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Current as of October 02, 2022 | Updated by FindLaw Staff
The borrower must:
(a) Comply with all provisions of the loan agreements;
(1) Non-compliance with the provisions of loan agreements and documents, other than failure to meet scheduled loan repayment installments contained in the promissory note, constitutes non-monetary default on FLP loans by the borrower;
(2) Borrower non-compliance will be considered by the Agency when making eligibility determinations for future requests for assistance and may adversely impact such requests;
(b) Maintain, protect, and account for all security;
(c) Pay the following, unless State law requires the Agency to pay:
(1) Fees for executing, filing or recording financing statements, continuation statements or other security instruments; and
(2) The cost of lien search reports;
(d) Pay taxes on property securing FLP loans when they become due;
(e) Maintain insurance coverage in an amount specified by the Agency;
(f) Protect the interests of the Agency when a third party brings suit or takes other action that could affect Agency security.
Cite this article: FindLaw.com - Code of Federal Regulations Title 7. Agriculture § 7.765.202 Borrower responsibilities - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-7-agriculture/cfr-sect-7-765-202/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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