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HomeMy WebLinkAbout0130 ~ ~ t (8) To keep the property insured as required by and under insurance policies approved by the~Csovernment attdl>~ its request, to deliver such policies to the Government. (9) To maintain improvements in good repair and make repairs requued by the Government; operate the property in a good and husbandmanlike manner; Comply with such farm conservation practices and farm and home management plans as the Government from time to time may prescribe; and not to abandon the prop~rty,,or caux or permit waste, lesxning or impairment of the security covered hereby or, without the written consent of the Gbvernment, cut, remove, or Icax any timber, gravel, oil, gas, coal, or other minerals except as may be necessary for ordinary domestic purpoxs. (10) To comply with all laws, ordinances, and regulations affecting the property. (1 l) To pay or reimburx the Government Eqr expenxs reasonably necessary or incidental to the protection of the lien and priority hereof and to the enfor~oriefrt bf 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 cost of evidence of title to and survey of the property, costs of recording this and other instruments, attorneys' fees, trustees' fees, court costs, and expenxs of adver- tising, xlling, 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 consent of the Government. The Government shall have the sole and exclusive rights as beneficiary hereunder, including but not limited to the power to grant consents, partial releaxs, subordinations, and satisfaction, and no 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 cov- enants and agreements contained herein or in any supplementary agreement are being performed. (14) The Government may (a) extend or defer the maturity of, and review and reschedule the payments on, the debt evidenced to the Government secured by this instrument, (b) release any party who is liable under the note or for the debt from liability to the Government, (c) releax portions of the property and subordinate its lien, and (d} waive any other of its rights 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 party's liability to the Government for payment of the note or debt xcurcd by this instrument unless the Government says otherwise in writing. HOWEVER, any forbearance by the Government-whether once or often-in exercising any right or remedy under this instrument, or otherwix afforded by applicable law, shall not be a waiver of or pre- clude 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 j 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 pur- chaxd in a cooperative lending agency in connection with such loan. (16} Default hereunder shall constitute default under any other real estate, or under any personal property or other, xcurity 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 shoLld.the,pparties named as Borrower die or be declared incompetent, or should any one of the parties named as Borrower,& declaced'z bankrupt or an insolvent, or make an assignment for the benefit of the creditors, the Gov- ernment, at its option; with o~ without notice, may: (a) declare the entire amount unpaid under the note and any indebted- ness to the Government hereby secured immediately due and payable, (b) for the account of Borrower incur and pay reason- - able expenxs for repair or maintenance of and take possession of, operate or rent the property, (c} upon application by it and production o~ this in~tiLment, witlfout 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 caxs, (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 following 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 a competent court to be so paid, {c) the debt evidenced by the note and all indebtedness to the Government xcured hereby, (d) inferior liens of record required by law or a competent court to be so paid, (e) at the Govemment's option, any other indebtedness of Bor- rower owing to or insured by the Government, and 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 purchax 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 will not be bound by any present or future laws, (a) providing forvalua- rion, appraisal, 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, (c) prescribing any other statute of limitations, (d) allowing any right of redemption or possession following any foreclosure ule, or (e) limiting the conditions which the Government may by regulation impose, including the interest rate it may charge, as 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 of consummate, of descent, dower, and curtesy. (20) If any part of the loan for which this instrument is given shall be uxd to finance the purchax, construction or repair of property to be used as an owner-occupied dwelling (herein called "the dwelling") and if Borrower intends to xll 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 or rental of the dwelling or will other- wise make unavailable or deny the dwelling to anyone because of race, color, religion, sex, or national origin, and (b) Bor- rower recognizes as illegal and hereby disclaims, and will not comply with or attempt to enforce any restrictive covenants cn the dwelling relating to race, color, religion, sex, or national origin. (2[) 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 her r~~? 11K~ f:~-~?ZC?fd ~L'(7[Je1l) Pl.Gf ~~~6C'IK?~J5 PAGE _ _ . _ s=