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HomeMy WebLinkAbout0997 , ~ r. > ~ : t : l 7l+'1?~ ~8) To keep the property insured u required by and under insurance policies approved by, dolivered to, and retained by t e Government. (9) To maintain improvements ia good repair and make repain required by the Government: operate the property in a good and husbandmar.iike manner; comply with such fum conserration pnctices and farm and home management pians as the Government from time to time may prexribe; and not to abandon the p~operty, or cause or permit waste. lessening or impairment of the securit~ covered hereby, or, without the written consent of the Gove~nment, cut, remove, or lease any timbcr, grarel, oil, g~s, coal, or other minerals e:cept u may be necessuy for ordinary domestic purposes. (10) To comply with all laws, ordinances, and regulations affecting the propecty. (l l) To pay or reimburse the Government for expenses reasonably necesury or incidental to the protection of the lien and ptiority hereof and to the enforcement of or the compliance with the provisions hereof and of the note and any supple- mentary agFeement (whether before or after default), including but not limited to costs of evidence of title to and survey of the propecty, costs of recording this and other instruments, attorneys' fees, trustees' fees, court costs, and expenus of advertising, selling, and conveying the property. (12) Neither the property nor any portion thereof or interest therein slull be leued, assigned, sold, transfened, or encumbered, voluntarily or otherwise, without the written conunt of the Government. 'I1ie Government shall have the sole and e:clusive ri~ts u mortgagee hereunder, including but not limited to the Qower to grant consents, partial relcascs. subordinations, and satufaction, aod no insured holder shall hava any right, title or interest in or to the lien or any benefits hereof. (13) At all reasonable times the Government and its agents may inspect the property to ascertain whether the covenants ~ and.agreements contained herein or in any supplementuy agrcement are being performed. ~ (14) The Government may e:tend and defer the maturity of and renew and reamortize tl~r~ebt evidenced by the note or any indebtedness to the Government secured hereby, releue from liability to the Government any party so liable thereon, : release 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 Borrower or any other party for payment of the note or indebtednas ucured hereby ezcept u specified by the Government in writing. (15) If at any time it shall appeu to the Gove~n ent that Borrower may be able to obtain a loan from a production credit association, a Ftderal land bank, or other responsi ~coopenrive or private credit source, at reuonable rates and terms for loans for similar purposes and periods of time, Bo wer will, upon the Government's request, apply for and accept such loan in sufficient amount to pay the note and any indeb secured hereby and to pay for any stock necessary to be purchased in a coopentive lending agency in connection with such ~ (16) Default hereunder shall consritute default under .any other real esute, or unde~ any personal property or other, ! security instrument held or insured by the Government and executed or assumed by Borrower, and default 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 u Borrower die or be declared an incompetent, a bankrupt, or an insolvent, ~ or make an auignment for the benefit of creditors, the Government, at its option, with or without notice, may: (a) dedare the entire amount unpaid under the note and.any indebtedness to the Government hereby ucured immediately due and payable. ~ (b) for the account of Boaower incur and pay reasonable expenses for repair or maintenance of and take passession of, operate ~ or rent the property, (c) upon application by it and production of this instrument, without other evidencc and without notice of hearing of said application, have a receiver apppinted for the property, with the usual powe~s of rectiven in like cases, (d) foreclose this instrument u provided herein dr by lanr, apd (e) enforce any and all other rights and remedies provided herein or by present or future law. ~ T•~ ~ (18) The proceeds of foreclosure sale shall be ap~ ed in the following order to the payment of: (a) costs and e:penses incident to enforcing or complying with the provi~ons hereof, (bj any prior liens required by law or a competent court to be so pud, (c) t6e 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 tobE4to piid,;4e} at the Government's option, any other indebtedness of Borrower owing ~ to or insured by tht Government, and (f) any balance to Bonower. At foreclosure or other sale of all or any part 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 ~ny debts Qf BOLT41Yti ox~6 to or ensesred by the Government, in the order ptcaGii~323 a~'iJi%2. ~ ~ (19) i3orrower agrees that the Government will not be bound by any present or future laws, {a) providing for valuation, ~ appraisal, homestead,ot exemption of the property, (b) prohibiting maintenance of an action for a deficiency judgment or ~ Gmiting the amount thereof or the time within which such action must be brought, (c) prescribing any other statute of ~ Gmitations, (d) allowing any right of redemption or posseuion following any foreclosure sale, or (e) limiting the conditions ~ which thc Government may by regulation impose, including the interest rate it may ch~rge, u a condition of approving a ~ transfer of the property to a new Borrower. Borcower expressly waives the benefit oE any such State laws. Borrower hereby ~ relinquishes, waives, and conveys all rights, inchoate or consummate, of descent, dower, and cu~tesy. (20) If any Part of the loan for which thu instrument is given shall be used to 6nance the purchase, construction or repair of property to be uxd u an owner-occupied dwelling (herein called "the dwelling") and if Borrower intends to sell or ~ rent the dwelling and has obtained the Government's conunt to do so (a) neither Borrower nor anyone authorized to act for ~ him, will, after receipt of a bona fide offer, refuse to negotiate for the sale or rental of the dwelling or will otherwise make unavailable or deny the d5velling to anyone because of race, color, religion, sex, or national origin, and (b) Borrower recognizes u illegal and hereby dixlaim:, and will not comply with or attempt to enforce any restrictive covenants on tfie dwell'~ng relating to race, color, religion, sex, or national origin. (21) Thu instrument shall be subject to the present regulations of the Farmers Home Administration, and to its futurt regulations not inconsistent with the express provisions hereof. s0ox PAGf 9~4 ' ;