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HomeMy WebLinkAbout0700 ( (a) To keep t6e pmpectr i~ured as required by and unde~ inwrance pol~cies approved by~ deli d to, and re~,si~d ; by cl~e Go.ernmen~. - ~ _ ~ (9) To maintun improvements ia~good rcpair and make repairs ~equired by the Gorernment; operate t~e prop~crty~in a~ ' good and husbandmanlike manner; comply with such fum consenation pnctices and farm and home management plans u the Government from wse to tirae ma prescribe; and not to abandon the property, or uuse or pecmit waste, lessening or impairment of the security co~ered ~ereby, or, without the writtea consent of the Gove~nme~t, cut, remove, or lease any cimber, gravel, oil, gu, coal, cx ot6er minerals e:cept u may be neces:ary for ordinary domatic purposes. (10) To compi~r witlr all laws, ordinaaces, and regulatio~u affecting t6e property. (il) To pay or reimburss the Gorernment for expenses rasonably neceuary or incidental to the protettion of the lien aad priority hereof and to the enforcement of or the compliance with the provisions heroof and of the note and any supple- menury ag~eemeat (whethe~ befoce or after default), including but not limited to costs of evidence of title to and survey of ' the property, coats of recording this and other instruments, attorneys' fees, trustees' fea, eourt costs, and eapensts of advertising, selling, and conveying the property. (12) Neither the property nor any po~tion thereoC or interest therein shali be leued, auigned, sold, transferred, or encumbeced, voluntarily or otherwise, without the written consent of the Government. The Government shall have the sok and exclusive righu as rnortgagee hereunder, including but not limited to the power to grant consents, Qartial releases, subordinations, and satisfaction, and no insured holder shall have any right, title or interest in or to the lien or any benefits hereo£ (13j At all reasoaable rima the Government and its agents may inspect the property to ascertain whether the covenants and agreements contained herein or in any supplementary agreement are being performed. ~ (14) 11?e Government may extend and defer the maturity of and ~enew and reamortize the debt evidenced by the note or any indebtedness to the Governmeat secured hereby, releax from liability to the Government any party so liable thereon, release porrions of the prope~ty from and subordinue the liea hereof, and waive any other rights hereunder, without aEfecting the lien or priority hueof or the liability to the Government of Bonower or any other party for payment of the note or indebtednas secured hereby e:ceQt as speci&ed by the Govanment in writing. . ' (15) If at any time it shall appeu to the Government that Bonower may be able to obtain a loan from a production_credit associarion, a Fedenl land bank, or other responsible coopecative or private credit source, at reasonable rat4s :nd terms for ' ~ loans for similar purposes and periods of time, Bonower will, upon the Governmen~'s request, apply foratrd•iccept such lo3a ~ ~ in sufficient amount to pay the note and anq indebtedness secured hereby and to pay for any stock necessary to be pu~c~ia`sed ~ in a cooperative lending agency in connection with such loan. ' ~ (16) befault hereunder shail constitute default under any: other real estate, or under any personal propejt~ .or other, ~ security instrument held or insured by the Government and executed or assumed by Bonower, and default under any such other security instrument shall constitute defaolt hereunder. ~ (17) SHOULD DEFAULT otcur in the perEotmance or dischuge of any obligation in this instrument or secured by this ~ instrument, or'should an~ one o~tho-Parties named as Borrower die or be declared an incompetent, a bankrupt, or an insolvent, or make an assignment for the henefit of creditors, the Government, at its option, with or without notice, may: (a) declare the ent'ue amount unpaid under the note and. aay indebtedness to the Government hereby secured immediately due and payable, (b) for the account of Borrower iacur and pay reasonablb expenses for repair or maintenance of and uke possession of, opente or rent the property, c) upon application by it and production of this instrument, without other evidence and without notice - of hearing o~id app~cation, have a receiver appointed for the prope~ty, with the usual powers of receivers in like casa, (d) fflreclose thu instrument u provided herein or by law, and (e) enforce any and all other rights and remedies provided herein or by present or future law. (18) The proceeds of foreclosure sale shall be applied in the following order to the payment of: (a) costs and e:penses incident to enforcing or complying with the Qrovisions hereof, (b) any prior liens required by law or a competent court to be so paid, (c~ the debt evidenced by the note and all indebtedness to the Government secured hereby, (d) inferior liens of record require by law or a competent court to be so paid, (e} at the Government's option, any other indebtedness of E3orrower owing to or insured by the Government, and (f) any balance to Borrower. At foreclosure or other sale of aq or any put of the property, the Government and its agents may bid and purchase as a stranger and may pay the Government's share of the ~ purchase price by crediting such amount on any debts of Bonower owing to or insured by the Government, in the order ~ prescribed above. ~ (19) Borrower agrees that the Government will 'not be bound by any present or future laws, (a) providing for valuation, ~ appraisal, homestead,or exemption of the property, (b) prohibiting muntenance ot` an action for a deficiency judgment or limiting the amount thereof or the time within which such action must be brought, (c) prescribing any other statute of ~ limitations, (d) allowing any right of redemption or poueuion following any foreclosure sale, or (e) limiting the conditions which the Government may by regulation impose, including the interest rate it may charge, u a condition of approving a ~ transfer of the property to a new Bonower. Bonower e:Pressly waives the benefit of any such State laws. Borrower hereby relinquuhes. waives, and conveys all rights, inchoate or consummate, of descent, dower, and curtesy. ~ (20) If any part of she loan Eor which this instrument is given shall be used to finance the purchase, construction or rcpair of property to be used u an owner-occupied dwelling (herein called "the dwelling") and if Bonower intends to sell or ~ rcnt the dwelling and has obuined the Government's consent to do w(a) neither Borrower nor anyone authorized to act for him, will, after receipt of a bona. Gde offer, refuse to negotiate for the sale or rental of the dwelling or will ot6erwise make unavailable or deny the dwelling to anyone because of race, color, religion, sex, or national origin, -and (b) Borrower recogn izex u ilkgal and hereby disclaims, and wil) not comply with or attempt to enforce any restrictive covenants on the dwell'ing relating to race, color, religion, xx, or national origin. (21) This instrument shaq be subject to the present regulations of the Farmers Hom~ Administration, and to its future agulations not incon~stent vrith the espress provisions hereof. ' b00K~V0 PAGE 69Q . _ _~:r~: