14 06 DEED OF TRUST (CROP LOANS)

• Jurisdiction: Arkansas
• Library: Arkansas Form Book - Complete (2023 Ed.)

14-06 DEED OF TRUST (CROP LOANS)

DEED OF TRUST

KNOW ALL BY THESE PRESENTS:

(1) That [mortgagor name/s] ("Mortgagor," whether one or more), for a valuable consideration, do[es] hereby grant, bargain, sell, convey and deliver unto [trustee name], as Trustee for [mortgagor bank name] BANK, a [state chartered] bank domiciled in [county] County, Arkansas ("Mortgagee"), [mortgagee address] and unto [his/her] successors and assigns, the following-described property:

[legal description]

This Deed of Trust also conveys all buildings and improvements now or at any time hereafter located on the land together with all of the following equipment now or at any time hereafter located in any such structures regardless of method of annexation or removability, viz: All electrical equipment (including lighting equipment, refrigeration equipment, ceiling fans, attic and window fans, motors and all other electrical paraphernalia) except items attached merely by plugging in wall sockets; all furnaces (including floor furnaces), heaters, radiators and all other plumbing equipment; all screens, awnings, and window shades; all linoleum and other permanent floor coverings; and all engines and elevators.

(2) TO HAVE AND TO HOLD the same unto Trustee, [his/her] successors and assigns forever.

(3) And Mortgagor covenants with Trustee and Mortgagee, and their successors and assigns, that Mortgagor will forever warrant and defend the title to all the property against all lawful claims whatever.

(4) PROVIDED, however, the foregoing conveyance is given as a Mortgage for the purpose of securing:

The payment of [a/number of notes] Promissory Note(s), hereinafter called "the original mortgage note(s)," of even date herewith, and all successive extensions and renewals of the indebtedness represented thereby, evidencing a principal indebtedness of $[debt amount], executed by Mortgagor payable to the order of Mortgagee, such note(s) bearing interest from date until maturity at the rate recited in such note(s) and after maturity (meaning either normal maturity or maturity created by acceleration) at 10% per annum, such note(s) being payable as to principal and interest as follows: [insert payment details].

(5) The indebtedness represented by the foregoing note(s) is the "primary indebtedness" of Mortgagor to Mortgagee and it is the express understanding and agreement of the parties hereto that the purpose or purposes for which this primary indebtedness has been incurred whether or not the proceeds therefrom are actually used therefor and the lien of this mortgage shall extend to and include the making and producing by Mortgagor of cotton, soybeans, rice, wheat and other crops and also other agricultural products including but not limited to the producing, marketing, harvesting, preserving, drying, processing, packing, ginning, storing, transportation, handling and utilization of any agricultural or forestry products heretofore and hereafter made and, also, for the purchase, exchange and maintenance of all tractors, farm implements, machinery, tools and equipment, the conducting of all phases of farming operations, purchasing real estate and/or any interest therein, purchasing any personal property or any interest therein, clearing and improving land, payment of federal, state, county, city and all other...