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HomeMy WebLinkAbout1813 j:: . v' f , ~i' ' 1 r- r ~ ~ i~ (8) . To keep the property insured as required by and under inswance policies approved by the Governrent and, at its re- ; quest, to deliver such policies to the Government. (9j To maintain improvements in good repair and make repairs required by the GoveiQ t~opei~te~ erty in a good and husbandmanlike manner; comply with such farm conservation practices and farm and home managem- eilf-~ans as the Government from time to time may prescribe; and not to abandon the property, of cause or permit waste, lessening or impairment of the security, coirrirels< ~ ,,or, without the written consent of the Government, cut. remove, or lease any timber, gravel, oil, c~~or oilier+ e>Stept as ma7 be;pecessary for ordinary domestic pwposes. (10) To comply~with aII la~'~v~;$rillinan~fsLit?d regulations affecting the property. (11) To pay or reimburse the Government 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 agreement (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, cow[ costs, and ezpenses of advertising, selling, and conveying the property. - (12) Neither the property nor any portion thereof or interest therein shall be leased, assigned, sold, transferred, or encumbered, voluntan7y or otherwise, without the written consent of the Government. The Government 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 inswed holder shall have any right, title or interest in or to the lien or any benefiu hereof. - (13) 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 secwed hereby, release from liability to the Government any party so liable thereon, release portiow 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 Govettunent of Borrower or any other party for payment of the note or indebtedness secwed 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 ~ association, a Federal land bank, or other responsible cooperative or private credit sowce, at reasonable rates and terms for loans for similar pwposes and periods of time, Borrower will, upon the Government's request, apply for and accept such loan f in sufficient amount to pay the note and any indebtedness stewed hereby and to pay for any stock necessary to be pwchased in a cooperative lending agency in connection with such loan. - (16) 1?efault hereunder shall constitute default under any other real estgte, or under any personal property or other, security instrument held or insured by the Government and executed or 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 an one of the parties named as Borrower die or be declared an incompetent, a bankrupt, or an insolvent, or make an assignment for the benefit of creditors, the Government; at its option, with or without notice, may: (a) declare the entire amount unpaid under the note and any indebtedness to the Government hereby~secwed immediately due and payable, (b) for the account of Borrower incur and pay reasonably 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 application, have a receiver a pointed for the property, with the uswl 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 futwe law. ~18) The proceeds of foreclosure sale shall be applied in the following order to the pa men[ of: (a) costs and expenses inci ent to enforcing or complying with the provisions hereof, (b) any prior hens 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 Borrower. At foreclosure or other sale of all or any put of the property, the Government and its agents may bid and purchase as a manger and may pay the Government's share of the pwchase puce by crediting such amount on any debts of Borrower. owing to or inswed by the Government, in the order prescribed above. _ _ (19) Borrower agrees that the Government will not be bound by any present or futwe laws, (a) providing for valwtion, 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 must be brought, (e) rescribing any other statute of limitatiom, (d) allowing any right of redemption or possession following any Eoredosure sale, or (e) limiting the conditions I which the Government may by regulation impose, including the interest rate it may charge, as a condition of appro ' a transfer of the property to a new Borrower. Borrower expressly waives the benefit of any such State laws. Borrowu here y relinquishes, waives, and conveys all rights, inchoate or consummate, of descent, dower, and curtest'. (20) If any part of the loan for which this instrument is given shall be used to finance the pwchase, construction or repair of property to be used as an owner~ccupied dwelling (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 Borrower will, after receipt of a bona fide offer, refuse to negotiate for the sale w rental of the dwelling or will otherwise make unavailable or deny the dwelling to anyone because of race, color, religion, sex, or national origin, and (b) Borrower recog~t as illegal and hereby disclaims, and will not comply with or attempt to enforce any restrictive wvenants on the dwelling elating to race, color, religion, sex, or national origin. (21 j This instrument shall be subject to the present regulations of the Farmers Home Administration, and to its futwe regulations not inconsistent with the a:press provisiow hereof. a~o~ 3~4 P~cE 1~~