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HomeMy WebLinkAbout1347} . (8) To keep chc property insured u required by and under insurance policics approved by the Covernment and, at its request, to deliver such policies to the Governmcnt. ~ (9) To maintain improvements in good repair and make repairs required by the Covernment; operate the property in a good and husbandmanlike manner: comply with such farm conservation practices and [arm and home management plans u the Government from time to time may prescribe; and not to abandon the property, or causc or permit waste, lessening or impaument of che security covered hereby or, without the written consent of the Government, cut, remove, or lcasc any timber, gravel, oil, gas, coal, or other minerals except u may be necessary for ordinuy domestic purposes. (10) To comply with all laws, ordinances, and regulations affecting the property. ' (11) To pay or reimburse the Covernment for expenses reuonably necessary or incidental to the protection of the licn and priority hereof and to tl~e enforcement of or the compliance with the provisions hereof and of the nott and any supple- mentary agreement (whether before or after default), including but not limited co cost of evidencc of titlc to and survey of the property, costs of recording this and other instruments, attorneys' fees, trustees' Etes. court cosu, and expcnscs of advcr- tising~ selling. and conveying the property. (12) Neither the propert~~ nor any portion thereof or interest therein_shall be leased, assigned, sold, transferrcd, or encumbered, voluntarily or otherwise, without the written consent of the Government. The Covernment shall have the sole and exclusive rights as beneGciary hereunder, including but not limited to the pawer to grant consents, partial releases, subordinations, and satisfaction, and no insured holiier shall have any right, title or interest in or to the lien or any benefits hereof. { 13) At all reuonable 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 m~turity of, and renew and reschedule the payments on, the debt evidenced to the Government secured by this instrument, (b) release any puty who is luble unJer the note or for the debt from lubility to the Govemment, (c) release 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 Bonower's or any other puty's liability to the Government for payment of the note or debt secured by this instrument unless the Covernment says otherwise in writing. HOWEVER, 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- dude the exercise of any such right or remedy. (15) If at any time it shall appear to the Government that Borrower may be ~blc 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 i loan in sufficient a~nount to pay the note and any indebtedness secured hereby and to pay for any stock necessary to be pur- chased in a cooperative lending agency in connection with such loan. ~ (16) [kfault hereunder shall constitute default under any other re~l estate, or under any personal property or other, ~ security instrument held or insured by the Government and e~ecuteJ ur usumed by Bexrower, and default unJer ~ny such j uther security inscrument shall constitute default hereunder. ~ (17) SHOULD DEFAULT occur in the performance or dischuge of any obligation in this instrument or secured b} ~ this instrument, or should the puties named u Borrower die or be declared incompetent, or should any one of t6e parties named as Borcower be declared a bankrupt or an insolvent, or make an assignment for the benefit of the creditors, the Gov- ! ernment, at its option, with or without notice, may : a) declue the entire amount unpaid under the note and any indebted- ness to the Government hereby secured immediately ~ue and payable, (b) for the account of Borrower incur an~ pay reason- ~ able expenses for repair or maintenance of and take possession of, operate or rent the property, (c) upon applicatiun by it ~ and production of this instrument, without other evidence and without notice of heuing of said applicatioR, have a receiver * ~ appointed for the property, with the usual powers of receivers in like cases, (d) [oreclose this instrument as provided herein ' or by law, and (e) enforce any and all other rights and remedies provided herein or by p~esent or future law. (18) The proceeds of foreclosure sale shall be applied in the following order to the payment of: (a) costs and eapenses incident to enforcing or complying with the provisions hereof, (b) any prior liens requireJ by law or a compe tent 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 requued 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 inwred by the Government, and (~ any balance to Borrower. At forcclosure or other sale of all or ~ny E part of the property, the Government and its agents may bid and purchase as a stranger and may pay the Government's ; shue of the purch~se price by crediting such amount on any debts of Borrower owing to or insured by the Government, in the order prescribed abrne. ~ (19) Borrower agrees that the Government will not be bound by any present or futurt laws, (a) providing forvalua- ~ i tion, appraisal, or exemption of the property, (b) prohibiting maintenance of an action for a deficiency jud~nent or limiting ', the amount thereof or the time within which such action must be brought, (c) prescribing any other statute oE limitations, i (d) allowing any right of redemption or pouession following any foreclosurc ule, or (e) limiting the conditions which the ~ Government may by regulation impose, includin~ the interest rate it may chuge, as a condition o( approving a transfer of the property to a new Borrower. Borrower exPreu y waives the benefit of any such State laws. Borrower hereby relinquishes, waives, and conreys all rights, inchoate or consummate, of descent, dower, and curtesy. (20) If anr part of the loan for which this instrument u~ven shall be used to finance the purchase, construction or repau of property to be used as an owner-occupied dwelling (herein called "the dwelling") and if Borrower intends to sel) or rent the dwelling and hu obtained the Government's consent to do so (a) neither Borrower nor anyone authorized to ut 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 unavailabk or deny the dwelling to anyone because of rxe, color, religion, sex, or national origin, and (b) Bor- rower recogn izes u illegal and hereby disclaims, and will not comply with or attempt to enforce any resuictive covenants ' cn the dwell'ing relating to race, color, religion, sex, or natanal origin. " (21) This instrument shall be subject to the present re larions of the Fumers Home Administration, and to its future reRulations not inconsistent with the e:preu provisions hereo~' $~3~5 p~~3~~ r "'~, - - .~,~ - _ `~ . _. ~ -