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HomeMy WebLinkAbout0066 - , ~ ,3; ~ ~ ~ ~tlO~i lora~czc~ . (8) To keep the property insured as required by and under insurance polities approved by the Government and, at its re- quest, to deliver such policies to the Government. (9) To maintain improvements in good repair aud make rep~'vs required by the Government: operate the property~ in ~ good and husbandmanlike manner: comply with such farm conservation Pra4ticp ~uu(~ f~r~ ~nd home management plans as the . Government from time to time may prescribe: and not to abandon the -propert'~r, or cause or permit waste, lessening or impair~ner.t of tiie security cove'red hereby, or: without the vvritten consent of the Government, cut, rcmove, or Icase any timber, gravel, oil, gas, coal, or other minepds.ea~ept as may be necessary for ordinary domestic purposes_ (10) To comply with all laws, ordinances, and ~egulations affecting the property. ~l l; To pay or reimburce the C:overnment for expenses reasonably necessary or incidental to the protection of the lien and priority hereof ~nd to the enforce~nent of or thc compli~nce with the pro~isions hereof and of the note and any supple- mentary agreement (whethcr before or ~fter def~ult), including but not limited to costs of evidence of tide to and survey of the property, costs of recording this and other instruments, attotneys' Eees, trustees' fees, court costs, and expenses of advertising, selling, and conveying the property. (l2) Neither the property nor any portion thereof or interest therein shall be leued, assigned, sold, transferred. or encumbered, voluntarily or otherwise. without the written consent of the C:overnment. The Government sh~ll have the sole and exclusive rights as ~nortgagee hereunder, including but not limited to the power to grant consents, partial releases, subordin~tions. and satisfaction, and no insured Fiolder shall have any right, title ur interest in or to the lien or any benciits hcreof_ ? 13) At all reuonable times the Government and its agents may inspect the property to ascertain whether the covenants and agreements contained herein or in any supplementary ~greement are being performed. (1-3) The Government ma}~ extend and defer the maturity of and renew and reamurtize the debt evidenced by the note or any indebtcdncss to the Government secured hereby, relcase from liability to tfie Government ~ny party so liable thcreon, release portions of thc property from and subordinate the lien hereof, and waive any other rights hereunder. without affecting the licn or priority hereof or the liability to the Government of Borrower or any other party for p~yment of the note or indebtedness secured hereby escept as specified by the Govern~nent in writing. (15j IF at any time it shall appear to the Government that f3orrower may be able to obtain a loan fro~n a production credit ~ association. a Federal l~nd bank, or other responsible cooperative or private credit source. ~t reisonable rates and terms for ~ loans for si~nil~r purpuses and periuds of time, l3orrower will, upon the Government's reyuest, apply for and accept such lo,n in sufficient amount to pay the note and any indebteJness secured hereby and to pay for any stock necess~ry to be purchased ~ in a cooperative Iending agency in connection with such loan. (16 i l)efault hercundcr shall constitute default under any othcr real estatc, or under any pcrsonal propcrt~• or other. securit~- instrument helJ or insured by the Government and execuced or auu~»ed by f3orrower, and deEauit under any such S other securit)' instrument sliall cunstitute defauit hereunder. 5 17} SHOULD DEF AULT occur in the perfonn~nce or dixhuge of any obligation in this instr~ment or secured b}• this ~ instrument, or should an~- one oi the parties named as [iorrower die or be declared an.incompetent, a bankrupt, or an insolvent. ; or make an assign~nent for the benefit uf creditors, the Government, at its option, with or without notice, may: ~a) declare the ~ rntire amount unp~id under the note and an}• indebtedncss to the Governmcnt hereby secured immediately due and pay~ble, ~ ~ b) for the account of Borrower incur and pay reasonable exPenses for rep~ir or maintenance of and take possession of, opente c~r rent the property. (c} upon applicatiun by it and production of this instrument. without other evidence and without notice ~ uf hearing of said application, h~ve a receiver appointed for the property. with the usual powers of receivers in like c~ses, (d) foredose this instrument as provided hercin or b}• law. ~nd (e) enforce any and all other rights and remedies provided herein or by present or future law. n ~ 18; The proceeds of foreclosure sale shall be applied in the following order to the payment of: ja) costs ~nd expense~ incident to enforcing or compl}•ing with the provisions hereof. (bj ~n}' prior liens required b~~ law or a competent court to be so paid. !c} the debt evidenced by the note and all indebtedness to the Government secured hereby, t,d) inferior liens of record required by law or a competent court to he so p~id, (e) ~t the Government's option, any other indebtedness of Burrower owinR ~ to or insured by the Government. and !f) any balance to Borrower. At (oreclosure or other sale of all or an}• part of the property, the Government and its ~gents may bid and purchase as a stranger and may pay the Government's share of the ; purchase price by crediting such .mount on any debts of I3orrower owing to or insured by the Government, in the order ~ prescribed above. (19) fiorrower agrccs th~t the Govcrnment will not be bound by any present or iuture laws, (a) providing for valuation, ~ppraisal, homestead,or exemption of the property, (b} prohibiting mzintenance of an action for a deficiency judgment or . limiting 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 possession following ~ny foredosure sale, or (e) limiting the conditions + which the Government may by regulation impose, including the interest r~te it may charge, as a condition•of approving z ~ =t transfer of the property to a new Borrowe~. Borrower expressly waives the benefit oE ~ny such State I~ws. Borrower hereb~• ~ i relinyuishes, waives, and conveys all rights, inchoate or consummate, of descent, dower, ~nd curtesy. ~ ~ (20) If any part of the loan for which this instrument is given shall be used to finance the Purchase, construction or I ~ repair of property to be uud as an owneroccupied dwdling {herein called "the dwelling") and if Borrower intends to sell or ~ rent the dweiling and has obtained the Government's consent to do so (a) neither Borrower nor anyone authorized to act for I him, will, after receipt of a bona fde offer, refuse to negotiate Eor the sale or rcntal of the'dwclling or wil) othe~wise m~ke ~ unavailable or deny the dwelling to anyone because of nce, color, religion, sex, or national origin, ~nd (b) Borrower ~t recognizes u illegal and hereby disclaims, and will not comply with or attempt to enforce any restrictive covenants on the ~ dwe ling relating to nce, color, religion, sea, or national origin. (21) T}~is instrument shall be subject to the present regulations of the Farmers Home Administration, and to its future regulations not inconsistent with the cx ress rovisions hereof. P P U k ~20~ ao~x V ~A~i U.3 ~~.'r x~ f . _ . - ~ . - _ w ~ ~.~:~~°~~.-~.....4~..'' . „.~r,_ . -ee~"-~ N ~ _