Loading...
HomeMy WebLinkAbout2715 r. - ( ) - (8) To keep the property insured is quued by an under insurance policies approved by the Government and, at its re- quest, to deliver such policies to the Government. (9) To maintain improvements in good repair and make repairs required by the Government; operate the property in a good and husbandmanlike manner; comply with such fum conservation practices and fum and home management plans as the Government from time t~G^~'~tMtpp sNesibOtr~tWlRto abandon the prop y ~r permit wute, lessening or impairment of-the securrya~p~r~~dlr~ilygtgNslNitl~tire written consent of~e irernment, cut, remove, or lease any tinber, gavel, oil. gu, coai, or othe~l~e~t as may be necessary for ordinuy domestic purpous. (10) To comply with all laws, ordinances, and regulations affecting the property. - (11) To pay or reimburse the Government for expenus reuonably necesury or incidental to the protection 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- 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, wort costs, and expenses of advertising, selling, sad conveying the property. (12) Neither the property nor any portion thereof or interest therein shall be lased, auigned, sold, transferred, or encumbered, voluntarily or otherwise, without the written consent of the Government. The Government shall have the sole and exclusive righu as mortgagee hereunder, including but not limited to the power to grant consents, partial releues, subordinations; and satisfaction, and no insured holder shall have 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 asceruin whether the covenants and agreemenu contained herein or in any supplementary agreement ue 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 subordinue 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 payment of the note or - indebtedneu secured hereby except as 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 from a production credit association, a Federal land bank, or other responsible cooperative or private credii source, at reasonable rates and terms for loans for simile purposes and periods of time, Borrower will, upon the Government's request, apply for and accept 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. - (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 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 as 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 indebtedness to the Government hereby secured immediately due and payable, (b) for the account of Borrower incur and pay reasonablb 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, without other evidence and without notice of hearing of said application, have a receiver ap pointed for the property, with the usual powers of receivers in like uses, (d) foreclose this instrument as 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 pa meat of: (aj costs and expenses incident to enforcing or complying with the provisions hereof, (b) any prior liens requ'ued by law or a competent court to be so 1 paid, (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 Borcower 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 preuribed above. - € (19) Borrower agfees that the Government will not be bound by any present or future laws, (a) providing for valuation, appraiul; 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) presuibing any other :acute of limitations, (d) allowing any right of redemption or possession following any foreclosure sale, or (e) limiting the conditions which the Government may by regulation impose, including the interest rate it may chuge, as a condition of-appro ' a- transfer of the property to a new Borrower, Borcower expressly waives the benefit of any such State laws. Borcower here y relinquishes, waives, and conveys all rights, inchoate or consummate, of descent, dower, and curtuy. (20) If any part of the loan for which this instrument is given 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 seU or rent the dwelling and has obuined the Government': consent to do so (a) neither Borcower nor anrone 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 dwelling to anyone because of rau. color, religion, sex, or national origin, and (b) Borrower ~ rec izes as ilkg~l and hereby disclaims, and will not comply with or attempt to enforu any restrictive covenants on the dwe ing relating to race, color, religion, sex, or national origin. ~ (21) This instrument shall be subject to the present regulations of the Fumer: Home Administration, and to its futwe regulations not inconsistent with the express provisions hereof. aoo>13~2 ~A~E2712 ~ f L.'~~~5^~^'~ S Yom' y v` ry e~