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HomeMy WebLinkAbout1033 f6) To use the loen eviaenced by the note solely fw purposes autAorized by the Government. (7) To pay when due all taxes, liens, judgmeats, encumbtances. ~nd assessmeats lawfully attaching to or assessed against the prope~ty and promptly deliver to the Grnerpaient withput demend receipts evideocing such payments. (81 To keep the property insured as required by and under insurance policies approved by, delivered to, and retained by the GovernmeM. (9) To maintain improvements in good repair and make repairs required by the Govemment; operate the property in a good and husbandmanlike manner; comply with such farm conservatioo practices and farm and home management plans as thz Government trom time to time may prescribe; and not to abandon the propeRy. or cause or permi~waste, lesseningor impeirment of the security covered hereby, or, without the written consent~ot the~Govctn~ient. cut, temove. or lease any timber, gtavel~ oil, gas, coal, or other minerals except as may be necessary tot ordiaary domestic purposes. (10) To comply with al! laws. ordinances, and regulatiais affecting the property. (ll) To pay or reimburse the Govemment for expenses reasonably ntressary or incidental to the protection of the lien and p~iority hereof and to the en[orcement ot a the compliance with the provisiais hereof and of the note and any supple- mentary agreement (whether befae or atter default), including but not limited to costs of evidence ot title to and survey of the properiy, costs of recording this and other instruments, att«neys' fees. trustees' tees. court costs. and expenses of advertising, selling, and com•eying the property. (l2) Neither the Qroperty nor any portion thereot a interest therein skall be leased, assigned, sold, transfened. or encueibered, voluntarily a otherwise, wilhout the wiitten consent oE the Government. The Government shell have the sole and exclusive rights as morlgagee hereunder, including but not limited to the power.to gFant co~ents, partial releases, subordinations, and satisfaction, and no insured lender shali have any rigM, title or interest in or to the lie~ or any benefits hered. . ' (13) At all reasonable times the Government and its agents may inspect the property to ascertain whether the cwenants and agreements contained herein or in any supplementary agreement are being per[ormed. (14) The G~~~•ernment mac extend and defer the r.wtunty of and n•new and rramunite the drbt e~L ~drn~ F~n b~ th~• nute ur :,m indebtedness to the Gove~nment secured 'nereb}•, rele3se trum l~abil~h to Ihe Go~~ernmcmt an; p:+rt~ .t~ ;:<:bt~• therrun, rel~~asc• pcrtions o( the ~xopert}• Erom and subocdinate the tien herE~of, and ~aai~e an~~ uthe: r~ghts heteundei, without .,f[rctmR thc lien I or pnuritY hereof or the itab~l~ty to the Go~~ernment of Bnrrou•er cx an~ othe~ p:~r1y fur payment o( th~• n.~tf~ c;r ~ndebtedncss ~ ~ecured hereb~ except a~ spec•~(icni bti the Go~~ernmc•nt ~n trYrt~ng. I (15) If at am time it shall appear to th~• i;~~~emment that fiurrower Tac ht• able to obtain a loan from a produc•t3on cnN1~t ~ assa-iation, a F~derai land bank, ot other rrsponsible ct~perati~~ or pnc.+le cred~t ce~urce, at reasun:~bie rale~~ and trrm, for i j loans (or s~m~lar putposa•s and period~ uf h~e, l3atrowrr w~ili, upun Ihe Gucernment's crquest, apply fur artd accept such luan 4 in su[ticient amuunt tu pas the notr and an~ ~ndebtednt~s secured herebt and ta p~Y for an~• stcx~k neces~an• tu hE• purchased C ~n a cooperat~~•e lending agrnc} ~n ~•onnection w~th such loan. E (16) Uefault hereur?dct shall cunstitute default under am•~~oiher rcal e~tate, ar under an} pe•rsunal properh or other, ~ securtty ~nsUument held or insured by the Gov~•rnment and executed ur a~~u~t~~1 bt B~xrower. .~nd default ander an~ such ~ other securit~ instrument shail constitute detaull hercunder_ (17) SHOULD DEFAULT occur in the per[ormance or discharge of any obltigat~on secured by th~s instrument, u~ should any one of the perties namedas Borrower die or be declared an incompetent, a dankrupt, or an insolvent, or make an as~ign- ment for the benefit ot creditors, the Go~ernment, at its option, with or withaut notice, may: (a) declare the entue a~ount unQaid undet the note and any indebtedness to the ~overnment hereby secured immediately due and payable, (b) for the account ~ of Borrower incur and pay reasonable expenses [or tepair or ma~ntenance of and take possession o(, operate or rent the property, (c) upon application by it and production of this instrument, without other evidence and without notice of hearing ot ~ said apQlication, have a recerver appointed fot the propert_y, with the usual puwers of receivers in like cases. (~i} foreciose ; this inshument as ptovtded herein or by law, and (e) enf~rce any and alt other rights aad remedies ~?rovided here~n or by ' piesent or future law. r !18) 1'he proceeds of foreclosuce sale shall be applied in the foilowing ordec to the payment of: (a) costs and expenses ~ incident to entorcing o: complying with the provisions hereof, (b) any pnor I~ens required by law w a competent court to be so ~ paid, (c) the debt evidenced by the note and all indebtedness to the Government secured he~eby, (d) infenar ;iens at record requued by law or a competent court to be so paid, (e) at the Government's option, any othet indebtedness o( Borrower owin6 to ar insured by the Govesnment, and (n any balance to Borrower. At foreclosure or other sale of a11 or any part o( the pro- `9 perty, the Government and its agents may bid and purchase as a stranger and may pay the Government'ti ,hare oi ?he purchase ~ price by ctediting such amount on aoy debts of Borrowec owing to or ~nsured by the Government, in the order prescribed above. ;s (191 As aga~nst the debt e~~idenced 5y the note and an~• ~ndebtedness to the Guvc•rament hrreby secured, uith respeet to ~ the property. Borrower ~a} hereb} relinquishes, •~ai~es, and conveys ali nghts, inthuate irr cvnsummatt•, ~~i ~fescent, dou~Pr, curtesy, homestead, vaiuation, appraisal, and exempt~on, to w•h~ch Borrow~er is ur brcomes entitled under the taws and ~ conslitution o( the ~unsdution where the property hes, and (b) hereb~~ agrees that an~~ nKht proc~drd b~~ such law•s or - constitution for redemption or possession follow~ng [oreclosure sale shall not apply, and that no :~~ht o( redempt~on or ~ possess~on shall exist a(ter toreclosure sale. ~20) Th~s i~strument shall be subject to the present regulahons of the Farmers Nume Admi+~~strat?on, and to its future regulations not incons~stent with the express provisivns hereo(. ~211 Notices given hereundcr shali be sent by certi(ied mail, unless otherwise reyuired b1~ law, addressed, unless and ~ unhl some other address is des?grated in a notice so g~cen, in the case of the Go~•ernment to Farmers Home Administration, ~ Un~led States Department o( Agnrulture, at Gatnes~l:le, Fl~rida 32601, and in the case ot Borrow~er ro h~m at his post ofiice address stated aboL~e. ~ ;R ~ 2U5 ~ :~:r 1033 ~ g; ~ ~ ' s , _ ~ . ~ ~ .