional lender as collateral security for crop production and/or farm operation loans made for the b~efi t of the mortgaged preati ses . In event of sale or transfer of all or any part of the mortgaged pre>•ises, whether try operation of taw or otherwise, without the prior written consent of Mortgagee, the entire balance of the indebtedness secured hereby shall, at the option of Mortgagee, become and be immediately due and payable. If Mortgagor or any co-signer ar guarantor of the rrote secured hereby shall file, or there be filed against any such party, a petition in bankruptcy ar insolvency or for other similar relief under the bankruptcy taws of the United States or under any other applicable Federal, state er other statute or ',aw, or a receiver, trustee er liquidator shall have been appointed with respect to such party, then in any such event Mortgagee shall have the right, at its option, witi~ut giving prior !Mice to Mortgagor and without liability of any kiM ;stun Mort~;ee, *.o A`srlare ±he principal of the no±e hereby secured and the^ oatstarwting to be due arni payable immediately; and u,~on such declaration the said principal, sa declared due and aavable, tooether with the interest aecrued them, ar±~d to3ether with any other s~sms sxur~d thereby; shalt became and be due and payal5te immeaiateiy, anything in this mortgage or in said note a the .-_pa'_.=wry '.twit..--- -.ng. Mortgagor hereby waives any right Lo require that the real estate mortgaged hereby be sold as separate tracts or units in event of foreclosure hereof. hereby authorizing and empowering Mortgagee in such event to sell the mortgaged premises in one tract or otherwise, at its option, anyth?ng in this mortgage to the contrary notwiihstanaing. The farm loan secured hereby is to be disbursed in two draws as follows, with interest payable on each Araw from date of disbursemrent. First draw of $150,000.00 upon execution of this mortgage and the note secured hereby and retarding of this mortgage as a first lien cf record. Second draw of 540,000.00 upon cosApletion of irrigation development free and clear of all Mechanics' Liens to the satisfaction of Mortgagee, within six months from date of initial disburse- wm)t: if eet disbursed. the loan secured twrrwbv shalt oe reduced to ~150,08t1.U0. NCP 32 iG- E05 I]