HomeMy WebLinkAbout0333 8 To kee Lhe ro trt insured as rc uired b and under insurance olicies a roved b delivered to, and retained
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by the Government.
(9) To maintain improvements in good repair and make repain rcquired by the C#ovL~~meQt; operate~thc~property in a
good and husbandmanlike manner; comply with such fum conservation p~actices and farm and home managcment plans as the
Government from cime to time may prescribe: and not to abandon the property, or cause or permit waste, lessening or
impairment of the security covered hereby, or, without the written consent of the Government, cut, remove, or leau any
cimber, gravel, oil, gas, coal, or other minerals except as may be necasary for ordin~ry domutic pu~poses.
(10) To comply with all laws, ordinances, and regulations affecting the p~operty.
(11) To pay or ~eimburse the Government for expenses reasonably necessary or incidental to the protection of the lien
a~ preority hereof and co tlee enforcemenc of or the compliance with the provisions hereof and of the note and any supple-
mentary agreement (whether before or after default), 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 expens~s of
advertising, selling, aad conveying the property.
{12) Neither the propertr nor any portion theteof or interest therein shall be leascd, assigned, sold, transferred, or
encumbered, voluntarily or otherwise, without the written consent of tht Government. The Government shall hive the sole
and exclusive rights as mortgagee hereunder, including but not limited to the power to grant consents, partial releases,
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hereof.
(13) At all reuonable times the Government and its agents may inspect the propetty to ascertain whether the covenants
and agreements contained herein or in any supplementary agreement are bei~ performed.
(14) The Government may extend and defer the maturity of and renew and reamortize the debt evidenced by the note o~
any indebtedness to the Government secured hereby, releax from liabJity to the Government any patty so liable thereon,
release portions of the property from and subordinate the lien hereof, and waive any other ri~hts hereunder, without affccting
che lien or priority hereof or the liability to the Government of Borrower or any other party for payment of the note or
indebtedneu secuced here6y except u specified by the Govcrnment in writing.
(i 5) tF at any time it shal~ aPpear to tF~e Government that Borrowet may be able to obtain a loan from a production c~edit
association, a Fedenl land bank, or other responsible coopent~ve or private credit source, ac reasonabie races and tetms foc
loans for similar purposes and periods of time, Borrower will, uPon the Government's request, apply for and accept such loan
in sufficient amount to pay t6e note and any indebtedness secured hereby and to pay for ~oy stock necessary to be purchased
in a cooperatire lending agency in connection with such loan.
(16) Ikfault hereundcr shall constitute dofault under any other real estate, or under any personai property or other,
security instrument held or insured by the Government and executed or assumed by E3orrower, and def~ult under any such
other security instrument shall constitute default 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 ~s Borrower die or be declared an incompetent, a bankrupt, or ~n insolvent,
or make an auignment for the benefie of creditars, the Government, at its option, with or without notice, may: declare the
entire amount unpaid under the note and any indobtedneu to the Government hereby secured immediately due and payablc,
(6) for the account of Borrower incur and pay,ieason~bl~ expenses for repair or maintenance of ~nd t~ke possession of, operate
or rent the property. (c) upon application by ~candprod~ct]on pf thu instrument, without other evidence and without notice
of heacing of said application, have a receiver appointed ~or thd'~ifc~~ty, with the usual ~owers of receivers in like cases, (d}
forcelose this instrument as provided herein or by law, and (e} enforce any and~al~O~e~~,{~ghts and rcmedies Provided herein
or by prcsent or future law.
(18) The proceeds of foretlosure ule shall be ap ~ed in the followin,g order to the payment of: (a) costs and expenses
incident to enforcing or tomplying with the prorr'tsions~prroP, (b) any prior liens required by law or a competent court to be so
paid, (c) the debt evidenced by the note and al! indebtedness to ~he Government secured hereby, (d) inferior liens of record
reyuued by (aw or a competent court to be so paid, (e) ar tl~e Gorernment's option, ~ny other indebtedness of Borrower owing
to or insured by the Govecnment, and (f} any balance to Borrower. At foreclosure or other sale of all or any part of the
property, the Government and its agents mar bid and purchase as a stranger and may pay the Government's share of the
purc6ase price by crediting such amount o~ any debts nf Borrower owing to or insured by the Goverement, in the order
prescribed above.
(l9) $orrower agrees that thc Government will not be bound by any present or future l~ws, (a) providing for valuation,
~ppraisa{, homestead,or exemption of the property, (b) prohibiting maintenance of an ~ction for a deficiency judKment or
limiting the amount thereof or the time within which such action must be brou$hc, (c) prescribing ~ny other statute of
limitatioos, ~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 Borrower. Borrower tapreuly waives the benefit of any such State (aws. Borrowcr hereby
relinyuishes, waives, and convey: all rights, inchwte or consummate, of dexent, dower, and curtesy.
(20) If aoy part of the toan for which this instrument is p,iven shal) be usre~ to finance the purch~se, construction or
repair of property to be used as an owneroccupied dwelling (herein called "the dwelling") and if Borrower intends to seil or
rent the dwelling and has obtained the Gorernment's conunt to do so (a) neither Borrower nor anyone authorized to act for
him, will, aftcr receipt of a bon~ fidc offer, refuse to negotiatc for the sale or rcntai oi the dwelling or will otherwise makc
unavaiiabte or deny the dwelling to anyone because of race, color, religion, sea, or n~tional origin, and (6) Borrower
recognizes as illegal and hereby d'uclaims, and will not comply with or attempt to enforce any restrictive covenants on thc
dwelling relatinR to race, color, religion, sex, or national origin. ,
(21) This instrument shall be subject to the present regulations of the Farmers Home Administration, and to its future
rcgulations not inconsistent with the exPress provitions hereof.
B~~K 26~i FA~E ~33