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HomeMy WebLinkAbout0170 • i .c.s • - ~ f :`t t - • - ~ - i _ ~ t (8) To keep the property ms`ured u required by and under insurance policies approved by the Government and, at its request, to deliver such policies to the Government. (9) To maintain improvements in good repair and make repairs required by the Government: operate the propertytn a good and husbandmanlike manner; comply with such fum copserYadon practi4es, d fum and home management plans , as the Government from time to time may prescribe; and not to a~ar~don the prop~rtyr cause or permit wute, lessening or impairment of the secunty covered hereby or, without the written consent of t e vernment, cut, remove, or lease any timber, gravel, oil, gas, coal, or other minerals except u may be necessuy for ordinary domestic purpous. (10) To comply with aU laws, ordinances, and regulations affecting the property. - (11) To pay or reimburse the Government for expenses reasonably necessuy or incidental to the protection of the lien and priority hereof and to the enforcement of or the compliince with the provisions hereof and of the note and any supple- mentary agreement (whether before or after default), including but pot limited to cost of evidence of tick to and surveJy' of the property, cosu of recording this and other instruments, attorneys' fees, trustees' fees, tour[ costs, and expenses of adver- tising, selling, and conveying the property. - ~ . (12) Neither the property nor any portion thereof or interest therein shall be leased, assigned, sold, transferred, or encumbered, voluntarily or otherwise, without the written conunt of the Government.-The Government shall have the sole and exclusive r•:ghts as beneficiary hereunder, including but not limited to the power to grant consents, putial rekases, subordinations, and satisfution, and no insured holder shall have any right, title or interest in or to the lien or any benefits hereof. 1 - (13) At all reuonable times the Government and iu agents may inspect the property to ascertain whether the cov- - enants and agreemenu contained herein or in any supplementary agreement are being performed (14 The Government may (a) extend or defer the maturity of, and renew and reschedule the payments on, the debt evidenced to the Government secured by this instrument, (b) release any puty who is liable under the note or for the debt from liability to the Govemment, (c release portions of the property and subordinate its lien, and (d) waive any other of its s righu under this instrument. Any and all this can and will be done without affecting the lien or the priority of this instrument or Borrower's or any other puty's liability to the Government for payment of the note or debt secured by this instrument unleu the Government uys otherwise in writing. HOWEVE~, any forbearance by the Government-whether once or often-in exercising any right or remedy under this instrument, or otherwise afforded by applicable law, shall not be a waiver of or pre- elude the exercise of any such right or remedy. (15) If at any time it shall appear to the Government that Borrower may be. able to obtain a loan from a production I credit association, a Federal land bank, or other responsible cooperative or private credit source, at reasonable rates and terms 4 for loans for similar purposes and periods of time, Borrower will, upon the Government's request, apply for and accept such s ~ loan in sufficient •amount to pay the note and any indebtedness secured hereby and to pay-for any stock necessary to be pur- chased in a cooperative lending agenry in connection with such-loan. ~ (16) Default hereunder shall constitute default under any other real estate, or under any personal property or other, ~ security instrument held or insured by the Government and executed or usumed by Borrower, and default under any such other security instrument shall constitute default hereunder. (17) SHOULD DEFAULT occur in the performance or dischuge of any obligation in this instrument or secured by this instrument, or s}iould.tht pubes named u Borrower die or be declared incompetent, or should any one of the purses • named as Borrower,be declared'i bankrupt or an insolvent, •oi make an assignment for the.benefit of the creditors, the Gov- ernment, at its option, wilt oR without notice, may: (a) declue the entire amount unpaid under the note and any indebted- C Hess to the Government hereby secured immedutely due anti payabk, (b) for the account of Borrower incur and pay reason- - E abk expenses for repair or maintenance of and take possession of, operate or rent the property, (c) upon application by it and production of this in¢teument, without other evidence and without notice of hearing of said appliation, have a receiver appointed for the property, with the usual powers of receivers in like cases, (d) foreclose this instrument u provided herein or by law, and_(e) enforce any and all other righu and remedies provided herein or by present or future law. (18) The proceeds q~ foredosu~sale shall be applied in the following order to the payment of: (a) costs and expenses incident to enforcing or complying with the provisions hereof, (b) any prior liens required by !aw or a competent court to be g so paid, (c) the debt evidenced by the note and all indebtedneu to the Government secured hereby, (d) inferior liens of E record required by law or a competent court to be so paid, (e) at the Government's option, any other indebtedness of Bor- rower owing to or insured by the Government, and (f) any balance to Borrower. At foreclosure or other sale of all or any part of the property, the Government and its agents may bid and purchase u a stranger and may pay the Government's shoe of the purchase price by crediting such amount on any debts of Borrower owing to or insured y the Government, in the order prescribed above. ~ (19) Borrower agrees that the Government will not be bound by any present or future laws, (a) providing for valua- [ion, appraisal, or exemp[ion of the property, (b) prohibiting main .enanc~ of an action for a deficiency judgment or limiting the amount thereof or the time within which such udon must br boa~~ht, (c) reurib'tng any other statute of limitations, j (d) allowing any right of redemption or possession following ~-:r :~:~ctosure sale, or (e) limiting the conditions which the e Government may by regulation impose, inctudt'ng the interest rate it map charge, 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 curtest'. & (20) If any part of the loan for which this instrument is given shall be used to finance the urchase, construction or repair of propperttyy to be used as an owner-occupied dwelling (herein called "the dwelling") and if~Borrower rounds to sell ~ or rent the dwelling~ and hu obtained the Government's consent to do so (a) neither Borrower nor anyone authorized to ~ act for Borrower wiU, after receipt of a bona fide offer, refuse to negotiate for the sale or rental of the dwelling or will other- wise make unavailabk or deny the dwelling to anyone because of race, color, religion, sex, or narional origin, and (b) Bor- ~ rower recoog~~ttizes u illegal and hereby disclaims, and wiU not comply with or attempt to enforce any restrictive covenants cn the dweDtng relating to race, color, religion, sex, or national origin. { (21) This instrument shall be subject to the present re lations of the Farmers Home Administration, and to its future regulations not inconsistent with the express provisions hereof. 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