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HomeMy WebLinkAbout2599 . t' ; ~ . ' ~ (8) To keep the property insured u required by and under insurance polides approved by the Government and, at its re- ~ , quest, to deliver such policies to the Government. - (9) To maitt~ ain improvements in good repair and make repair: ' ed b the Government; operate the property in a good and husbaudmanlika manner; comply with such fum conservation ~4~d$ ~d>tgement plans u the Government from time to time may prescribe; and not to abandon EkilRs'd! ~ietltilt route, lessening or impairment of the securit covered hereby, or, without the written conunt oANr1~6Frriifi6u, cut, remove, or lease any timber, gravel, oil, gu, coal, or other minerals except u may be necessary for ordinuy domestic purposes. (10) To comply with aU laws. ordinances, and regulations affecting the property. (11) To pay or reimburse the Government for expenses reasonably necessary or incidental to the protection of the lien and priority hereof and to the enforcement of or the compliance with the provtsions hereof and of the note and any supple- mentuy 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 expenses of advertising, selling, and conveying the property. (12) Neither the proper[ nor any portion thereof or interest therein shall be leued, assigned, sold, transferred, or - encumbercd, voluntarily or ot~erwise, without the written consent of the Government. The Government shall have the sole and exclusive rights u mortgagee hereunder, including but not limited to the power to grant consents, putial releues, _ subordimtions, and utisfaction, and no insured holder shall have any light, 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 auertain whether the covenants and agreements contained herein or in any supplementuy agreement are being performed. (14 ~ The-Government may extend and defer the maturity of and renew and reamortize the debt evidenced by the note or any indebtedness to the Government secured hereby,_ release from liability to the Government any party so liable thereon, releue 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 putt' for pryment of the note or indebtedness secured hereby a:cep[ u specified by the Government in writing. (15) if at any time it shall appeu to the Government that Borrower may be able to obtain a loan.4om a production credit association, a Federal land bank, or other responsible cooperative or private credit source, at re le ppte~s ,,ppa~d terms for. loans for similar purposes and periods of time. Borrower will, upon the Government's request, a~Of 3~d aetept such loan in sufficient amount to pay the note and any indebtedness secured hereby and to pay for any stock necessary to be purchased ~ in a cooperative lending agency in connection with such loan. f (16) Default hereunder shall constitute default under any other real estate, or under any personal property or other, E 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 assignment for the benefit of creditors, the Government, at its option, with or without notice, may: (a) declare the entire amount unpaid under the note and any indebtedneu to the Government hereby secured immediately due and payable, (b) for the account of Borrower incur and pay reasonable expenses for repair or maintenance of and take possession of, operate or rent the property, (c) upon application by it and production of this instrument, withoui other evidence and without notice of hearing of said application, have a receiver appointed for the property, with the usual powers of receivers in like cases, (d) foreclose this instrument u provided herein or y 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 ordu•to tht payment of: (a) costs and expenus incident to enforcing or complying with the provisions hereof, (b) any_prior liens required;6y w•or a competent court;o be so paid, (ej 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 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 any debu of Borrower owing to or insured by the Government, in the order prescribed abova z ~ (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 maintenance of an action for a deficiency judgment or ~ limiting the amount thereof or the time within which such action must be brought, (c) rescribing any other statute of limitations, (d) allowing any right of redemption or posseuion following any foreclosure sale, or (e) limiting the conditions which the Government may by regulation impose, including the interest rate it may chuge, u a conditioe of approviag;a transfer of the property to a new Borrower. Borrower expressly waives the benefit of any such State laws. Borrower hereby relinquishes, waives, and conveys all rights, inchoate or consummate, of descent, dower, and curtest'. (20) If any part of the Eoan for which this instrument is given shall be used -to finance the purchase, construction or repair of roperty to be used as an owneroccupied dwelling (herein callsd "the dwelling") and if Borrower intends to sell or . rent the dwelling and has obtained the Government's consent 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 Mn71 otherwise make unavailable or deny the dwelling to anyone because of rats, cobr, religion, sex, or national origin, and (b) Borrower recognizes u illegal and hereby disclaims, and wiU not comply with or attempt to enforu any restrictive covenants on the dwelling relating to race, color, religion, sex, 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 a:pre:: provisions hereof. soR~ 302 Nacf 2596 ~ y - - - _ _ - - • - - ,r-