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Receivership agreement for farm

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Shared by: Cristal O
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Receivership agreement for farm. It is covenanted and agreed by and between _________ and the undersigned creditors of _________, that the creditors will not endeavor to enforce by chancery suit or sale of the property of _________, real or personal, either to satisfy any liens or any liens which may be obtained, until _________[date], after which time any creditor whose name is signed shall have the right to enforce the liens and expose to sale the real and personal property of _________, being in the County of _________, State of _________. In consideration of the indulgence given to me by my creditors, whose names are signed below, I covenant and agree that my creditors shall cause the farm of _________ to be rented out for the year _________ on the best terms and for the best price that they can secure. The rental to be either a cash rent or upon usual one-third terms as they may best determine. It is further agreed by and between all the parties that _________, _________, and _________ are appointed as receivers to rent out the farm of _________ for the year _________, for either the usual share rent or for a proper rent and that they be further authorized to collect all rents due and when collected to pay the taxes for the year _________, and the balance to be paid to the lien creditors of _________, according to the priorities, excepting that _________ shall receive no part. This agreement is not to be effective unless all the creditors of _________ come into and are parties to it.

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