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HomeMy WebLinkAbout0336 + (8) To keep the property insured u rcqu'ued by and under insurance policies approved by, delivered to, and retained by the Go~rernment. (9) To maintain improvements in good repair and make repairs required by the Government; operate the pro~erty in a good and husbandmanlike manner; comply with such fum conservation practices and farm and home management p ans u the Government from time to time may prescribe; and not to abandon the property, or cause or permit waste, lessening or impaicment of the security covered hereby, or, without the written consent of the Government, cut, remove, or lease any rimber, gravel, oil, gas, coal, or other minerals except as may be necessuy for ort~ry ~omatis, ~utposei. (10) To comply with all laws, ordinances, and regulations affecting the propecty. (11) To pay or reimbune the Government for expenses reasonably necessary or incidental to the piotection of the lien and priority hereof and to the enforcement of or the compliance with the provisions hereof and of the note and any supple- mentary agReemcnt (whether before or after defaultj, including but not limited to costs of evidence of title to and survey of the property, costs of recording this and other instruments, attorneys' fees, trustees' fees, court costs, and expenses of advectising, selling, and conveying the property. (12) Neither the property nor any portion thereof or intorest therein shall be leued, usigned, sold, transferred, or encumbered, voluntarily or otherwise, withoc• the written consent of the Government. The Government shall have the sole and exclusive rights u mortgagee hereunde. including but not limited to the power to grant consents, putul releases, subordinations, and satutaction, and no insured 'noider snaii nave any rign~, tiiic vr ~ntcresi ,n u~ iu i.c i:er~ ~r ::.3 .~.er.iu'aS hereof. (13) At all reuonable times the Government and its agents may inspat the property to auertain whether the covenants and agreements contained her.:in or in any supplementary agrcement are being Performed. (14) Tfie Government may excend and defer the maturity of and renew and reamortize the debt evidenced by the note or ~ any indebtedness to the Government secured hereby, releue from liability to the Government any party so liable thereon, j relcase portions of the property from and subordinate the lien hereof, and waive any other rights hereunder, without affecting ; the lien or priority hereof or the liability to the Government of Bonower or any other party for payment of the note or `,t indebtedness secured hereby eacept u specified by the Government in writing. ~ (15) If at any time it shall appear to the Government that Borrower may be able to obuin a loan from a pcoduction credit ~ association, a Fedenl land bank, or other responsible coopecative or printe credit source, at reasonable rates and terms for ~ loans for sunilar purposu and periods of time, Borrower will, upon the Gorernment's request, apply for and accept such loan - ' in sufficient amount to pay the note and any indebtedness secured hereby and to paq for any stock necessary to be parchased ~ in a cooperative lending agency in connection with such loan. " q (16) Default hereunder shall constitute default under any other real estate, or under any personal property or other, ; security instrument held or insured by the Government and executed or assumed by Borrower, and default unda any such other security instrument shall constitute defa~rlt hereunder. ~ (17) SHOULD DEFAULT occur in the performance or discharge of any obligation in this instrument or secured by this ~ ~ instrument, or should any one of the parties named u Bonower die or be declared an incompetent, a bankrupt, or an insolvent, s or make an assignment for the benefit of creditors, the Government, at its option, with or wethout notice, may: (a) declare the entue amount unPaid under the qote and any indebtedneu to the Government hereby secured immediately due and payable, ~ (b) for the account of Borrower incur and Pay reasonable expenses for repa'v or maintenance of and take possession of, operate ~ or rent the Property, (c~ upon application by it and production of this instrument, without other evidence and without noticc ~ of heuing of said aPplication, have a receiver aPpointed for the property, with the usual powers of receivers in like cases, (d) ~ foreclou this instrument as provided herein or by law, and (e) enforce any and all other rig6ts and remediu provided herein ~ ry or by present or future law. , (18) The proceeds oE foredosure sale shall be applied in the following order to the parment of: (a) costs and e:penses - incident to enforcing or complying with the provisions hereof. (b) any prior liens required by law or a competent court to be so % pud, (c) the debt evidenced by the note and all indebtedness to the Government secured hereby, (d) inferior liens of record required by law or a competent court to be so paid, (e) at the Government's option, any other indebtedness of Borrower owing ~ to or insured by the Government, and (f) any balance to Borrower. At foreclosure or other sale of all or aay put of the ' property, the Government and its agents may bid and purchue as a stranger and may pay the Government's share of the _ purchue price by crediting such amount on any debts of Borrower owing to or insured by the Government, in the order :4 preuribed above. :~k (19) Borrower recognizes that, pursuant to Federal law, the Government will not be bound by any present or future laws, - (a) providing for valuation, appraisal, homatrad or e:cmpcion of the property, (b) prohibiting maintenance of an action for a deficiency judgment or limiring the amount thereof or the time within which such action must be brought, (c) prexribing any other sutute of limitations, (d) allowing any right of redemption orpo ssession following any foreclosure sale, or (e) limiting - the conditions which the Government may by regulation impose, including the inteiest rate it may charge, as a condition of ~ approving a transfa of the Property to a new Borrower. Borrower expressly waives the benefit of any such State laws. Borrower hereby relinquishes, waives, and conveys all cights, inchoate or consumrrute, of descent, dower, and curtesy. -f (20) lf any pact of the loan for which this instrument is ~ven shall be used to finance the purchase, construction or repair of property to be used as an owner-occupied dwelling (herein called •`the dwelling") and if Borrower intends to sell or rent the - dwelling and has obtained the Government's conxnt to do so (a) neither Borrower nor anyone authorued to act for him, will, after receipt of a bona fide offer, refuse to negotiate for the sale or rentai of the dwelling or will otherwise make unavailable ':r:~ or deny the dwelling to anyone because of race, color, religion or national origin, and (b) Borrower recognizes u illegal and hereby disclaims, and will not comply with or attempt to enforce any restrictive covenu~ts on dwelling rdating to race, color, x:;- religion. or national origin. (21) This instrument shall be subject to the present regulations of the Fumers Home Administration, and to its future regulations not inconsistent with the expreu provisic~;~s hereof. . - eoox~7 Pac~ ~~5 ; - ~ s _ . . _ . _ _ w~.~~