Loading...
HomeMy WebLinkAbout0846 • `ti . ~ . : . } (8) To keep the property insured as requued by and under insurance policies approved by the Government and, at its re- . quest, to deliver such policies to the Government. , (9) To maintain improvements in gaod repair and make cepairs ~ec~uired b~ the Goyernment; oeerate the property in a good and husbandmanlike manner: comply with such farm conservation prac~ices and farm ad~llorlirtnonagement plans as the Government from time to time may preuribe; and not to abandon tfie' pr'opert~r;•or'cau~e''dr' ~letrltitywaste, lessening or impaitment of the security covered hereby, or, without the written consent of the CyoVefn~aout, cut, remove, or lease ~ny timber, gravel, oi1, gas, coal, or other minerals e:cept as may be necessary for ordinary domestic purposes. - (10) To comply with all laws, ordinances, and r ulations affecting the property. (11) To pay or reimburse the Gove'r~ment E~r~i(~enses reasonably necessa~y or incidenta) 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 agreement (whether before or after default), including but not limited to costs of evideoce of title to and survey of the property, costs of recording this and other instruments, attorneys' fees, trustees' fees, court costs, and expenus of ~dvertising, selling, and conveying the property. (12) Neither the property nor any portion thereof or interest therein shall be leued, assign~d, sold, transferred, or encumbered, volunarily 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, . subordin~tions, and satisfaction, and no insured holder shall have any right, title or interest in or to the lien or any benefits hereof. 113) At al) reasonable times the Government ~nd its agents may inspect the property to ascertain whether the covenants and agreements contained herein or in any supplementary agreement ~rc being performed. (i4) The Government may extend and defer the maturity of and renew and reamortize the debt evidenced by the note or ~ny indebtedness to the Government secured herebr, releue from li~bility to the Government any party so liable thereon. ~ release portions of the property from and subordinate 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 ~ny other party for payment of the note or - ; indebtedness secured hereby except as specified by the Government in writing. . ~ !ISj If at any time it shall appearto the Government that Borrower may be able to obtain a loan from a production credit ~ auociation, a Federal land bank, or other responsible cooperative or private credit source, at reasonable rates and terms for ` loans for similar purposes and periods of time. Borrower will, upon the Government's request, apply for and accept such lo~n ( in suffieient 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 lo~n. (16} Default hereunder shall constitute default under any other real estate, or under ~ny personal property or other. ~ security instrument held or insured by the Government ~nd executed or assumed by Borrower, and default under any such ~ other security instrument shall constitute default hereunder. ~ (17) SHOULD DEFAULT occur in the perform~nce or discharge of any obligation in this instrument or secured by this r instrument, or should any one of the parties named as f3orrower die or be dedared au incompetent, a bankrupt, or an insolvent, ~ or make an assignment for the benefit of creditors, the Government, at its option, with or without notice, m~y: (a) dedare the p 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 reason~ble expenses for repair or mainten~nce 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 he~ring of said application, 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 future law. ~ (18} The Proceeds of foreclosure sale shall be applied in the foliowing order to the payment of: (a) costs and expenxs ~ incident to enforcing or complying with the provisions hereof, (b) any prior liens required by law or ~ 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 inwred by the Government. ~nd (f) any balance to Borrower. At foreclosure or other sale of ~ll or any p~rt of the ~ property, the Government and its agents may bid and purchase as a stranger and may pay the Government's sh~re of the > purchase price br crediting such amount on any deb.ts of Borrower owing to or insured by the Government, in the order prescribed above. (19) Borrower agFees that the Government wil! not be bound by any present or futurc laws, (a) providing for valuation, ~ appraisal, homestead~or exemption oE the property, (6) prohibiting maintenance of an action for a deficiency judgment or limiting the amount thereoE or the time within which such action must be brought, (c) prescribing any other statute of ~ Gmitations, {d) allowing any right of redemption or posscssion following any foreclosure sale, or (e) limiting the conditions ~ which the Government may by regulation impose, including the interest rate it may charge, u a conditioa oF a*proviw~ a " transfer of the property to a new Borrower. Borrower expressly waives the benefit of any such State laws. Borrower hereby relinquishes, waives, and conveys all rights, inchoate or consummate, of dexent, dower, and curtesy. ~ (20) If anr part of the loan for which this instrument is given shall be used to finance the purchase, construction or ~ repair of Property to be uKd as an owner-occupied dwelling (herein caUed "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 rcntal of the'dwelling or will othe~wiu make ~ unavailable or deny the dwelling to anyone because of race. color. religion, sex, or national origin, and (b) Borrower z recognizes u illegal and hereby discl~ims, and will not comply with or attempt to enforce any restrictive covenants on the _ dwelling relating to race, color, religion, sex, or national origin. ~ (21) This instrument shall be subject to the present regulations of the Farmers Home Adminutration, and to its future regulations not inconsutent with the express provisions hereof. r~ ~ 5GG~4 ~U4 ~ACE 846 ~ _ ~ . _ . ~ s=::