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HomeMy WebLinkAbout2337 ' e ~ ~ . i ~ ~ , _ ~ 3 : ' ~ ~ . ~ , (8) To keep the property insured as required by and under insurance pc,licies approved by the Govc~nment and, at its re- ; quest, to deliver such policies to the Government. " f ~(9) To maintain imProvements in good repair and make repain required by the C:overnment; operate the property in a good and husbandmanlike.manner: comply with such fum conservation practices and farm and home management plans as the Government from ti~ne to time may prescribe; and not to abandon the property, or cause or permit wute, lessening or ' impairment of the secu~ity covered heaby, or, without the written consent of the Government, cut, remove, or lease any ; timber, gravel, oil, gaa, coal, or other minerals eacept as may be necesury for ordinary domestic purposes. (10) To comply with all laws, ordinances, and regulations affecting the Property. (11) Ta pay or reimbune the Government for expenses roasoni~bty netessary or incidental to the protection of the•lien 4 and priority hereof and to the enforcement of or the compliance with the provisions hereof and of the note and any supple- mentary ag~eeR~ent (whether before or after default), including but not limited to costs of evidence of title to and survey of the property, costs of recording this and other instruments, attorneys' fees, trustees' fees, court costs, and expenses of = advertising, selling, and conveying the property. F (12) Neither the property nor any portion thercof or interest therein shall be leased, usigned, sold, transferred, or : encumberrd, voluntarily or otherwise, withouc the written consent of the Government. The Covernment shall have the sole and exclusive rights as mortgagee hereunder, including but not limited to the power to grant consents, partial releases, subordinations, and satisfaction, and no insured holder shal! have any right, title or interest in or to the lien or any benefits hereof. (13j At all reasonable times the Government and its agents may inspect the property to ascertain whether the covenants and agreements 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 party so liable thereon, 2 ' release portions of the property from and subordinate the lien hereof, and waive any other rights hereunder, without affecting ~ the lien or priority htreof or the liability to the Government of Borrower or any other party for payment of the note or ~ ~ indebtedness secured hereby except as specified by the Government in writing. ~ f (15) lf at any time it shall appear to the Government that Borrower may be able to obtain a loan from a production credit { association, 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 loan in sufficient amount to pay the note and any indebtedness secured hereby and to pay for any stock necessary to be purchased in a cooperative Iending agency in connection with such loan. . (l6) Default hereunder shall constitute default under any othcr real estate, or under any personal property or other, + security instrument held or insured by the Government and executed or assumed by Borrower, and default under ariy such • ~ other security instrument shall constitute default hereunder. ~ (l7) SHOULD DEFAULT occur in the performance or discharge of any obligation in this instrument or secured hy this ~ instrument, or should any one of the parties named u Bonower die or be declared an incompetent, a bankrupt, or an insolvent, : or make an auignment for the benefit of creditors, the Government, at its option, with or witfiout 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 reasonable exPenses for repair or maintenance of and take possession of, operate . or rent tlie property, (c) upon application by it and production of this instrument, without other evidence and without notice . of hearing of said application, have a receiver appointed for the property, with the usual powers of receivers in like cases. {d) foreclose this instrumenc 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 following order to the payment of: i~) costs and expenses - incident to enforcing or complying with the provisions hereof, !b) any prior liens 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 I~w or a competent court to be so paid, ;e) at the Governmenc's option, any other indebtedness of Borrower owing to or insured by the Government, and (f) any balance to Borrower. At foreclosure or other sale of all or any pirt of the ' ro ert the Government and its a ents ma bid ~nd urchase u a stran er and ma a ihe Government's share of che ~ P P Y• S Y P S YPY - purchase price by crediting such a~nount on any debts of Borrower owing to or insured by the Government, in the order prescribed ~bove. ; (19) Borrowcr agrces that the Government will not be bound by any present or future laws, (a} providing Eor valuation, appraisal, homestead,or exemption of the property, (b) prohibiting maintenance of an action for a deficiency judgment or limiting the amount thereof or the time within which such action mast be brougfit, (c) prescribing any other statute of limitations, (d) allowing any right of redemption or pouession following any foreclosure sale, or (e) limiting the conditions which the Government m~y by regulation impose, induding the interest rate it may c6arge, u a condition of approving 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 descent, dower, and cartesy. (20) If any part of the loan for which this instrument is given shail be used to Gnance the purchase, construction or repair of Property to be used as an owner-occupied dwelling (herein called "the dwelling") and if Sorrower intends to sell or : rent the dwelling and has obtained the Government's consent to do so (a j neither Borrower nor anyone authorized to act for ; him, wiil, after rcctipt of a bona Cde ofEer, refuse to negotiate for the sale or rental of the dwelling or will otherwisc make ~ unavailabfe or deny the dwelling to anyone becauu of race, color, religion, sex, or national origin, and ("b) Borrower reco nizes as illegal and he~eby disclaims, and will not comply with or attempt to enforce any restrictive covenants on the dwd~ing rdating to race, color, religion, sex, or national origin. (21) Tfiu instrument shall be sub}ect to the present regulations of the Farmers Home Administration, and to its future regulations not inconsistent with the express provisions hereof. ' ~ $~)~1KJ~~ PAGE~:J•3•J '