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HomeMy WebLinkAbout0842 . #t~~,~ ' . f' • > > (8) To keep the p~operty insured as required by and under insurance policies approved by the Goirernment and, at its re- quest, to deliver such policies to the Government, s ~9) To maintain improvemcnts in good repair and make repain required by the Government; operate ehe property in a good and husbandmanlike manner; comply with such fum conservation Practices and farm and home management plans as the Government from time to time ma prestribc; and not td abandon the property, or causc or permit wute, lessening or impairment of the security ceveccd ~eseby, ot,'with'dur the written consent of the Government, cut, remove, or lease any timber, gravel, oil, gas, coal, or other.winera4 except as may be necessuy for ordinary domestic purposes. (10) To comply with all laws, ordinances, and regulations affecting the property. . (11) To pay or reimbune the Government for expenses reason~bly necessary or incidental to the protection of the lien and priority hereof and to the enforcement of or the compli~nce with the provisions hereof and of the note and any supple- mentary agFeement (whether before or after default), including but not limited to costs of evidence of title to and survey of the property, costs of reaxding this and other instruments, attorneys' fees, trustees' fees, court costs, and expenscs of • advertising, seUing, and conreying the property. ' (12) Neither the property nor any portion thereof or interest therein shall be leued, assigned, sold, transferred, or _ encumbered, voluntarily o~ 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. subordin~tions, and satisfaction, and nu 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 ascertain whether the covenants and ~greements contained herein or in any supplementary 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 indebtedneu to the Government secured hereby, release from liability to the Government any puty so liable thereon, ; releue portions of the property from and subordinate the lien hereof, and waive any other rights hcreunder, without affecting ~ the lien or priority hereof or the IiabJity to the Government of Borrower or any other party for payment of the note or I indebtedness secured hereby except u specified by the Government in writing. E (15) lf at ~ny time it shall appear to the Government that Borrower may be able to obtain a loan from a production credit ' E association, a Federal land bank, or other responsible cooperative or private credit source, at reasonable rates and tenns for ; loans for similar purposes and periods of time, Bonower will, upon the Government's request, apply for and accept such loan j in sufficient amount to pay the note ~nd any indebtedness secured hereby and to pay for any stock necessary to be purchased p in a cooperative lending agency in connection with such loan. ~ (16) Default hereunder shal) constitute default under any other real cstate, or under any personal property or other, ~ security instrument held or insured by the Government and ezecuted or assumed by Borrower, and default under any such ~ other security instrument shall constitute default hereunder. ~ (l7 j SHOULD DEFAULT occur in the performance or discharge oE any obligation in this instrument or secured by this ~ instrument, or should any one of the parties named as Borrower die or be deciared an incompetent, a bankrupt, or an insolvent, ~ or m~ke an assignment for the benefit of creditors, the Government, at its option, with Qr without notice, may: (a) declare the ~ entire amount unpaid under the note ~nd any indebtcdness 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, (cj upon application by it and production of this instrument, without other evidence and without notice ~ of hearing of said applic~tion, have a receiver appointed 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 all other rights and remedies provided herein or by present or futurc law. ~ (18) The ~roceeds of foreclosure sale shall be applied in the following order to the pa y•ment of: (a) costs and expenses ~ incident to enforcing or complying with the provisions hereof, (b) any prior iiens required by law or a competent court to be so ~ 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 Borrower owing to or insured by the Government, and (f) any balance to Bonower. At foreclosure or other sale of all or any 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 amount on any debts of Borrower owing to or insured by the Government, in the order prescribed above. ' (19) Borrower agrees that the Government wiq not be bound by any present or future laws, (a) providing Eor valuation, ~ a raisal, homestead,or exem tion of the ro rt b rohibitin maintenance of an action for a deficienc ud ment or PP P P Pe Y•~ )P 8 YJ g limiting the amount thereof or the time within which such action must be brought. (cj prescribing any other statute of Gmitations, (d) allowing any right of redemption or posussion 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- eL appravin& a ~ transfer of the property to a new Borrower. Borrower expressly waives the benefit of any such State laws. Borrower hereby z; relinquishes, waives. and conveys all rights, inchoate or consummate, of deuent, dower, and curtesy. - ~ (20) If any part of the loan for which thu instrument is given shall be used to finance the purchau, construction or ~ repair of property to bt used as an owner-occupied dwelling (herein cailed "the dwelling") and if Borrower intends to sell or ~ rcnt 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 will othe~wise make ~ unavailable or denr the dwelling to anyone beuuse of race, cobr, religion, se:, or national origin, and (b) Borrower ~ recognizes as illegal ~nd hereby disclaims, and will not comply with or attempt to enforce any restrictive covenants on the dwelling relating to race, color, religion, ux, or national origin. t (2I )'l~u instrument shap be subject to the present regulations of the Farmers Home Administration, and to its future ~ «gulations not inconsistent with the express provisions hereof. ~1 R 3U4 Q~Z ~ aoeK ~c~ Q ~ s = ~ ~s . ~ - ~ - - : ' ~