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HomeMy WebLinkAbout0104 ' : ~ ~ - , , \ F (8) To keep the property insured as cequired by and under insurmce poliues aPproved by:th~~nment an~,~a!*,~s re- quesf, to deliver such pol~aes to the Gorernment. : (9) To rtuintain improvements in good repai~ and make repairs required by the Government; opecate the property in a : good aad husbandmanlike manner; comply wuh such farm consavatioa Qr~1~t,~c.q d~Earm and home management plans u the : ~ ~ Z~ dQ waste. lessening or Govecnment fcom time to time may prext~e; and not to abaadoa ~~Q~~,y ~ i~npairment of the securit~ coveied hereby, or, without the written consent U~°~1?t~ii2khi~7lwt,~+ca~.ren?ore, or lease any timber, gravel, oil, gu, co3?, « oche~ m~«a1s ~:«pt ~y b~ ~~y for ordi~i'd~itstie~p~urposes• (10) To comply with all laws, ordinances. tac~ po affecting the propecty. (11) To pay or reimburse the Government fotr~~reasonably aecessaty or incidental to the protection of the lien and prioriry hereof and to the enforcement of or the compliance with the Provisions hereof and of the note and any supple- menury agreement (whether before or after defaultj, including but not limited to co~a of evidence of ritl~ to and sunrey of che property, costs o[ raording this and other instruments, attorneys' fees, trustees' fees, court costs, and e:penses of advertising, selling, and conveying the propertr. (l2) _Neither the property nor a~y pordon thereof or. interat therein shall be leued, auigned, sold, transferred, or encumbered, voluntarily or otherwise, without the written consent of the Government. The Government shall have the sole and e:clusire rights as mortgagce hereunder, including but not limited tu the power to gront consents, partial releases. - subordinations, and utisfaction, and no insured holder shall have any right, title or interat in or to the lien or any benefits hereoE. (13j At all reasonable times the Government and its agents may inspect the property to ascertain whether the covenants and agreements containtd herein or in any supplementary agreement are being performed. ~ (14) 71?e Government may e:tena and defer the maturity of and renew and reamortize the debt evidenced by the note or anr ind'ebtedness to the Government secured hereby, release fro~n lubility to the G~vernment any party so liablc thereon, rdease portioas of the propertg from and subordiaate the lien 6ereof, and waive any other rights hereunder, without affecting the liea or priority hereof or the liability to the Governnaent of Borrower or any other puty for payment of thc note or indebtedness ucured hereby e:cept u specified by the Govanment in wcicing• _ (15) If at an}~ time it shall appeu to the Govecnment that Borrower m~r be able to obtain a loan from a production credit ~ association, a Fedeni land bank, or other responsible coopecative or private credit source, st reasonable rates and terms for i lwns for similar purposes and periods of time, Boaower will, upon the Government's request, apply for and accept such loan ~ in sufficient amount to pay the note and any indebtedneu secured hereby and to pay for any stock necessary to be purchased ; in a coopentive lending agency in ~onnection with such lwn. ~ ~ (16) Default hereunder shall constitute default under any other real estate, or under any personal property or other, ~ security instrument hdd or insured by the Governmeot and executed or usumed by Borrower, and default under any such j other security instrument shall constitute default hereunder. ~ (17) SHOULD DEFAULT occur in the performancr or dischuge of any obligation in this instrument or secured by thu 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 iu 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 reuonabl~ eapenses for repair or maintenance of and take possession of, operate or rent the property, (c) upon application by it and production of this instrumene, without other evidence and without notice of hearing of said application, have a receirer appointed for the property. with the usual powers of receiven in like cases, (d) foreclose thu 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 ap~1ied in the foliowing order to the payment of: (a) costs and e:penses incident to enforcing or complying with the provisions hereof, ~b~ ~y P~:o~ liens required by law or a comQetent court to be so paid. (c) the debt evidenced by the note and aU indebtedness to the Gorernment secured hereby, (d) inferior liens of record requiced by law or a competent court to be so paid. (e) at the Gorernment's option, any other indebtedness of Borrower owing to or insured by the Government, and (f) any balance to Boaowa. At foralosure or other sale of all or any put of the ~ property, the Government and its agents may bid and purchase as a stranger and may eay tl~e Government's share of the ~ purchase price by crediting such amount on any debts of Borrower owing to or insured by the Government, in the order k prescribed above. ' (19) Borrower agrees that the Government wiU not be bound by any present or future laws, (a) providing for valuation, ~ appraisal, homestead,or e:emption of the property, (b) Prohibiting maintenanu of an action for a dcficienry judgment or ~ limiting the amount thereof or the time within which wch a4~~on must be brought, (c) prescribing any other statute•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 charge, as a condition of approving a ~ transfer of the property to s new Borrower. Borrower expressly waives the benefit of any such State laws. Borrw~ver hereby relinquishes, waives, and conveys all right:, inchoate or consummate. of descent, dower, and curtesy. ~ (20) If any part of the ban for which this instrument is ~ren shall be used to finance the purchase, construction or re air of prope~t to be used u an owner-occupied dwelling (herein calkd "the dwelling") and if Borrower intends to sell or rcnt the dwelling and has obtained the Government': consent to do so (a) neither Borrower nor anyone authorized to act for him, will, after-receiQt of a bona fide offer, refuse to negotiate for the sale or ren~al of the'dwelling or will otherwise make ~ unavailabie or deny the dwelling to anyone because of nce, color, retigion, sex, or national origin, and (b) Borrower rocogn izes as ilkg~al and hereby disclaims, and will not comply with ot attempt to enforce any rutrictive covenanu on the ~ dwelling relatin6 to race. color, reUgion, se:, or national origin. - ~ (21) 'l4~is inurument shaU be subject to the present regulations of the Farmen Home Administration, and to iu future ~ regulatans not inconsi:tent with the e:prest prowions heceof. 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