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HomeMy WebLinkAbout0634 - ~ ~_',~~1~ ~~~1~~' . ~~,i . 4 (8) To keep the property insured as required by and under insurance policies app~oved by the Go~Cernment and, at its re- quest, to deliver such policies to the Covernment. ~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 Eum conservation practices and farm and home management plans as the Government from time to tia~e may prescribe: and not to abandon the property, or cause or permit waste, lessening or im~airment of the securitr. covec~d hereby, or, without the writcen consent of the Government, cut, rcmove, or lease any timbe~, gravel, oil, gu, coal, or other.miaerals extept as may be necessary for ordinary domestic purposes. (10) To comply with all laws, ordinances, and regulations affecting the property. (l 1) To pay or teimbur'se the Gove~nmcnt 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 provisions hereof and of the note and any supple- mentary agFeement (whether before or after default), including but not limited to cosu of evidence of title to and survey of . the property, coats of recording this and other instruments, attorneys' fees, trustees' fecs, court costs, and expenses ~nf advertuing, selling, and conreying the property.. (12) Neither the property nor any po rtion thereof or interest therein shall bc leased, assigned, sold, transferred, or encumbtred, voluntarily or otherwise, 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, Partul releases, subordinations, and satisfaction, and no insured holder shall have any right, title or interut in or to the lien or any benefits hereof. (13) At all rcasonable timcs the Government and its agents may inspect the property to axertain whether the covenants and agreements tontained herein or in any supplementary agreement are being performed. . (14j The Govnnment may extend ~nd defer the maturity of and renew and reamortize the debt evidenced by the note or any indebtedness to the Government secured hereby, ielease from liability to the Govesnment any party so li~ble thereon, • release portions of the property from and subordinate the lien 6ereof; ~nd waive any other rights hereunder, without affecting the lien or priority hereof or the liability to the Government of Borrower or ~ny other party for payment of the note or indebtedness secured hereby except as specified by the Government in writing. (15) If at any time it shall appear to the Government that Borrower may be able to obtain a loan from a production credit I; association, a Federal land bank, or other responsible cooper~tive or private credit source, at reason~ble rates and ~terms for 4 loans for similar purposes and periods of time, t3orrower will, upon the Government's request, apply £or d p uch loan t in sufficient amount to pay the note and any indebtedness secured hereay and to pay for any stock nece~ t0~8~urchased ~ in a coopentive lending agen.y in connection with such loan. ' (16) IkEault hereunder shall constitute default under any other real estate, or under ~ny personal property or other, ~ security instrument held oc insured by the Government and executed ur 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 m~ke an assignment for the benefit of creditors, the Government, at its option, with or without notice, may: (a) declare the cntire amount unpaid under the note and any indebtedness to the Government hereby secured immediately duc 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, without other evidence and without notice" of hearing of said ~Pplication, have a receiver appuinted for the property, with the usual powers of receivers in like cases, (d) foreclose this instrument as provided herein or by law, and (e) enforce any and ali other rights and remedies Provided herein or by prcsent or future law. (18) The proceeds of foreclosure sale shall bti applied in the following order to the payment of: (a) costs and expenses incident to enforcing or complying with the provisions hereof, (b) any prior liens required by law or a competent court ~o be so paid, (c) the debt evidenced by the note and all indebtedness to the Government secured hereby, .(d) inEerior liens of record required by I~w or a competent court to be so paid, (ej at the Government's option, any other indebtedness of Rorrower 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 iu agents may bid and purchase as a str~nger and may pay the 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 ' prescribed above. ~ (l9) Borrower agFees that the Government will not be bound by any present or future laws, (a) providing for valuation, x appraisat, homestead,or exemption of the property, (b) prohibiting maintenanct oE an action Eor a deficiency judgment or ~ limiting tfie amount thereof or the time within which such action must be brought, (c) ~rescribing any other statute of E Gmitations, (d) allowing any right of redemption or possession following any foreclosure sa e, or (e) limiting the conditions r which the Government may by tegulation impose; including the interest rate it may charge, u a condition of ap~iwvinga ~ transfer of the property to i ncw Borrower. Borrower expreuly waives the benefit of any such State laws. Borrower hereby ~ relinquishes, waives, and conveys all rights, inchoate or consummate, of descent, dower, and curtesy. (20) if any part of the loan for which this instrument is given shall be used to finance the purchase, construction or ~ repair of propertr to be used as an owner-occupied dweUing (herein called "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 ot will othe~wise m~ke unavailable or deny the dwelling to anyone bttause of race, color, reli~on, sex, or national origin, and (b) Borrower ? recognizes as iliegal and hereby disclaims, and wip not comply with or attempt to enforce any restrictive corenanu on the ~ dwelling relating to race, color, religion, sex, or national ori~n. Y ~ (21 j This instrument shaU be subject to the Present regulations of the Farmers Home Administration, and to its future regulations not inconsistent with the express provisions herec+f. ~ ~300K VIJe~ ~'AGE V~ , ~ - - - - - - . _ - - i ~r~; _ ~~_~'~%y~ e~ ~ S .`a~' e~~'`t~r ~Y~'. + ~ ~~~~t ~ ' a - - _ , r'~ _